A corner of Smart Solution supermarket, a used car trading company of Vingroup in Ha Noi. — Photo Vingroup

Vietnamese carmaker VinFast has announced an exchange programme to swap old cars for new ones, with customers paying the difference.

The exchange programme started on Friday and is valid for all cars from various brands in Viet Nam which have been used for less than seven years.

The exchange is the first of its kind in the Vietnamese automotive market, giving consumers the opportunity to convert their used cars to other models manufactured by VinFast.

Customers must bring used cars to the Smart Solution supermarket, a used car trading company of Vingroup where the car will be priced and redeemed. All pricing and trading processes will be made public and transparent.

VinFast said it would offer customers VND50 million (US$2,130), VND30 million and VND10 million in cash when buying VinFast cars, corresponding to the models Lux SA2.0, Lux A2.0 or Fadil.

In addition, customers will also benefit from a preferential financial policy, which includes loan interest exemption in the first two years when buying a car via installments at the bank. From the third year onward the customers will face a maximum interest rate of 10.5 per cent per year.

With a loan up to 70 per cent of the car's value and a maximum term of eight years, customers only need to pay VND4 million per month for a Fadil car, or VND8 million for a Lux.

The two models Lux A2.0 and Lux ​​SA2.0 are included in the promotion programme this month, with prices starting from VND896.1 million for Lux A2.0 models and from VND1.32 billion for Lux SA2.0 if customers pay 100 per cent this month. With Fadil models, the one-time payment price is only VND373.41 million. — VNS