Super cars imported to Vietnam have increased taxes and fees, prices are 6 times higher.
The way of calculating double tax and the impact of many types of fees makes the price of cars, especially luxury cars and supercars imported to Vietnam increase 5-8 times. There is a car that increased from 7.4 billion to 45 billion VND.
Recently, domestic market information shows that imported supercars to Vietnam cost tens of billions of VND, while in markets specializing in supercar production such as the US, UK, Germany, etc., these cars cost only a few billion VND.
For example, the Rolls-Royce Cullinan, 6.7 liter capacity, imported from the US, just arrived in Vietnam with a rolling price in Hanoi of more than 45 billion VND, while in the US market it will have a listed price of 325,000 USD (about 7.4 billion VND).
The price of the car is pushed up many times, except for the CIF price including factory price (Cost), insurance fee and shipping fee from the US to Vietnam (Freight), when arriving in Vietnam, 3 basic taxes and fees must be added: import tax, special consumption tax and VAT.
That does not include the costs of distribution including domestic transportation, warehousing, additional vehicle equipment, financial costs, maintaining the import unit's system, marketing, warranty, risk provision, profit, etc.
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| Rolls-Royce Cullinan supercar. Photo from the Internet |
Similarly, the 3.7-liter 2019 Porsche 911 GT2 RS supercar has an official listed price in Vietnam of 20.19 billion VND; the version with full options can cost up to 22 billion VND. But according to research, the selling price in the US market of this supercar is 293,200 USD (about 6.8 billion VND).
The reason why luxury cars imported from the US, UK... to Vietnam are so expensive is because there are no trade commitments with tax incentives between Vietnam and EU countries, the US. The Vietnam - EU Agreement is still facing many difficulties and has not yet come true. Besides, according to the State's policy, supercars are considered luxury products, with large engine capacity, high fuel consumption, and are not environmentally friendly, so they are subject to high taxes.
However, despite such high taxes, the number of supercars and luxury cars imported to Vietnam is still increasing and the brands are diverse. That shows the level of spending of the rich Vietnamese.
