The fee reduction will last for six months until the end of December this year. From January 1, 2024, the registration fee will return to the current level.
Registration fees are calculated based on car prices in each locality, with a 12% rate in Hanoi and Hai Phong, and 10% in Ho Chi Minh City.
According to the Ministry of Finance, the fee cut is expected to give a boost to domestic consumers, manufacturers, assemblers and socio-economic development. However, the budget revenue from registration fees is anticipated to fall by 8 – 9 trillion VND (339 – 381 million USD).
Total automobile sales in the first five months of this year saw a sharp decline of 43%, over the same period last year.
