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Abundant promotion programmes launched to stimulate car demand
Automobile manufacturers have been launching a lot of promotion programmes to lure people to showrooms before the new ownership registration fee scheme is applied on August 25.
Euro Auto, an importer and distributor of BMW in Vietnam, made an ‘upstaging move’ by slashing the prices of BMW imports by VND13,400-31,900 mil/unit. The promotion programme will end on August 22, 2008.
BMW 320i, for example, is now selling at $66,000, a decrease of $13,900 from the previous level, while BMW 325i is now selling at $76,500/unit instead of $89,900/unit. The prices of BMW 530i and BMW 730Li, have decreased to $114,000 and $168,000, respectively.
The new prices represent 13-17% decreases of car prices. If buying cars before August 25, buyers will be able to save 20% due to the discount rates and low ownership registration fee prior to August 25.
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% of cars’ values at the interest rate of 1.75%/month.
Ford Vietnam has slashed sale prices by $1,000/unit on all Focus models and $250/unit on other models, including Everest, Escape, Ranger and Transit. The promotion programme will last from August 7 to August 31.
In an effort to lure customers, Ford Vietnam has marketed the 2.3L Mondeo with the new “Kinetic Design”. The imported model has the sale price of $56,900/unit, which, according to Ford Vietnam’s representative, took a lot of effort of the part of the importer. Ford Mondeo is $2,000 cheaper than imported Toyota Camry 2.4L and $3,000 cheaper than Honda Accord.
The number of cars sold has increased sharply since promotion programmes 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. 320i cars are running out.
Ha Minh Tuan, General Director of Hyundai Vietnam, said that Hyundai Vietnam has sold 100 units of different models in the last week. Tuan said 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 programme 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.
It is expected that the market will return to quiet after August 25.
VNN
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