The government has officially issued Decree No. 109/2024/ND-CP dated August 29, 2024, stipulating registration fee rates for domestically produced and assembled cars, trailers or semi-trailers pulled by cars, and similar vehicles. Accordingly, domestically produced and assembled cars will enjoy a 50% reduction in registration fees for three months, starting from September 1 to November 30. From December 1 onwards, the registration fee rates will revert to the previous levels.
“If only I had held on a little longer”
In fact, the news of the registration fee reduction had been anticipated for a long time. As early as April, there were rumors of a possible reduction in the latter half of 2024. This led to a significant number of consumers purchasing cars but not completing the registration process. However, by the end of June, the decision had not been officially approved, and the expected reduction in registration fees from July 1 did not materialize.
Nevertheless, information about the registration fee reduction kept surfacing on social media, with only the timing being adjusted—first to early July, then mid-July, and eventually to August. The prolonged waiting wore down many hopeful car buyers, causing them to give up and hastily sign contracts to take immediate delivery of their vehicles. Consequently, upon hearing the news of the registration fee reduction, many couldn’t help but feel a sense of regret and missed opportunity.
One such individual is Mr. Nguyen Quoc Huy, the owner of a Mercedes-Benz C200 in Thai Binh. He shared his experience, “I decided to wait for the registration fee reduction before completing the registration process for my car. After purchasing the car, I intended to auction a license plate for it, but I wasn’t successful in two attempts. Following those attempts, there were news about the potential fee reduction, so I resolved to wait until now.”
Mr. Huy’s Mercedes-Benz C200 finally received its license plate after almost half a year. Mr. Huy is one of the car owners who waited for the registration fee reduction but eventually gave up. – Photo: NVCC
As a result of his decision to wait, Mr. Huy had to keep his car unregistered for almost six months. During this period, he could only obtain a temporary license plate, which restricted his travel to a specific route and was only valid for 15 days, requiring frequent renewals. Faced with this inconvenience and the approaching end of 2024, Mr. Huy believed that the possibility of a registration fee reduction was slim, so he proceeded to register his vehicle just about ten days ago.
When asked about his feelings upon hearing the official news of the fee reduction, Mr. Huy expressed his disappointment: “I felt a sense of loss. If only I had held on a little longer, I could have saved tens of millions of dong. Had I known, I could have used that money to upgrade my car.”
Mr. Huy is not alone in his sentiments. Many other car owners shared similar emotions upon receiving the news. Expressions like “I just got my license plate last month” and “I got my license plate yesterday” could be seen circulating in various automotive groups and communities.
“A wave of relief”
On the opposite end of the spectrum, Mr. Nguyen Phu Khanh, a Honda CR-V owner from Thai Binh, experienced a wave of relief upon learning about the registration fee reduction.
“I was extremely anxious due to the early emergence of rumors. I don’t recall any previous year with so much speculation about registration fees. However, if it weren’t for those early predictions, I might have registered my vehicle back in June. When I heard the news, I felt a surge of relief,” shared Mr. Khanh.
According to Mr. Khanh, he purchased his vehicle in mid-June but has not yet obtained a permanent license plate. He shared that when he bought the Honda CR-V L, he already benefited from a price reduction of 120 million VND, with the price dropping from 1.159 billion VND to 1.039 billion VND. “If I can also take advantage of the 50% reduction in registration fees, which equates to about 60 million VND, I will save a significant amount,” he had shared during the waiting period.
Like others, Mr. Khanh could only use a temporary license plate for his Honda CR-V, which restricted his access to toll roads and expressways. Whenever he needed to travel long distances, he had to rent a self-drive car. However, when comparing the rental costs to the potential savings of 60 million VND, Mr. Khanh felt that the wait was worth it.
Mr. Khanh mentioned that he didn’t feel rushed to use the car, and his need for long-distance travel was infrequent. During the three-month waiting period, he spent approximately 5 million VND on car rentals and occasionally borrowed a car from an acquaintance, only incurring fuel costs. As a result, he still managed to save 55 million VND, a substantial amount that he can now use to install necessary accessories for his vehicle.
Honda offers big discounts on SUVs and sedans in Vietnam: City and CR-V have the highest reduction of nearly 90 million, aiming to boost sales at the beginning of 2024.
Honda Vietnam’s range of SUVs and sedans are now being offered with a simultaneous 50-100% reduction in registration fees. In addition, selected models are eligible for an additional cash rebate of 30 million VND. This is an amazing opportunity for customers to save money while owning a top-quality vehicle from Honda Vietnam. Don’t miss out on this special offer!
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