Thursday , June 20 2024

Vietnam halves car registration fees to boost sales

Vietnam has cut car registration fees in half for locally-made or assembled cars as authorities hope against hope that the move will boost sales.

The 6-month cut takes effect July 1 and the fees will return to normal starting Jan. 1, according to a government decree issued Wednesday.

Registration fees are calculated based on car prices in each locality. The rates are 12% in Hanoi and Hai Phong, and 10% in HCMC.

Vietnam issued the same 50% cut for six months in 2020 and 2022 to boost consumption. The move caused sales to double in both cases.

The Ministry of Finance, however, said earlier that the cut might not be as effective this time since the economy is seeing a strong decline in industrial activity and exports amid high inflation and low GDP growth.

In the first five months, 113,500 auto units were sold, a 36% plunge year-on-year, according to the Vietnam Automobile Manufacturers Association.

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