Finance Ministry proposes 50% cut in registration fee for electric cars

The Ministry of Finance is collecting opinions on a draft decree amending and supplementing a number of articles of Decree 140 of the Government on registration fees.

The Ministry of Finance has proposed that the registration fee for electric cars for the first time should be equivalent to 50% of that for petrol-fueled and diesel-fueled cars with the same number of seats. The second registration fee will be equal to that for petrol and diesel cars with the same number of seats, at 2%.

Currently, the registration fee for passenger cars with nine seats or less for the first time in Ho Chi Minh City and Hanoi is 15%, and 10% for the remaining provinces and cities.

In its submission to the Government, the Ministry of Finance proposed that the first registration fee for electric cars should be 5-7.5%. The reduction of the registration fee for electric cars will help encourage people to use this product.

According to the Finance Ministry's calculations, for petrol and diesel cars with the selling price of VND600 million, the first registration fee is 60-90 VND. When the registration fee for electric vehicles is halved compared to petrol and diesel cars, the registration fee will be VND 30-45 million.

Many countries in the world are prioritizing the development and use of battery-powered vehicles to reduce environmental pollution. In 2020, battery-powered electric cars accounted for two-thirds of newly registered electric cars.

To encourage the production and use of electric cars, some countries have exempted tax or registration fees, such as the Netherlands, Spain, Greece and others.

 

In Vietnam, people's demand for personal transport is very high. The rapid increase in the number of vehicles has led to high emissions of environmental pollution. The development of electric cars will be appropriate, especially in large cities with a dense population.

L. Bang

Vietnam in good position to start electric-car industry

Vietnam in good position to start electric-car industry

Vietnam has the opportunity to manufacture electric cars more easily than other countries with already well-established auto industries because Vietnam has no auto industry that would need to to sacrificed, experts have said.

When will Vietnam begin to make electric cars?

When will Vietnam begin to make electric cars?

On March 24, Vinfast made headlines after releasing its statement about receiving orders for its first electric car model VF e34 for VND690 million (about $32,000), to be delivered in the third quarter of 2021. 

 
 

Other News

.
Mekong Delta has some 2.5 million tons of rice left for export
Mekong Delta has some 2.5 million tons of rice left for export
BUSINESSicon  16/11/2021 

With the local rice demand taken into account, the Mekong Delta region has some 2.5 million tons of rice left in November and December that can be exported.

Green economy absorbs in green consumption behaviors
Green economy absorbs in green consumption behaviors
BUSINESSicon  16/11/2021 

Countries in the world have been making efforts to demonstrate their commitments to the climate change battle with the aim to minimize negative impacts on ecosystems and develop a green economy.

Retail revenue likely up 3-4% by year-end, compared to 2020
Retail revenue likely up 3-4% by year-end, compared to 2020
BUSINESSicon  16/11/2021 

Thanks to an expected upturn in retail demand between now and the end of the year, the total revenue for 2021 is expected to have grown by three to four per cent, when compared with the previous year. 

Several listed foreign firms report lower profits and losses in 2020
Several listed foreign firms report lower profits and losses in 2020
BUSINESSicon  16/11/2021 

The majority of foreign-invested enterprises listed on Vietnam's stock market either posted lower after-tax profits or losses in 2020 due to the impact of the COVID-19.

VIETNAM BUSINESS NEWS NOVEMBER 16
VIETNAM BUSINESS NEWS NOVEMBER 16
BUSINESSicon  16/11/2021 

Foreign paper hails Vietnam as economic success story

Vietnam Airlines’s additional shares to be officially traded from Nov. 19
Vietnam Airlines’s additional shares to be officially traded from Nov. 19
BUSINESSicon  15/11/2021 

The Ho Chi Minh Stock Exchange (HoSE) has announced the additional listing of nearly 800 million shares of Vietnam Airlines Corporation, coded HVN, from November 15.

E-commerce promotes Vietnam's digital economy
E-commerce promotes Vietnam's digital economy
BUSINESSicon  16/11/2021 

While tourism has been hit hard by Covid-19, e-commerce has become the driving force for the digital economy in Vietnam this year.

HCM City distribution chains ensure food supply
HCM City distribution chains ensure food supply
BUSINESSicon  16/11/2021 

Nearly 1,600 workers at a supermarket chain tested positive for coronavirus when the fourth Covid wave in HCM City reached its peak over the summer. One of them died.

Farm exports to EU must follow food hygiene requirements: experts
Farm exports to EU must follow food hygiene requirements: experts
BUSINESSicon  16/11/2021 

After one year of EVFTA (EU-Vietnam Free Trade Agreement) implementation, Vietnam’s farm exports to the EU have increased sharply.

Four ‘economic commanders’ at NA forum share their vision about stimulus package
Four ‘economic commanders’ at NA forum share their vision about stimulus package
FEATUREicon  15/11/2021 

All four ministers of economy-related fields were asked to answer inquiries at the last National Assembly session, a rare occurrence in Vietnam.

Railway goods transport between Vietnam, China surges
Railway goods transport between Vietnam, China surges
BUSINESSicon  15/11/2021 

The total volume of goods traded between Vietnam and China going through the two border-gate railway stations of Lao Cai and Dong Dang reached more than 838,000 tonnes in the first nine months of 2021, up 43 percent year-on-year.

2021's profit outlook mostly reflected in stock prices: FiinGroup
2021's profit outlook mostly reflected in stock prices: FiinGroup
BUSINESSicon  15/11/2021 

The Vietnamese stock market’s valuation is equivalent to 18.2 times 2021’s profit and 14.3 times 2022’s profit forecast, said Fiin Trade, showing that the profit prospects for 2021 are reflected in share prices.

VN's growth and recovery require strong public investment: economists
VN's growth and recovery require strong public investment: economists
BUSINESSicon  15/11/2021 

Financing public investment to generate future growth and to speed up economic recovery post-COVID-19 remained Vietnam's most important challenge in the near future, said economists and policymakers. 

VIETNAM BUSINESS NEWS NOVEMBER 15
VIETNAM BUSINESS NEWS NOVEMBER 15
BUSINESSicon  15/11/2021 

More effective use of trade remedy tools needed when joining FTA: experts

Nursing home market nascent in Vietnam: Savills
Nursing home market nascent in Vietnam: Savills
BUSINESSicon  15/11/2021 

Demand for “housing with care” – a range of residential formats (which often provide care services) for older people – is increasing, but the market remains almost untouched in Vietnam, according to property consultancy Savills Vietnam.

Online shopping in VN to soar by year-end
Online shopping in VN to soar by year-end
BUSINESSicon  15/11/2021 

 Online shopping in Vietnam is expected to increase sharply near the end of the year. 

Market looks for new sources of goods as divestment from state enterprises proceeds
Market looks for new sources of goods as divestment from state enterprises proceeds
FEATUREicon  16/11/2021 

The situation changed in a positive direction when the stock market and and stock prices went up. This will enable divestment from SOEs and the equitization process to take place more easily.

Huge cash flow continues in Vietnam
Huge cash flow continues in Vietnam
FEATUREicon  15/11/2021 

Foreign capital flows are not only poured into Vietnam through FDI projects but also through buying shares in leading companies in the country.

Leeway for economic recovery, development
Leeway for economic recovery, development
BUSINESSicon  14/11/2021 

Government agencies are discussing how to launch a sufficiently large stimulus package to help the economy recover and develop after Covid-19. In the current context, is there room for this policy?

Norway to partner with Vietnam to "awaken" offshore wind power potential
Norway to partner with Vietnam to "awaken" offshore wind power potential
BUSINESSicon  14/11/2021 

Norwegian Ambassador to Vietnam Grete Løchen and Commercial Counsellor Arne-Kjetil Lian recently have handed over the 'Vietnam Supply Chain Study Report' to Vietnamese Minister of Industry and Trade Nguyen Hong Dien.

 
 
 
Leave your comment on an article

OR QUICK LOGIN