Many cars have reduced prices in early March, some cars have reduced prices by more than 700 million VND

In early 2024, the Vietnamese auto market saw a severe drop in sales of up to 50% compared to December 2023 (VAMA report), due to the 50% registration fee incentive from the Government ending and the market preparing to enter the Tet holiday.

Therefore, right after Lunar New Year, car manufacturers immediately returned to the price reduction race with a series of new prices applied from March.

Toyota simultaneously reduced from 21 - 47 million VND for 2 car models

Right after Mitsubishi announced a price reduction on the Xforce model, its "compatriot" rival Toyota also immediately reduced the price for two models, the Vios and Veloz Cross.

Specifically, the highest reduction of up to 47 million VND is for the Vios G version, bringing the new price to 545 million VND. The Toyota Vios E-CVT version is reduced by 40 million VND to 488 million VND and the Vios E-MT version is reduced by 21 million VND to 458 million VND.

The Toyota Veloz Cross MPV model has a 38 million VND discount for the CVT Top version, bringing the price down to 660 million VND, the regular CVT version is reduced by 20 million VND to 638 million VND.

In January, Toyota Vios sold 653 cars and dropped from the leading position in December 2023 to 8th place. Meanwhile, Toyota Veloz Cross sold only 253 cars in January (down 84.9% compared to December 2023). Therefore, the fact that two models that were once in Toyota's best-selling group dropped in rank at the beginning of the year is probably the main reason for the Japanese automaker's decision to reduce prices.

Honda sharply reduces prices of 2023 manufactured cars

In March, all 5 Honda models, City, HR-V, Civic, CR-V and Accord, were discounted, with the highest discount up to 140 million VND.

Specifically, the Honda CR-V manufactured in 2023 is being directly reduced by 30 million VND and given 100% of the registration fee (applied at a rate of 10%) for the G version, so the total reduction is 140 million, bringing the car price down to 969 million VND. The Honda CR-V L version is given 100% of the registration fee, equivalent to a reduction of 116 million VND, and the new price after the reduction is 1.043 billion VND.

Also discounted by 30 million VND and 100% registration fee, the Honda City L and G models are reduced by 86 - 89 million VND, bringing the price down to 473 million and 500 million VND. The RS version is only reduced by about 30 million VND.

The remaining three models, HR-V, Civic and Accord, only receive a reduction equivalent to 50% of registration fees.

In the first month of 2024, Honda sold 2,023 vehicles, down 50% compared to December 2023 and up 35% compared to January 2023. Of which, the sales that contributed the most to Honda were the two models HR-V and City.

Mercedes-Benz reduces 2022 inventory car prices by up to 719 million VND

Luxury car brand Mercedes-Benz has just reduced prices on a series of 2022 production models in stock, including 15 car versions of the following lines: C-Class, E-Class, GLA, GLB, GLE, V-Class.

The highest discount is on the Mercedes-AMG GT 53 4MATIC+ Couple FL model, up to 719 million VND, reducing the car price to 5.999 billion VND. The second highest discount, up to 669 million VND, is on the 3 Mercedes-Benz GLE 450 versions, reducing the price to 3.889 - 3.999 billion VND.

Some other models have lower discounts, from 210 - 320 million VND.

Notably, the high-performance Mercedes-AMG car lines also have strong price reductions this time, the Mercedes-AMG GLE 53 4MATIC+ Coupe is reduced by up to 620 million VND, down to 2.228 billion VND.

Mercedes-Benz no longer publishes its car sales figures despite being a member of VAMA, so the German luxury carmaker’s monthly and annual sales figures are almost kept secret. However, since BMWs were assembled by Truong Hai at its Chu Lai factory, car prices have dropped significantly. This has increased competition for Mercedes-Benz Vietnam and forced the company to reduce prices on slow-selling models.

Mitsubishi Xforce reduced from 19 - 21 million VND

In March, the Japanese automaker will begin delivering the new B-SUV model, the Xforce, to customers who have ordered the car since January 2024. However, the price of the Mitsubishi Xforce was unexpectedly announced to be reduced by 19 - 21 million VND for 3 versions.

Specifically, the lowest version Mitsubishi Xforce GLX (620 million VND) is reduced by 21 million VND to 599 million VND, the Exceed version (660 million VND) is reduced by 20 million VND to 640 million VND, and the Premium version (699 million VND) is reduced by 19 million VND to 680 million VND.