HANOI, Oct 11 (Reuters) Vietnam plans to further cut taxes on imported cars and car parts in a move to reduce prices of domestic vehicle prices, the government said on Thursday.
Demand for cars is rising swiftly in Vietnam on the back of a fast-expanding economy, but prices are among the world's most expensive due to high taxes and tariffs.
Tariffs on fully-assembled imported cars were cut to 70 percent from 80 percent earlier this year under a commitment to the World Trade Organisation to reduce taxes on imports.
A government directive asked the Finance Ministry and the Industry and Trade Ministry to review the auto industry's policy and adjust imported tariffs, without giving details.
In addition to the 70 percent tariff, car buyers also have to pay 50 percent special consumption tax and 10 percent value added tax.
An imported Toyota Camry sedan retails at about ,000, about three times the price in Europe or the United States, dealers said.
REUTERS MP PM1602