Vietnam to begin charging registration fees for EVs from March
Vietnam to begin charging registration fees for EVs from March
Beginning in March, electric vehicle (EV) buyers in Vietnam will be subject to a registration fee, marking the end of a three-year exemption.
Electric vehicle buyers will be subject to registration fees from March, 2025. Photo: VinFast |
In early 2022, the Vietnamese government issued a decree granting a three-year exemption from registration fees for electric vehicle buyers, effective from March 1 of the same year, to boost sales in the local market and foster the growth of the environmentally-friendly vehicle segment.
Therefore, this exemption is set to expire on February 28, 2025.
As per the decree, in the following two years, the registration fee for electric cars will be half that of fuel-powered vehicles with the same number of seats.
Based on the current registration fees charged for gasoline-powered vehicles, buyers of electric vehicles will be subject to the rates ranging from five to six percent.
At a five-percent rate, buyers of a Wuling Mini EV, the cheapest electric car officially available in Vietnam, will need to pay at least VND9.85 million (US$391) for the registration fee.
Meanwhile, customers who buy luxury models like the Rolls-Royce Spectre, priced at VND17.99 billion ($712,565), will face a registration fee of up to VND895 million ($35,445).
If the government does not make any further adjustments, those looking to purchase an electric vehicle will have less than a month to benefit from the exemption from the registration fee.
The electric car market is expected to see a surge in demand as consumers rush to buy early to save on fees.
