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Trade Ministry backs car registration fee cut again

HCMC – Given the difficulties faced by local car manufacturers, the Ministry of Industry and Trade finds it necessary to apply some support measures, including registration fee reduction for locally manufactured and assembled automobiles.

The Ministry of Trade and Industry repeated its proposal at a press conference held yesterday, May 18, adding that protracted economic uncertainties, foreign exchange market volatility, inflation and high-interest rates had impacted car manufacturers.

Earlier, car manufacturers under the Vietnam Automobile Manufacturers’ Association (VAMA) and localities proposed that the Government allow for a payment extension of value-added tax and special consumption tax and a 50% registration in fee reduction for domestically made and assembled cars to stimulate demand.

The Ministry of Industry and Trade report shows that in the first four months, car manufacturing dropped 19.3% over the same period last year, and VAMA sales in the market continued to slide.

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