Vietnam supports domestic automakers hinh anh 1Illustrative image (Source: VNA)

Hanoi (VNA) – A multi-sector working team will be set up to evaluate the domestic automobile market in correlation with global regulations and Vietnam’s free trade agreements.

The team will submit its proposals on measures to boost the industry and protect consumers’ interests to the Prime Minister before May 1, said Deputy Minister of Trade and Industry Do Thang Hai at the Government’s regular press conference on April 3.

The move also aims to boost the development of support industries for the domestic automobile industry as it copes with a lack of local content and high production costs.

According to the General Department of Vietnam Customs, the number of imported cars in Q1 2017 increased 44.5 percent year-on-year due to low prices. However, domestic automakers face many difficulties.                       

Import tax on complete built-up units from ASEAN countries will be abolished by the start of 2018, following a decline from 40 percent to 30 percent last year, said Hai.-VNA