Untitled Ministry of Education and Training Faculty of Foreign Language UEH University MICROECONOMIC GROUP ESSAY TOPIC HOW DOES THE AUTOMOBILE TAX AFFECT THE DEMAND FOR CARS IN THE VIETNAMESE MARKET L[.]
lOMoARcPSD|22244702 Ministry of Education and Training UEH University Faculty of Foreign Language MICROECONOMIC GROUP ESSAY TOPIC : HOW DOES THE AUTOMOBILE TAX AFFECT THE DEMAND FOR CARS IN THE VIETNAMESE MARKET LECTURER Nguyễn Thanh Triều STUDENT’S GROUP Group MEMBER Trương Thị Thảo Nghi Trần Minh Hiển Nguyễn Ngọc Thảo Vy Nguyễn Phương Thảo Lê Hứa Thùy Dương Bùi Thị Minh Yến lOMoARcPSD|22244702 TABLE OF CONTENTS A INTRODUCTION Reason for choosing the topic Research object and research scope 3 Objectives of the research B DETAILED CONTENT Chapter Theoretical basis 1.1 Demand for cars in Vietnam 1.2 Vietnam’s taxes on car .5 1.3 How does the government impact auto taxes on the market? Why? 1.4 Reduced tax through ASEAN FTAs - Rapidly growing auto market .7 Chapter Current status of automobile tax in Vietnam 2.1 Why the goverment have to taxed cars? 2.1.1 The infrastructure 2.1.2 Limit trade deficit 2.1.3 Many cars increase emission 2.2 How the goverment taxed cars 2.2.1 Automoblie tax in the past and the consumer's tax-driven demand 2.2.2 Car tax at the moment 10 - Import tax .10 - Special consumption tax .11 - Value added tax (VAT) 11 2.3 The impact of the current car tax on people's demand for cars 12 lOMoARcPSD|22244702 Chapter Consequences of automobile tax on consumption demand in the market and proposed solutions 14 1.1 Consequences of automonile tax on comsumption demand in the market 14 A CONCLUSION .15 REFERENCES 15 A INTRODUCTION Vietnam has secured its spot among the countries with the most expensive cars due to the exorbitant taxes imposed by the government on every vehicle As a result, the cost of purchasing a car often skyrockets to two or three times its original price, causing significant financial strain As per Vietnam's Ministry of Planning and Investment (MPI), car prices within the country are exorbitant, reaching two to three times the cost in Thailand and Indonesia The disparity is even more significant in comparison to that of the US and Japan The primary culprits behind this discrepancy are the steep taxes and fees imposed on the purchase of automobiles One theory suggests that Vietnam's high taxes and fees on cars have been implemented to limit their quantity, resulting in inflated costs However, in comparison to neighboring nations, such as Thailand or Indonesia, their country's transportation system is not as good as Vietnam, yet their citizens continue to purchase cars at extremely low prices; even brand-new cars are less expensive than the same-old cars of the same type in the same category inside Vietnam For instance, a Ford Fiesta Sedan is offered for about 300 million, but it will cost at least 600 million in Vietnam Reason for choosing the topic We selected the essay topic "The impact of automobile tax on the Vietnamese market economy" after practicing the identified issues in order to resolve the issues raised by Vietnam's high taxation of automobiles in comparison to other nations and to give a general overview of automobile taxes in the current Vietnamese economy Research object and research scope Our group chose to focus on car taxation in Vietnam as part of our research topic on the Vietnamese market Despite notable growth in the passenger vehicle industry, Vietnam still levies heavy taxes on automobile purchases The objective of such regulation is to protect the passenger vehicle market while also curbing pollution and congestion The complex tax structure in Vietnam includes three types of taxes and five separate fees that must be paid by customers looking to purchase a passenger vehicle, significantly increasing the cost Car owners must also pay around ten additional fees to legally operate their vehicles, including fees for registration, license plates, safety certification, fuel consumption testing, and environmental lOMoARcPSD|22244702 assessments Therefore, it is extremely necessary to set out car tax effects on businesses Objectives of the Research Evaluate the influence of high taxes on Vietnam's car market and explain the above reason Analysis of automotive tax policies in Vietnam and giving a specific theoretical basis B DETAILED CONTENT Chapter Theoretical basis 1.1 Demand for cars in Vietnam After many years of slow growth and stagnation, the last couple of years have seen asignificant boom in car sales in Vietnam Having been known for its staggering usage ofmotorbikes, Vietnam now appears to be rapidly heading for the age of the automobile As mentioned above, Vietnam has a large portion of its population using motorbikes asmeans of transportation However, according to a survey by GlobalWebIndex on behalfof Ford Motor, about 54% of the participants told that they used their personal carsregularly (once a week), compare with 50% using motorbikes The survey also showedvarious other means of transportation that Vietnamese people use Figure 1: Vietnamese traffic as a whole lOMoARcPSD|22244702 The price of domestic cars has soared since the beginning of 2016 due to theGovernment's adjustment of special consumption taxes on imported automobiles As aresult, many car dealers increase the price of cars to the public, effectively lower thedemand When the Government imposes tax on cars, (for example, cars having 2.5L -3.0L cylinder will be imposed tax from 50% to 55%; 3.0L - 4.0L: 90%, 4.0L 5.0L:110% and 5.0L - 6.0L: 130%; 6.0L and above: 150%) the price is increased, while thequantity demanded falls, represented by the movement of the demand curve Tax did notshift the demand curve, because it increases the price and lower the demand Therefore, itis not entirely the factor that creates the automobile boom in Vietnam The main reasonfor the boom is economic growth and stability After some years of slower economicgrowth, the Vietnamese economy is looking stronger again, and Vietnam’s income percapita is reaching a stage where increasing car ownership is to be expected This providespeople with the confidence to make the significant investment for a car Other factors thatmake cars a more desirable option are improvements in infrastructure traffic and airbecoming worse due to pollution in cities (making the car a safer and ‘healthier’ option) and, importantly, the increasing social normalization of car ownership Having a car is amust-have in the middle-class, and it represents the social status and a central position ofthe owners 1.2 Vietnam’s taxes on car Ignoring the speculation that the price of car is to be reduced in 2018 (due to taxdeclination), the national car market keeps on growing as a whole, not leaving onlypersonal cars Vietnam Automobile Manufacturers’ Association (VAMA) reported thattheir sales of cars after the first months of 2015 are 103.542 units, 57,24% more than inthe same period in 2015 Specifically, passenger cars sales increase by 45%, commercialcars 75% and SUVs 136% Likewise, Vietnamese consumers purchased 214,000 cars inthe first nine months of 2016 - a year-on-year leap of 31% The graph below representsthe car purchases from 2013 to 2014, and the first months of 2015 Although the figuresfluctuated over the years, it highlighted the growth in 2015 The main reason for thegrowth is the deduction of registration fee (15% to 10%), import duty (70%) for membersof WTO and 50% for ASEANs Despite that, the price of domestic cars has soared since the beginning of 2016 due to the Government's adjustment of special consumption taxes on imported automobiles As aresult, many car dealers increase the price of cars to the public, effectively lower thedemand When the Government imposes tax on cars, (for example, cars having 2.5L -3.0L cylinder will be imposed tax from 50% to 55%; 3.0L - 4.0L: 90%, 4.0L 5.0L:110% and 5.0L - 6.0L: 130%; 6.0L and above: 150%) the price is increased, while thequantity demanded falls, represented by the movement of the demand curve Tax did notshift the demand curve, because it increases the price and lower the demand Therefore, itis not entirely the factor that creates the automobile boom in lOMoARcPSD|22244702 Vietnam The main reasonfor the boom is economic growth and stability After some years of slower economicgrowth, the Vietnamese economy is looking stronger again, and Vietnam’s income percapita is reaching a stage where increasing car ownership is to be expected This providespeople with the confidence to make the significant investment for a car Other factors thatmake cars a more desirable option are improvements in infrastructure traffic and airbecoming worse due to pollution in cities (making the car a safer and ‘healthier’ option)and, importantly, the increasing social normalization of car ownership Having a car is amust-have in the middle-class, and it represents the social status and a central position ofthe owners Figure Car purchased 2013-2014 and months of 2015 Other types of cars such as a truck or van with over ten seats, electric car or bio-energy cars are charged lower Special Consumption tax, ranging between 10 and 30% of the original amount you would pay In addition, if the car is fully imported from other countries, it also has to pay Importation tax For cars containing engine with cylinder capacity less than 2.5l, the importation tax is 82% and for cars containing engine with cylinder capacity above 3l, it is 72 – 77% the original price of the cars When the car is registered, it is further charged registration tax and some other additional fees The registration tax is also different from cars to cars, but mostly from 10 to 15% the original price of the car for civil car under 10 seats 1.3 How does the government impact auto taxes on the market? Why? lOMoARcPSD|22244702 Vietnam is still imposing high taxes and fees in the country's automotive market despite of strong growth in the passenger vehicle market To purchase a passenger vehicle, Vietnamese customers must pay three type of taxes and five different fees leading to a price hike in passenger vehicles in Vietnam when compared to neighboring countries such as Thailand and Indonesia As import tariffs drop and congestion rises, further taxes and fees might be considered as a means to generate revenue and limit the number of cars on the road Car owners will have to pay about 10 kinds of fees to put their cars into circulation, These include the ownership registration fee (10-15%), number plate granting fee, vehicle registration fee (VND 240,000-560,000), technical safety assurance certification fee (VND 50,000-100,000), fuel consumption testing fee, emission testing fee, energy labeling certification fee, and others Since July 2016, a special consumption tax has been enforced for vehicles with engines below 2.0l by lowering the consumption tax from 45% to 40% Meanwhile, larger vehicles are given higher costs as tax is increased to 55- 150% solely to accommodate the big engine size Low consumption tax will drive sales of affordable small vehicles in the middle-class segment of 1,0l - 2,0l The tax adjustments are aimed at promoting the use of small passenger vehicles, as those with small engine capacity have lower fuel consumption in an effort to lessen the impact on CO2 emissions 1.4 - Reduced tax through ASEAN FTAs Rapidly growing auto market According to the Vietnam Automobile Manufacturers Association, Vietnam's total automobile sales expanded 21% on-year to 154,273 units in the first half of 2019 There are around 27,520 automobiles were sold in the Vietnamese market in June lOMoARcPSD|22244702 alone, increasing 0,1% from the previous month and 19% from the same month last year To meet the increasing demand, between January and June 2019, the country approximately spent US$ 3.7 billion to import completely-built automobiles and components for assembly, seeing a year-on-year surge of 7.9% Specifically, Vietnam imported 77,795 completely-built automobiles worth over US$ 1.7 billion, 532.4% and 424.8% increase in volume and value respectively, according to the Ministry of Industry and Trade Chapter Current status of automobile tax in Vietnam B.1 Why the goverment have to taxed cars? The price of cars is high in Vietnam because of the environmental pollution situation, which is subject to many taxes and fees While other countries like Thailand or Indonesia have a less developed transport infrastructure than Vietnam, their people still buy automobiles at very low prices, even their newer models are cheaper than Vietnam's old models of the same type The majority of automotive enterprises in Vietnam import domestic components and assemblies, including Thaco and Toyota Vietnam, but the price is still high The question "when will the Vietnamese have cheap cars" will remain unanswered, regardless of whether the Vietnamese automobile industry has yet to find a new path, cars are subject to many taxes, and transport infrastructure has not been improved The outrageously high tax rate that the Vietnamese government charges per car makes Vietnam one of the most expensive countries for cars As a result of those taxes, the cost of purchasing a car often increases by a significant sum, sometimes twice or three times the original price In some cases, cars can be taxed too much, which can lead to a decline in domestic car consumption; others argue that owning a car can improve a country's standard of living and help its people live more comfortably What is the reason for the government's high taxation of cars? B.1.1 The infrastructure Due to inadequate infrastructure, in large and densely populated cities and centers, traffic jams and traffic jams become common Most people in Vietnam use motorbikes as the main means of transportation, assuming that the more people use cars, the more serious the traffic congestion will be, so the tax on cars is to reduce the amount of people's consumption on this item, to avoid causing more traffic jams B.1.2 Limit trade deficit lOMoARcPSD|22244702 With the automobile industry of Vietnam, there is almost nothing but assembly and processing of car shells This means that most of Vietnam's cars are currently imported not only for complete units but also for machinery and components Importing a lot means trade surplus and inflation, with the economic context of our country lacking capital, it is not good at all Therefore, it is absolutely right to have to tax and charge high fees to limit B.1.3 Many cars increase emission More cars mean more emissions, more congested traffic, and more time on the road More cars mean increased parking costs In the future, with more cars, the cost of car maintenance will be higher, maybe one and a half times Not to mention traffic jams will cause a part of people to keep their cars at home and ride motorbikes or public transport for convenience The end result will again be an increase in the number of car users, but a decrease in user satisfaction Of course, these are just a few of the many reasons why the government has to adjust taxes so high Everything has two sides, high taxes can be detrimental in increasing consumption but it also has certain benefits B.2 How the government taxed cars B.2.1 Automoblie tax in the past and the consumer's tax-driven demand In 2003, import tax rates and registration fees were changed On May 12, 2003, Decree 47 of the Government on registration fee was issued, according to this decree, cars with seats or less and motorbikes of organizations and individuals in provinces and cities The first registration fee is 5% The decision then pushed the cost of buying a car up by 5-8% compared to before In 2004, the excise tax on cars increased from 5% to 24%, with this tax, the retail price of cars will increase by 35% and by the end of that year, the car market will enter the first "hot" period First, many models at that time were "sold out" But by the beginning of 2004, the "hot fever" market turned to "cold fever" and car sales fell sharply Also starting in 2004, CBU cars are allowed to be imported into Vietnam with a rather high import tax rate, up to 100% Entering 2005, the excise tax on cars with less than seats will increase to 40%, so, like the previous year, by the fourth quarter of 2004, car prices have skyrocketed However, because the tax has increased, the auto market has returned to a state of "cold fever", no one buys cars for sale Only by the end of 2005, when the excise tax on cars was about to increase to 50% for cars with less than seats and 30% for cars with to 16 seats, resale sales increased by 20-30% compared to the beginning of the year lOMoARcPSD|22244702 In 2006, the price of cars at this time has increased, models with less than seats cost more than 3,000-5,000 USD Also starting from 6/2006, used cars are allowed to be imported into Vietnam, but they are subject to a high absolute tax rate of 458-600% And also in this year, the import tax rate for new and complete cars also decreased from 100% to 90% In 2007, in order to put pressure on domestic automobile enterprises to reduce car prices, the Ministry of Finance conducted tax reductions New CBU is reduced import tax from 90% to 80% In August 2007, it was further reduced to 70% and on November 16, 2007, the tax rate for complete new cars was 60% This policy has caused a great response to domestic automobile enterprises In 2008, the Ministry of Finance decided to increase the import tax on automobiles from 60% to 70% Next, the tax was raised to 83%, leading to an increase in the price of imported cars Some agile businesses have imported a large number of cars, hoarding and waiting for the tax to increase is to sell high-priced cars to make a profit As a result, domestic car prices were also pushed up Consumers rush to buy making the auto market unstable Since the end of August 2008, the global economic recession combined with high prices has caused car manufacturers' sales volume in the last months of the year to drop by more than half As a result, many businesses had to suspend production and workers lost their jobs From the beginning of 2009, Hanoi changed again, decided to impose a new registration fee of 12% for cars from January 19, 2009, and from April 1, 2009, the new excise tax took effect The auto market is vibrant right now Customers flocked to buy tax cars However, only one month later, at the beginning of May 2009, due to economic difficulties, the Government decided to reduce 50% of registration fees and 50% of VAT for cars until the end of the year Car prices immediately dropped sharply Import tax on automobiles will be reduced to 0% in 2018 According to commitments in ASEAN, in the period from 2014 to 2018, Vietnam will gradually reduce import tax on CBU cars with regional value content from 40 % or more, from 60% (2014) to 50% (2015), 40% (2016), 30% (2017), and 0% (2018) The reduction of import tax barriers to 0% will obviously have an impact on the Vietnamese car market Over the years, we can see that the consumer's demand to buy cars seems to follow the fluctuations of taxes, when taxes increase, the price of cars increases, when taxes decrease, car prices decrease, people's consumption demand "fevers" hot” for a period of time, but then gradually decreased when the tax increased and did not have any changes This is the normal psychology of consumers in the market, is the consumer's expectation for the Government's tax increase and reduction policy, they expect the tax to increase in order to make a profit from the car they bought before discount to be able to buy a car at a reasonable price Businesses expect the tax to increase, because 10 lOMoARcPSD|22244702 they can increase the price of their car and profit from it, but also expect the tax not to increase too much, because that could lead to a decline in car sales and lead to many problems such as stoppage of production, unemployment B.2.2 Car tax at the moment In our country, cars are subject to compulsory taxes: import tax, consumption tax special tax (SCT), and value added tax levied on consumers - Import Tax Driven by a free trade agreement with ASEAN, the Vietnamese government has reduced tariffs on cars imported from ASEAN countries This has caused the demand to import unsafe cars from India and China to shift to importing cars made in Southeast Asia The average tax rate on imported cars has decreased from 49% in 2015 to 12% in 2020 This downward trend can and should continue as Vietnam enters the new era of the Economic Partnership Agreement Regional Comprehensive Economic Partnership (RCEP), by which Japanese, Korean and Chinese cars will be cheaper After signing the Free Trade Agreement (EVFTA), from 2021, Vietnam will officially cut car import tax according to the roadmap - 10 years after the Agreement comes into effect Accordingly, vehicles with a displacement greater than 2,500cc will decrease to 0% after years; Vehicles with a displacement of less than 2,500cc will be reduced to 0% after 10 years In addition, car models originating from Europe will apply a new import tax rate from 60.5% - 63/8% depending on cylinder capacity This tax reduction officially takes effect from January 1, 2021 - Special consumption tax ST T Range of vehicle Cars with less than seats or less Type of cylinder capacity of 1,500 cm3 or less Type of cylinder capacity from 1,500 cm3 to 2,000 cm3 Cylinder capacity type from 2,000 cm3 to 2,500 cm3 Cylinder capacity type from 2,500 cm3 to 3,000 cm3 Type of cylinder capacity from 3,000 cm3 to 4,000 cm3 Cylinder capacity types from 4,000 cm3 to 5,000 cm3 Type of cylinder capacity from 5,000 cm3 to 6,000 cm3 Type of cylinder capacity from 6,000 cm3 or more Cars carrying people from 10 to under 16 seats 15 Cars carrying people from 16 - under 24 seats 10 Cars carrying both people and goods (under 24 seats) Tax level 35 40 50 60 90 110 130 150 15 10 11 lOMoARcPSD|22244702 Type of cylinder capacity from 2,500 cm3 or less Cylinder capacity type from 2,500 cm3 to 3,000 cm3 Type of cylinder capacity from 3,000 cm3 or more Motorcycle - day (motorhome) regardless of cylinder capacity - Value added tax (VAT) 15 20 25 75 Any product or commodity in Vietnam is subject to value added tax (VAT) According to Article 8, Law on Value-Added Tax, the value-added tax rate is 10% Imported cars are not on the tax-exempt list (VAT=0%), so VAT will be 10% applicable to all car models B.3 The impact of the current car tax on people's demand for cars Vietnam's auto industry has two major bottlenecks, which is the small market size and the higher price of domestically produced cars compared to imported cars Many experts believe that both of these bottlenecks are caused by high taxes and fees High taxes and fees push car prices up, while people's incomes are still low Therefore, few Vietnamese people can afford to buy a car, and consumer demand decreases After Decree 57/2020/ND-CP and the EVFTA and ATIGA came into effect, many taxes and fees have been removed and car prices have decreased accordingly Currently, the National Assembly is discussing the possibility of reducing excise tax (the rate of tax reduction corresponds to the localization rate of each car model), helping to further promote low-cost car consumption However, according to SSI Research, the possibility of reducing excise tax for cars is still relatively low because this amount contributes up to 4.4% of state budget revenue and is difficult to cut in a time when budget revenue is negatively affected after the Covid-19 pandemic According to a report from the Vietnam Automobile Manufacturers Association (VAMA), the total market consumption volume in the fourth quarter of 2022 (for passenger cars alone) was 104,735 vehicles, down 14.25% compared to the same 12 Downloaded by vú hi (vuchinhhp12@gmail.com) lOMoARcPSD|22244702 period last year period of 2021 Based on the market reality in the first months of 2023, the whole year car market sales (including passenger and commercial vehicles) were warned to decrease by approximately 17.5% compared to in 2022, equivalent to more than 85,500 vehicles "In the medium term, the decline in 2023 will lead to a slower rate of "automation" in Vietnam than expected (in the condition that the market grows stably and is not affected by factors such as: economic, epidemic, etc.) Faced with the above situation, TC Group proposed the Government consider promulgating a policy to extend the time for paying excise tax for automobile manufacturing and assembling enterprises in 2023 At the same time, support costs registration for people when consuming and registering the ownership of domestically manufactured and assembled cars, the support level is equivalent to 50% of the registration fee applied to registered vehicles, applied at least for a period of time term year Together with TC Group, VAMA and the Vietnam Association of Mechanical Enterprises (VAMI), the People's Committee of Ninh Binh Province, the People's Committee of Quang Nam Province also proposed the Government to extend the excise tax and reduce the registration fee by 50% for the customers domestically produced and assembled automobiles Chapter Consequences of automobile tax on consumption demand in the market and proposed solutions 3.1 Consequences of automonile tax on comsumption demand in the market High taxes imposed on cars will lead to a sharp fall in the demand for cars in Vietnam High taxes are the cause of creating a vicious circle High taxes (both imported cars and components and spare parts) make prices high; high prices lead to low consumption; low consumption causes low output; low output makes localization not high; Localization is not high, so taxes are not low to protect domestic production For example: In the UK, road use creates many external costs This includes increased pollution, congestion, and accidents Therefore, the social cost of driving is greater than the private cost In a free market, this leads to over-consumption, (people ignore external costs when deciding whether to drive) This causes economic costs such as lost output due to congestion Therefore, there is a good argument for governments to intervene to overcome market failure 13 Downloaded by vú hi (vuchinhhp12@gmail.com) lOMoARcPSD|22244702 The image has illustrated that car prices in Vietnam are much higher because they are subject to many taxes and fees such as VAT, import tax, and excise tax, especially for cars with less than 10 seats In addition to the taxes that are being imposed on cars, high prices inhibit the demand to buy cars in Vietnam, thereby limiting automobile output As a result, production costs are increased and car prices are higher The last part is about the most effective methods to increase the demand of the customers There are main features such as : Lowering tax rates Simplify rules/laws and the system as much as possible Reinforce anti-corruption policies C CONCLUSION The import of foreign car brands into the Vietnamese market is essential for meeting consumer demands and maintaining stable prices because the potential of the country's auto market has not yet been properly developed This is a very significant issue Unfortunately, instances of car tax are negatively affecting the market economy In order to help businesses expedite investment, enhance production, boost localization rates, and develop Vietnamese automotive products, automotive enterprises concluded that it is critical to include automotive products on the list of high technology Hopefully, the Vietnamese auto industry will grow and gain more domestic tourists REFERENCES Tejvan Pettinger (2007, November 19) Should we increase tax on cars? https://www.economicshelp.org/blog/63/taxes/taxes-cars/ Akansha Gupta (2021, September 23) Best Methods To Prevent Tax Evasion https://enterslice.com/learning/tax-evasion/ 14 Downloaded by vú hi (vuchinhhp12@gmail.com) lOMoARcPSD|22244702 Nguyễn Mạnh (2021, Januarary 27) Thu nhập người Việt tăng nhanh, bùng nổ nhu cầu mua ô tô tương lai https://dantri.com.vn/kinh-doanh/thu-nhap-nguoiviet-tang-nhanh-bung-no-ve-nhu-cau-mua-o-to-trong-tuong-lai20210127144630546.htm Ánh Ngọc (2023, March 10) Thuế, phí cao khiến giấc mơ sở hữu tô người Việt xa vời https://baomoi.com/thue-phi-cao-khien-giac-mo-so-huu-o-to-cua-nguoiviet-xa-voi/c/45248390.epi Lê Thúy (2023, March 8) Cầu tiêu dùng nước lao dốc, “giải cứu” cách nào? https://vnbusiness.vn/viet-nam/cau-tieu-dung-trong-nuoc-lao-doc-giai-cuu-cachnao-1091207.html 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