Car sales up following registration fee reduction

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 36,585 vehicles in September, a remarkable increase of 45% compared to the previous month and 44% against the same period last year.

Of which, there were 19,500 domestically manufactured and assembled vehicles, up 62% month-on-month and 17,085 imported units, surging 30% month-on-month.

The increase was attributed to a 50% cut in registration fees  for domestically manuactured and assembled vehicles, under a Government Decree which takes effect from September 1 to November 30 this year.

The move is expected to help promote consumption and support the domestic automobile industry as car sales have dropped drastically, according to the Ministry of Finance (MoF).

In the first nine months  of the year, a total of 225,583 units were sold, a year-on-year growth of 7.5%.