Registration fees for domestically manufactured and assembled cars to be cut by 50%
According to Decree 103 issued by the Government on November 26, the first-paid registration fee for cars manufactured and assembled locally will be reduced by 50% from December 1, 2021 to May 31, 2022.
Under the new regulations, from December 1, 2021 many car models will enjoy incentives and have advantages in the short term. In particular, the 50% reduction of the registration fee will significantly reduce the costs for expensive models.
This is the second time in the past two years that the registration fee for domestically manufactured and assembled cars has been halved.
According to experts, the policy of reducing registration fees by 50% does not reduce car prices but will help lower the total price, and have positive effect when stimulating consumer demand.
In fact, the policy of reducing registration fees by 50% for domestically assembled cars issued by the Government in 2020 had a positive impact on the Vietnamese automobile market.
According to data from the Vietnam Automobile Manufacturers’ Association or VAMA, in the second half of 2020, the output of domestically manufactured and assembled cars increased steadily over the months. Especially in November and December 2020, the number of domestically manufactured and assembled cars sold increased sharply by 14.7% and 25% respectively compared to the previous month.