Auto registration fees to rise soon

The Government has approved a proposal to increase the ownership registration fee for cars by 5 percentage points.

Effective in September, the maximum registration fee for passenger cars with fewer than 10 seats will increase from 15 per cent (depending on locality) to 20 per cent of the vehicle’s value, while the fee for larger vehicles will remain at the current 2 per cent.

Registration fees for motorbikes will also increase in urban areas from 2 per cent to 5 per cent of value.

The increase in registration fees was intended to slow the rapidly increasing numbers of private automobiles on the nation’s roads, which grew by 12 per cent, or 183,000 vehicles, in 2010, according to the Ministry of Finance. About 1.7 millions cars were operating on the nation’s roads at the end of that year.

The ministry collected an average of VND7 trillion (US$343 million) annually in registration fees during 2006-10. — VNS

Tags: Vietnam Auto registration fees, Vietnam automotive, Vietnam automotive industry, Vietnam autos market

Posted by VBN on Jun 24 2011. Filed under Automotive. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry