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Tuesday, November 24, 2020

Automobile registration fee reduction approved

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HCMC – Prime Minister Nguyen Xuan Phuc has approved a plan to lower registration fees for locally assembled or manufactured cars by 50% until the end of the year, aiming to boost domestic consumption.

The Government Office has announced the final decision of the prime minister in approving the fee reduction at a meeting discussing ways to remove obstacles faced by local businesses, accelerate the disbursement of public investment capital and ensure public order and security amid the coronavirus pandemic.

The 50% cut in the car registration fee is among solutions presented by the Ministry of Industry and Trade to the Government to help enterprises recover and to stimulate consumption.

Besides this, the Vietnam Automobile Manufacturers Association proposed that the Government halve value-added tax and registration fees for car buyers to foster consumption. Ministries and the relevant agencies then gave feedback to improve these solutions.

The registration fee cut is expected to enable car buyers to save tens of millions of dong when purchasing cars. The fee for cars with less than nine seats is currently 12% of the vehicle’s price in the capital city of Hanoi, and 12% in the rest of the country.

Further, the Government leader asked ministries to continue to jointly work on many other issues, including presenting to the National Assembly’s Standing Committee a plan to reduce the environment protection tax on aircraft fuel by 30% until the last quarter of the year.

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