What kinds of car imported from India are worth 10 of billion VND?

Caterpillar dump trucks. Source: Internet

According to an information source, all the completed vehicles imported from India were Caterpillar dump trucks.

Regarding tariffs and handling procedures with this model, a representative of the customs branch which has the large number of imported Caterpillar dump trucks in the past time, said 29 Caterpillar dump trucks were imported and processed procedures at the branch from the beginning of the year until now.

The declared value ranges from US$490,000/vehicle to $745,000/vehicle.

This vehicle has a 10% VAT rate; 0% preferential import tax rate and is not subject to special consumption tax.

Thus, the tax payable for each Caterpillar dump truck at this branch is from $49,000 to $74,500 per car, equivalent to 1.1 billion VND to more than 1.7 billion VND.

"Total declared value of 29 cars imported at the branch was more than $19 million, with total tax payable over 44 billion VND," the source revealed.

Regarding customs procedures, the representative of the branch said that after obtaining the registration results, completing the dossiers and fulfilling tax obligation, the customs authority will implement clearance procedures for the above shipment in accordance with regulations.

In the past months, India has usurped France and Canada to be on top of the high value of imported automobiles of Vietnam.

According to statistics of the General Department of Vietnam Customs, in April, Vietnam imported 16 original vehciles from India, with an average value of up to $634,000, equivalent to over 14 billion VND per car (excluding tax).

Accumulated in the first four months of the year, the country imported 56 completed vehciles originating from India, with an average value of more than $309,000/vehicles, equivalent to more than 7 billion VND (not including tax).

The breaking in the import price of vehicles from India was quite surprising because at the time of the peak point of importation in the past, the average value of imported cars from this country was only around $10,000/vehicles (before tax).

However through the information as mentioned above, it could see that the change in the type of imported vehicles from India leading to changes in import value. Specifically, during peak times imported vehicles from India are mainly dump trucks instead of passenger cars.