Why Are Import Taxes on Trucks So High in Vietnam?

Bac Ba, a familiar face at Long Bien wholesale market, is known for his “massive” Hyundai Porter 150 truck. I heard he bought it for nearly a billion VND. When I saw him the other day, I blurted out why he didn’t buy a domestically assembled truck for cheaper. He chuckled, “Imported trucks are better, but the taxes are so high, almost doubling the price.” So, why are import taxes on trucks in Vietnam so high?

Imported Hyundai truck in Vietnam

The Reasons Behind the Tax Wall

In reality, high import taxes on automobiles are a double-edged sword. The downside is obvious: vehicle prices skyrocket, leaving consumers frustrated. On the other hand, this policy acts as a shield, protecting domestic production and encouraging people to buy locally made vehicles.

Protecting the “Darling” of the Automotive Industry

Like a mother protecting her child, the Vietnamese government applies high taxes to safeguard the nascent domestic automotive industry from fierce competition from foreign giants. If taxes were low, cheaper imported vehicles would flood the market, potentially crippling domestic automobile manufacturers and assemblers.

Encouraging Consumers to “Love Vietnamese Goods”

High taxes make imported vehicles expensive, indirectly pushing consumers towards more affordable domestically produced options. This contributes to the development of the domestic automobile market and creates jobs for local workers.

Import Truck Price and Tax Rate Table

Note: This price list is for reference only. Actual prices may vary depending on the time and dealer.

Dongfeng truck dealership in Hanoi

Burning Questions about Import Taxes on Trucks

1. When will import taxes on trucks decrease?

This is the million-dollar question that no one can answer with certainty. However, according to Nguyen Van A (hypothetical), an economic expert, in his book “The Vietnamese Automobile Market: Opportunities and Challenges” (hypothetical), tax reductions depend on the development roadmap of the domestic automotive industry and Vietnam’s international commitments.

2. Should I buy an imported or domestically assembled truck?

The answer depends on your needs and financial capabilities. If quality is a priority and you have a larger budget, an imported truck is the ideal choice. Conversely, domestically assembled trucks are more affordable, fitting the budget of the majority of consumers.

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Conclusion

The issue of import taxes on automobiles is always a hot topic, receiving widespread public attention. Hopefully, this article has provided you with an overview of this issue. Don’t forget to visit our website xetaihanoi.edu.vn for more useful information about the truck market.