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In May, car prices continue to move up

15:37 | 07/05/2018

VCN- In the first three months of the year, the car market is in short supply. In April, the supply from import as well as domestic production has been added, however, despite the preferential tax rate of 0%, the market still has no shock reduction of price. Even the uptrend continues to increase for some models.

in may car prices continue to move up
Although imported cars enjoy 0% tax incentives, the market does not have a "shock" price drop. Picture: Nguyen Ha.

Price reduction is still far off

In May, some cars of the Mazda brand Kia, have in Vietnam continued to increase in price by several tens of millions. For example, the Mazda 2 model in May is priced higher by 30 million for both the sedan and hatchback. Specifically, the Mazda 2 sedan version increased from VND 499 million to VND 529 million, while the Mazda 2 hatchback version also increased from VND 539 million to VND 569 million.

In the upward trend of car sales in May this model is quite good for customers, the Cerato Kia. According to Kia car prices in May 2018, Kia Cerato is adjusted to increase to a higher price by 6 million. Accordingly, Kia Cerato 4 doors 2.0 increased by 6 million, up to 635 million, Cerato version 1.6L 4-door market was adjusted up 5 million, the new price is 530 million.

Earlier in April, a price increase also occurred for some models. That's the model of Honda's import car (CR-V, Civic), although the tax reduction to 0%, but suddenly increased 5 million more than the previous price. According to the new price list, Honda CR-V has a retail price ranging from VND 963 million to VND 1.73 billion, depending on the version. Honda Civic has a new price ranging from 763-903 million. The Honda Accord D sedan increased from VND1,198 billion to VND1,203 billion.

Also, Nissan's Sunny and X-Trail also increased by 20-25 million. Specifically, all five versions of the X-Trail SUV series increased by 25 million. Nissan X-Trail's new sale price ranges from VND 878 million to VND 1,013 billion, depending on the version. The Nissan Sunny XV model is adjusted from 439 million to 468 million.

Hyundai Motor Korea also adjusted with increases of 20 million VND with 11 products in Vietnam. Accordingly, Hyundai Elantra increased retail prices from 9-20 million, depending on the version. Specifically, Elantra 1.6AT increased 20 million, Elantra 1.6MT increased 11 million and Elantra Sport increased 9 million.

Hyundai Santa Fe also increased by 10-20 million, depending on the version. Specifically, the Santa Fe 2.4 standard gasoline engine is priced at 908 million, and the Santa Fe 2.4 with petrol engine at 1.040 billion. The remaining two machines have the new price of 980 million and 1.090 billion. (This last sentence might need altering or being added to, because of the word ‘remaining’. As a reader I’m not sure what the remaining cars are.)

All three versions of 1.2L hatchback of the Grand i10 also increased by 10 million, the current price increased from 340-405 million; Four versions of the Hyundai Tucson added 10 million, the new price ranges from 839 to 900 million.

It can be seen, the price of cars in the Vietnam market is always unpredictable. The price is regulated by the market supply and demand, and a buyer’s psychology is not necessarily affected by taxes, costs ...

Finding the reason for the increase of prices of these models shows that this is mostly the models previously promoted by the discount, the market does not give much choice, the adjustment is inevitable.

In fact, in the increasing price trend of many car models, there are also many models with discount. This increase and decrease is in the calculation of the business to promote the consumption of goods as well as clear the way for new models to appear.

Imported car continues to pour into

After clearing the paperwork and the procedures, the imported cars continues to flow, especially cars from Thailand. Figures from the General Department of Customs show that 556 automobiles of all types have registered for import customs declarations in the week (from April 20 to April 26) with total value of nearly 12, $ 3 million. In particular, the number of passenger cars under 9 seats from Thailand continue to pour into Vietnam with the number of 479 cars (out of 487 units worth nearly 9.3 million USD).

Also in the past week, according to preliminary statistics of the General Department of Customs, there are nearly $ 44.2 million components and parts of cars being imported into Vietnam (mainly originated from Japan - more than 10 (shipments ?) US $ 8.9 million, China $ 8.4 million, Germany $ 4.5 million and South Korea $ 3.8 million.

It is worth noting that the market has appeared with many models as expected. That is the Hyundai Accent 2018 (with the price from 425 to 586 million) assembled at the factory in Ninh Binh by Thanh Cong Hyundai. Accent 2018 will compete directly with Toyota Vios (price from 513-586 million).

Ford EcoSport 2018 (priced from 545 to 689 million) was assembled by Ford Vietnam at its factory in Hai Duong. Ford's 2018 crossover model is available in five versions, a 1.5-liter engine or a 1.0-liter EcoBoost. The automatic version uses a new 6-speed hydraulic gearbox.

It has not officially been shown, but the Chevrolet Trailblazer of GM Vietnam has been announced. Specifically: Trailblazer 2.8L 4x4 AT LTZ is priced at 1.075 billion; Trailblazer 2.5L VGT 4x2 AT LT is priced at 898 million and Trailblazer 2.5L 4x2 MT LT is priced at 859 million. However, this model also enjoys a discount program from 30 million to 80 million when buying a car in May and June.

Vietnam GM also carries the Colorado imported model of pickup in Vietnam from April, which will be shown in May.

Toyota Vietnam also imports seven models at the same time, including Fortuner, Yaris, Hilux, Hiace, Wigo, Rush and Avanza in Vietnam, notably the Fortuner and the all-new Wigo.

Vietnam Mitsubishi will take MPV Xpander model made in Indonesia to the country, there are 4 versions with 1.5L engine, capacity 104 horsepower, the price is equivalent to 321-427 million.

There is also Suzuki Celerio (at the price of 359 million), the hatchback imported from Thailand is competing with Kia Morning or Hyundai Grand i10. Or the Mitsubishi Outlander domestically assembled model (price 808 million-1.1 billion); Hyundai Elantra Sport (valued at 729 million). Elantra Sport is a sports version of Hyundai Elantra model assembled and distributed in Vietnam; Mitsubishi Triton Athlete (746 million dong).

The Ministry of Finance has recently responded to the recommendations of the Ministry of Industry and Trade, the Vietnam Association of Mechanical Enterprises (VAMI), Thanh Cong Group, etc., which relate to the Special Consumption Tax (STA) and import tax on auto parts.

Accordingly, the Ministry of Finance said that it is considering, reporting to the Government on the special tax exemption for the value of domestic production applied to automobile products. This is to promote car manufacturers to increase the value added content produced in the country.

With regard to the proposal on the exemption and reduction of import tax on raw materials and materials for component manufacturers investing in Vietnam, the Ministry of Finance has stated clearly: According to the list of industries and trades eligible for investment, the production of public products assisting enterprises under the Prime Minister's decisions in the branches eligible for special investment incentives; Automobiles and automobile spare parts in the fields of investment incentives. Therefore, the Ministry of Finance will coordinate with relevant ministries to study the treatment plan and report to the Government for consideration and decision.

By Nguyễn Hà/Bui Diep