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Friday, June 21, 2024

Vehicle registration fee reduction weighed

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has told the Ministry of Finance to prepare and send a vehicle registration fee reduction plan to the Government by May.

The PM signed Directive 12 on April 21 outlining key solutions for socio-economic development, including the auto registration fee cut aimed at boosting the slowing auto market.

With a GDP growth target of 6% to 6.5% for this year, the Government aims to streamline procedures and create a conducive environment for businesses to achieve this goal.

According to the directive, the Ministry of Finance is tasked with studying and presenting a proposal to the Government next month, covering an extension of tax payment deadlines, a reduction of the registration fee for domestically manufactured and assembled cars, and cuts in land and water surface rent.

Since 2020, the vehicle registration fee reduction by 50% for domestically produced and assembled cars has been on and off depending on market conditions.

The objective behind this initiative is to stimulate the demand for locally made cars.

During the policy’s implementation in the second half of 2020, the number of locally made cars registered for the first time exceeded 200,000, doubling the first six months of the same year.

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