The 6-month cut takes effect July 1 and the fees will return to normal starting Jan. 1, according to a government decree issued Wednesday.

Cars seen on a highway in Ho Chi Minh City.

Registration fees are calculated based on car prices in each locality. The rates are 12% in Hanoi and Hai Phong, and 10% in HCMC.

Vietnam issued the same 50% cut for six months in 2020 and 2022 to boost consumption. The move caused sales to double in both cases.

The Ministry of Finance, however, said earlier that the cut might not be as effective this time since the economy is seeing a strong decline in industrial activity and exports amid high inflation and low GDP growth.

In the first five months, 113,500 auto units were sold, a 36% plunge year-on-year, according to the Vietnam Automobile Manufacturers Association.

Auto imports zoom to new high

Auto imports rose by 8.4% last year to a record 173,467 units, which cost US$3.84 billion according to Vietnam Customs.

Automation to enhance production value and efficiency

(BGO)- Many firms and households in northern province of Bac Giang choose to use smart phone and computer connected to internet for automatic operation and supervision of animal and caring techniques. Thanks to innovation, many automatic models have been established contributing to improving productivity and product quality and reducing environment pollution.

Vietnam auto production ranks 4th in Southeast Asia

Vietnam ranks fourth in Southeast Asia in auto production in the first 10 months at 362,000 units, up 16.4% year-on-year, according to the General Statistics Office.

VinFast to supply 2,500 units to US car subscription service Autonomy

Vietnam's electric vehicle maker VinFast said on Thursday it has struck a deal with U.S. car subscription service Autonomy to supply more than 2,500 units.

September auto sales up 8.5%

Auto sales rose by 8.5% in September to 33,463 units as the market slowly recovered amid tightening global spending.

Source: VnExpress