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The Vietnamese market is currently home to numerous Chinese car brands. From long-standing names like MG, Haval, and Wuling, the group of Chinese automobiles is gradually expanding to include BYD, GAC, Aion, Omoda, Jaecoo, and soon, Geely, Tank, Baojun, Dongfeng, and Zeekr.
Struggling with Price Cuts of up to Hundreds of Millions VND
While many brands are joining the market, not all Chinese car models are having an “easy life” in Vietnam.
For instance, the Haval H6, when first introduced to Vietnamese customers, was priced at 1.096 billion VND.
This price is not too high compared to its rivals with the same drive system and in the same segment, such as the Honda CR-V e:HEV RS (1.259 billion VND) or the more recent Jaecoo J7 PHEV (999 million VND). However, lackluster sales have likely forced dealers to continuously reduce the price of the Haval H6.
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The Haval H6 was once priced at nearly 1.1 billion VND when it was first introduced. Photo: Phúc Hậu. |
From 1.096 billion VND, the Haval H6’s price has been adjusted to 986 million VND as of now, a reduction of 110 million VND. However, Vietnamese customers can currently purchase this C-segment SUV at dealerships for 840 million VND, which is a further discount of 146 million VND.
Thus, compared to its initial “entry” price, the Haval H6 in Vietnam has undergone a total price cut of 256 million VND. While the discount is quite significant, it seems insufficient to make the Haval H6 a preferred choice for Vietnamese customers.
The MG4 EV, first introduced to Vietnamese customers in June 2024, consists of two versions priced at 828 million VND and 948 million VND, respectively. The top-of-the-line Lux version is equipped with electrically adjustable leather seats, heating functionality, and a 64 kWh battery pack that delivers a maximum range of 450 km on a full charge.
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Some dealerships are clearing out their stock of MG4 EVs by offering discounts of nearly 300 million VND. Photo: Phúc Hậu. |
According to our understanding, certain MG dealerships are currently offering the MG4 EV Lux version for 650 million VND, equivalent to a discount of nearly 300 million VND. This program is applicable to a limited number of vehicles and color options and is only valid for 2024 MG4 EV models.
Regarding the GAC GS8, the Chinese automaker is offering a 100% registration fee waiver for customers who purchase the vehicle in March.
Currently, the GAC GS8 has two versions available in Vietnam, priced at 1.269-1.369 billion VND, implying that the Chinese automaker is providing a discount of 127-140 million VND for this D-segment SUV.
Why are Chinese Cars Continuously Reducing their Prices?
The period after the Lunar New Year is typically when automakers and dealerships offer attractive promotions to clear out old models.
Chinese automobiles are no exception to this trend. However, this group of vehicles from the billion-people country has additional reasons to launch a series of incentives and promotions worth hundreds of millions of VND.
In Vietnam, customers are mostly still quite hesitant about Chinese cars. The influx of Chinese vehicles in the past has left Vietnamese customers with preconceived notions and skepticism about product quality, after-sales service, and the ability of these brands to commit to the market in the long term.
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The BAIC Beijing X7 once garnered significant attention in Vietnam. Photo: Hoàng Tuấn. |
For instance, brands like BAIC Beijing and Zotye once created a “frenzy” in the Vietnamese market but gradually faded away. Dongfeng, which debuted in Vietnam in 2017, left soon after and is now struggling to find its way back into the country.
At the moment, MG can be considered the Chinese automaker that has achieved some success in Vietnam. However, its journey in the country has also faced challenges, with fluctuating car prices and a constantly changing product portfolio before becoming relatively complete as it is today.
With the onset of electrification, Chinese automobiles in Vietnam have also been supplemented by electric vehicle brands such as BYD, GAC Aion, and Wuling.
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The Chinese Automotive Invasion: 13 Brands to Look Out For in Vietnam by 2024
As per reports, the Vietnamese auto market is set to witness the entry of two more Chinese automakers by the end of this year, bringing the total number of Chinese car brands available in the country to 13.
