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Such is announced under Decree 109/2024/ND-CP signed by Deputy Prime Minister Ho Duc Phoc on August 30.
This move aims to stimulate the domestic auto market, which has seen a significant drop in sales with 67,849 cars sold in the first half of 2024, marking a 15 percent decline compared to the same period last year.
The reduction is also intended to counter the trend of declining domestic auto sales compared to imported vehicles, which have been outperforming local models.
The policy is expected to reduce state revenue by approximately VND 867 billion (USD 34 million) per month. Current registration fees are 12 percent in Hanoi and Hai Phong, and 10 percent in Ho Chi Minh City, varying by locality.
This isn’t the first time the government has implemented such a measure. A similar fee reduction was applied in the last six months of the previous year.
By: VLLF
