The SUV segment in Vietnam is witnessing fierce competition as consumers are increasingly favoring high-riding vehicles that offer versatility for both urban and long-distance use. With a diverse range of offerings across the B, C, and D segments, buyers have a plethora of choices, while automakers are compelled to introduce attractive incentives to stay competitive.
In recent months, popular SUV models have seen significant price reductions of up to hundreds of millions of VND, stimulating consumer demand. This not only presents an opportunity for customers to acquire these vehicles at more reasonable costs but also reflects the intense market share battle among prominent brands.
Hyundai Santa Fe (Discount of 128-164 million VND)
The Hyundai Santa Fe has long been regarded as a best-selling 7-seater SUV in the mid-range segment, renowned for its modern design, ample amenities, and well-balanced performance that strikes a perfect balance between power and efficiency.
However, the latest generation of the Santa Fe has received mixed reactions, resulting in a significant decline in sales. Since the beginning of the year, sales figures have plummeted, with only over 1,500 units sold, which is equivalent to the monthly sales volume during peak periods in previous years.
To reclaim market share, Hyundai Thanh Cong and its dealerships are offering substantial discounts ranging from 128 to 164 million VND, depending on the variant. This aggressive strategy aims to position the Santa Fe’s pricing on par with some lower-segment models and is expected to restore its prominence in the latter half of the year.
Ford Everest (Discount of 65-70 million VND)
In stark contrast to the Santa Fe, the Ford Everest has been enjoying remarkable success over the past 2-3 years. This mid-size SUV exudes a bold American style, featuring a rugged design, a sturdy frame, and a powerful engine. For those who relish a robust driving experience and long-distance durability, the Everest is the top choice.
The Everest continues to dominate the 7-seater SUV segment in Vietnam, outperforming its competitors by a wide margin. However, intensifying competition has prompted the brand to introduce incentives to maintain its allure. While the manufacturer offers modest discounts of 10-15 million VND, combined with dealership promotions, the total savings can reach up to 65-70 million VND.
This discount may not be as dramatic as that of the Santa Fe, but it is still substantial enough to reinforce the Ford Everest’s standing in the market.
Honda CR-V (Discount of 58-110 million VND)
The Honda CR-V is a familiar C-segment urban SUV among Vietnamese customers, renowned for its longevity, fuel efficiency, and the reputation of the Japanese brand. While the CR-V once led the segment, it has recently been outperformed by the Mazda CX-5.
One of the significant challenges for the CR-V is its higher pricing compared to competitors. To boost sales, Honda has introduced various promotional campaigns and discounts ranging from 58 to 110 million VND. Given the cautious buying sentiment in the overall market, these incentives are expected to stimulate demand for the CR-V.
Mazda CX-5 (Discount of 25-45 million VND)
The Mazda CX-5 is considered one of the most successful SUVs in Vietnam, frequently ranking among the best-selling vehicles in the market. Its appeal lies in its youthful design, the distinctive KODO style, refined interior, and agile performance, making it ideal for young families.
With a starting price of 759 million VND, the CX-5 is already one of the most competitively priced offerings in its segment. Currently, Mazda is offering discounts ranging from 25 to 45 million VND, depending on the variant. While the discounts may not be as substantial as those of its rivals, the CX-5’s initial competitive pricing means it still holds an advantage. With a loyal customer base and a well-established brand image in Vietnam, the Mazda CX-5 remains a popular choice in the C-segment SUV market.
Mitsubishi Xforce (Discount of 50-60 million VND)
The Mitsubishi Xforce is a B-segment SUV that boasts a youthful design, spacious interior, and modern technology. It is poised to become Mitsubishi’s trump card in the urban SUV segment, competing against the likes of the Kia Seltos, Hyundai Creta, and Toyota Corolla Cross.
Since its launch, the Xforce has garnered attention for its competitive pricing and the credibility of the Japanese brand. However, competitors have swiftly retaliated with their own strategies to recapture customers. Mitsubishi has responded by introducing incentives for the Xforce, including discounts of around 30 million VND and fuel vouchers worth 15-20 million VND. Additionally, the GLX variant (the base model) is offered with a 100% registration fee waiver, amounting to 60 million VND.
The widespread price reductions across SUV models indicate the intense pressure automakers are facing due to slowing sales and heightened competition in the SUV segment, which has long been considered a gold mine in the Vietnamese automotive market.
For consumers, this presents an opportune moment to acquire these once-premium SUVs at much more accessible price points. Conversely, it also reflects the challenges automakers face in maintaining profitability, rebalancing inventory, and preparing for the introduction of new-generation models.
The SUV race in Vietnam, therefore, extends beyond the vehicles themselves and into the realm of pricing strategies and customer acquisition tactics.
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