Car registration fee cut by half again
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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 the latest 50 percent registration fee cut for locally made cars begin?
When did the latest 50 percent registration fee cut for locally made cars begin?
The recent 50 percent cut in registration fees for locally made cars started on December 1. This government decree is set to last for six months, aiming to support the automotive industry during the ongoing pandemic.
Q.How did a previous fee reduction impact car sales numbers?
How did a previous fee reduction impact car sales numbers?
During the first six months of last year, when a 50 percent cut took effect in the second half, car sales doubled. On average, 17,600 cars were bought monthly before the reduction was implemented.
Q.What were the total car sales figures for last year?
What were the total car sales figures for last year?
Last year, total car sales fell by 8 percent, resulting in 296,634 units sold. The decline was attributed to the Covid-19 pandemic's impact on the economy, reducing people's incomes and discretionary spending.
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