A series of newly launched cars have incentives in Vietnam: Some cars have discounts of up to 100 million VND

(Dan Tri Newspaper) - The newly launched car models that have seen price reductions are mostly imported and do not benefit from the 50% reduction in registration fees like domestically assembled products.

In October, the Vietnamese automotive market gradually shifted towards the year-end shopping season. This is the time when car manufacturers and dealerships focus on boosting sales, launching numerous promotional programs to attract customer attention. However, due to the economic downturn, overall market consumption has yet to show signs of a boom, despite the 50% reduction in registration fees for domestically assembled vehicles under government policy. Therefore, the price war continues to escalate, even with newly launched models. The Toyota Yaris Cross, first introduced to Vietnamese customers on September 19th, is positioned in the B-segment urban SUV market, competing with the Hyundai Creta and Kia Seltos. It comes in two versions: gasoline and hybrid, with suggested retail prices of 730 million VND and 838 million VND respectively. Immediately after its launch, Toyota Vietnam offered a 50% discount on registration fees for the Yaris Cross to enhance its competitiveness with domestically assembled products, valid until the end of this year.

With a 50% reduction in registration fees, the price of the Toyota Yaris Cross hybrid version has been reduced by up to 50 million VND (Photo: TVN).

Faced with fierce competition from rivals in the same segment offering significant discounts, coupled with pressure from the Mazda CX-5 (a C-segment SUV priced from 749 million VND), many dealerships are forced to cut losses to lower the price of the Yaris Cross in October. According to a showroom in Hanoi , sales consultants stated that both versions of the Toyota Yaris Cross are discounted by 50 million VND, bringing the actual prices down to 680 million VND and 788 million VND respectively. Therefore, choosing the hybrid version of the Yaris Cross at this time would save Vietnamese customers a total of 100 million VND. The MG RX5, a "newcomer" in the C-SUV segment, is receiving much attention from Vietnamese customers after its debut on September 23rd. Besides its eye-catching sporty design, the car has a list price that is competitive with the Mazda CX-5 (749-999 million VND), ranging from 739-829 million VND for the STD and LUX versions.

Despite its attractive price, the MG RX5 remains controversial due to its Chinese origin (Photo: Nguyen Lam).

Because it doesn't receive the 50% registration fee subsidy like locally assembled models, the MG RX5 was offered by dealers at a price of 699-799 million VND immediately after its launch, equivalent to a reduction of 30-40 million VND. The actual starting price is now on par with the promotional prices of B-SUV models, but according to experts, the RX5 will still need time to convince consumers. Looking at the recent business policies of MG models, it can be expected that the selling price of this model will continue to decrease in the last months of the year. Honda BR-V, City, and Toyota Vios: Although not new products launched in September, the Honda BR-V, City, and Toyota Vios are all models that have continuously received promotions immediately after their introduction. The BR-V is a completely new product, positioned in the small MPV segment. The car was launched in early July, and immediately after arriving at dealerships, sales consultants simultaneously offered customers incentives totaling up to 70 million VND for both versions, including a 20 million VND cash discount and a 50 million VND accessory package. In October, to help dealerships "cut losses," Honda Vietnam waived 100% of the registration fee for customers buying the standard G version of the BR-V, equivalent to a discount of nearly 80 million VND if registered in Hanoi (registration fee is 12%). The higher-end L variant only received a 50% registration fee waiver (approximately 40 million VND).

The Honda BR-V's highlight is the Honda Sensing technology package, but it's difficult for the majority of users to access due to its price being almost the highest in the small MPV segment (661-705 million VND) (Photo: Nguyen Lam).

Both the Honda City and Toyota Vios received upgrades in July. Facing competition from the Hyundai Accent, both models immediately offered discounts at dealerships, which gradually increased over time. In October, Honda City received a 50% discount on registration fees, equivalent to a reduction of approximately 30 million VND. For example, the top-of-the-line RS version, priced at 609 million VND, was reduced to 579 million VND after the discount. To further enhance their appeal, many dealerships offered additional genuine accessory packages to customers, valued at 50-70 million VND depending on the location.

In addition to incentives from the manufacturer and dealers, the Honda City also benefits from a 50% reduction in registration fees thanks to being assembled domestically (Photo: Nguyen Lam).

Regarding the Toyota Vios, the manufacturer is offering a 50% discount on registration fees, but the reduction does not exceed 24-30 million VND, depending on the version. According to several dealerships in Hanoi, sales consultants say the Vios is receiving an additional discount of 10-20 million VND. The G CVT version of the Vios is receiving the biggest discount, totaling 50 million VND, bringing the actual selling price down to 542 million VND, equivalent to the listed price of the top-of-the-line Hyundai Accent.

Unlike the new generation Honda City, the 2023 Toyota Vios is merely a mid-cycle refresh (Photo: Nguyen Lam).

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