Mr. Mai The Huyen, director of the Hai Phong Customs Department, told SGGP reporters that at the beginning of August, more imports have been arriving in port, but importers have not gone through clearing formalities as they were still awaiting the enforcement of the Ministry of Finance’s new decision in order to enjoy the new, lowered import duty.

Mr. Huyen said, “To facilitate the clearing process for import companies, more customs officers have been appointed at border gates to cope with companies’ clearing applications. I believe that prices of goods on the market will reduce thanks to the increase of volume in imports and to the decrease of import duties.”

According to Mr. Nguyen Cong Truong, director of the Lang Son Customs Department, volumes of different kinds of imports arriving at border gates have increased. Among them are agricultural products, automobile parts, steel and industrial products. Mr. Truong said, “Customs officers are urged to simplify clearing formalities and even to work at night so that they can handle more clearing applications. Priority will be given to consumer goods.”

To prepare for the sudden increase of imports, Ms. Dang Thi Binh An, deputy general director of the Customs General Department, revealed that customs had already put measures in place to help control and stabilize prices on the market. Apart from applying appropriate tax rates on imports that have already enjoyed tax deductions, customs officers at borders have also been requested to let imported foodstuffs and necessities through within the clearing application date.

In related news, since 1:00 pm yesterday, the retail selling price of petrol of all kinds was reduced by VND500 per liter in accordance with a Ministry of Finance decision signed on the same day.

As for gas prices, Mr. Do Khanh Ninh, director of the Gas Processing and Trading Company, said that although prices fluctuate now and then with international political and climate situations, gas prices will probably remain unchanged from now until the end of the year, as he thinks that they are now at their highest levels. At present, the company is selling around 1,000 tons of gas daily, of which 60% are imported. 

Meanwhile, steel prices on the market are on a slight decrease thanks to the effects of said Ministry of Finance decision and of the Vietnam Steel Corporation’s measures to curb increasing steel prices. Mr. Pham Cong Tham, director of the Finance and Accounting Department, pointed out that the corporation has pushed up the local production of steel and steel blanks to boost domestic supplies and to gain closer control of the distribution network. Specifically, instead of selling to many different agents, the corporation only sells steel in large volumes and at lower prices to a few big customers.

Prices of basic commodities such as cement, coal and electricity have also been brought under control recently.

After the Ministry of Finance decision to apply a 10% reduction in import duties on wholly-imported automobiles came into effect on August 8, automobile company Mercedes-Benz Vietnam announced that they will offer a price reduction ranging from USD3,000 to USD10,000 on each of its E-class automobiles, depending on their model.

Previously, automobile companies European Automobile Joint Stock Co. and Hyundai Vietnam had announced their intent to lower selling prices for imported BMW and Hyundai automobiles. Some consumers, however, still fear that to excess demand, automobile dealers will probably not lower selling prices and consumers will have no choice but to pay a higher price in order to own an automobile.

Source:  SGGP.