Why Are Truck Prices in Vietnam Rising, Not Falling?

“You get what you pay for,” a common saying among truck drivers, like the one behind the wheel of a Hyundai HD120 hauling construction materials down Nguyen Trai Street towards the rapidly rising high-rises of Thanh Xuan District. But in today’s automotive market, that adage needs revisiting. Truck prices, in particular, are not decreasing but skyrocketing, turning the dream of owning a “steel horse” into a daunting challenge for many working-class Vietnamese. So, what’s behind this paradox of wanting a high-quality truck on a tight budget?

Decoding the Paradox: The “Steel Horse” Becomes a Burden

1. Rising Input Costs – A Manufacturer’s Dilemma

Just as cement and steel are essential for building houses, the price of a truck is directly impacted by the cost of raw materials. According to Nguyen Van A, author of “Vietnam’s Automotive Market – Potential and Challenges,” the recent surge in prices of steel, aluminum, rubber, and electronic chips has significantly driven up manufacturing costs. Reputable truck manufacturers like Thaco Trường Hải, Hyundai Thanh Cong, and Isuzu Vietnam have all had to adjust their selling prices to offset these costs, leading to price increases across the board, from light trucks like the Hyundai Porter H150 to heavy-duty trucks like the Hino 500.

2. Supply Chain Disruptions – A Post-Pandemic Puzzle

The COVID-19 pandemic swept through the world, leaving lasting repercussions. Global supply chains were disrupted, making the production and transportation of automotive parts challenging. Le Van B, director of a Hyundai truck dealership on Giai Phong Street, shared, “There were times when we had to wait for imported parts for months, significantly impacting our delivery schedules.”

3. Tax Policies – A Narrow Path for Consumers

Despite government support policies, taxes and fees related to automobiles in Vietnam remain high compared to the region. Special consumption tax, import tax, and registration fees are significant barriers preventing price reductions.

4. Soaring Demand – A Silent Competition in the Truck Market

With the post-pandemic economic recovery, the demand for freight transportation has surged, fueling the truck market’s vibrancy. However, the supply of vehicles hasn’t kept pace, creating a silent competition among dealerships and consumers.

Truck price list in Vietnam

Truck Price List (October 2023)

Note: This price list is for reference only. Actual prices may vary depending on the time of purchase, dealership, and vehicle specifications.

Addressing Concerns – Guiding Truck Buyers

1. When Will Truck Prices Drop?

Predicting price fluctuations is challenging. However, experts suggest that prices may decrease when global supply chains stabilize, raw material prices cool down, and tax policies become more consumer-friendly.

2. Financing a Truck – The Optimal Choice for Low-Income Earners?

Truck financing enables many to own their “rice bowl” sooner. However, it’s crucial to choose reputable dealerships, secure reasonable interest rates, and carefully assess financial capabilities to avoid debt burdens.

3. Buying a Used Truck – A Wise Decision?

Used trucks are more affordable, suitable for those with limited budgets. However, thorough vehicle inspections are essential to avoid purchasing low-quality trucks with potential risks.

Xe Tải Hà Nội – Your Partner on Every Road

Understanding our customers’ concerns, Xe Tải Hà Nội prides itself as a trusted provider of a diverse range of trucks from renowned brands like Hyundai, Isuzu, Thaco, and Hino, offering competitive prices and top-notch service quality.

For inquiries about our truck models, please contact our hotline at 0987.654.321 or visit our website at xetaihanoi.edu.vn for expert advice and assistance.

A Hyundai HD120 truck

Similar products:

• Hyundai HD120 Truck
• Isuzu QKR Truck
• Thaco Towner Truck
• Hino 500 Truck