The Prime Minister Pham Minh Chinh has just signed Directive No. 12/CT-TTg dated April 21, 2024 on key tasks and solutions to promote socio-economic development. In which, the Prime Minister assigned the Ministry of Finance to study and propose options for extending the tax payment deadline, reducing registration fees for domestically manufactured and assembled vehicles (CKD) in May 2024.
Thus, it is likely that domestically manufactured and assembled automobiles are preparing to have their registration fees reduced according to the State’s policy. The reduction in registration fees this time is expected to remain at 50% compared to the amount collected as prescribed in Decree 20/2019/ND-CP amending Decree 140/2016/ND-CP.
This could be the fourth time that registration fees have been reduced for domestically manufactured and assembled automobiles. The first reduction was applied in the last 6 months of 2020 under Decree No. 70/2020/ND-CP dated June 28, 2020 of the Government to support domestic automobile businesses in clearing inventory due to the impact of the Covid-19 pandemic.
The second reduction in registration fees for domestically manufactured and assembled automobiles was applied within 6 months, starting from December 1, 2021. Meanwhile, the third reduction in registration fees lasted from July 1 to December 31, 2023, according to Decree 41/2023/ND-CP of the Government, which was signed and issued by Deputy Prime Minister Le Minh Khai on June 28, 2023.
After the preferential registration fee policy of the Government for domestically manufactured and assembled automobiles officially ended on December 31, 2023, the domestic automobile market fell into a serious decline. According to the report of the Vietnam Automobile Manufacturers Association (VAMA), the total number of vehicles sold by its members in the first quarter of this year reached only 58,165 units, down 17% compared to the same period last year, despite the incentive promotion programs from manufacturers and dealers. Hyundai Thanh Cong’s sales in the first 3 months of 2024 also reached only 10,114 vehicles, a decrease of 31.3%.
The 3 previous reductions in registration fees had a positive impact on the Vietnamese automobile market with improved purchasing power. This new reduction in registration fees may help the domestic automobile market overcome difficulties and boost growth in the second half of 2024.
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