The government has affirmed its policy to encourage the development of the automobile industry. However, the ‘encouragement’ is not attractive in the eyes of manufacturers. On November 11, the Government Office released a notice about the Deputy Prime Minister Trinh Dinh Dung’s conclusion at the meeting discussing solutions to develop the automobile industry, which gathered representatives of ministries, the Vietnam Automobile Manufacturers’ Association (VAMA), and enterprises. Dung assigned the Ministry of Finance (MOF) to join forces with the Ministry of Industry and Trade (MOIT) and the State Bank of Vietnam (SBV) to suggest policies on tax and credit to facilitate the development of the automobile and supporting industries. One of the ‘bottlenecks’ that hinders the development of the automobile industry is tax policy. The current luxury tax is reported as not attractive enough to encourage enterprises to expand domestic manufacturing and assembling. Meanwhile, the automobile industry is defined as an important industry in the economy, which serves as a driving force for industrialization and modernization, helping Vietnam escape the middle income trap. A source said that a working group on the automobile industry will be set up with members from MOF, the Ministry of Planning and Investment (MPI), MOIT and… Read full this story
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