Users who buy electric cars will receive support of about 1,000 USD per car, according to the proposal of the Ministry of Transport .
The Ministry of Transport has just sent the Government proposals to support the transition to electric cars, with three groups of policies including support for car buyers, incentives for manufacturers, and development of infrastructure for electric cars. These are also policies applied by many countries during the period of encouraging the transition from gasoline cars to electric cars.
Accordingly, for users, the Ministry of Transport proposes to exempt and reduce registration fees and license plate registration fees for electric cars. Car buyers will have access to credit and subsidies. Transport businesses that switch to using electric cars will receive preferential loans, and electric buses will receive higher subsidies than regular buses.
The ministry also proposed increasing traffic priority for electric vehicles in urban areas, such as prioritizing parking spaces and establishing zero-emission zones in core urban areas, where only zero-emission vehicles can operate.
Another solution proposed by the regulator to support consumers is that when they buy an electric car, they will be supported with about $1,000 per car. This is considered a subsidy to help them change their consumption behavior.
A customer in Hanoi using an electric car, April 2023. Photo: Giang Huy
The management agency also proposed to add the electric car manufacturing and assembly industry and electric car batteries as investment incentives. Manufacturing, assembly and maintenance enterprises will have preferential mechanisms on import tax on electric cars; access to finance, credit and priority access to and transfer of assembly production technology. Imported components, equipment and production lines will be exempted from and have reduced taxes.
Charging station infrastructure is considered an important component for the development of electric vehicles. Therefore, the Ministry of Transport recommends that management agencies soon regulate the system of electric charging stations in urban technical infrastructure and residential areas and allow the construction of public charging stations at construction sites without having to change the land use purpose.
Currently, the special consumption tax on domestically produced and assembled electric vehicles with less than 9 seats is 3%, until February 28, 2027. The Ministry of Transport said that enterprises producing this type of vehicle want to extend the above tax reduction period and exempt VAT for 5 years, and reduce 50% in the next 5 years.
According to data from the Ministry of Transport, the number of newly manufactured, assembled and imported electric vehicles has increased 75 times over the past 2 years, from 167 vehicles in 2021 to 12,585 vehicles as of mid-July 2023. However, electric cars in Vietnam are currently mainly cars and city buses.
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