Domestic cars enjoy registration fees halved from July
VGP - The Government has decided on a 50 per cent cut on auto registration fees for locally assembled or manufactured cars in a bid to support the domestic automobile industry, according to its Decree 41/2023/ND-CP.
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The new decree is scheduled to take effect from July 1, 2023 to December 12, 2023.
Since January 1, 2024, the level of automobile registration fees will follow the rate mentioned in Decree 10/2022/ND-CP, dated January 15, 2022.
The risk of economic turmoil had brought about a great impact on businesses, including domestic automobile assemblers and manufacturers. In addition, pressure from tightened credit policy, high interest rates, and market liquidity problems also have influence on consumer psychology as many people have decided to tighten their budget.
In the first three months this year, Viet Nam Automobile Manufacturers Association (VAMA) members sold a total of nearly 77,090 vehicles, down 31 percent compared to the same period last year.
By the end of March 2023, the sales of domestically-assembled cars decreased by 34 percent while the number of imported cars dropped by 4% compared to the same period last year.
Hence, the Ministry of Industry and Trade asked the Government to halve the registration fee for locally assembled or manufactured cars during the first half of the year to boost market demand./.
