Vietnamese automobile companies are now racing to launch promotional programmes to attract customers to stave off sluggish sales.
This is the first time in five years that the domestic auto market has seen such a stagnant sales period, which they have attributed to global and domestic economic difficulties.
According to Vietnam Automobile Manufacturers Association (VAMA), in the first ten months of this year, revenues of VAMA members dropped 37% compared to the same period of last year. Total auto sales are expected at just around 94,000 this year, from 110,938 of last year.
Ford Vietnam has reduced prices from VND16 million (USD761.9) to VND35 million (USD1,600) for its Fiesta, Focus Classic, Mondeo, Escape and Everest 4x2 MT models.
Toyota has started its discount programme, offering a discount of VND40 million (USD1,900) for model Yaris, version E through installing extra spare parts. The programme will last until March 31. Meanwhile, Honda is boosting sales of model CR-V through attractive promotion programmes such as giving a VND65 million (USD3,000) saving book.
Mercedes-Benz Vietnam has introduced a special promotional programme until late December for customers who buy their S-Class by giving them two return air tickets to Germany. Customers can also enjoy a three-year free warranty programme.
Renault has also offered a pair of tickets to Paris for those who buy Koleos, Latitude and Mégane models.
