Thaco tax deadline extended

The Truong Hai Auto company (Thaco) was allowed to extend their deadline for paying import taxes that are owed to the State, which amount to over VND1.2 trillion (US$75 million), from July 1, 2013 to June 30, 2014.

The approval was given after Thaco reported that it currently has vehicles in stock worth more than VND3.3 trillion ($157 million), and its debts to credit institutions hit almost VND5.6 trillion ($267 million).

The economic situation in Viet Nam and declining global markets have led to a drop in worldwide car sales.

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