HANOI: The domestic automobile market has already experienced mixed results after the expiration of the 50% registration fee reduction policy on Jan 1, 2024.

       The end of the policy has hit both domestically assembled vehicles and imported cars, according to industry insiders.

       Several car companies have responded to the changing market conditions by implementing various strategies to stimulate sales.

       Toyota Vietnam, for example, has reduced the prices of its models such as the Raize, Yaris Cross, and Fortuner. The discounts range from 54 million dong for the Raize to 128 million dong for the Fortuner Legender. Even the recently introduced Yaris Cross received a discount of up to 80 million dong.

       Toyota Vietnam has also launched a programme that supports 50% of the registration fees for customers purchasing Vios cars, along with reduced interest rates and an extended warranty for other models.

       Honda Vietnam has also introduced promotions for its car products. The Honda City model comes with a 100 % discount on registration fees and one year of body insurance for versions L and G, while Honda City RS provides a 50% discount on registration fees and one year of body insurance.

       Other models such as the HR-V, Civic, and Accord receive a 50% discount on registration fees.

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       Subaru Vietnam, as an importer, has implemented incentive programmes in the form of cash discounts and prizes.

       Customers purchasing the Subaru Forester, Outback, and BRZ can receive cash discounts ranging from 170 million dong to 410 million dong, depending on the model. Additionally, customers have a chance to win gold bars.

       Meanwhile, Ford Vietnam offers a 50% discount on registration fees for its Territory, Ranger, and Everest models, along with a 100 million dong discount for the Explorer.

       The 16-seat Ford Transit commercial vehicle receives a discount of 30 million dong.

       Luxury car brands such as Mercedes-Benz Vietnam have also responded to the market situation. It announced 50% registration fee support for assembled and imported models, along with car insurance.

       Discounts are applied to the Mercedes-Benz C-Class and E-Class models, as well as the V-Class.

       In contrast to the trend of price reductions, some companies, such as Hyundai Thanh Cong and Thaco, have increased the prices for certain car models.

       Hyundai Thanh Cong Vietnam and Thaco have increased the prices of Hyundai and Mazda models, respectively, citing changes in the global economy and the cost of vehicle components as reasons for the adjustments.

       VinFast has also announced a price increase for the VF 5 Plus model, specifically for both rental and battery purchases.

       The price adjustments have led to concerns among consumers such as Nguyen Tuan Minh, who had previously planned to buy a Hyundai Tucson at a lower price but now needs to reconsider due to the increased price.

       The price changes and economic instability may affect consumers’ purchasing decisions and potentially reduce their purchasing power, posing challenges for the automotive market in the near future.

       In response to the increased competition and pricing challenges, marketing strategies and customer incentives are expected to play a crucial role in attracting buyers, particularly in the discount-car segment. — Viet Nam News/ANN