A file photo of workers walking past finished cars at the assembly plant of VinFast, Vietnam's first homegrown car manufacturer, in Haiphong. - AFP
HANOI: Local consumers want to buy new cars but are concerned about high prices.
Many of them are waiting for more promotions to be offered by automobile manufacturers and dealers, according to car experts.
The local car market has not seen positive signals as purchasing power has gradually slowed down month by month since the beginning of this year.
Domestic car manufacturers and dealers have offered promotions to stimulate sales but have not received much increase in demand.
Tran Hoang Vuong, a Hanoi resident, said that he’d been intending to buy a new car since Tet (Lunar New Year), noting that he’s waiting for steeper discounts from manufacturers and dealers.
According to Nguyen Manh Thang, a car trader in Le Van Luong Street, the prices of best-selling cars have plummeted up to 100 million dong (RM19,879) in the last four months.
A series of promotions have been offered by car dealers, leading some consumers to try their luck by waiting longer.
In addition, articles on price pressure have been frequently shared on social media platforms with many recommending buyers wait for prices to drop further.
Nguyen Van Lan, a salesman at a Suzuki dealer in Ho Chih Minh City, said despite lower prices, the number of buyers remained low.
Lan and his colleagues had to cut their commissions to attract buyers. Lan said they were stuck in the squeeze as car buyers often asked for better deals from salesmen.
More discounts were being offered but sales failed to reach expectations, said Lan. — Viet Nam News/ANN
