The Decree No. 116/2017 issued by government on October 17 will take into effect as of early 2018.
In the past, if a type of car is imported, only the first car needs to be accredited but now, according to the new regulations, every lot of cars is accredited though every car is the same.
A representative of a car import company from the UK said that "vehicle accreditation is necessary but only one car of each type needs to be accredited. The new procedure of Decree No. 116/2017 is costly for businesses and it is really unnecessary."
According to calculations of this representative, the accreditation of each car will cost up to hundreds of million dong. If the dossier of car is incomplete, it may take one or two months to complete the accreditation procedure. One lot including one car or 100 cars will cost the same amount of money. Therefore, the companies importing supercars like Lamborghini, Rolls-Royce, Porscher, Land Rover, Audi, Lexus, etc. will meet many difficulties in business.
Normally, customers have to order cars and then, a company will import supercars during one to two years. However, with the new provisions of Decree No.116/2017, importers will have to consider and calculate how to import as many cars as possible at the same time in order to save the cost of accreditation.
According to car experts, European cars sold in Vietnam often have high prices due to high import tax rates and high standards. Import tax rate for Completely Built-Up (CBU) from Europe to Vietnam is from 55 per cent to 70 per cent depending on type.