A brand new car is beyond the reach of 90 percent of buyers in Hanoi and Ho Chi Minh City, Vietnam’s biggest cities, because of the multiple high taxes the government imposes on each vehicle, the leader of a local automaker has said. “The auto market in Vietnam has yet to satisfy the demand of the majority,” newswire VnExpress quoted Bui Ngoc Huyen, chairman of local private automaker Vinaxuki, as saying at an automobile industry conference held by the Ministry of Industry and Trade on Tuesday. Huyen cited a survey conducted by a market research company as saying that 90 percent of buyers in Hanoi and Ho Chi Minh City could not afford a car due to the current high tax rates. He explained that to own a new car in Vietnam, buyers have to pay four main taxes and fees, including import tax, special consumption tax, value-added tax, and registration fees. Those taxes and fees inflate the expense of getting a car by two or even three times the original price. It is believed that taxation is applied to limit the number of cars running in the Southeast Asian country where the traffic infrastructure is still underdeveloped. Nguyen… Read full this story
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