B-class sedans all have incentives, discounts of hundreds of millions of dong

As of the end of August 2023, although the trio of "war horses" Hyundai Accent, Honda City, Toyota Vios are ranked at the top in the sales race in the B-class Sedan segment, compared to the same period last year, the consumption of all 3 models has decreased.

The sales gap between Hyundai Accent, Honda City and Toyota Vios is not too big, in which Hyundai Accent is leading with 9,829 cars, Honda City ranked 2nd with 6,037 cars and Toyota Vios ranked 3rd with 5,984 cars after. "Equally matched", so all have the opportunity to win the title of "king" of the best-selling B-class sedan in Vietnam in 2023.

It is now October 2023, many domestically assembled car models that are popular with customers and enjoy incentives from the 50% reduction in registration fees from the Government are still being "tricked" by manufacturers and distributors to reduce their selling prices.

Among them are Hyundai Accent, Honda City, Toyota Vios - the 3 most popular models in the B-class sedan segment in Vietnam, which are also being discounted by tens of millions of dong in many different forms.

Specifically, in October 2023, Toyota Vietnam will continue to apply a 50% registration fee support rate (based on the 10% registration fee rate) for all 3 versions of Vios but not exceeding the maximum level for each version (Vios G: 30 million VND; Vios E-CVT: 26.5 million VND; Vios E-MT: 24 million VND).

Adding to the Government's policy of supporting 50% of registration fees for domestically assembled cars (CKD), the total amount of money saved when buying a Toyota Vios is from nearly 53-66 million VND.

In addition, depending on the dealer, car buyers will also receive an additional cash discount of 5-15 million VND (depending on the version), plus gifts - window film, floor mats or body insurance...

According to Ms. Thai An - a sales staff of a Toyota dealer in Hanoi, car prices have never been as good as they are now. If you add up all the promotions and reduced registration fees, many car models are reduced by hundreds of millions of VND/car.

"Although there are discounts and incentives, the market is still very difficult, compared to the same period last year, it is not even a fraction of what it was in the same period last year. Even though it is past the seventh lunar month, there are still few customers coming to buy cars. The number of customers who have made deposits and signed contracts is even lower. Hopefully, closer to Tet, the number of customers will increase due to increased year-end shopping demand," said Ms. Thai An.

Meanwhile, Toyota Vios's rival Honda City is also not giving up in the "race" of promotions and discounts. This October, all Honda City versions also enjoy double incentives on registration fees, 50% according to the government's CKD car support policy and the company's additional 50% (according to the 10% registration fee calculation).

With suggested prices ranging from 559-609 million VND, total incentives for the City G, L and RS versions are worth 56 million, 59 million and 61 million VND respectively.

Not to mention, many dealers also offer additional cash discounts and accessory packages worth 60 - 80 million VND for Honda City (depending on version and dealer).

Ms. Nguyen Thi Quynh - a sales staff at a Honda dealership in Hanoi said that not only the City but many other Honda models are currently being heavily discounted. If last year buyers had to pay extra for accessories to receive their cars early, this year they are still not interested in the hundreds of millions of dong in incentives. Even the Honda CR-V, if all the incentives are added up, will cost up to 250 million dong per car, depending on the version.

"I have never seen the car market as gloomy as this year. There are days when not a single customer comes to see the car," said Ms. Quynh.

Another product from the Japanese brand, Nissan Almera, has a fairly high promotion - up to 70 million VND for the two CVT and high-end CVT versions, bringing the car price down to 469-525 million VND.

This is an imported vehicle and is not eligible for preferential registration fees according to Decree 41 issued in June 2023 by the Government, which stipulates the registration fee for cars, trailers or semi-trailers pulled by cars and vehicles similar to domestically manufactured and assembled cars (CKD).

Similar to the 3 Japanese car models, Hyundai Accent - the best-selling car in the segment as of the end of August 2023, is also being discounted by dealers by about 20-30 million depending on the version.

Another imported car model, Suzuki Ciaz (VND 535 million), is also supported by the company with 50% of the registration fee, equivalent to about VND 26 million.

According to sales data from the Vietnam Automobile Manufacturers Association (VAMA) as well as TC Motor - the assembly and distribution unit of Hyundai cars in Vietnam, as of early August 2023, total sales of B-class sedans in Vietnam reached nearly 25,900 vehicles, down more than 18,000 vehicles, equivalent to nearly 41% compared to the same period last year. This result makes B-class sedans second only to urban SUVs among the best-selling car segments in Vietnam.

Although sales of many models have decreased, B-class sedans are losing their position as the most popular car segment in the Vietnamese market to urban SUVs. However, in the race to become the best-selling car in Vietnam in 2023, B-class sedans still dominate in terms of numbers.