Vietnam will make some administrative reforms to boost its domestic car market, the country’s national radio station Voice of Vietnam report.
The government’s proposed reduction in electric vehicle consumption tax and registration fees is expected to be the driving force behind the development of the local electric vehicle market, which is still in its infancy.
According to a government decree, battery-powered electric vehicles will be exempt from registration fees for three years from March 1. The fee is payable at 50% of the cost of petrol and diesel fueled vehicles with the same number of seats over the next two years.
tax relief
The National Assembly also recently agreed to lower the excise tax levied on electric vehicles to encourage more investment in the development of battery-powered electric vehicles to reduce environmental pollution from vehicle emissions.
The government has previously introduced several tax breaks for the assembly and production of components for electric vehicles, but these policies have not been very attractive to manufacturers. The two new incentives are now expected to bring a range of benefits to the developing local EV market.
In line with the “general trend” of the automotive industry
It will also help the domestic market catch up with megatrends in the auto industry, especially as the various battery-powered electric vehicle industries in Vietnam and other ASEAN countries have almost the same starting point, the report said.
Experts further suggested that the government should pay more attention to developing electric vehicle infrastructure such as car charging stations and encourage the construction of battery factories to reduce vehicle production costs and sales prices.
VinFast, Kia, Mercedes-Benz to launch new electric vehicles in Vietnam
This year, Vietnam’s domestic market will launch several electric vehicles, including models from domestic automaker VinFast, as well as models from Kia and Mercedes-Benz.
VinFast will sell its VF8 and VF9 models, formerly the VF e35 and VF e36, while Kia Motors’ local assembler and distributor Thaco will launch its Kia EV6 electric crossover in the second quarter of 2022.
Mercedes-Benz said it will sell its large electric sedan, the EQS, in the Vietnamese market. The model has already appeared in the company’s catalog in Vietnam. In addition to the EQS, Mercedes-Benz is also considering marketing the EQB, an all-electric seven-seat SUV.
State-owned oil and gas company PetroVietnam is building a network of EV charging stations in Vietnam Vietnam will make some administrative reforms to boost its domestic auto market, according to the Voice of Vietnam, a state broadcaster. The government’s proposed reduction in electric vehicle consumption tax and registration fees is expected to be the driving force behind the development of the local electric vehicle market, which is still in its infancy. Under a government decree, battery-powered electric vehicles will be exempt from three…
Vietnam will make some administrative reforms to boost its domestic car market, the country’s national radio station Voice of Vietnam report.
The government’s proposed reduction in electric vehicle consumption tax and registration fees is expected to be the driving force behind the development of the local electric vehicle market, which is still in its infancy.
According to a government decree, battery-powered electric vehicles will be exempt from registration fees for three years from March 1. The fee is payable at 50% of the cost of petrol and diesel fueled vehicles with the same number of seats over the next two years.
tax relief
The National Assembly also recently agreed to lower the excise tax levied on electric vehicles to encourage more investment in the development of battery-powered electric vehicles to reduce environmental pollution from vehicle emissions.
The government has previously introduced several tax breaks for the assembly and production of components for electric vehicles, but these policies have not been very attractive to manufacturers. The two new incentives are now expected to bring a range of benefits to the developing local EV market.
In line with the “general trend” of the automotive industry
It will also help the domestic market catch up with megatrends in the auto industry, especially as the various battery-powered electric vehicle industries in Vietnam and other ASEAN countries have almost the same starting point, the report said.
Experts further suggested that the government should pay more attention to developing electric vehicle infrastructure such as car charging stations and encourage the construction of battery factories to reduce vehicle production costs and sales prices.
VinFast, Kia, Mercedes-Benz to launch new electric vehicles in Vietnam
This year, Vietnam’s domestic market will launch several electric vehicles, including models from domestic automaker VinFast, as well as models from Kia and Mercedes-Benz.
VinFast will sell its VF8 and VF9 models, formerly the VF e35 and VF e36, while Kia Motors’ local assembler and distributor Thaco will launch its Kia EV6 electric crossover in the second quarter of 2022.
Mercedes-Benz said it will sell its large electric sedan, the EQS, in the Vietnamese market. The model has already appeared in the company’s catalog in Vietnam. In addition to the EQS, Mercedes-Benz is also considering marketing the EQB, an all-electric seven-seat SUV.
