When to buy a car
Recognizing VinFast’s installment buying program as a “golden opportunity,” Nguyen Phuoc Thanh, an office worker in Cau Giay, Hanoi, immediately contacted the nearest showroom to reserve a VF 5 Plus with a deposit in order to receive the car sooner.
Having longed to buy a car for a while, but having just completed a new house at the end of last year, Thanh and his wife did not have enough financial capacity to continue buying such a large asset. “My wife and I discussed waiting for about a year, but seeing how favorable VinFast’s policies are, including the added bonus of a free battery and charger, and only having to pay an additional 5 million VND per month on top of the initial 30% down payment,” Thanh calculated. “With our combined income, subtracting all our monthly expenses, it is still reasonable, and we can be at ease for the next 8 years,” the family of three said.
The “when to buy a car” problem is a concern for many Vietnamese families, like Thanh and his wife. According to the manager of a car dealership in Hanoi, right after the company announced its “3 best” policy, many customers contacted them to inquire about the electric car models and installment buying procedures.
“There is a lot of interest in electric cars, but people still hesitate to make a purchase due to the high value of cars,” the manager explained. According to him, this policy especially attracts young families and individuals who are more open-minded to the installment buying method with a large-value asset, and who desire to turn their dream of owning a car into reality.
According to official information from VinFast, the attractive installment buying package with the “3 best” policy is applied to all electric car models currently on the market. This policy includes: The longest available loan term – up to 8 years; The highest loan value – up to 70% of the car’s price; The most attractive interest rate – only 5% for the first 2 years, 8% for the next 3 years, and 9.5% for the last 3 years.
VinFast’s attractive policy allows customers to realize the dream of owning a car sooner
This is considered a very attractive policy because all interest support costs and potential risks during the 8-year term will be covered by VinFast instead of the users, including the interest rate difference if the bank’s floating interest rate is higher than the mentioned rates. For example, if the actual interest rate in the 4th year of installments is higher than 8%, the customer will still only pay 8%, and VinFast will cover the difference. Therefore, customers can be at ease without worrying about interest rate fluctuations.
In addition to the benefits applied to all customers, VinFast also promises to immediately reduce the price of electric cars by 5% for customers who pioneered the purchase of gasoline models, while also offering a maintenance package worth up to 5 million VND for a period of 3 years.
…to realize the dream of a national brand
In addition to implementing practical financial solutions, VinFast is also implementing activities to show gratitude to Vietnamese customers. Specifically, the Vietnamese car manufacturer is allocating 1 million VND from each electric car sold to the Green Future Foundation to carry out environmental activities. Customers who switch to electric cars will also receive appreciation gifts based on the number of “green kilometers” they travel.
These activities are part of the “Fierce Vietnamese Spirit” campaign, the second of its kind launched by VinFast starting from March 1, 2024. This is the pioneering campaign of VinFast aimed at realizing the dream of a national brand with high industrial and technological content, creating a truly “green” future for the community.
Speaking about the necessary unity of the nation in such a grand aspiration, according to Dr. Le Xuan Nghia, former Vice Chairman of the National Financial Supervision Committee, building a Vietnamese brand in global-class manufacturing is not a task for any individual company, no matter how strong their financial resources are, but rather a task for the whole country. “No single enterprise, no matter how strong its financial capacity is, can do it on its own without the support of domestic consumers,” he affirmed.
This is not only a “difficult problem” for Vietnam. Many experts believe that even in countries with developed car markets, promoting electric cars and encouraging people to switch to green vehicles is not easy due to economic difficulties, lack of charging stations, and barriers caused by users’ lack of experience or concerns about the sustainability of electric cars…
According to data from market research firm Rho Motion, electric vehicle sales in some developed countries such as Germany and France have declined sharply in January 2024 compared to December 2023 when these countries withdrew subsidies for electric cars, a major leverage to encourage people to switch to green vehicles.
In Vietnam, the government’s exemption of vehicle registration fees has also effectively promoted the green transition, as VinFast’s sales alone show that the number of electric cars in 2023 was five times higher than in 2022, reaching nearly 35,000 cars. According to an industry expert, in addition to having a good product, practical solutions like VinFast’s unprecedented incentives will make electric cars more accessible than ever, turning the dream of an internationally prestigious smart electric car brand into a reality.
A combination of the government’s policy and VinFast’s attractive policy has made the car market exciting
