The Big Auto Sale: Excitement Revs Up as Fee Cuts Kick In

The fourth policy on registration fee reduction for domestically assembled cars took effect in early September. Unlike previous times, this year’s fee reduction only lasts for 3 months and will end on November 30.

In the first month of the 50% registration fee reduction, many car dealerships have recorded positive signals in their business performance.

Latecomers Miss Out

A sales consultant at a Toyota dealership in Ho Chi Minh City shared with Tri Thức – Znews that the registration fee incentive seems to be encouraging customers to spend more on car purchases compared to the previous period.

“Last month’s sales were much better than the previous months. Many people took advantage of the incentive, which only lasts for 3 months this year instead of 6 months like in previous years,” the salesperson shared.

Customers tend to buy more cars during the registration fee incentive period. Photo illustration: Phương Lâm.

This person also revealed that in September, many customers contacted the dealership a little too late and were unable to get immediate delivery of their chosen car model.

“If you don’t act fast enough, the car you want will be sold out. Many customers have made deposits to secure their purchase and will receive their cars in October,” shared the Toyota dealership sales consultant.

Currently, Toyota has a range of domestically assembled models, including the Toyota Vios, Toyota Veloz Cross, Toyota Avanza Premio, and several versions of the Toyota Fortuner.

In October, in addition to the 50% registration fee support provided by the government, Toyota is also offering a similar promotion for the Toyota Vios, Toyota Veloz Cross, and Toyota Avanza Premio. Thus, these models are now effectively receiving a 100% registration fee discount.

Toyota Vios, along with Veloz Cross and Avanza Premio, enjoy double incentives in October. Photo: TMV.

Meanwhile, a salesperson at a Hyundai dealership in the southern region happily shared that they had achieved their September sales target.

“The registration fee reduction has encouraged more customers to buy cars, and as a result, I met my sales target for September,” the salesperson said.

The Hyundai Accent continues to be the best-selling model at this dealership. The Hyundai Creta is also a popular choice among customers, but the Hyundai Grand i10’s performance is not as impressive as that of its “siblings.”

“I’m getting the car ready for registration, and the customer will receive it soon. This year’s registration fee reduction only lasts for 3 months, so both customers and salespeople are rushing to take advantage of it,” shared the Hyundai sales consultant.

Sales consultants from Honda, Kia, and Mazda dealerships in Ho Chi Minh City and the southern region shared with Tri Thức – Znews that their business performance has been positive in the first month of the fourth registration fee reduction for domestically assembled cars in Vietnam.

Currently, Honda’s domestically assembled models do not receive separate incentives from the company, but their selling prices have been adjusted downward by up to 80 million VND since September. The Honda City now starts at 499 million VND, while the Honda CR-V G, L, and L AWD versions are priced at 1.029 billion VND, 1.099 billion VND, and 1.25 billion VND, respectively.

Honda’s domestically assembled models do not have promotions but have received price reductions since September. Photo: HVN.

The Kia Seltos is offered with a discount of 30-40 million VND depending on the version. The Kia Sorento hybrid versions are offered with a maximum discount of 72 million VND.

Kia’s sedan models in Vietnam, including the Soluto, K3, and K5, also come with incentives of 10-22 million VND depending on the model and version, along with one year of physical damage insurance that can be converted to cash.

All Kia cars in Vietnam are domestically assembled, so this group of vehicles is eligible for the 50% registration fee incentive.

Waiting for the Last Quarter to Boom

At this point, the Vietnam Automobile Manufacturers’ Association (VAMA) has not yet released detailed September sales reports. Mitsubishi, with its strategic models Xpander and Xforce, along with the new Triton, is expected to be among the top-selling brands.

Toyota announced that it sold 1,842 units of the Vios and 1,147 units of the Veloz Cross to Vietnamese customers in September. Thus, the sales of these domestically assembled models have grown significantly right from the first month of the registration fee incentive.

The registration fee incentive is expected to boost car sales in Vietnam. Photo illustration: Phương Lâm.

This year’s 50% registration fee reduction for domestically assembled cars only lasts for 3 months, but it is in effect for most of the fourth quarter and is expected to boost the Vietnamese car market.

According to VAMA’s report, in the first 8 months of the year, Vietnamese consumers purchased 188,997 cars of all kinds, including 94,141 domestically assembled cars and 94,856 imported cars. Compared to the same period last year, the total market sales have increased by 2%.

The overall market sales have been unstable, with continuous fluctuations since the beginning of the year. According to VAMA’s data, car sales in Vietnam decreased significantly in February, while the peak was recorded in July with nearly 29,000 cars sold.

The sales balance is tilting towards imported cars, but this may change in the last quarter due to the positive impact of the registration fee support.

In October, the Vietnam Motor Show 2024 will take place at the Saigon Exhibition and Convention Center (SECC) in District 7, Ho Chi Minh City. This is an opportunity for car brands to introduce their products, technology, and connect with more domestic customers.

As one of the largest and longest-running automotive events in Vietnam, VMS 2024 is also expected to be a driving force to help the Vietnamese car market achieve sales growth in the last quarter of the year.

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