HANOI, April 17 (Xinhua) -- Vietnam's Ministry of Finance has proposed extending preferential special consumption tax rates of between 1 and 3 percent for battery electric cars with fewer than 24 seats until the end of 2030 to support the country's net-zero goal, the Vietnam News Agency reported Friday.
The current incentives, introduced in 2022 and far lower than the 10 to 150 percent applied to fossil fuel-powered vehicles, were due to rise to between 4 and 11 percent from March 1, 2027, but may instead remain at current levels if the proposal is approved by the National Assembly, said the report.
The ministry said that the extension would align with Vietnam's environmental goals, stabilize the market amid volatile global fuel prices, and accelerate the shift toward cleaner energy.
Additionally, the ministry proposed maintaining the registration fee exemption for battery electric cars through the end of 2030, according to local daily Dan Tri. ■
