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Customers who purchase certain BMW luxury car models will be exempt from 50% vehicle registration tax. Photo: BMW. |
Recently, the Government has agreed to a proposal to reduce 50% vehicle registration tax for domestically assembled cars.
Once officially implemented, there will be many car models on the Vietnamese market that are eligible for this Government incentive program, with a maximum value of up to hundreds of millions of VND.
Toyota models
Currently, Toyota is assembling several car models in Vietnam such as Toyota Vios, Toyota Innova, Veloz Cross/Avanza Premio duo, along with the Toyota Fortuner diesel version.
Therefore, customers who purchase these Toyota models will be exempt from 50% vehicle registration tax when the Government support policy is officially implemented.
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The Toyota Veloz Cross is eligible for a 50% vehicle registration tax exemption after being converted to domestic assembly. Photo: [Photographer’s name]. |
In addition to the aforementioned locally assembled models, Toyota is importing the fully built SUV model Corolla Cross from Thailand, while also preparing to distribute the imported Toyota Wigo from Indonesia in the near future.
Toyota dealerships are offering equivalent incentives in terms of vehicle registration tax support for many of the brand’s car models. It is worth noting that the newly released Toyota Vios 2023 is also eligible for a 50% vehicle registration tax exemption, as well as an additional VND 20 million cash discount for customers who purchase the car in June.
As of the end of April, Toyota’s total sales in Vietnam reached 17,813 units. The Toyota Corolla Cross is the best-selling model of the Japanese brand, with a total of 4,727 units sold, equivalent to nearly 1,182 units per month.
Hyundai models
Except for the Hyundai Stargazer, which is still directly imported from Indonesia, all passenger car models of Hyundai have been shifted to local assembly at the company’s factories in Vietnam.
Therefore, Vietnamese customers who choose to purchase Hyundai models such as the Hyundai Grand i10, Hyundai Accent, Hyundai Elantra, Hyundai Tucson, Hyundai Santa Fe, and the latest addition, the Hyundai Creta, will be exempt from 50% vehicle registration tax when the Government support policy is officially implemented.
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The locally assembled Hyundai Creta is priced the same as the imported version from Indonesia. Photo: [Photographer’s name]. |
Among these models, the locally assembled Hyundai Creta has just arrived at dealerships with the same price as the imported versions. Additionally, it is likely that the Hyundai Stargazer will be shifted to local assembly in the near future, completing the company’s “Made in Vietnam” product lineup for the Korean brand.
After the first 4 months of the year, Hyundai’s total sales in Vietnam reached 16,049 units. The Hyundai Accent is the third best-selling model in the market and the top-selling model within Hyundai’s passenger car product lineup in Vietnam, with a total of 4,993 units sold since the beginning of the year.
Honda City and Honda CR-V
In fact, Honda Vietnam and its dealerships have been offering incentives ranging from 50% to 100% vehicle registration tax exemption for the Honda City and Honda CR-V since the end of 2022.
The Honda CR-V is still eligible for a 100% vehicle registration tax exemption, while a few dealerships are providing equivalent incentives for the current generation of Honda City models prior to the official launch of the 2023 Honda City in Vietnam.
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The Honda CR-V has been enjoying vehicle registration tax exemption incentives for multiple months. Photo: [Photographer’s name]. |
However, as these are the only two domestically assembled models of Honda in Vietnam, both the Honda City and Honda CR-V will be eligible for the 50% vehicle registration tax exemption under the Government support policy. It is likely that there will be adjustments to the level of incentives by the company and dealerships to align with market demand once the Government policy is officially implemented.
For the remaining models in the Honda product lineup, including the Honda Accord, Honda Civic, and Honda HR-V, these vehicles are fully imported from Thailand. Therefore, these models will not be eligible for the vehicle registration tax incentives provided for domestically assembled cars.
Currently, all three imported models from Honda have relatively modest sales figures. Compared to the total sales of 6,312 units that Honda achieved in Vietnam since the beginning of the year, the overall sales of Honda Accord, Honda Civic, and Honda HR-V only reached 1,555 units, accounting for 24.6% of the total.
Ford Territory and Ford Ranger
Except for the new-generation Ford Ranger Raptor imported from Thailand, all other versions of Ford Ranger are assembled at the company’s factories in Vietnam. Additionally, the Ford Territory is one of the two “domestic” models of Ford in the Vietnamese market.
Therefore, in the event that the vehicle registration tax incentive policy is officially implemented by the Government, Ford’s passenger car models in Vietnam will be eligible for this incentive, including the Ford Ranger and Ford Territory.
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The Ford Territory is one of the two car models eligible for a 50% vehicle registration tax exemption under the Government policy. Photo: [Photographer’s name]. |
On the other hand, the Ford Everest is fully imported from Thailand, while the Ford Explorer is a large SUV model imported directly from the United States.
As of the first 4 months of the year, Ford’s total sales in Vietnam reached 10,897 units. The Ford Ranger and Ford Everest are the two best-selling models of the brand, with sales of 5,083 units and 3,263 units, respectively.
Mitsubishi Outlander and Xpander MT
Although the Xpander model dominates sales in Mitsubishi’s product lineup in Vietnam, the manual transmission version of this affordable MPV contributed only 562 units to the brand’s overall sales since the beginning of the year.
The manual transmission variant of this compact MPV is also the only version produced in Vietnam, alongside the Outlander 7-seater SUV model.
Therefore, only the Mitsubishi Xpander MT and Mitsubishi Outlander models are eligible for the 50% vehicle registration tax exemption under the Government support policy for domestically assembled cars.
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Only the manual transmission version of the Mitsubishi Xpander is eligible for a 50% vehicle registration tax exemption. Photo: [Photographer’s name]. |
However, customers purchasing Mitsubishi models in June are currently being offered a 100% vehicle registration tax discount, combined with preferential interest rates and comprehensive vehicle insurance coverage with a maximum total value of VND 200 million.
Nevertheless, this program only applies to models produced in 2022, while customers purchasing the Mitsubishi Outlander in June will only receive a 50% vehicle registration tax exemption.
All Kia and Peugeot vehicles
Currently, Kia and Peugeot are among the few automotive brands that have all of their products assembled directly in Vietnam.
Therefore, customers who purchase Kia models ranging from the entry-level Kia Morning to the large SUV Kia Sorento will be eligible for a 50% vehicle registration tax exemption under the Government’s policy.
Similarly, customers who choose to buy Peugeot SUVs such as the 2008, 3008, and 5008, or the MPV Traveller, will also be exempt from 50% vehicle registration tax under the officially implemented Government incentive program.
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All models of Peugeot vehicles in Vietnam are eligible for a 50% vehicle registration tax exemption. Photo: [Photographer’s name]. |
Currently, Kia and Peugeot, together with Thaco, are responsible for the distribution of these two automotive brands in the Vietnamese market.
As of the beginning of the year, Kia’s total sales reached 11,256 units, while Peugeot achieved a total of 877 units sold after 4 months.
Some Mazda models
Unlike Kia and Peugeot, only the Mazda3, Mazda6, and the SUV duo Mazda CX-5 and Mazda CX-8 are assembled by Thaco in Vietnam and sold to domestic consumers. Other Mazda models are fully imported from abroad, mainly from neighboring country Thailand.
Therefore, the Government’s incentive policy will only apply to the aforementioned models and does not cover the entire Mazda product lineup in the Vietnamese market.
Nevertheless, dealerships are still actively offering incentives, including up to 100% vehicle registration tax support for some models such as the Mazda CX-3 and Mazda CX-30, in order to boost sales as these urban SUV models are relatively struggling compared to their competitors in the same segment.
BMW luxury cars
In early December 2022, the BMW Group announced a partnership with Thaco to start assembling cars in Vietnam at their factory in the Chu Lai Industrial Zone in Quang Nam province.
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Since the BMW 3 Series is assembled in Vietnam, it will be eligible for a 50% vehicle registration tax exemption. Photo: BMW. |
Specifically, Thaco will assemble various BMW models including the BMW 3 Series, BMW 5 Series, BMW X3, and BMW X5 in Vietnam, making these luxury cars eligible for a 50% vehicle registration tax exemption under the Government support policy.
With prices ranging from billions of VND, BMW’s luxury car lineup will be the most eligible for this significant incentive when the Government officially implements the 50% vehicle registration tax support program for domestically produced and assembled cars.
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