The Ministry of Industry and Trade (MoIT) on Monday issued regulations and an invitation to carry out an auction of import tariff quotas on used automobiles for this year.

The import tariff quotas on used autos are implemented according to commitments in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that came into effect on January 14, 2019, the ministry said.

The auction of this year is for 66 used automobiles, including 33 cars with engine capacity of over 3,000cu.m and 33 cars with engine capacity of 3,000cu.m or less.

The MoIT will receive registration to participate in the auction from 8pm on April 24.

The enterprises taking part in auctions must have automobile import licences issued by the MoIT. If the enterprises without the licences win the quotas, they could entrust their imports to enterprises with automobile import licences.

Each trader can bid on no more than 33 cars for all kinds of engine capacity at the auction this year, the ministry said.

Results of the auction will be published on the Ministry of Industry and Trade’s website, the Cong thuong (Industry and Trade) newspaper and the Giao thong (Transport) newspaper within 14 days from the auction results.

According to the CPTPP commitments, the number of used cars at the auction of import tariff quotas will increase by six units each year to 150 units in total in 2034.

That total number would be maintained at 150 cars every year from 2035.