Prime Minister Nguyen Xuan Phuc directed to reduce 50% of registration fees for domestically assembled cars.

PV (Synthesis)• May 23, 2020 08:12

Baonghean.vn - The Prime Minister directed to reduce 50% of registration fees when registering domestically produced and assembled cars until the end of 2020 to stimulate domestic consumption.

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The Government Office has just announced the conclusion of Prime Minister Nguyen Xuan Phuc at the Government Standing Committee meeting on the Government's draft resolution on tasks and solutions to continue removing difficulties for production and business, promoting disbursement of public investment capital and ensuring social order and safety in the context of the COVID-19 pandemic.

Notably, the Prime Minister has concluded to reduce 50% of registration fees for domestically produced or assembled cars until the end of 2020 to stimulate domestic consumption.

According to auto companies, a 50% reduction in registration fees will have a positive impact on the declining auto market, causing consumers to reduce spending. If the registration fees are reduced by 50%, the cost of buying a car can be reduced by tens of millions of dong to hundreds of millions of dong, even nearly 300 million dong per car.

This will help stimulate demand, increase car purchases, and auto businesses will reduce inventory pressure and overcome difficulties caused by the epidemic.

PV (Synthesis)