Starting March 1, battery-powered electric vehicles (EVs) in Vietnam will no longer be exempt from registration fees.

In 2024, Vietnam's domestic car production is estimated at 388,500 units, marking a 27% increase compared to 2023, according to the General Statistics Office.

Domestic car production this year has reached a new high with 38,200 cars assembled in October, according to data released by the General Statistics Office (GSO) on November 6.

The Vietnamese government has announced a temporary 50% reduction in registration fees for domestically produced and assembled cars.

VOV.VN - Elite members of the Government, during a meeting on August 15, agreed to reduce the registration fee for domestically produced and assembled cars by half.

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.