Domestically manufactured and assembled cars will benefit from the new policy. — Photo nld.com.vn

HÀ NỘI — The registration fee for domestically produced vehicles will be officially reduced by 50 per cent from December 1.

Deputy Prime Minister Lê Minh Khai signed Decree No 103/2021/NĐ-CP of the Government stipulating the registration fee rate for cars, trailers or semi-trailers pulled by cars and similar vehicles manufactured and assembled domestically on Friday.

Accordingly, the Decree clearly states that the registration fee rate for domestically manufactured and assembled cars will be 50 per cent compared to the previous one, applicable from December 1 to the end of May 31 next year.

After this time, the registration fee rate will return to the previous level, according to the provisions of Decree No 20/2019/NĐ-CP of the Government, equivalent to 10 per cent - 12 per cent of the car price depending on the vehicle price in different localities.

This is a policy to stimulate consumer demand for domestically manufactured and assembled automobiles, similar to the move made by the Vietnamese Government in the second half of last year.

The registration fee support policy brought success last year in the Vietnamese market with sales in the second half of the year increasing sharply compared to the first half.

Currently, the registration fee for cars with under nine seats in most provinces and cities in Việt Nam is 10 per cent and the highest at 12 per cent in some places like Hà Nội.

After applying the new rate, buyers of domestically manufactured and assembled cars will only have to pay a registration fee of between 5 per cent and 6 per cent. — VNS