Brian Jeffrey
As August begins, the approval for the fourth round of 50% registration fee reductions for locally made cars is still pending. This period coincides with the seventh lunar month, a time when consumer demand usually decreases due to cultural beliefs against making significant purchases during the “Ghost Month.”
To tackle the ongoing challenges in the market, some car manufacturers and distributors have promptly introduced support initiatives, including registration fee discounts and price reductions at the start of August.
Starting August 5, Honda Vietnam (HVN) is offering 50-100% registration fee support on four of its models. Models like Honda HR-V, Honda BR-V, Honda City RS, and Honda CR-V G version are receiving 50% registration fee support, leading to price cuts ranging from 30.5 to 58 million VND.
Models like the L and G versions of the Honda City and the L version of the Honda CR-V are benefiting from 100% registration fee coverage, resulting in price reductions of around 56-116 million VND. The Honda Accord continues to have a discount of 220 million VND.
Toyota Vietnam (TMV) previously announced a 50% registration fee reduction for several models effective from August 1. This reduction is applicable to domestically assembled models like Toyota Vios, Veloz Cross, and Avanza Premio. The imported model, Toyota Yaris Cross, is also included in this offer.
Under this initiative, Toyota Vios will witness a decrease of 23-27 million VND; Veloz Cross will see a reduction of 32-33 million VND; Avanza Premio will have a decrease of 28-30 million VND; and Yaris Cross will experience a reduction of 33-38 million VND.
Mitsubishi, not lagging behind, is extending its registration fee support from July to August. Models like the 7-seater SUV Pajero Sport are benefiting from 100% registration fee coverage, leading to a price reduction of about 113-136.5 million VND.
Other models like Mitsubishi Attrage MT and CVT Premium VIN 2023 versions are also receiving 100% registration fee support, with price cuts of 38-49 million VND. The Mitsubishi Triton 4X2 AT MIVEC pickup truck is getting a price reduction of 68 million VND.
Various other models, such as the Mitsubishi Xforce (GLX version), Triton (4X2 AT Athlete version), Outlander, Xpander Cross, and New Xpander are receiving 50% registration fee support, leading to savings ranging from 28-41 million VND.
Volkswagen Vietnam, a distributor of imported vehicles, is among the competitors offering a 50% registration fee reduction on the Volkswagen Teramont X. Initially planned for July, this promotion has been extended into August.
The Volkswagen Teramont X Luxury (1.998 billion VND) and Platinum (2.168 billion VND) versions will see price reductions of 100 million VND and 108 million VND, respectively.
These discount programs launched by car manufacturers at the start of August are seen as a response to consumer disappointment caused by the delayed government policy on reducing registration fees by 50% for the last five months of the year. As discussions continue within the government, car prices are expected to further decrease, with additional promotions likely as companies seek to boost sales during the lunar month’s “Ghost Month.”
US$1 = VND 25,300
