return icon

Car dealers sprint in last months of year, car prices plummet

A number of large manufacturers slashed car prices in early October, signaling a fierce race in the Vietnamese auto market.

The market is getting busier as the peak shopping season of the year is near and manufacturers have begun slashing prices.






Sales agents are offering attractive preferences to attract people who want to buy cars before the 50 percent luxury tax reduction policy expires, slated for December 31, 2020.

VinFast, the Vietnamese manufacturer, is offering a price discount of VND25 million for the premium version from October 15 to October 31. In addition to the 50 percent registration tax reduction under current policy, car buyers can also enjoy the other 50 percent registration tax reduction offered by the manufacturer.

The price of a Mitsubishi Xpander has been eased by VND15 million, while Toyota Vios, which is a bestseller, has become VND25 million cheaper.

The prices of import models have also decreased. Subaru has slashed the selling prices of Forester. This is the first time the C-class SUV of Subaru has fallen to below VND900 million. The three Forester versions now have preferential prices of VND899 million, VND1.029 billion and VND1.179 billion.

BMW models have had sharp price cuts: VND800 million for X7, VND20 million for X5, VND160 million for X4, VND330 million for X3 and VND310 million for X2.

The prices of old versions of X6 and X1 have also been slashed to clear stock. The new model with notable discount is the 5-Series with a VND200 million cut for the 520i version.

In the more affordable segment, Suzuki’s models from old to newly launched, including Ertiga, XL7 and Ciaz, all have seen prices decrease.The sharpest decrease of VND42 million is offered to Ergita.

In order to clear inventories in the end-of-year sale season, car dealers are rushing to slash the prices of 2019 models. The last Mitsubishi Pajero Sport G 4x2 AT Premium 2019 are offered at the price discount of up to VND200 million, while Kia Sorento 2019 by VND100-130 million, and Ford Ranger 2019, called ‘pick-up King’ by VND100 million.

Phan Hoang from a Nissan sales agent in Hanoi said the price cuts are in all segments, from low to high-end models. In the past, price discounts were offered only to models with poor sales. But now, famous brands and bestsellers also have seen price decreases.

Vinh Nam, a car expert, thinks the market will not see a high growth rate this year as seen in previous years because of Covid-19. However, the decreases will be 15-20 percent only. 

Thuy Nga

Car prices expected to drop in August

Car prices expected to drop in August

More people could afford imported cars from the EU when the EU-Vietnam Free Trade Agreement (EVFTA) takes effect from August 1.

Car prices predicted to fall until Tet Holiday

Car prices predicted to fall until Tet Holiday

Car prices in Vietnam are predicted to continue falling with many discount programmes due to large inventory and slow sales.


Vietnam, Cuba strive to lift two-way trade to US$500 million in next five years

The Vietnam-Cuba business promotion forum took place in Hanoi on September 30, seeing the participation of visiting Cuban Prime Minister Manuel Marrero Cruz and Vietnamese Deputy Prime Minister Le Minh Khai.

Vietnam defeat Saudi Arabia, top Group D at AFC Futsal Asian Cup

Vietnam beat Saudi Arabia 3-1 at the AFC Futsal Asian Cup 2022 in Kuwait on September 30, thereby topping Group D and having a high chance of securing a berth in the quarter-finals.

EuroCham Chairman praises strong and forward-looking government

Vietnam’s recovery has been ensured by strong and forward-looking government support which helped to bring in more high-profile FDI projects

Many firms suspend raising capital from stock market

Many enterprises have either stopped mobilizing capital or changed their capital-raising plans on the stock market amid existing uncertainties and disadvantages.

HCM City runs out of Covid-19 vaccines

HCM City has run out of Covid-19 vaccines over the past 10 days, said Nguyen Hong Tam, the deputy director of the municipal Centre for Disease Control and Prevention.


Chinese police hand over wanted man to Lao Cai authorities

Foreign-invested enterprises face up to procedural barriers

Administrative procedures such as a prolonged timeline for obtaining business licences, as well as overlaps in the legal framework, are continuing to affect the expansion plans of many foreign-invested enterprises in Vietnam. Vietnam among ten attractive destinations to escape Europe’s winter

With its year-round warm tropical climate, breathtakingly beautiful scenery, and exciting culture, Vietnam is gradually becoming an attractive destination for German tourists.


Real estate sector faces debt default risk

Shan Tuyet tea, valuable timber plants named ‘Vietnam Heritage Trees’

More than 1,300 Shan Tuyet tea plants in Ha Giang province and a group of valuable timber trees in Dak Nong province have been recognised as “Vietnam Heritage Trees”.

Fast fashion brands scale up for growth

Surviving and developing in a competitive fast fashion market remains a challenge for many brands, especially for newcomers.

Arguments arise as properties required to be traded on exchange

Controversy has arisen over the Ministry of Construction’s draft of the amended law on real estate trading as it requires real estate products to be traded on an official exchange.

Boeing accelerates cooperation with Vietnamese suppliers

Boeing, the world’s leading aerospace company based in the US, are accelerating cooperation with Vietnamese suppliers and universities to provide a foundation for long-term industrial growth.

Expecting coffee exports to hit a record $4 billion

Vietnam Coffee Cocoa Association (Vicofa) forecasted that if the export price of coffee remained at a high level, as in the first half of the year

Major investors worry as stock market weakens

The stock market boards have been covered with red amid investors’ rising caution. There are few buyers, while selling pressure still exists. Foreign investors’ behavior has affected the market.