The auto market has entered August, and the fourth round of 50% registration fee reductions for domestically manufactured cars has yet to be approved. This period coincides with the seventh lunar month, during which consumer demand typically decreases due to cultural taboos against purchasing large assets during the "Ghost Month."

In light of ongoing market challenges, some car manufacturers and distributors have swiftly implemented support programs, offering registration fee discounts and reducing vehicle prices at the start of August.

From August 5, Honda Vietnam (HVN) is offering 50-100% registration fee support on four of its models. Specifically, the Honda HR-V, Honda BR-V, Honda City RS, and Honda CR-V G version are receiving 50% registration fee support, translating to price reductions ranging from 30.5 to 58 million VND.

The L and G versions of the Honda City and the L version of the Honda CR-V are supported with 100% registration fee coverage, resulting in price reductions of approximately 56-116 million VND. The Honda Accord continues to enjoy a 220 million VND discount.

Previously, Toyota Vietnam (TMV) announced a 50% registration fee reduction for several models starting August 1.

This offer applies to three domestically assembled models: Toyota Vios, Veloz Cross, and Avanza Premio. Additionally, the imported Toyota Yaris Cross receives similar benefits.

With this offer, the Toyota Vios will see a reduction of 23-27 million VND; the Veloz Cross will decrease by 32-33 million VND; the Avanza Premio will reduce by 28-30 million VND; and the Yaris Cross will see a 33-38 million VND reduction.

Not to be outdone by their Japanese counterparts, Mitsubishi is extending its registration fee support from July into August. Under this program, the 7-seater SUV Pajero Sport receives 100% registration fee coverage, translating to a price reduction of about 113-136.5 million VND.

The 100% registration fee support also applies to the Mitsubishi Attrage MT and CVT Premium VIN 2023 versions, equating to a 38-49 million VND reduction. The Mitsubishi Triton 4X2 AT MIVEC pickup truck also benefits from a 68 million VND price cut.

Other models such as the Mitsubishi Xforce (GLX version), Triton (4X2 AT Athlete version), Outlander, Xpander Cross, and New Xpander receive 50% registration fee support, translating to cash savings ranging from 28-41 million VND.

For Volkswagen Vietnam, a distributor of imported vehicles, the competition is keen with domestic assemblers as it offers a 50% registration fee reduction on the Volkswagen Teramont X. Initially planned for July, this incentive has been extended into August.

Thus, 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 initiated by car manufacturers at the beginning of August serve as a "remedy" to the consumer disappointment caused by the stalled government policy on reducing registration fees by 50% for the last five months of the year. As the government debate continues, car prices are expected to decrease further, with more promotions likely as companies aim to boost sales during the lunar month's "Ghost Month."

US$1 = VND 25,300

Ngo Minh