Vietnam Issues Decree Extending Import Tax Incentive Program for Automobile Manufacturing, Assembly Industry

The Vietnamese Government Feb. 11 issued Decree 21/2025/ND-CP, extending the import tax incentive program for the automobile manufacturing and assembly industry. The decree includes measures to: 1) extend to Dec. 31, 2027, from Dec. 31, 2024, the zero percent preferential import tax rate on raw materials, supplies, and components for specified automobile production and assembly products; and 2) require taxpayers to calculate the import tax on qualifying raw materials, supplies, and components based on the normal import tax rate, preferential import tax rate, or special preferential import tax rate when declaring customs registration. The decree took effect Feb. 10. [Vietnam, ...