Viet Kieu's automobile import will be strictly controlled under new regulation. — Photo VTC news

HA NOI (Biz Hub)  — Vehicles shipped to Viet Nam's ports that are not eligible for import under the mode of movable assets of repatriating Vietnamese citizens (Viet kieu) will be fined and then confiscated if they are not re-exported.

This is under new regulations that the Ministry of Finance recently proposed to the Government with the aim to prevent people from taking advantage of the Government's Viet kieu automobile import policies to make illegal profits.

Under the new regulations, vehicles not re-exported within 30 days of the customs department's decision will be confiscated.

The finance ministry also ordered the General Department of Customs to inspect cars that were currently stuck at ports. Those that were proven to be smuggled would be treated as smuggled products in accordance with Article 45 of the Law on Customs.

The owners of vehicles kept at ports for more than 90 days would get notices. After another 30 days, if the receivers did not come to customs departments for handling procedures, the cars would be sold and the money would go into the State budget.

The number of luxury vehicles brought in by repatriating Viet kieu has rapidly increased, with more than 1,140 cars in 2012 compared with 164 in 2011. — VNS