Vientiane (VNA) – The Lao government has announced a temporary halt on the import of 4-16 seater cars and pickup trucks from August 20 to December 31, 2024 or until further notice.
The measure, issued by the Lao Ministry of Industry and Commerce, aims to address issues related to inflation and foreign currency shortage, trade deficits and the importation of substandard vehicles.
The announcement specifies that the suspension applies to light motor vehicles using fossil fuels, hybrid engines, and those with a CIF (Cost, Insurance, and Freight) value exceeding 50,000 USD.
Companies that have already ordered light motor vehicles worth over 50,000 USD and have proof of advance payment through a commercial bank within Laos before August 6, 2024 will be exempted from this suspension.
Light motor vehicles worth more than 50,000 USD imported for essential work or related to international obligations, such as those for government use, embassies, or international organisations, can be allowed only with government approval.
The Ministry of Industry and Commerce will coordinate with the Ministry of Finance, Ministry of Public Works and Transport, the Lao Motor Vehicle Association, and other relevant sectors to review and improve the import reduction measures in line with international obligations and current conditions. They will also develop a systematic plan for the import of motor vehicles for 2025 to ensure balanced foreign payments./.
