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.
Automobile companies on the stock market had prosperous earning results in the first half of this year compared to the same period last year despite the impacts of COVID-19 pandemic.