Why Are Car Prices in Vietnam So High?
My friend Tuan, who lives in Ha Dong, struggled for a long time before deciding to buy a car. Hearing that “national cars” were affordable, he excitedly visited the Hyundai dealership on Le Van Luong Street. Upon entering, he was overwhelmed by the gleaming array of vehicles, including Hyundai Santa Fe, Hyundai Tucson, Mazda CX-5, Toyota Corolla Cross, and more. But when he asked about the prices, he was shocked. It turned out that “national cars” in Vietnam were much more expensive than in other countries.
Tuan’s story is not uncommon. So, what are the reasons behind the higher car prices in Vietnam compared to other countries? Let’s explore this with XE TẢI HÀ NỘI!
Why Are Car Prices in Vietnam Higher?
Overlapping Taxes and Fees
The first and most obvious reason is the excessively high taxes and fees. For a car to reach the consumer, businesses must shoulder a series of taxes such as import tax, special consumption tax, value-added tax, and more. Not to mention, there are also fees like registration fees, inspection fees, and road maintenance fees.
Weak Supporting Industry
The Vietnamese automobile industry is still in its infancy, with a lack of domestic supply of components and parts. This forces car manufacturers to import most of the components, driving up product prices.
Market Demand and Preference for Foreign Goods
The demand for cars in Vietnam is increasing, while the supply is limited. In addition, the preference for foreign goods leads many consumers to willingly pay a large sum of money to own imported cars.
Car Price Comparison: Vietnam vs. the World (Reference)
| Car Model | Price in Vietnam (VNĐ) | Price in the US (USD) |
|---|---|---|
| Toyota Vios | 500,000,000 – 600,000,000 | 18,000 – 22,000 |
| Hyundai Accent | 450,000,000 – 550,000,000 | 16,000 – 20,000 |
| Honda City | 550,000,000 – 650,000,000 | 20,000 – 24,000 |
| Kia Cerato | 600,000,000 – 700,000,000 | 22,000 – 26,000 |
| Mazda 3 | 700,000,000 – 800,000,000 | 25,000 – 30,000 |
Note: This price list is for reference only. Actual prices may vary depending on the time, version, and distributor.
2023 Toyota Vios
Frequently Asked Questions
Will Car Prices in Vietnam Decrease in the Future?
Whether domestic car prices will decrease depends on many factors such as tax and fee policies, the development of supporting industries, and fluctuations in the global market.
What Should I Keep in Mind When Buying a Car on Installment?
When buying a car on installment, you should pay attention to interest rates, loan terms, down payment amounts, as well as the terms and conditions of the loan agreement.
Which Car Brand Should I Buy?
Choosing a car brand depends on individual needs, preferences, and financial capabilities.
2023 Hyundai Accent
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Conclusion
Car prices in Vietnam are higher than the global average due to various objective and subjective factors. However, with the development of the economy, hopefully, in the future, Vietnamese consumers will have the opportunity to own cars at more reasonable prices.
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