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Deposit amounts for cars are tending to increase in June. Photo: Phuong Lam. |
The preferential policy on registration fees for domestically assembled cars, which is expected to take effect from July, will change the on-road prices of many car models in the Vietnamese market in a beneficial direction for customers.
Therefore, dealerships have been actively inviting customers to make deposits from now to take advantage of the dual benefits once the policy officially takes effect.
Depositing in June, delivering in July
In conversation with Tri thuc truc tuyen, a sales consultant at a Toyota dealership confirmed that if customers make deposits for cars in June, they will receive all the incentives that the dealership is currently offering.
“Customers can make a deposit at this time to receive the promotional policies that the dealership is implementing and complete the car registration procedures in July to take advantage of the preferential registration fees,” shared the Toyota staff member.
This person also noted that after issuing the car purchase invoice, the customer or dealership needs to complete the tax payment and vehicle registration procedures within 30 days.
“If after this deadline, the tax payment and vehicle registration have not been carried out, penalties will be imposed,” the person said.
Specifically, Decree 20 issued in 2019 stipulates that the deadline for paying the registration fee is 30 days from the date of “signing the vehicle registration fee payment notice”. This notice is signed when performing the procedures to obtain the license plate.
If the payment is delayed, a penalty amount will be imposed at the rate of 0.03% per day calculated on the amount of the late tax payment. Taking the example of a car model with a price of VND 700 million, the registration fee in Hanoi is VND 84 million; in the case that the vehicle owner pays the tax on day 40 (10 days overdue), the penalty will be (VND 84 million x 0.03%) x 10 days = VND 252,000.
In addition, Circular No. 15 issued by the Ministry of Public Security in 2014 also stipulates that within 30 days from the date of completing the transfer of ownership documents, organizations and individuals who purchase new or used cars and transfer, sell, or donate them must go to the vehicle registration agency to carry out the registration transfer and ownership change procedures.
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Many customers are taking advantage of booking deposits for cars to enjoy dual benefits when the 50% support policy for registration fees takes effect. Photo: Phuc Hau. |
According to the disclosure from sales consultants at various car dealerships, the number of customers making deposits for cars in June has shown a slight increase after the information about the preferential policy on registration fees for domestically assembled cars was announced.
“Many customers have been informed about the dual incentive program, so they have decided to make deposits at this time to retain the dealer’s promotion and wait to receive the car after the implementation of the preferential registration fee policy, in order to further reduce the on-road price,” revealed the staff member.
Referring to other car brand dealerships in the Vietnamese market that offer domestically assembled cars, the number of customers making deposits for cars in June has also shown positive changes.
Employees at these dealerships also shared the same reasons why the “dual incentives” are factors that help many Vietnamese customers choose to make deposits for cars before July 1, when it is likely that the preferential 50% registration fee policy for domestically assembled cars will officially take effect.
In a conversation with Tri thuc truc tuyen, Mr. Huu Canh from Ho Chi Minh City said he has just made a deposit for a Hyundai Accent in June based on the advice from the salesperson.
“I have heard about the preferential registration fee policy for domestically assembled cars starting from July, so my initial plan was to wait until then to buy a car. However, after considering different opinions, I decided to make a deposit for the car right away to enjoy the dealer’s incentives and also get a reduced registration fee when completing the paperwork,” shared Mr. Huu Canh.
Awaiting the market recovery
A report from the Vietnam Automobile Manufacturers’ Association (VAMA) showed that in May, the domestic car market continued to witness a decline in sales volume, with only 20,726 cars sold. Compared to the report in April, the total market sales volume decreased by 1,683 cars, equivalent to a 7.5% decrease.
Thus, in the second quarter, the Vietnamese car market has experienced a decrease in sales volume for 2 consecutive periods, resulting in the total car sales volume since the beginning of the year being nearly 36% lower than the same period in 2022.
However, the downward trend in the Vietnamese car market’s sales volume in May is considered not entirely negative, as the rate of decrease did not exceed 10%.
| The Vietnamese car market has not been able to improve its sales volume | ||||||
| Car market sales volume for the first 5 months of the year (Data: VAMA) | ||||||
| Label | January | February | March | April | May | |
| cars | 17,314 | 23,040 | 30,038 | 22,409 | 20,726 |
As mentioned above, the preferential registration fee policy is helping the number of car deposits show positive changes in June and is likely to help the Vietnamese car market recover at the latest in the middle of the third quarter.
Last year, the preferential registration fee policy for domestic cars helped the car market in Vietnam recover after a difficult period due to the impact of the pandemic. Moreover, the Vietnamese car market developed strongly and set a new record in terms of sales volume with over 404,000 cars sold after 12 months in 2022.
Therefore, if the preferential registration fee policy is implemented from July as planned, it is expected to stimulate customers’ purchasing power, thereby boosting the overall car sales volume in Vietnam for the remainder of 2023.
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