HCMC – The Government has announced a 50% reduction in the registration fee for domestically assembled cars, trailers, and semi-trailers from September 1 to November 30.
This incentive aims to stimulate consumer demand and support the domestic automotive industry. According to the Ministry of Finance, car sales in Vietnam declined by 17% in the first quarter of 2024 compared to the same period last year.
Starting from December 1, the registration fee will revert to its original rate, specified in Government Decree No. 10 issued in 2022.
The Government estimated that the incentive could result in a monthly budget revenue fall of VND867 billion.
This marks the fourth consecutive year that the Government has implemented such a measure to prop up the domestic automotive industry, local news reports said. All previous reductions were in place for a six-month period.
Data from the Vietnam Automobile Manufacturers’ Association (VAMA) showed that the automotive industry faced mounting challenges in the first half of this year, with sales of domestically assembled cars declining 15% against the same period in 2023.
