Government requests 50% reduction in registration fee for domestic cars from July 1

The government requested a 50% reduction in registration fees for domestic cars from July 1 to 15. — The policy of supporting 50% of registration fees is expected to help revive the Vietnamese auto market, which is relatively gloomy compared to 2022. Photo: Minh Hoang.

On June 7, the Government Office issued a document notifying the direction of Deputy Prime Minister Le Minh Khai to the Minister of Finance and the Minister of Justice regarding the registration fee for domestically produced and assembled cars.

Accordingly, the Deputy Prime Minister requested the Ministry of Finance to preside over and coordinate with relevant agencies to urgently develop a draft Government Decree on the registration fee for domestically produced and assembled cars in the direction of reducing 50% and applying from July 1 to the end of the year. Submit to the Government before June 15.

" The Ministry of Justice shall promptly appraise the above draft decree immediately after receiving complete documents from the Ministry of Finance, ensuring the deadline for submission to the Government before June 15 ," the document stated.

The above ministries are responsible to the Government and the Prime Minister for the quality and progress of assigned tasks, ensuring they are completed on time and without delay.

Previously, the Vietnam Automobile Manufacturers Association (VAMA), the Vietnam Association of Mechanical Industry (VAMI), the People's Committees of Quang Nam province and Ninh Binh province sent documents to the Prime Minister, the Ministry of Industry and Trade, the Ministry of Finance and relevant agencies, in which they made recommendations and proposed policies to support socio-economic recovery and development in 2023.

Accordingly, these agencies proposed that the Government extend the deadline for paying special consumption tax for automobile manufacturing and assembling enterprises this year, and at the same time proposed continuing the policy of reducing 50% of registration fees for domestically manufactured and assembled automobiles.

Not long after that, the Vietnam Automobile Importers Association (VIVA) also sent a petition to the Vietnamese National Assembly, the Ministry of Industry and Trade, the Ministry of Finance and the Government Office regarding the proposal to propose preferential registration fees for imported cars.

According to VAMA's report, the entire Vietnamese market consumed a total of 92,801 cars of all kinds after the first 4 months of the year, down 30% compared to the same period in 2022. Sales of domestically assembled cars reached 50,017 vehicles, down 39% compared to the same period last year. Sales of imported cars in the Vietnamese market were also 16% lower than in the first 4 months of 2022 and only reached 42,784 when the first month of the second quarter ended.

Weak market purchasing power is believed to be part of the reason why domestic automobile production and imported cars from abroad have been significantly affected in recent months.

(Source: Zing News)

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