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Friday, July 19, 2024

Registration fee for locally assembled, manufactured autos halved

The Saigon Times

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HCMC – The registration fee for locally assembled or manufactured cars will be halved from December 1 until the end of May next year, according to a newly-issued resolution of the Government.

Under the resolution signed by Deputy Prime Minister Le Minh Khai on November 26, the fee cut will be applied to autos, trailers and semi-trailers assembled or manufactured locally, the local media reported.

This is the second time over the past two years the registration fee for locally assembled or manufactured autos has been halved due to the impact of the Covid-19 pandemic on local enterprises.

The fee cut will help boost locally assembled or manufactured auto sales.

Last year’s fee cut sent the fee revenue plunging by over VND7.3 trillion but stronger car sales helped the State budget revenue rise by VND14.1 trillion.

In the first half of last year, when the registration was not halved, more than 102,900 locally assembled or manufactured cars were registered. The figure doubled in the second half of the year.

At present, the registration fee for cars is different in different cities and provinces; it is 12% in Hanoi, Quang Ninh and Haiphong, 10% in HCMC and 11% in Ha Tinh. Meanwhile, the fee for pickup trucks is 60% of the fee for cars collected for the first time.

The fee collected for the second time onward is 2%, applicable nationwide.

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