Amended import law assuages auto importers

The Ministry of Finance and General Department of Customs have come to an agreement to amend a law requiring auto importers to store vehicles in the departments’ facilities rather than their own during the customs process.

illustration photo source internet

illustration photo source internet

A Ministry of Finance (MoF) circular effective November 1 required car imports to remain at customs’ authority warehouses until procedures were complete. This was met with criticism from the industry as it would require importers to pay extra storage fees and suffer other financial consequences from delays getting products to market.

Prior to the circular, import companies would store cars in their own warehouses during the process. These firms had the appropriate facilities to house automobiles and following recent enforcement of the MoF circular their investments toward this end would have become moot.

After an appeal to the Ministry of Finance by the General Department of Customs, last week the authority changed the decision, allowing importers to return to the old process.

By Huong Thuy