Cars that are assembled domestically are officially reduced by 50% of registration fee

On June 28, 2020, the Prime Minister signed a Decree on the reduction of 50% of the first registration fee for cars, trailers or semi trailers pulled by cars and similar vehicles assembled, manufactured domestically.

The above-mentioned policy is specified in the Decree No. 70/2020/ND-CP, which just signed by the Prime Minister, and officially took effect from June 28 on the reduction of  50% of registration fee for cars, trailers or semi trailers pulled by cars and similar vehicles assembled domestically, applicable from June 28 to December 31, 2020. As soon as the Decree was promulgated, the General Department of Taxation sent official letters to the Tax Departments and local units guiding the reduction of registration fee by 50% for customers buying domestic cars according to Decree No. 70/2020.

With this policy, people will receive a reduction of registration fee from a few tens to hundreds of million dong depending on each type of vehicle. This policy aims to stimulate domestic consumption as directed by the Government in Resolution No. 84/2020 to promptly support people and enterprises after the Covid-19 pandemic. The Ministry of Finance also said that the 50% reduction in registration fees for domestically manufactured and assembled vehicles is expected to reduce the local budget revenue in 2020, estimated at VND 6,000 billion.

This is the good news for individuals or enterprises that intend to purchase and equip cars, trailers or semi trailers pulled by cars and similar vehicles in 2020.

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