Car registration fee cut by half again
In this article (5)
A government decree has cut registration fees for locally made cars by 50 percent for six months starting December 1.
This is the second time in the last two years such a cut is being made to mitigate the difficulties faced by the auto industry due to the Covid-19 pandemic.
In the first six months of last year, 17,600 cars were bought on average each month. In the second half, when the 50 percent cut took effect, sales doubled.
The registration fees are calculated based on car prices in each locality.
The rates are 12 percent in Hanoi and Hai Phong, and 10 percent in HCMC.
Last year, car sales had fallen by 8 percent to 296,634 units as the Covid-19 pandemic badly affected the economy, hitting people’s incomes and discretionary spending.
Questions & Answers
Q.When did this registration fee cut come into effect and how long will it last?
When did this registration fee cut come into effect and how long will it last?
The 50 percent reduction in registration fees for locally made cars started on December 1. This government decree is set to remain in place for a duration of six months from that date.
Q.How did a similar registration fee cut impact car sales previously?
How did a similar registration fee cut impact car sales previously?
When a 50 percent cut took effect in the second half of last year, car sales doubled. In the first six months of that year, 17,600 cars were bought on average each month before the cut.
Q.What were the total car sales figures last year and what caused them to fall?
What were the total car sales figures last year and what caused them to fall?
Last year, total car sales reached 296,634 units, representing an 8 percent fall compared to the previous period. This decline was attributed to the Covid-19 pandemic affecting people's incomes and discretionary spending.
Q.What are the specific registration fee rates in different cities?
What are the specific registration fee rates in different cities?
Registration fees, which are calculated based on car prices, are 12 percent in both Hanoi and Hai Phong. In Ho Chi Minh City (HCMC), the rate for car registration is 10 percent.
Reader pulse
Will this fee cut boost sales significantly?
22,071 votes so far