Finance ministry updates registration fees for autos, motorbikes

The Ministry of Finance has recently updated the list of registration fees for automobiles and mortobikes, which has increased the price of many luxury models.

In Viet Nam, the registration fee is between 10 per cent and 12 per cent of the car value in different cities and provinces.

According to the revised Decision 942/QĐ-BTC issued on May 24, the ministry has added the registration fees for 135 types of imported auto with nine seats and less, 19 types of locally-assembled cars with nine seats and less, two kinds of imported electric cars, 29 types of imported motorbikes and 127 kinds of locally-assembled motorbikes.

Topping the list are luxury imported cars, which have high engine displacement.

McLaren 650S Spider, with an engine displacement of 3,800cc, is priced at VND22.02 billion (US$966,637); 6,000cc Bentley Flying Spur is priced at VND19.5 billion; and 3,800cc McLaren 570S is priced at VND12.57 billion. With a registration fee of 12 per cent in Ha Noi, customers will have to pay VND2.64 billion, VND2.34 billion and VND1.5 billion more to own these cars, respectively.

The ministry added in the list imported Audi models and BMW models of X4 and X6, with prices ranging from VND850 million to VND3.4 billion and from VND2.3 billion to VND3.4 billion, respectively.

The ministry also updated the prices of locally assembled models with nine seats and less into the list, including 2,400cc Toyota Hiace, which is priced at VND802 million, Mercedes-Benz C200K, E250, E200 and E300 with prices ranging from VND1.08 billion to VND2.77 billion, 2,000cc Mazda CX5 AT-2WD at more than VND1 billion and 2,400cc Ford Transit at VND1.25 billion.

Insiders said that the increase in registration fees was foreseen because it had been adjusted according to the market prices, as proposed by auto businesses.

The ministry also added several imported motorbike types, including Harley-Davidson Cvo Limited, Harley-Davidson Ultra Limited Low, Harley-Davidson Street Glide Special and Honda CB1100 EX, which is priced between VND455 million and VND1.86 billion.

The registration fee is being applied at 2 per cent of the motorbike value in cities and provinces nationwide, excluding two major cities of Ha Noi and HCM City, where customers have to pay 5 per cent.

Source VNS