Vietnam tightens control on more imports
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As of next month, seven more groups of commodities will be included in the list for price risk management which subjects certain imported items to possible higher tariffs.
The products that have been added by the General Department of Customs are frozen poultry and livestock, fresh fish, facing brick, sanitary porcelain wares, vacuum cleaners, irons, washing machines and electric fans.
Three days ago, the agency released a document to revise the taxable price calculation method to put higher tariffs on automobiles under 16 seats, motorbikes and trucks, based on real market situations and forex fluctuations.
The list is regarded as a basis for customs officers to compare to prices declared by importers. If any wrong declaration is found, customs agencies can use the price list to calculate vehicle import taxes.
According to the department, the price risk management list has been applied since 2008 and continually adjusted to fix the real situation. The list has helped reduce trade fraud and has significantly prevented tax losses.
This is also a way to curb the nation’s trade deficit after vehicle imports surged strongly over the past two months.
The Ministry of Finance also decided to raise the iron ore export duty in Vietnam from 30 percent to 40 percent from July 2 to curb export of the product.
Surging unprocessed iron ore exports from Vietnam in recent years have led to shortage of iron ore for domestic steel mills. The Vietnam Steel Association earlier suggested an iron ore export ban.
