Overseas Vietnamese granted import tax exemption on used cars
According to a new Government decree, a tax exemption on used cars imported to Vietnam has been given for Viet kieu (Overseas Vietnamese or OV), who are intellectuals, experts and skilled workers.
The tax exemption is granted to OVs who have signed a contract of one year or more to work in a State-owned agency. The tax exemption includes import tax, special consumption tax and value-added tax (VAT).
After the overseas Vietnamese's working contract ends, the car must be re-exported to its original location. If the car is sold or leased in Vietnam, the OV must pay taxes prescribed under Vietnamese law.
In order to receive the tax exemption, the cars must meet certain conditions and technological standards required under Vietnamese regulations. The car, for example, must have been registered for circulation for at least six months in the country where the OV had been living or working.
It also must have had at least 10,000 km on its odometer by the time of arrival at a Vietnamese port.
After the overseas Vietnamese's working contract ends, the car must be re-exported to its original location. If the car is sold or leased in Vietnam, the OV must pay taxes prescribed under Vietnamese law.
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It also must have had at least 10,000 km on its odometer by the time of arrival at a Vietnamese port.
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