Increased Truck Registration Fees: Pros and Cons for Buyers in Hanoi

Mr. Bay, a small trucking business owner in Gia Lam district, Hanoi, has been a truck driver his entire life. Recently, he planned to purchase a new Hyundai HD120S truck to expand his business. However, rumors of increased vehicle registration fees have made him hesitate. Is now the right time to buy a truck?

This article will address your concerns regarding the increase in vehicle registration fees, specifically for trucks, to help you make an informed decision.

What is the Vehicle Registration Fee Increase?

The vehicle registration fee is a mandatory payment for all new vehicle owners upon initial registration. This fee is calculated as a percentage of the vehicle’s value. An increase in this fee means buyers will have to pay a larger sum to register their vehicles.

Impact on Truck Buyers

Advantages:

• Increased revenue for the government, allowing for investment in transport infrastructure development.
• Reduction in the number of old and poorly maintained vehicles on the road, contributing to environmental protection.

Disadvantages:

• Increased purchase cost: For trucks, which are already expensive, the increased registration fee adds a significant financial burden, particularly for small businesses and individual owners.
• Impact on the truck market: Demand for trucks may decrease, affecting the business of truck dealerships like Ô Tô Thái Phong on Nguyen Van Linh Street, Long Bien District, Hanoi.

Hyundai HD120S Truck

Expected Vehicle Registration Fee Schedule

Note: This table is for reference only. The specific fee may vary depending on local regulations.