The Most Opportune Time to Buy a Car: Vietnamese Car Buyers Reap Double Benefits

Looking at the current fluctuations in the Vietnamese auto market, some people suggest that now is a great time to buy a car. This opinion stems from two factors that are currently being discounted: registration fees and new car prices.

Specifically, the government has issued regulations on registration fees for domestically produced and assembled cars.

Decree No. 109/2024/ND-CP, which took effect on September 1, stipulates that the registration fee is only 50% of the rate prescribed in Decree No. 10/2022/ND-CP. In other words, people who buy domestically produced or assembled cars are entitled to a 50% discount on registration fees.

The registration fee incentive for domestically assembled and manufactured cars is one of the measures to boost car sales as more imported cars are entering the country, causing difficulties for the domestic auto industry. However, it is important to note that this incentive only lasts for three months.

Another thing to note is that for electric cars, the registration fee is currently 0% regardless of whether they are imported or domestically produced. The regulation on the 0% registration fee for electric cars will only last until March 2025, after which it will increase to 50% until 2027.

In addition, customers will also enjoy other incentives offered by the car manufacturers themselves. Specifically, VinFast, a Vietnamese car manufacturer, is offering free charging services at V-Green stations nationwide.

Along with this, VinFast has also reduced vehicle prices to better compete with gasoline-powered cars. The discount corresponds to 50% of the registration fee for that model, which can range from tens of millions to hundreds of millions of VND.

Similarly, a few gasoline-powered car models are also being offered with discounts. Typically, some Honda models are now available at very competitive prices, with discounts of up to over VND 200 million.

Specifically, the Honda City RS, L, and G versions are being discounted by VND 40 million, VND 50 million, and VND 60 million, respectively. Meanwhile, the Honda CR-V L and L AWD versions are discounted by VND 60 million, and the G version is discounted by up to VND 80 million. The Honda model with the highest discount is the Accord, at VND 220 million.

Along with Honda models, Toyota Corolla Cross prices have also been reduced. A dealer in the North recently announced a discount of VND 85 million for the Toyota Corolla Cross G version and VND 95 million for the hybrid HV version.

In the future, the Mitsubishi Triton pickup truck may also continue to be discounted when the new version is launched on September 11. Currently, Mitsubishi Triton has different prices at dealers, with the highest recorded discount of up to nearly VND 60 million.