2023 was a challenging year for the Vietnamese automobile market as sales fell 25% year-on-year despite a 50% cut in the registration fee from July 1, according to the Vietnam Automobile Manufacturers Association (VAMA).
Cars will enjoy a 50% cut in registration fees from July 1 following a Government decree on registration fee reduction for domestically manufactured and assembled automobiles.
The Ministry of Industry and Trade supporting the reduction of automobile registration fees is considered to have a positive effect on the auto industry in the context of the automobile market facing many difficulties.
Vietnamese firms spent over US$903 million in the first quarter importing 41,780 completely-built-up (CBU) cars, according to a report by the General Statistics Office (GSO).
Automobile sales in Vietnam posted a month-on-month increase of 20% and a year-on-year surge of 88% in July, the Vietnam Automobile Manufacturers’ Association (VAMA) reported on August 11.
The Vietnam Automobile Manufacturers’ Association (VAMA) reported that its members suffered a decline in sales for the second consecutive month in February, with 22,802 cars sold units, or a 26% decrease.
VOV.VN - Vietnam will reduce the excise tax and registration fee placed on electric cars, with these two preferential policies anticipated to become a lever in which the local electric vehicle market, which is in its infancy, can quickly develop in 2022.
VOV.VN - Whilst the prolonged COVID-19 outbreak posed numerous challenges, it also presented plenty of opportunities for local automobile manufacturers to make a spectacular breakthrough in 2021.
A 50% reduction in registration fees for domestically-assembled cars is forming part of a push to help the auto market grow in the next six months.
The Ministry of Finance has proposed halving the registration fee for locally assembled or manufactured cars from November 15 until mid-May next year.