A model of Toyota Cross. — Photo courtesy of Toyota Vietnam

HÀ NỘI — As January 2025 marks the Lunar New Year for the Vietnamese community, car manufacturers are intensifying their promotional strategies to attract customers and boost sales before the end of the year, especially after the expiration of the preferential registration tax policy.

Despite the conclusion of the Government's 50 per cent registration fee reduction for domestic cars, Toyota has maintained focused incentives. For its Yaris Cross, Toyota offers a 50 per cent reduction in registration fees for both petrol and hybrid models, alongside preferential bank loans at an interest rate of 6.99 per year.

For customers who use Veloz Cross and Avanza Premio models for ride-hailing services (Grab or Be), Toyota offers a special financial package with an interest rate as low as 1.99 per cent per year.

Additional warranty periods are also provided, with petrol models receiving an extra two years or 50,000km (whichever comes first), over a total term of five years or 150,000km. Hybrid versions enjoy similar incentives, extending to seven years or 150,000km for hybrid batteries.

Mitsubishi Motors Vietnam has also adjusted its promotions, particularly for low-cost models. Purchasing the Xpander and Xpander Cross cars will attract a 50 per cent registration fee discount, fuel vouchers and camera accessories, with total incentives reaching up to VNĐ76 million.

The Outlander 2.0 CVT version will feature significant incentives, including a VNĐ42 million cash support (50 per cent of the registration fee), a VNĐ10 million fuel voucher and a VNĐ20 million panoramic camera.

Meanwhile, Honda Vietnam has initiated a promotion campaign in January 2025 for several of its car models, including the Honda CR-V, Honda City, Honda Civic, Honda BR-V, Honda HR-V and Honda Accord.

Honda Vietnam offers promotions for customers before Tết. — Photo courtesy of Honda Vietnam

Customers who buy one of the designated models can enjoy a fixed interest rate of 5.8 per cent for the first 12 months if they finance their purchase through VP Bank. This offer applies to those who complete the car purchase process between January 1 and 31, 2025.

The Honda City is offered with a 50 per cent discount on registration fees, based on the standard 10 per cent registration fee rate. This promotion is available for all versions of the Honda City during January 2025.

Ford Vietnam has also launched a major incentive programme in January 2025, offering up to 50 per cent registration fee support on select models. This promotion covers all localities across Việt Nam and applies to passenger cars (with a standard 10 per cent registration fee) and pickup trucks (6 per cent registration fee).

The Vietnam Automobile Manufacturers Association (VAMA) reported a significant milestone for November 2024, marking the highest monthly sales increase since the beginning of the year.

The total market sales reached 44,200 vehicles, reflecting a 14 per cent increase compared to October 2024 and an impressive 58 per cent growth compared to November 2023.

This surge is attributed to the 50 per cent reduction in registration fees for domestically produced and assembled vehicles, as stipulated in Decree 109/2024/ND-CP issued on August 29, 2024.

This preferential policy, effective until the end of November 2024, encouraged strong consumer demand and boosted sales figures across the industry. The data compiled by VAMA encompasses the sales of its 17 members, as well as those of non-VAMA car manufacturers dealing in imported vehicles. The November 2024 sales record highlights the policy's effectiveness in driving growth, particularly for the domestic car manufacturing sector, just before its expiration.

In November 2024, total market sales reached 44,200 vehicles. Sales of domestically assembled vehicles reached 25,114 units, a 19 per cent increase from the previous month, while imported vehicle sales stood at 19,086 units, marking an eight per cent rise.

By the end of November 2024, total market sales for the year had grown by 17 per cent compared to 2023, signaling a strong recovery despite earlier challenges in the market.

Industry analysts stress the importance of manufacturers introducing promotional programmes following the expiration of the 50 per cent registration fee incentive for domestically assembled vehicles under Decree 109/2024/ND-CP. With the incentive no longer in effect, maintaining the sales momentum achieved in November will require strategic efforts, especially to counter the sluggish sales experienced earlier in 2024.

As the market transitions into early 2025, manufacturers must build strong sales momentum to secure a competitive advantage in the New Year. This can involve a mix of attractive offers, innovative marketing strategies and customer engagement initiatives to sustain consumer interest and drive growth. — VNS