**Government Issues Decree on Registration Fee Rates for Automobiles and Similar Vehicles**
The Government has recently issued a decree specifying the rates for registration fees for automobiles, trailers, or semi-trailers pulled by automobiles, and similar vehicles that are domestically produced or assembled.
Effective from September 1, 2024, to November 30, 2024, the registration fee for the aforementioned vehicles will be reduced by 50% for first-time registrations. The registration fee rates will revert to their original levels starting December 1, 2024.
This is the fourth year that registration fee incentives have been offered for domestically produced or assembled automobiles. Previous instances include the latter half of 2020, December 2021, May 2022, and the latter half of 2023. Each of these fee reductions lasted for six months.
It is estimated that this policy could result in a monthly average reduction of approximately 867 billion VND in registration fee revenue for the state budget.
However, the Ministry of Finance believes that maintaining the reduced registration fee rates for domestically produced automobiles is a crucial financial support measure. It encourages consumption, aids in the recovery of the industry’s growth rate, generates employment opportunities, increases workers’ income, and ultimately contributes to social welfare.
According to the Ministry of Finance, in the first quarter of 2024, the total sales volume of automobiles (including passenger cars and commercial vehicles) decreased by 17% compared to the same period in 2023, reaching only 58,165 units. Passenger car sales reached 41,858 units, a 21% decline, while commercial vehicle sales stood at 15,915 units, a 6% drop. Additionally, sales of specialized vehicles fell by 48%, amounting to just 392 units compared to the first quarter of 2023.
Data from the Vietnam Automobile Manufacturers Association (VAMA) further reveals that the average monthly production volume during the first four months of 2024 was approximately 14,167 vehicles.
Notably, while the production and sales of domestically produced or assembled automobiles have been consistently declining, there has been a rapid increase in the importation of completely built-up vehicles. This surge can be attributed to aggressive incentives offered by distributors to boost their sales figures.
TH (Tuoitrethudo)
Despite High Price, Volkswagen Viloran Sells Nearly 1,000 Units in Vietnam in H1 2024
The Volkswagen Viloran’s sales performance has been remarkable, especially given its premium price point ranging from 1.989 to 2.188 billion VND.
“VinFast Offers 50% Bonus on Registration Fees for VF 6, 7, 8, and 9 Models”
On August 20, 2024, VinFast announced a special incentive program for customers purchasing electric vehicles from August 20 to November 30, 2024.
The Chinese Automaker BYD, a New Entrant in Vietnam, Dominates PHEV Sales Back Home.
With an impressive performance in July, BYD dominated the PHEV sales charts with 9 of the top-selling models, surprising and delighting customers. While in Vietnam, BYD has introduced only 3 models so far, all of which are EV variants, the company has showcased its prowess in the PHEV market, leaving a lasting impression on automotive enthusiasts.
The Rise of Imported Cars: Will Local Assembled Vehicles Survive?
The number of imported cars in Vietnam has surpassed the consumption of domestically assembled vehicles in the latest month, with both consumers and automakers seemingly awaiting new incentives.
The All-New Hyundai Santa Fe: Sales Stumble, Defying Brand Expectations
Debuting in the Korean market in August 2023, alongside the Kia Sorento, the Hyundai Santa Fe experienced a tumultuous journey with its sales figures, contrasting the smooth sail of its compatriot rival.
