Domestic automobile manufacturers have launched many promotion programs to lure people to showrooms before the new ownership registration fee scheme is applied on August 25, state media reported.
Euro Auto, an importer and distributor of BMW in Vietnam, made an ‘upstaging move’ by slashing the prices of BMW imports by 13 per cent-17 per cent or VND13.4 million-VND31.9 million per unit. The promotion program will end on August 22, 2008.
BMW 320i is now selling at US$66,000, a decrease of US$13,900 from the previous level, while the retail price of BMW 325i is standing at US$76,500/unit instead of US$89,900. The prices of BMW 530i and BMW 730Li, have decreased to US$114,000 and US$168,000, respectively.
On August 10, Hyundai Vietnam inked a cooperation deal with Techcombank, under which all clients purchasing cars distributed by Hyundai Vietnam will be able to borrow 70-75 per cent of cars’ values at the interest rate of 1.75 per cent/month.
Ford Vietnam has reduced sale prices by US$1,000/unit on all Focus models and US$250/unit on other models, including Everest, Escape, Ranger and Transit. The promotion program will last from August 7 to August 31.
In an effort to lure customers, Ford Vietnam has also marketed the 2.3L Mondeo with the new “Kinetic Design”. The imported model has the sale price of US$56,900/unit, which took a lot of effort of the part of the importer.
Ford Mondeo is US$2,000 cheaper than imported Toyota Camry 2.4L and US$3,000 cheaper than Honda Accord.
The number of cars sold has increased sharply since promotion programs were launched.
According to Huynh Du An, General Director of Euro Auto, some 20 clients had signed contracts to purchase cars just 30 hours after the discount rates were announced. The BMW 320i cars are running out.
Ha Minh Tuan, General Director of Hyundai Vietnam, said Hyundai has sold 100 units of different models in the last week.
Tuan added that purchasing power has been increasing sharply as people can still borrow money from Techcombank if they are refused by other banks. Moreover, many people are trying to purchase cars prior to August 25 to avoid the high ownership registration fee.
Ford Vietnam also said that since the promotion program was launched on August 8, the number of clients has increased sharply. An agent said that everyday he receives tens of clients seeking to buy a car.
Michael Pease, General Director of Ford Vietnam, said that if sales go well, the joint venture will consider assembling Mondeo in Vietnam.
Domestic automobile market is expected to return to be quiet after August 25 once higher ownership registration fee is officially applied. (Autonet)
Vietnamese
