MoF to give tax incentives to automobile manufacturers
MoF to give tax incentives to automobile manufacturers, electric car imports
Prime Minister Nguyen Xuan Phuc has instructed the Ministry of Finance (MoF) to look at taxes and fees related to automobile manufacturing and assembly in order to help the sector grow.
Prime Minister Nguyen Xuan Phuc has instructed the Ministry of Finance to look at taxes and fees related to automobile manufacturing and assembly in order to help the sector grow. (Photo: VNA)
Hanoi (VNS/VNA) — Prime MinisterNguyen Xuan Phuchas instructed the Ministry of Finance (MoF) to look at taxes and feesrelated to automobile manufacturing and assembly in order to help the sectorgrow.
The PM also askedrelevant ministries and departments to create good conditions to help theindustry “take advantage of latecomers” by developing the localengineering industry and joining the global value chain.
Thatinvolved helping enterprises access information, advanced technology andthe application of new technologies such as robotics, 3D printing and selfautomation to improve productivity and competitiveness.
The Ministry ofScience and Technology has been tasked with stepping up research anddevelopment to manufacture high-tech products and to expandscientific and technological co-operation with strategic partners.
Regarding taxes andfees, the Government leader requested the MoF tosubmit a proposal with amended policies to help automobile manufacturersand assemblers increase the domestic value ratio, reduce costs, and increasecompetitiveness against imported Complete Built-Up products.
The PM alsoinstructed the MoF to offer import tariff incentives for parts used toassemble environmentally-friendly cars.
Earlier this year,the MoF announced a plan to add electric cars to the list of incentive taxbeneficiaries, saying it would encourage the development of the local carindustry.
Up to now, there areno Vietnamese businesses manufacturing or assembling environmentally-friendlyvehicles, which the ministry defines as electric, hybrid,biofuel or compressed natural gas powered.
There are 358businesses in the auto industry, but the country imports over 90 percent of itsauto parts. Most cars sold in the country are foreign brands imported orassembled locally.
Most recently, Hanoi was struck by unsafe levels of pollution, making it among the worst in theworld, with environmental authorities reporting that levels of PM 2.5 – tinyair particles – had reached a five-year high.
According to data, 70percent of the volume of gases emitted into the environment comes from motorvehicles. There are many outdated vehicles which emit a huge amount ofgas in Hanoi and Ho Chi Minh City./.
VinFast, a subsidiary of the multi-sector conglomerate Vingroup, and the PetroVietnam Oil Corporation (PV Oil) on October 25 signed a memorandum of understanding on cooperation to implement a system of stations for charging electric vehicles and leasing batteries.
The Ministry of Industry and Trade (MoIT) wants to take advantage of market and policy opportunities to promote automobile manufacturing projects of domestic automakers including Truong Hai Auto Corporation (Thaco), Thanh Cong Group and VinFast.
The Ministry of Finance has added environmentally-friendly cars to the list of vehicles with spareparts entitled to special preferential import tariffs.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
Prime Minister Nguyen Xuan Phuc has instructed the Ministry of Finance to look at taxes and fees related to automobile manufacturing and assembly in order to help the sector grow. (Photo: VNA) 
