The government of Vietnam has just promulgated Decree 103/2021/ND-CP stipulating the tax rate registration fee for cars, trailers or semi-trailers towed by automobiles and vehicles similar to cars manufactured or assembled in the country.
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Continue to reduce 50% of registration fees with domestically manufactured and assembled cars (Artwork)
According to the Decree, to reduce 50% of the registration fee for domestically manufactured and assembled cars, specifically as follows:
- From December 1, 2021 to the end of May 31, 2022:
The registration fee rate is equal to 50% of the fee rate specified in Decree 20/2019/ND-CP of Vietnam, current resolutions of the People's Council or current decisions of the People's Committees of provinces and centrally-run cities relating to local registration fee rates and amendments, supplements and replacements (if any).
- From June 1, 2022 onward:
Registration fee rates continue to comply with the provisions of Decree 20/2019/ND-CP, current resolutions of the People's Council or current decisions of the People's Committees of provinces and centrally-run cities on local registration fee rates and amendments, supplements and replacements (if any).
Previously, on June 28, 2020, the Government of Vietnam promulgated Decree 70/2020/ND-CP stipulating the registration fee rate for domestically manufactured and assembled automobiles until the end of December 31, 2020. 2020. According to the Decree, the registration fee rate for domestically manufactured and assembled cars from June 28, 2020 to the end of December 31, 2020 is equal to 50% of the registration fee rate specified in Decree 20 /2019/ND-CP.
(Decree 70/2020/ND-CP has expired from 01/01/2021)
In conclusion, the continued reduction of 50% of the registration fee for Vietnam-made automobiles amid the complicated and unpredictable developments of COVID-19 in Vietnam can stimulate consumer demand, and encourage people to shop and own cars (especially those with high middle income). At the same time, the impact of promoting Vietnamese enterprises to resume supply chains, and increasing investment expansion in automobile production and assembly in Vietnam, is assessed by the Ministry of Finance of Vietnam
Bao Ngoc
