Vietnam Slashes Tariffs on Chinese Trucks

Vietnam has lowered import taxes on different kinds of Chinese automobiles, mainly trucks, by 5-10 percentage points, local newspaper Youth reported Thursday.

Under the country's Finance Ministry decision, from May 1, Chinese vans, pick-ups, common lorries, and three-wheeled light trucks are subject to the tariff of 80 percent instead of 90 percent; trucks weighing 6 tons upwards 50 percent instead of 55 percent; and golf cars, small racing cars and vehicles used to transport goods with total tonnage of no more than 24 tons 40 percent instead of 50 percent.

The tariff adjustment is in line with the Agreement on Trade in Goods between China and the 10-member Association of Southeast Asian Nations (ASEAN), including Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Cambodia, Laos, Myanmar and Vietnam, which was implemented in July 2005.