A range of cars will receive 100% registration fee support in June.
Ahead of the reduction in registration fees for domestically assembled vehicles, many car manufacturers are preemptively offering a 100% reduction in registration fees for imported products.
Considering the sluggishness of the Vietnamese automotive market in the first half of 2023 due to the impact of the overall economic difficulties on consumer demand, the Government has agreed to reduce the registration fee by 50% for domestically produced and assembled vehicles, expected to take effect from July 1st.
However, many car manufacturers quickly launched promotions offering 100% support for registration fees in June, mainly for products that are imported as complete units.
Honda CR-V
Assembled domestically, the Honda CR-V is also eligible for a 50% reduction in registration fees when the policy is implemented. However, due to unfavorable sales, the CR-V is frequently offered with significant promotions by the manufacturer or dealerships. In June, the vehicle received a 100% registration fee waiver and a complimentary one-year comprehensive insurance package.
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| The Honda CR-V is distributed in 4 versions with suggested retail prices starting from 998 million VND and going up to 1.138 billion VND. Photo: Ngoc Anh |
The 100% registration fee subsidy for the Honda CR-V translates into a cash discount of 99.8-136 million VND depending on the version. After the discount, the actual price of the highest-spec CR-V is around 1 billion VND, lower than the Hyundai Tucson (highest-spec at 1.055 billion VND) but more expensive than the Mazda CX-5 (739-922 million VND).
Nissan
In recent months, Nissan Vietnam has frequently offered a 100% registration fee waiver for the Nissan Almera B-segment sedan, but this June, the company is going big by supporting the entire product range.
Accordingly, the promotion of 100% registration fee waiver for the Nissan Almera translates to a discount of 70 million VND, bringing the actual selling price of this model down to 469 million and 529 million VND.
The price reductions for the Nissan Kicks are 80 million and 90 million VND for the two versions, respectively. After the reduction, the starting price of this "self-charging electric car" is 709 million VND, with the highest price reaching 768 million VND. This price is now close to the listed price of comparable B-SUV models.
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| The Nissan Kicks e-Power is powered by an electric motor, while the gasoline engine acts as a generator. Photo: Nissan |
Finally, the Nissan Navara received the biggest discount, up to 120 million VND. The standard version of this pickup truck was reduced by 80 million VND, now priced at only 619 million VND, while the top-of-the-line version's actual price dropped to just 850 million VND, making it more accessible to a wider range of consumers.
Mitsubishi
Similar to Nissan, Mitsubishi Vietnam offers 100% registration fee support for almost all of its products, except for the C-SUV Outlander. In fact, this promotional program applies to vehicles manufactured in 2022 (VIN 2022), while vehicles with VIN 2023 only receive a 50% registration fee discount.
The models included in the promotion are: Mitsubishi Xpander, Attrage, Triton, and Pajero Sport. All four products are imported as complete units. Specifically, only the Xpander AT Premium VIN 2022 version is eligible for a 100% waiver of registration fees, equivalent to a discount of 65.8 million VND.
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| The Mitsubishi Xpander is a flagship product of the Japanese automaker, consistently ranking among the best-selling cars in the market. Photo: Mitsubishi |
The Mitsubishi Attrage comes in 3 versions, with corresponding reductions of 100% of the registration fee ranging from 38-49 million VND. After the reduction, the highest price of this B-segment sedan is lowered to just 441 million VND, the lowest in its segment.
Next, the Mitsubishi Triton pickup truck receives a 100% registration fee waiver for the two Athlete VIN 2022 versions, equivalent to a discount of 47-55 million VND. After the discount, the top-of-the-line Athlete 4x4 VIN 2022 version of the Triton is priced at 905 million VND, lower than the Ford Ranger but not as much as the discounted price of the Nissan Navara.
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| The Mitsubishi Triton typically ranks second in sales within the pickup truck segment, but still lags significantly behind the Ford Ranger. (Image: Mitsubishi) |
Finally, the 2022 Mitsubishi Pajero Sport VIN has been reduced in price by 113-136 million VND, bringing the total down to 1.017-1.229 billion VND. In addition to a 100% waiver of registration fees, these models also come with complimentary gifts such as one year of comprehensive insurance.
Volkswagen
In June, Volkswagen Tiguan and Teramont continued to receive a 100% registration fee discount from the manufacturer. Accordingly, the Volkswagen Tiguan saw a reduction of 200-240 million VND depending on the version, while the Teramont received a reduction of 250-300 million VND.
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| The Volkswagen Tiguan's highest price was 1.999 billion VND, after a price reduction to 1.759 billion VND. Photo: Volkswagen |
In fact, the current market offers many other car models with even larger discounts than the 100% reduction in registration fees. For example, the Hyundai Santa Fe Diesel Premium VIN 2022 is being offered by some dealerships with discounts of up to 220 million VND, or a series of newly assembled BMWs have had their prices adjusted downwards, with the biggest discount reaching nearly 600 million VND.
With the policy of supporting 50% of registration fees for domestically produced vehicles, the Vietnamese automobile market is expected to be more vibrant in the second half of 2023. However, consumers also need to be decisive because when customer purchasing power increases, dealerships may cut back on promotional programs, meaning buyers may not truly benefit.
