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Auto association wants tax cuts for hybrid vehicles

By Anh Minh   August 21, 2022 | 07:52 pm PT
Auto association wants tax cuts for hybrid vehicles
A Toyota Corolla Altis 1.8HEV (hybrid electric vehicle) in Vietnam. Photo courtesy of Toyota Vietnam
The Vietnam Automobile Manufacturers Association has sought cuts in excise tax and registration fees for hybrid electric vehicles.

This would stimulate demand and encourage businesses to invest in power generation and charging systems, it said.

Incentives for electric and hybrid vehicles should gradually decrease, and there would be no need for them by 2050 once these vehicles establish themselves in the market, it said.

VAMA also called on the Government to soon finalize the development strategy and incentives for the auto industry to help achieve Vietnam’s goal of carbon neutrality by 2050.

Earlier this year the National Assembly cut excise tax for electric vehicles to 3% from 15% for five years and to 11% from 2027.

But hybrid cars are not eligible for the incentives, meaning buyers have to pay excise tax of 15% and registration fee of 10-12%.

 
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