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Monday, October 18, 2021

Finance ministry drafts decree on cutting auto registration fees

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HCMC – The Ministry of Finance is compiling a draft decree on lowering the registration fees of locally assembled or manufactured autos by 50% until the end of this year and will consult other ministries before submitting it to the Government for approval.

Speaking at a press conference on June 2, Deputy Minister of Finance Vu Thi Mai said the ministry and the Government want the decree to be issued as soon as possible to boost domestic consumption.

Mai said the decree will not apply to autos bought prior to the effective day. “If the decree applies retroactively, we will have to refund the registration fees to buyers. This will be a very complicated process,” she explained.

The 50% cut in the automobile registration fees is among the solutions presented by the Ministry of Industry and Trade to the Government to help enterprises recover and stimulate the post Covid-19 consumption.

The registration fee for autos with less than nine seats is currently 12% of the vehicle’s price in the capital city of Hanoi and 10% in the rest of the country. The registration fee cut is expected to enable car buyers to save tens of millions of dong when purchasing cars.

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