HANOI: Vietnam’s automobile market is currently facing a situation of high supply and low demand, resulting in a decline in sales and an excess of inventory for carmakers. In response, car manufacturers have resorted to offering big discounts and promotions to attract customers and stimulate demand. The decline in sales can be attributed to several factors, including the expiration of a government incentive programme that offered a 50% reduction on registration fees, as well as the recent Lunar New Year holiday promotions. As a result, car manufacturers have been actively reducing prices since the Lunar New Year to entice buyers. A General Statistics Office’s report indicates a significant drop in the output of domestically produced and assembled cars in February…
