Mixed developments in car prices in the Vietnamese market in early 2023

While the price level of many segments is being pulled down as car models compete to reduce prices, many models also increase in price from several tens of millions of dong to nearly half a billion dong.

Since the beginning of 2023, car manufacturers in the Vietnamese market have continuously increased their competitiveness with a series of incentive programs and widespread discounts on car models being offered to boost purchasing power in the market after business results recorded a decline in the first months of the year.

Among them, we must mention the incentives from 50-100% of registration fees that Kia, Mazda, Nissan or Mitsubishi are applying to a series of car models from sedans to high-chassis vehicles, with the highest incentive value up to more than 100 million VND. In addition, the French brand - Peugeot also increased the discount incentive from 40 million to 45 million VND for the entire product chain being distributed in Vietnam.

The best-selling car model in the market - Toyota Vios has been continuously offered incentives by the company since the beginning of 2023. Photo: Toyota Vietnam.

The best-selling car model in the entire market in 2022 - Toyota Vios is also receiving genuine incentives of up to 37 million VND, including 50% support for registration fees, along with accessories to increase competitiveness. Or the Subaru Forester model has a discount of up to 319 million VND, bringing the car price back to only 859 million VND for the 2022 production version.

In contrast to the "whirlwind" of price reductions that a series of car manufacturers have announced, the market has also received information about sharp price increases for many car lines from popular to luxury segments. Specifically, Ford, Toyota and Lexus have issued consecutive price adjustment policies with the highest increase of nearly half a billion VND.

Ford Vietnam has increased the price of the Territory by 10 million VND for the Titanium version and 19 million VND for the Titanium X version. The most popular 7-seat SUV today, the Ford Everest, has increased its price by 12-16 million VND depending on the version. The price of the Ford Explorer has also increased by 40 million VND.

The best-selling 7-seat SUV Ford Everest has a slight price increase of 12-16 million VND. Photo: Ford Vietnam.

While the company's best-selling models are receiving incentives, Toyota Vietnam is also increasing prices for models such as Camry, Raize, Alpha and Land Cruiser Prado.

The Toyota Raize urban SUV saw the lowest increase of VND5 million. The Toyota Camry and Toyota Land Cruiser Prado saw increases of VND35 million and VND40 million, respectively. The Toyota Alphard alone saw the biggest increase of VND90 million.

The luxury car LX 600 has a selling price increased by 400 million VND. Photo: Lexus.

The luxury car brand Lexus is not out of the price increase race with a series of car models sold in Vietnam from sedans to high-chassis vehicles such as LM, ES, LS, NX, GX, LX with an increase of 30-400 million VND. The highest increase of this car company is applied to the large luxury SUV line - LX 600, increasing up to 400 million VND applied to all 3 versions. Thus, the selling price after the increase of LX 600 Urban is 8.5 billion VND, LX 600 F Sport is 8.75 billion VND and LX 600 VIP is 9.61 billion VND.