In the first month of the 50% registration fee discount, sales of many brands increased but the overall market decreased

After the policy to support 50% of registration fees was issued, it seemed to pull the overall auto market up, but in reality it was not as expected.

Previously, many agents, distributors, and genuine companies had many strong price support programs, but they did not create great attraction. To promote the market, the Government has officially supported 50% of registration fees according to Decree 41.

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However, in the first month when this policy took effect, sales were not as expected, and even decreased. Although not significant, it still makes many experts worried, making it difficult to predict market developments.

According to reports from the Vietnam Automobile Manufacturers Association (Vama), TC-Motor and VinFast, in July a total of 31,764 vehicles were delivered to users. However, this number is lower than June when there were 32,063 vehicles.

Thus, compared to the same period last year, sales decreased by about 17% and were about 1% lower than last month. Notably, as of July 2022, there is still no preferential registration fee policy and is in a new normal state.

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It can be understood that the policy of supporting 50% of registration fees has not yet had a strong attraction for the whole market’s sales to return to stability. In addition, when this policy took effect, many dealers and car manufacturers cut their promotional programs.

Although the reports of Vama-affiliated car companies such as Toyota, Kia, Mazda, Mitsubishi, Ford, Honda…, all have data increasing from 21,893 in June to 22,870 in July, equivalent to about 4%. But quite surprisingly, most Hyundai car models have decreased sales, making the sales chart almost flat compared to the previous month.

Also on sales reports, in the first 7 months of 2023, 208,740 vehicles were sold, nearly 30% lower than the same period last year when there were 291,115 vehicles sold. Many opinions say that the 50% reduction in registration fees is not strong enough to attract purchasing power.

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In addition, when there is a policy from the State, many dealers cut down on promotion programs, making many people disappointed because there is not much difference before and after the promotion. On the other hand, imported car manufacturers also increase promotions equal to or higher than assembled cars, making competition more fierce.

Currently, the auto market is entering the 7th lunar month, a time when few people buy cars due to folk beliefs. On the other hand, the economic market’s growth rate is still slow, and car loan rates are still quite high, making users still not dare to spend too much on items that are not really necessary.

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