The Government has approved a proposal to reduce the registration fee for domestically manufactured automobiles by 50%. However, the Ministry of Finance has predicted that the fee cut may not have the desired impact.

Domestically produced and assembled cars are to have their registration fees slashed by half during the last six months of 2023, according to the Government Office.

Many car dealers have complained that the market is sluggish and the inventory level is alarming. The long-lasting losses have forced them to cut their workforce or even consider shutting down.

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 22,409 automobiles of all kinds in April, a month-on-month drop of 25%.

Vietnam spent more than US$1.2 billion on importing 54,344 completely built-up (CBU) vehicles during the initial four months of the year, marking a surge of 47.2% in volume and 33.4% in value year on year.

The Ministry of Finance has reiterated its rejection of a proposal to reduce 50% of the registration fee for local car manufacturers.

Automobile sales saw growth in the first quarter of this year as manufactures launched promotions together with increases in supply and lower...

Under a roadmap approved by the government in Decision 876, 100 percent of transport vehicles such as cars and motorbikes will have to shift to electricity and green power by 2050.

Vietnamese consumers show an increasing preference for SUVs, CUVs, and MPVs over sedans due to their practicality, as observed on popular Vietnamese car listing websites.

Vietnamese firms spent over 903 million USD in the first quarter importing 41,780 completely-built-up (CBU) cars, according to a report by the General Statistics Office (GSO).

Thailand once again led the market in terms of value and the number of CBU (complete built unit) cars imported to Vietnam in February 2023.

Brand-new automobiles will be exempt from the first mechanical check under a revised circular on technical safety and environmental protection promulgated by the Ministry of Transport.

The Vehicle Importers Vietnam Association (VIVA) has submitted a request to the Government seeking approval for a 50% reduction in registration fees for imported automobiles, matching the fee structure proposed for locally-made cars.

Vietnamese automobile prices are substantially higher than those in other regional countries because of high taxes and low output, according to the Ministry of Industry and Trade.

The nation has overtaken the Philippines to become the ASEAN region’s fourth largest automobile consumption market, behind only the Philippines, Thailand, Indonesia, and Malaysia, according to details given by the Ministry of Industry and Trade.

Associations have proposed the central Government halve the registration fee for locally assembled or manufactured cars during the first half of the year to boost market demand.

The Ministry of Finance (MOF) is working on an amendment to the Special Consumption Tax (luxury tax) Law to further slash tax rates on electric cars and hybrids.

Domestic auto distributors reported robust revenues and high profits in 2022 thanks to a significant increase in car sales.