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Tuesday, July 16, 2024

Draft decree on auto registration fee reduction submitted to Government

The Saigon Times

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HCMC – The Ministry of Finance has sent a draft decree to the Government, proposing a 50% registration fee cut for domestically manufactured and assembled cars.

The ministry submitted the draft Government decree after receiving feedback from the Ministry of Justice on its contents.

If approved by the Government, domestic automobile manufacturers would benefit from a 50% reduction in the 10% registration fee for their products from July 1 to December 31 of this year.

The Ministry of Finance said that this fee reduction would have a positive impact on both consumers and manufacturers, contributing to the nation’s socio-economic growth.

However, it is important to note that this policy would result in a loss of VND8,000-VND9,000 billion in state budget revenue.

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