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Government approves 50% reduction in car registration fees

The Saigon Times

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HCMC – In light of the challenges faced by local car manufacturers, the Government has given its approval to a proposal for a 50% reduction in registration fees for domestically manufactured automobiles.

The Ministry of Finance has been tasked with collaborating with relevant agencies to draft a decree outlining the revised registration fee rates for domestically manufactured and assembled cars. The draft will be submitted for government review by June 15, 2023.

The Vietnam Automobile Manufacturers Association and the Vietnam Association of Mechanical Enterprises jointly submitted a document to the ministries of finance and trade, as well as the Government Office, suggesting various measures to alleviate business challenges and stimulate the consumption of domestically manufactured cars. Among these measures was the proposal for a 50% reduction in registration fees.

This proposal comes in response to a significant decline in car demand in the market, with many car manufacturers experiencing sales volume reductions of over 50%. According to the Vietnam Automobile Manufacturers Association, sales of all car types by VAMA members reached only 22,409 units in April, marking a 25% decline compared to the previous month. Furthermore, total car sales in the overall market during the first four months of 2023 remained over 30% lower than the same period last year.

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