Repeated predictions of “missed” preferential registration fee policies have led many car buyers to “hold back their demand” and wait for the effective date.
The possibility of preferential policies to reduce registration fees for domestically assembled and manufactured cars is becoming increasingly blurred as ministries, sectors, and industries worry that this may violate international commitments, leading to the risk of being fined or retaliated against by countries to which Vietnam exports goods.
In the context of a still challenging market, this policy was once expected to create sales momentum. But as hope gradually “dwindles,” many car manufacturers and distributors have taken it upon themselves to implement registration fee support programs in the form of direct cash deductions to clear their own path.
Honda
Entering August, Honda Vietnam continues to implement promotional programs applicable to a series of the company’s products.
A range of Honda models are offered a 50-100% discount on registration fees. Photo: Honda Dealer
Among these, the Honda City L/G is eligible for a 100% registration fee support, applied at a rate of 10%, equivalent to around VND 60 million. The Honda City RS is offered a 50% discount on the registration fee (equivalent to over VND 30 million) along with one year of car insurance.
Similar policies are also implemented for the Honda CR-V L, Honda BR-V, and Honda HR-V. Honda Vietnam offers a 100% registration fee support for the CR-V G model.
The Honda Accord enjoys a separate policy, receiving a cash support of VND 220,000,000.
Toyota
Toyota Vietnam has also launched a preferential program by offering registration fee discounts. The August program has been expanded compared to July, with the addition of the imported Yaris Cross model to the list.
The Yaris Cross is also on the list of models offered August discounts by Toyota. Photo: Toyota
Specifically, the Vios, Veloz Cross, Avanza Premio, and Yaris Cross lines are eligible for a 50% registration fee support program. With this benefit, Vios buyers will receive a reduction of between VND 23-27 million depending on the version. The Toyota Veloz Cross is reduced by VND 32-33 million, the Avanza Premio by VND 28-30 million, and the Yaris Cross by VND 33-38 million.
Subaru
According to the announcement, in August 2024, customers who purchase the Subaru Forester will receive support for the registration fee. The level of support depends on the version.
Subaru Forester is still trying to reduce inventory before the possibility of having to change its import source after the company closed its factory in Thailand. Photo: Subaru
Specifically, the standard 2.0 iL version is offered a partial registration fee reduction with a total value of VND 50 million. The 2.0 iL EyeSight version is offered a discount of up to VND 110 million. The high-end 2.0 iS EyeSight version will be given a 100% registration fee waiver, equivalent to VND 140 million.
The Subaru Forester models offered the promotion are all 2024 production vehicles. After receiving the discount, the price of the Subaru Forester now ranges from VND 969 million to VND 1.199 billion.
Mitsubishi
Despite being a popular model, Mitsubishi Xforce is also being actively promoted by dealerships nationwide as 2024 comes to an end in just five months.
The second half of 2024, especially after the “ghost month,” is usually a period of high car sales. Photo: Mitsubishi Dealer
Many dealerships across the country have stated that the Mitsubishi Xforce is currently being offered with significant cash discounts on multiple versions. In particular, the Xforce Exceed version is being offered a cash discount equivalent to a 100% registration fee waiver. Meanwhile, the lowest-priced GLX version is only eligible for a 50% registration fee discount.
According to a sales consultant, due to the varying levels of support, the total cost of owning the Mitsubishi Xforce Exceed in provinces with a 10% registration fee is only VND 643 million, while the base GLX version’s ownership cost is not much lower (around VND 633 million).
Similar to the Subaru Forester, these are all 2024 production vehicles. Therefore, the time they have been in inventory is not too long compared to the remaining 2023 models.
Nissan
When choosing to offer registration fee discounts, most brands and dealerships opt for a 50-100% reduction. However, Nissan is a special case, offering up to a 150% registration fee discount for three models: the Almera, Navara, and Kicks, depending on the version and year of manufacture. For example, with the Kicks, only the higher-end V version is eligible for the discount.
In addition to company policies, many dealerships also have their own programs to clear inventory. Photo: Nissan Dealer
Converting this to cash terms, some versions may see a reduction of up to VND 100 million. But that may not be the final figure that buyers receive, as dealerships also have their own policies when it comes to 2023 production vehicles.
For instance, a dealership in Ho Chi Minh City is offering a discount of up to VND 240 million on the Nissan Kicks V. After applying the discount, the price of this model is reduced to VND 618 million.
Land Rover
Even luxury car brands are not entirely exempt from this trend. Land Rover is one such example. According to information from several dealership sales consultants, the Land Rover Discovery Sport is currently offered with a 100% registration fee waiver and an additional gift of a VND 150 million vacation package.
In the “disappointed” mood of many people waiting for policies, even luxury car brands find it challenging to stay out of the game. Photo: Land Rover Dealer
As a result, after applying the 12% registration fee in Hanoi and deducting the equivalent amount, the price of the Discovery Sport is approximately VND 3.1 billion, a reduction of over VND 420 million compared to the listed price. This selling price is on par with the Volkswagen Touareg’s highest-end model, which is currently on sale for approximately VND 3.1 billion.
In addition, the dealership also offers to cover the cost of registration, which is around VND 20 million in Hanoi and Ho Chi Minh City.
Combining all the discounts, the total value of the benefits offered for the Discovery Sport could be enough to purchase a sedan in the B-segment, such as the base model Hyundai Accent (VND 439 million).
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Honda offers big discounts on SUVs and sedans in Vietnam: City and CR-V have the highest reduction of nearly 90 million, aiming to boost sales at the beginning of 2024.
Honda Vietnam’s range of SUVs and sedans are now being offered with a simultaneous 50-100% reduction in registration fees. In addition, selected models are eligible for an additional cash rebate of 30 million VND. This is an amazing opportunity for customers to save money while owning a top-quality vehicle from Honda Vietnam. Don’t miss out on this special offer!
