Car buyers wait for registration fee reduction to put down money

Reduction in registration fees for domestically produced cars applied for 3 months - Photo: H.HANH

This is the fourth proposal to reduce registration fees by 50% for domestically produced cars, applicable for 6 months, by the parties.

In the context of the economy having initially recovered after the pandemic, but people's spending is still cautious, tax reduction policies continue to be awaited by car buyers for more discount incentives.

Mr. Hung (Thanh Xuan, Hanoi ) said he wanted to change his imported car that he had been using for nearly ten years to a domestically produced and assembled car. However, after researching, he learned that a policy to reduce registration fees might be applied soon, so he decided to wait to get a further reduction of tens of millions.

"If we include the reduction in registration fees along with the company's incentives and promotions, my car can reduce the cost by nearly 100 million. Although the car company has also offered many incentives, if the registration fee is further reduced, car buyers will still like it more" - Mr. Hung said.

However, the information about the reduction in registration fees has been released for many months, so Mr. Duc (Cau Giay - Hanoi) could not wait and decided to pay.

He said that when there is no registration fee, car companies increase promotions, incentives, and even offer policies to reduce registration fees to "compensate" customers.

Many dealers said that in order to stimulate consumption and support customers while waiting for the policy to reduce registration fees, they have offered a series of incentives for car buyers. There are customers who, after considering, immediately paid, due to urgent needs, but many customers also waited for the policy to be issued to enjoy double incentives.

Registration fees have been reduced for 3 years

Previously, the policy of reducing 50% of registration fees was implemented to support the domestically produced and assembled automobile industry for 3 years 2020, 2022 and 2023. Each reduction in registration fees for domestically produced and assembled automobiles lasted for 6 months.

However, the Ministry of Planning and Investment, the Ministry of Justice , and the Ministry of Industry and Trade have expressed concerns about the violation of international commitments. Therefore, the Ministry of Finance specifically assessed the impact of the 50% reduction in registration fees for domestically produced and assembled cars, the violation of international commitments, and proposed the option of not implementing the tax reduction.

In addition, to respond to violations of international commitments, the Ministry of Finance submitted to the Government to assign the Ministry of Industry and Trade to preside over and coordinate with relevant agencies to review and develop response plans in case Vietnam is sued for violating international commitments.

According to assessments, the 50% reduction in registration fees for domestically produced and assembled cars has contributed to stimulating demand for this product.

Specifically, in the last 6 months of 2020, the number of domestically manufactured and assembled cars registered for the first time was 209,584 vehicles. Thus, each month on average, there are 34,930 domestically manufactured and assembled cars registered for the first time, more than double the number in the first 6 months of 2020.

By 2022, the average number of domestically produced and assembled cars registered for the first time in the first 5 months of the year is 33,690 vehicles/month, 1.5 times higher than the average number of vehicles in the last 7 months of the year.

In the last 6 months of 2023, the number of domestically manufactured and assembled cars registered for the first time was 176,483 vehicles, an average of 29,413 vehicles/month, an increase of 1.6 times compared to the first 6 months of 2023.

Source: https://tuoitre.vn/nguoi-mua-o-to-ngong-giam-le-phi-truoc-ba-de-xuong-tien-20240816190734785.htm