The Thai News Service reports that Toyota Vietnam (TMV) has announced significant price reductions on several of its most popular models.
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The price cuts contradict a Vietnam Automobile Manufacturers Association (VAMA) announcement last November that suggested retail prices on locally-assembled vehicles would go up this year in accordance with recent tax amendments.
Deputy Minister of Industry Do Huu Hao said such price reductions were an inevitable market trend, especially in the prelude to integration into the World Trade Organisation.
According to TMV’s revised price list, the Toyota Zace GL- its best-selling multi-purposed vehicle (MPV)- has a bumper price of US$27,000 (down from $29,800) while the Zace Surf model is now priced $3,000 lower at $29,000. Prices on Corolla Altis and Vios 1.5 G sedans were reduced from $37,300 and $27,800 to $35,500 and $25,500, respectively.
The firm, which last month introduced the competitively-priced Innova MPV, is one of two foreign-invested car makers that last year posted annual sales growth rates of 29%.
US-invested Ford said it would announce price adjustments in the next several days, but was tight-lipped on further details. “We can not give details on prices at this moment- it is a business secret,” said a Ford Vietnam spokeswoman.
Vietnam’s 11 foreign-invested automobile makers last month assembled 2,626 vehicles, down 21% over the corresponding period last year, according to the General Statistics Office. While they sold a total of 35,264 vehicles last year, down by 12% from 2004, the number of imports topped 20,000 last year, the largest tally on record.
