"Declining Savings Interest Rates Drive Increased Consumer Spending on New Cars"

With banks' savings interest rates falling to a record low, many families decided to spend money to buy a new car when a series of car models were offered hundreds of millions of dong in promotions.

After deposit interest rates reached the bottom, a series of banks continued to lower interest rates for home and car loans. According to the survey, the interest rate for new car loans has been adjusted by many banks to around 7 to 10%/year, with loan terms lasting from 5 to 9 years.




Some banks with new car loan interest rates below 9%/year include Eximbank, Vietcombank, TPBank, Shinhan Bank, MSB,...





Along with low car loan interest rates, recently many car manufacturers and dealers have continued to launch preferential policies and promotions worth up to hundreds of millions of dong to stimulate people's demand for buying new cars. people.




In November, Toyota Vios versions were reduced from 24-30 million VND, Veloz Cross was reduced from 33-35 million VND, Avanza Premio was reduced from 28-30 million VND. Particularly for customers who buy Yaris Cross, they get a discount of 73 million VND, and Yaris Cross HEV gets a discount of 86 million VND.




People are boldly spending money to buy new cars, helping automakers' sales continue to improve in November.





Not to be outdone, Honda Vietnam cooperates with auto distributors to launch promotional programs for Honda City, Honda BR-V, Honda HR-V, Honda Civic and Honda Accord models.




In addition to the 50% registration fee support from the Government, Honda Vietnam and auto distributors further reduce the remaining fee by 50% for customers buying Honda City, BR-V L, HR-V, Civic and Accord. Many Honda CR-V models are supported up to 150 million VND in cash in addition to 50% registration fee support from the Government,...




In the luxury car segment, the Subaru Outback model has a discount of nearly 500 million VND. The Volkswagen Tiguan model also received a total discount of 500 million VND at the dealership, of which 200 million VND comes from the distributor's 100% registration fee support program.





The BMW 7-Series model gets a direct discount of VND 500 million. The BMW X6 is the car model with the biggest discount in BMW Vietnam's product portfolio, up to 570 million VND - equivalent to the listed price of a B-class sedan like the Hyundai Accent. While the BMW X7 model is also reduced by 420 million VND,...




With a series of preferential and promotional policies implemented by dealers, car companies and banks, people's demand for buying new cars continues to record recovery in November 2023.





The sales report of the Vietnam Automobile Manufacturers Association (VAMA) shows that in November 2023, the total market sales of the association's members reached 27,953 vehicles, an increase of more than 11% over the month. immediately before.




Of which passenger cars accounted for 22,451 vehicles, an increase of 14% compared to the previous month, commercial vehicles reached 5,318 vehicles, a decrease of 5% compared to the previous month, and specialized vehicles achieved sales of 184 vehicles, an increase of 30% compared to October.





Sales of domestically assembled cars reached 18,092 cars, up 10% over the previous month, and sales of imported complete cars reached 9,861 cars, also up 10% over the previous month.




Total sales of the entire market by the end of November 2023 reached 263,249 vehicles, down 29% compared to 2022, of which, passenger cars decreased by 31%, reaching 198,573 vehicles, commercial cars reached Sales of 62,671 vehicles decreased 16% over the same period and specialized cars reached sales of 2,005 vehicles, down 57% compared to 2022.




Previously, car sales of VAMA members decreased sharply in January, April, May and August when sales reached less than 24,000 vehicles/month. In particular, sales in January 2023 only reached 17,314 vehicles, the lowest sales volume in 2023.




By the end of November 2023, sales of domestically assembled vehicles reached 157,336 vehicles, down 25% over the same period while imported vehicles reached 105,913 vehicles, down 34% over the same period last year.




Along with VAMA members, according to TC Group's announcement, the number of Hyundai cars sold in November reached 7,980 units, recording an increase of 6.9% compared to the previous month. This is a pretty good sign to help the Korean car company continue to dominate sales in 2023 when total cumulative sales reach 56,606 units. However, Hyundai's 11-month sales also decreased by 21.4% compared to the same period in 2022.




The sharp decline in sales of domestic car manufacturers this year is assessed due to the general impact from the economy from the beginning of the year until now. Accordingly, at times car loan interest rates increased to 15-18%/year, causing many people to decide to postpone their plans to buy a new car to save costs.