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VIETNAM RAISES CAR REGISTRATION FEES TO 15 PCT OF PRICE.
HANOI, Aug 1 Asia Pulse - Prime Minister Nguyen Tan Dung on July 29 signed a decree to raise car registration fees to up to 15 per cent of a vehicle's purchase price.
The decree was issued in an attempt to reduce traffic in urban areas and curb the countrys soaring trade deficit.
Cars with les than 10 seats will have their fees raised from the current 5 per cent to 10-15 per cent of the purchase price, depending on the area.
The decree removes the current regulation restricting registration fees for each vehicle to a maximum of 500 million VND (US$30,000).
The fee for cars with more than 10 seats, trucks and motobikes remains unchanged at 2-5 per cent.
With the hike, Huynh Du An, general director of Euro Auto, BMWs distributor, estimated that clients would have to pay a registration fee of nearly US$12,000 over the current US$8,000 for a BMW that costs US$79,900 in Hanoi and Ho Chi Minh City. The fee for clients registering in other cities and provinces will also rise to nearly US$8,000 against the current 4,000 US$.
Domestic authorities expect the move will limit new ...
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