A number of large manufacturers slashed car prices early this year, signaling fierce competition in the Vietnamese auto market.

Sales agents are offering attractive preferences such as paying 100 per cent of the registration fee and also giving extra packages of accessories to attract people who want to buy cars.

Many Hyundai sales agents in HCM City are offering a price discount from VND20 million to VND103 million (US$855- 4,400) for popular Hyundai models such as Grand i10, Accent, Elantra, Tucson, Stargazer and Santa Fe.

Meanwhile, Honda Viet Nam has just announced to pay 100 per cent of the registration fee for customers buying Honda CR-V and Honda City cars from February 4 to 28.

In addition, the company's dealers are also offering car body insurance and dozens of accessories for car buyers.

Many other car manufacturers such as Mazda, Mitsubishi, Kia, Subaru, Nissan, and Suzuki are also launching discount programs for many models from several tens of millions of dong as well as offering to pay 50 to 100 per cent of registration fees.

According to car dealers in the City, the reason why car prices are falling is due to weak consumption in the first months of the year while the inventory of cars is quite large, forcing dealers to reduce prices in order to reduce inventory and then import new car models. — VNS