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Overseas Vietnamese (Viet Kieu) are allowed to import automobiles when returning to Viet Nam.— Photo dantri.com
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HA NOI (Biz Hub) ─ The Ministry of Finance (MOF) has tightened regulations on allowing the Vietnamese people returning from overseas to the country (Viet kieu) to import automobiles as movable assets.
These vehicles should have been registered in the country of residence for at least six months and have clocked at least 10,000 kilometres by the time of their arrival at Vietnamese ports.
The move, which is part of the MOF's Circular 20 /2014/TT-BTC, came into effect on April 1.
The Viet kieu are permitted to import motorcycles which are allowed to be registered and used in Viet Nam, provided their circulation has not exceeded three years since the year of production.
After completing the registration procedures for getting permanent residence in Viet Nam, the vehicles imported by the Viet kieu will be exempted from import duty but will still face other taxes and fees including special consumption and value-added taxes and vehicle registration fee.
Each Viet Kieu is allowed to import one car and one motorcycle.
The new circular is aimed at preventing trade fraud as many expensive cars have been imported into the country in recent times as private assets of Viet Kieu, when, in fact, they were new vehicles imported by traders who wanted to take advantage of legal loopholes. ─ VNS