Two automobile manufacturers, Toyota Vietnam and Ford Vietnam, have decided to revise their suggested retail prices up for several models right after higher special consumption tax took effect on April 1.
Toyota Vietnam has announced the price increases of between 0.2 per cent-21.2 per cent for its models.
The price of Camry 2.4G sedan has been raised from US$49,700 to US$49,800 a vehicle. The highest price increase is applied to the imported CBU 2008 Land Cruiser, which now cost US$125,000 instead of US$103,100.
As for Ford Vietnam, only two models have seen the prices increase, including the Everest and Transit Van, while the prices of other models remain unchanged.
In general, the models of 6-9 seats, the models with less than five seats, and the cylinder capacity of over 3,000 cubic meters are the main subjects for the price increases as the result of the higher tax rates.
Meanwhile, other models have seen the prices decrease, also because of the impacts of the luxury tax adjustments.
Toyota Vietnam has two models which have seen prices decrease, the Corolla Altis and Vios, down by 1.9 per cent and 2.5 per cent, respectively. Ford Vietnam has one model which has seen prices decrease, the Focus 1.8MT, down by US$3,700.
The effective luxury tax law has triggered a new price increase in Vietnam’s automobile market. With a higher tax rate leading to higher sale prices, the market is forecast to continue to witness the slow sales in coming months, especially for vehicles with 6-9 seats.
Market analysts said automobile makers cannot raise the sales prices more sharply as they understand that the market remains gloomy and they should not cause shock to consumers until the national economy and the market recover.
The analysts said that vehicles with less than five seats and with the cylinder capacity of 2,000 cubic meters lower will catch more attention from customers as their prices have decreased, though the decreases prove to be modest. (Capital Security)
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