Gov’t support aids automobile industry

The domestic automobile industry was forecast to thrive, given the Government’s supports in tax policies for imported automobile components coupled with the increasing income of citizens.

Cars produced at a plant of Ford Vietnam in Hai Duong Province. The domestic car industry was benefiting from the Government’s support policies. — VNA/VNS Photo Tran Viet

According to a report by the Viet Dragon Securities Corporation (VDSC), the domestic automobile industry was benefiting from three policies.

The first was a 50 per cent reduction in registration fees for domestically-produced or assembled vehicles in effect from June 28 to the end of this year.

The second policy was a decree allowing automakers who met the requirements of outputs to enjoy zero import tariffs for automobile components which could not have been produced domestically, cutting production costs by 2-2.5 per cent.

The last policy was the extension of the deadline for the payment of

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