An exemption to registration fees for electric vehicles in Vietnam that was set to come to an end Friday has been extended for two years per government Decree. The Ministry of Finance has estimated that the extended cut could cost the budget around VND 4,800 billion (US$187.8 million) a year.
Notably local car maker, VinFast, had petitioned the government to have the exemption extended by three years arguing this would support Vietnam’s green energy transition (though supporting its own business interests as well).
Of note, the above linked VN Express article is reporting that 6,600 electric vehicles were registered in Vietnam per month in 2024 equivalent to 79,200 units a year. This is of interest in that VinFast reported electric car sales in Vietnam of 87,000 electric vehicles in the same year, according to a report in Lao Dong. It’s not clear where this discrepancy comes from, however, it is well know that many of VinFast’s car sales have been made to affiliated companies and may not be using the vehicles but rather storing them instead.
Edited: March 4 to make it 6,600 vehicles per month instead of year and added annual total.