According to a report by the Vietnam Automobile Manufacturers Association (VAMA) and TC Group, MPV sales reached 3,592 units in August 2024, a 7% increase from the previous month (3,356 units) but a 9.2% decrease year-over-year (3,954 units).
Some attribute this decline to consumers waiting for the government’s 50% reduction in registration fees to purchase vehicles at better prices. Additionally, August overlapped with the seventh lunar month, known as the Ghost Month, which may have also impacted MPV sales.
With the government’s registration fee incentive coming into effect on September 1st, there are high hopes for a surge in sales of domestically assembled MPVs. As a result, an interesting phenomenon has emerged in the market.
To level the playing field with domestically assembled vehicles, some imported models are offering registration fee support. However, anticipating this move, certain domestic assemblers have decided to cover the remaining 50% of the registration fee, resulting in a total registration fee reduction of 100% for consumers.
Mitsubishi Xpander
One of the key factors contributing to the Mitsubishi Xpander’s position as the best-selling MPV in its segment is its competitive pricing. The majority of Xpander’s sales come from the imported versions from Indonesia. Despite not benefiting from the government’s registration fee reduction, the brand is currently offering significant promotions for the imported Xpander.
The domestically assembled MT version is believed to account for only a small portion of Xpander’s sales as many still prefer the imported models. Photo: Mitsubishi Dealer
Mitsubishi is offering a 100% registration fee support for the Xpander AT Premium, equivalent to a discount of up to 65.8 million VND (based on a 10% fee). Additionally, customers will receive a complimentary 360-degree camera. The Xpander Cross model is also eligible for similar benefits.
The MT version, which is eligible for the government’s policy support, is not included in the brand’s promotion. However, buyers will receive a complimentary reverse camera.
Toyota Veloz Cross and Avanza Premio
Ranking second in sales for August 2024 was the Toyota Veloz Cross. However, its sales volume was significantly lower than that of the Mitsubishi Xpander, with sales equivalent to just over half of its rival’s.
Toyota Veloz Cross benefits from dual incentives. Photo: Toyota
This may have influenced Toyota’s incentive strategy for the Veloz Cross. As a domestically assembled vehicle, the Veloz Cross is eligible for the government’s policy benefits. Additionally, Toyota is offering a 50% registration fee support, with a cap of 32 million VND for the CVT version and 33 million VND for the Top version. These caps are based on a 10% fee in most provinces and cities. Combined, customers will effectively receive a 100% registration fee discount.
In August 2024, Avanza Premio sold only 129 units. The dual incentives are expected to boost sales for this model. Photo: Toyota Dealer
In addition to the Veloz Cross, another MPV from the same brand, the Avanza Premio, also benefits from dual incentives. The brand’s support will not exceed 28 million VND for the MT version and 30 million VND for the CVT version.
Hyundai Stargazer
As one of the most affordable MPVs in the market, the Hyundai Stargazer, an imported model instead of a domestically assembled one as initially planned, is also joining the incentive game.
The Hyundai Stargazer has three versions, with the X version standing out for its crossover-like style. Photo: Hyundai Dealer
According to some dealers, the MPV is offering a 50% registration fee support. After deductions, the actual price of the Hyundai Stargazer at a Hanoi dealer is only 463 million VND. With this incentive, the Hyundai Stargazer remains the most affordable MPV in the market, even as its competitors also receive similar benefits.
Honda BR-V
Similar to the Stargazer, the Honda BR-V is also receiving a 50% registration fee incentive, equivalent to 33-35 million VND, to maintain its competitiveness in the new market landscape. Additionally, customers will receive a one-year free hull insurance.
The BR-V’s standout feature is its advanced safety technology. It is equipped with multiple safety features such as emergency brake assist, adaptive cruise control, lane departure reduction, lane keep assist, and smart headlights as part of the Honda Sensing package available in both versions. The L version also includes the LaneWatch blind spot monitoring camera. Photo: Honda Dealer
With the incentive, the actual price of the Honda BR-V starts at 628 million VND. However, even with the discount, this price is still relatively high compared to the pre-incentive prices of some competitors. The highest-end Mitsubishi Xpander (excluding the Cross version) is priced at 658 million VND, but with promotions, it can be purchased for around 625 million VND.
Suzuki XL7
Shortly after its launch, the Suzuki XL7 hybrid is already offering a 50% registration fee incentive, equivalent to 30 million VND. With a listed price of approximately 600 million VND, the actual price after the discount is 570 million VND. This promotion will help the XL7 compete more effectively with domestically assembled MPVs such as the Mitsubishi Xpander and Toyota Veloz Cross.
Despite being a new model, the XL7 Hybrid has quickly joined the incentive game. Photo: Suzuki
The XL7’s new hybrid engine combines a 1.5L engine with an electric motor and a small lithium-ion battery for improved acceleration. The battery is covered by an 8-year or 160,000 km warranty, whichever comes first.
Additionally, the XL7 now features modern upgrades such as automatic/manual headlights, Cruise Control, and a 10-inch touchscreen display that wirelessly supports Apple CarPlay and Android Auto.
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