The Vietnamese Government has announced a 50% reduction in registration fees for domestically produced and assembled cars, effective for three months. This decision aims to boost the local automobile industry and provide benefits to consumers. The Ministry of Finance is expediting the finalization of the decree, with the goal of submitting it to the Government by August 15, 2024.
In addition, the Ministry of Industry and Trade is tasked with proposing suitable policies to encourage the production and use of electric vehicles in Vietnam. They are to report their findings to the authorities by September 2024. The Ministry of Construction is also working with relevant ministries and agencies to review and amend legal regulations to facilitate the installation of charging stations for electric vehicles at gas stations.
Vietnamese Government agrees to reduce registration fees for domestically produced cars. (Illustrative image: Vietnamnet)
Previously, the Ministry of Finance proposed a 50% reduction in registration fees for domestically produced and assembled cars for a six-month period, from August 1, 2024, to January 31, 2025. According to the Ministry, this reduction would positively impact consumers.
However, several ministries expressed concern that such a significant reduction might violate international commitments. The Ministry of Planning and Investment, in particular, warned that continuing to reduce registration fees could result in penalties for violating international agreements. They suggested a thorough analysis of the reasons for the reduction and recommended evaluating whether to proceed with this policy.
The Ministry of Justice also advised a thorough review of Vietnam’s commitments in international treaties, including the principle of national treatment, and coordination with the Ministry of Industry and Trade and the Ministry of Foreign Affairs to develop detailed response plans.
They further emphasized the need for a comprehensive impact assessment, a review of the beneficiaries of the reduced registration fees, and the alignment of the policy with the Law on Promulgation of Legal Documents to ensure legality, unity, and consistency.
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