Consumers benefit greatly.

The government has just issued Decree No. 109/2024/ND-CP dated August 29, 2024, stipulating the rates of registration fees for automobiles, trailers or semi-trailers towed by automobiles, and similar types of vehicles manufactured and assembled domestically.

The policy of reducing the vehicle registration fee by 50% for domestically produced cars will be in effect for three months, from September 1, 2024 to November 30, 2024.

Accordingly, from the effective date of this Decree until November 30, 2024, the registration fee will be 50% of the rate stipulated in Government Decree No. 10/2022/ND-CP dated January 15, 2022, on registration fees; current resolutions of the People's Council or current decisions of the People's Committee of provinces and centrally-administered cities on the local registration fee rates; and any amending, supplementing, or replacing documents (if any).

From December 1, 2024 onwards, the vehicle registration fee rates will continue to be implemented according to the regulations in Government Decree No. 10/2022/ND-CP dated January 15, 2022, on vehicle registration fees; current resolutions of the People's Council or current decisions of the People's Committee of provinces and centrally-administered cities on local vehicle registration fee rates; and any amending, supplementing, or replacing documents (if any).

This is the fourth consecutive year that domestically produced cars have benefited from this policy. However, the implementation period this time has been shortened by half compared to previous adjustments, which was 6 months.

Official reduction of 50% in vehicle registration fees for domestically produced cars for 3 months.

Regarding the policy of reducing the vehicle registration fee by 50% for domestically produced cars, the Ministry of Finance stated that in 2024, while the production and sales of domestically manufactured and assembled cars continuously decreased, the import of completely built cars increased rapidly.

Furthermore, since the beginning of 2024, many imported car models have received significant discounts and price reductions from distributors, boosting sales and narrowing the gap considerably with domestically produced vehicles. Vietnam has signed 17 Free Trade Agreements (FTAs), many of which commit to reducing import tariffs on completely assembled cars to 0%. Implementing these commitments will put pressure on imported cars with high quality, advanced technology, and competitive pricing to compete with domestically produced and assembled vehicles.

These are particularly challenging issues in the current period, and relying solely on the resources and individual stimulus measures of each business will not be enough to create stability in maintaining production and sales, nor to provide the impetus for the market to grow again in a balanced and sustainable manner.

"Continuing to reduce the vehicle registration fee by 50% for domestically produced and assembled cars is one of the solutions to provide financial support, encourage consumption; restore the growth rate of the industry; create jobs, increase income for workers, and ensure social security."

Therefore, in order to contribute to stimulating consumption, providing financial support to people and businesses, and creating momentum for the recovery of growth in the domestic automobile manufacturing and assembly industry amidst the many difficulties and challenges of the economy , reducing the registration fee for domestically produced and assembled automobiles is one of the necessary solutions," the Ministry of Finance stated.

Planning to buy a car during this period, Mr. Vu Ngoc Anh (from Cau Giay, Hanoi) came to buy a car at the car showroom at 197A Nghi Tam, Yen Phu Ward, Tay Ho District, Hanoi. He shared that he had intended to buy a car about two months ago, but when he heard that the government would reduce the registration fee by 50% for domestically produced and assembled cars for three months, he decided to postpone it and wait for the official decision.

"Although the implementation period has been shortened to 3 months, people have still benefited considerably. I'm looking for a car that fits my budget, between 700-800 million VND, to finalize the deposit and sign the purchase contract in the next few days," said Mr. Ngoc Anh.

Vehicle handover ceremony for customers at Hyundai Pham Van Dong showroom.

Speaking to the Industry and Trade Newspaper, a representative from the Hyundai Pham Van Dong showroom said that after the official implementation of the 50% reduction in registration fees for domestically produced and assembled vehicles, more people have come to view cars than before. Customers are inquiring about purchasing cars in various segments, from 400-600 million VND to 800 million to 1 billion VND, depending on their needs.

"With a 50% reduction in registration fees for domestically produced and assembled vehicles, people will certainly benefit the most. People will naturally postpone their purchases to take advantage of this preferential policy. In fact, some customers, upon hearing that the government would again reduce registration fees by 50% for domestically assembled and produced vehicles, stopped placing deposits at showrooms to wait for this decision," said a representative from the Hyundai Pham Van Dong showroom.

A salesperson at a car showroom on Pham Hung Street shared: "With the policy of a 50% reduction in registration fees for domestically assembled and manufactured vehicles, it will certainly stimulate people's demand for purchasing. Sales staff will also benefit because increased sales will naturally lead to better income."

Source: https://congthuong.vn/giam-50-le-phi-truoc-ba-o-to-san-xuat-trong-nuoc-nguoi-tieu-dung-huong-loi-lon-342542.html