Car models continue to reduce prices up to hundreds of millions of dong

Specifically, in August, Honda Vietnam continues to launch familiar incentives for most car product lines with a value of up to more than 200 million VND.

Accordingly, the two models HR-V and BR-V receive a 50% reduction in registration fees along with a number of other gifts from the dealer.

Due to the application of a 10% registration fee, the highest value for HR-V is up to 43.6 million VND and BR-V is up to 35.3 million VND.

Meanwhile, Honda City is receiving huge incentives, including a 100% discount on registration fees for the L and G versions. The highest-end RS version is getting a 50% discount on registration fees, along with a 1-year body insurance gift.

Finally, the D-class sedan Honda Accord continues to receive a cash discount of 220 million VND like previous months to clear out old cars, but Accord's sales are still not very positive.

Also participating in the long-term price reduction race are car lines from the Japanese car company Mitsubishi.

Specifically, many dealers nationwide said that the Mitsubishi Xforce is being discounted on many versions. In particular, the Xforce Exceed version is being discounted in cash with a value equivalent to 100% of the registration fee. The Xforce Exceed version is currently priced at 640 million VND.

For customers in Hanoi, the dealer reduces cash equivalent to 12% of the car price, or 76.8 million VND. Meanwhile, customers in the provinces with a 10% registration fee receive a discount of 64 million VND.

With this discount, the total cost of the Xforce Exceed version in provinces with a 10% registration fee is only 643 million VND. Meanwhile, the lowest Xforce GLX version only enjoys a 50% registration fee promotion, so the cost of the vehicle is about 633 million VND.

Notably, the cars included in the promotion are all manufactured in 2024. Meanwhile, many car models on the market today, although discounted, are mostly manufactured from 2023 or earlier.

Although not receiving the general discount from the company, many dealers of the Nissan Kicks car line have reduced the price up to 240 million VND per car.

Accordingly, a dealer in Ho Chi Minh City is offering a discount of 240 million VND for the Nissan Kicks. Currently, the dealer only has the Kicks V version left. After applying the discount, the price of this model has dropped to 618 million VND.

It is known that the number of cars eligible for the incentive is very limited. All cars are manufactured in 2023. Currently, the dealer only has Nissan Kicks available in 3 basic colors: red, orange and white. In addition to the discount, customers who come to buy a car will receive 1 year of physical insurance and an accessory package worth tens of millions of VND.

Thus, Nissan Kicks is currently one of the B-size SUVs with the deepest discounts in the Vietnamese market. The B-size SUV with a higher promotion than Nissan Kicks is VW T-Cross.

The German brand's SUV model has been discounted by dealers from 220 - 300 million VND, down to 879 million VND for the Elegance version and 999 million VND for the Luxury version...

A recent report by the General Statistics Office shows that in July, 44,400 vehicles, including domestically produced and imported vehicles, were "pumped" into the Vietnamese market, an increase of 3.4% compared to June.

However, there is a significant difference between imported and domestically assembled cars, as in July domestically assembled cars reached 27,400 units, down 28,000 units, while imported cars increased from 15,580 units in June to 17,000 units in July. This is also the highest increase since the beginning of the year of imported cars to Vietnam.

According to data from the General Statistics Office, the cumulative number of imported cars in the first 7 months of 2024 is estimated at 91,585 units. Compared to the same period in 2023, this number has increased sharply by 14.7% in volume. Notably, most of the imported cars to Vietnam by car importers in early 2024 were mainly low-value popular cars, priced at over 500 million VND.

According to the General Statistics Office, in July, the price of means of transport decreased by 0.18% compared to the previous month, of which the price of new cars decreased by 0.25%; motorbikes decreased by 0.16%; used cars decreased by 0.03% due to automobile manufacturing and assembling enterprises applying incentive programs, encouraging and supporting consumers to buy cars.

Although there have been many preferential policies on price reduction and registration fee reduction, August is the most quiet time for the Vietnamese car market when the preferential period on registration fee is still an "unknown" and entering the "ghost month", the month when Vietnamese consumers limit their purchases. Therefore, many companies and dealers do not expect much from the purchasing power of the Vietnamese market this August.