Vietnam introduces import tax exemption for lifting equipment and spare parts

Recently, the Ministry of Finance of Vietnam issued Notice No. 104 stating that Vietnam will grant duty-free policies on imports of goods and spare parts needed for the production of lifting equipment. The conditions for enjoying the tax exemption must comply with the relevant provisions of the Vietnam Government's decision No. 10/2009/Q-TTg. The products produced shall fall within the scope of the key machinery products catalogue supported and developed by Vietnam during the period from 2009 to 2015.

With the development of infrastructure construction in Vietnam, China has become a major importer of its construction machinery. The introduction of the tax exemption policy is undoubtedly a good news for the Chinese construction machinery industry. The export of China's crane mainframes and spare parts companies will usher in a new period of growth.