Iron and steel used for tyre bead wire production will enjoy a preferential import tax rate of zero percent from May 2, the Ministry of Finance announced in a recent circular.
Iron and steel used for tyre bead wire production will enjoy a zero pe cent import duty from May 2. (Photo: banxehoi.com)
Hanoi (VNA)♌ - Iron and steel used for tyre bead wire production will enjoy a preferential import tax rate of zero percent from May 2, the Ministry of Finance announced in a recent circular.
Tyre bead wire is used to reinforce virtually all types of pneumatic tyres for motorcycles, passenger cars and trucks, as well as off-road and farming vehicles.
Circular No 51/2016/TT-BTC specifies that the zero-percent rate will be applied for non-alloy iron and steel in stick, bar or roll shapes, laminated with a diameter of less than 14mm. The rate will also be applied for iron and steel wires.
The ministry gave out the preferential import duty after suggestions by steel-maker Posco Vietnam Processing Centre Co Ltd, which is based in Nhon Trach 5 Industrial Zone in Dong Nai Province.
Hai quan, an online Vietnam Customs newspaper, reported that Posco and tyre makers in Vietnam currently have to import non-alloy hot-laminated steel sticks with a tax rate of 3 percent. This is because the country isn't yet able to make this product domestically.
Around 30 tyre manufacturers in Vietnam, including Sao Vang Rubber JSC, Da Nang Rubber JSC and Kumho, are seeing stiff competition from about 460 firms that import tyres from Thailand, Japan, China and Taiwan for domestic sale.
Posco proposed the import tax rate be lowered to zero percent for the steel sticks until this material can be made in Vietnam. This will encourage development of domestic supporting industries, the firm said.-VNA
The Southern Rubber Industry JSC (Casumina) on January 5 reached an agreement with its US partner to export tyres to the US market in 2015, according to the Sai Gon Giai phong (Liberated Sai Gon) newspaper.
Vietnam’s rubber industry is predicted to encounter prolonged difficulties in the time ahead and as such, it must focus on restructuring to increase the added value of products and reduce raw material export, said General Secretary of the Vietnam Rubber Association Vo Hoang An.
Plunging rubber prices will reduce profits of the Vietnam Rubber Group (VRG) in 2016, as heard during a conference held in Ho Chi Minh City on January 15.
Singapore on April 14 announced that the country will loosen its monetary policy in an attempt to stimulate the country’s sluggish economy which has been forecast for slow growth this year.
With nearly half of its seafood exports going to Trans-Pacific Partnership member nations, Vietnam expects the trade deal to further boost exports to these markets.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
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.
Iron and steel used for tyre bead wire production will enjoy a zero pe cent import duty from May 2. (Photo: banxehoi.com)
