The 50 per cent reduction of registration fee for domestically-assembled cars is considered a push to help the auto market grow in the next six months.
The Ministry of Finance (MoF) has proposed slashing registration fees for locally built cars by 50 per cent until May 2022, to increase sales and encourage recovery in the automobile industry.
Car sales in Việt Nam increased by 52 per cent last month after five consecutive months of decline, showing positive signs for the car market at the end of the year.
Only a few spare parts are produced domestically, forcing domestic manufacturing and assembling enterprises to import automobile spare parts from other sources, experts said.
Electric cars are an irreversible trend in the auto industry and are expected to grow strongly. To take advantage of this, the Vietnam Automobile Manufacturing Association (VAMA) has outlined plans to develop the local electric car industry.