Vietnam government reduces registration fees to boost car sales


Registration fees for domestically produced and assembled cars shall be halved for three months, from September to November this year. - Photo: Vietnam News/ANN

HANOI (Vietnam News/ANN): The Vietnamese government has announced a temporary 50% reduction in registration fees for domestically produced and assembled cars from Friday (Aug 30) onwards.

This policy, detailed in Decree No. 109/2024/ND-CP, will be in effect from September 1 to November 30, 2024. After this period, standard registration fees will be reinstated.

This move aims to stimulate the domestic auto market, which has seen a significant drop in sales with 67,849 cars sold in the first half of 2024, marking a 15% decline compared to the same period last year.

The reduction is also intended to counter the trend of declining domestic auto sales compared to imported vehicles, which have been outperforming local models.

The policy is expected to reduce state revenue by approximately 867 billion VND (34 million USD) per month. Current registration fees are 12% in Hanoi and Hai Phong, and 10% in Ho Chi Minh City, varying by locality.

This isn’t the first time the government has implemented such a measure. A similar fee reduction was applied in the last six months of the previous year. - Vietnam News/ANN

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Aseanplus News

More ways proposed in Singapore for victims of online harms to seek redress, including getting content blocked
Pang Ron-Su Yin storm into China Masters final
Blackpink’s Lisa to roll out first solo full album 'Alter Ego' in Feb 2025
Police patrol car involved in accident while investigating crash
Philippines' House of Representatives orders transfer of Vice President Sara Duterte’s aide to women’s prison
International forum boosts Brunei-China ties
Elon Musk’s model mother sees celebrity takeoff in China
Cambodia husband-and-wife clinic owners dump dead patient and three-year-old girl by deserted road
Indonesia’s national health insurer facing deficit could mean higher premiums for patients
Manipur hostage killing handed over to India's National Investigation Agency: CM Biren Singh

Others Also Read