In the recently published draft Decree related to the new registration fee, the Ministry of Finance has proposed extending the full exemption of the fee for an additional two years for electric cars running on batteries. If this draft is approved, electric cars in Vietnam will be exempt from registration fees until February 28, 2027, instead of February 28, 2025.
However, the above proposal was not passed. Therefore, starting today, March 1, 2025, electric cars in Vietnam are no longer eligible for a 100% exemption on registration fees as stipulated in point c, clause 5, Article 8 of Decree 10/2022/ND-CP, which took effect on March 1, 2022.
Thus, electric cars in Vietnam are currently subject to a registration fee equivalent to 50% of the fee for gasoline and diesel cars with the same number of seats. The registration fee for cars registered for the first time in Vietnam ranges from 10% to 12%, depending on the locality. This means that the registration fee for electric vehicles from this point onwards will range from 5% to 6%, depending on the registration location.
The requirement to pay the registration fee will significantly increase the on-road costs of electric car models in Vietnam. For instance, a VinFast VF3 electric car priced at 299 million VND would have had an on-road price ranging from only 302-321 million VND. However, from March 1, 2025, the on-road price of the VinFast VF3 will increase to 317-339 million VND.
The increase in on-road costs will impact the sales of electric cars in the Vietnamese market in the coming time. Therefore, it is no surprise that manufacturers and dealers will have to launch new incentive programs to attract customers.
In Vietnam, several brands deal in electric cars, including VinFast, BMW, Mercedes-Benz, Wuling, BYD, Haima, Aion, Hyundai, and Audi. However, the market is dominated by the Vietnamese brand VinFast.
Recently, VinFast also announced the discontinuation of its electric car battery leasing policy from March 1, 2025. In other words, VinFast electric cars are now only sold with a battery purchase option. This, coupled with the absence of registration fee exemption, is expected to reduce the accessibility of VinFast electric cars to customers.
By the end of 2024, VinFast had delivered a total of 97,399 electric cars, 70,977 electric motorcycles, and electric bicycles globally. In the Vietnamese market alone, VinFast sold 87,000 vehicles, becoming the number one car brand in terms of market share. For 2025, VinFast aims to double the number of vehicles delivered globally compared to 2024.
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