Fee reduction bolsters domestic automobile market
After much anticipation, the Government has issued Decree No 70 on reducing registration fees on domestically-manufactured and assembled motor cars. With the resultant 50% cut in fees, car-owners will save tens of millions or even hundreds of millions of Vietnam dong if they buy a car this year.
The reduction, however, does not apply to imported vehicles. At this car dealership, visitor numbers have been on the rise, and both dealer and buyers are confident that the new policy will help revive the local auto market.
According to experts, however, motor car prices are still largely dependent on supply and demand factors. If the lower registration fees push up demand to a point that exceeds supply, the price of the car may not be reduced by as much as expected. But now is still considered a good time to buy, as demand and hence prices always increase towards the end of the year./.
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