Trade Ministry backs 50% car registration fee cut
HCMC – The Ministry of Industry and Trade has thrown its weight behind a proposal for a 50% registration fee
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.