Monday , December 11 2023

Vietnam cut excise duty on battery electric car to 3 pct

The National Assembly Tuesday voted to cut excise on battery-run electric cars to 3 percent for a period of five years.

With effect from March 1 the tax on various types of battery electric vehicles (BEVs) will be reduced by 3-12 percentage points from current levels and be valid until Feb. 28, 2027.

In 2027, they will revert to current levels of 5-15 percent.

The National Assembly’s Standing Committee said the introduction of incentives to attract investors earlier than other Southeast Asian countries would create great opportunities for Vietnamese companies to produce BEVs for both domestic and foreign markets.

A number of companies are preparing to begin production of BEVs.

“Electric cars are both environment-friendly and suitable for practical use,” Vu Hong Thanh, chairman of the house Economic Committee, said.

Automaker VinFast has tied up with a Chinese company to research and manufacture electric car batteries as part of its vision to become a global brand.

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