Chinese car company flees

After the last Dong Feng was sold at a loss to clear inventory, the dealer distributing this Chinese car model has no plans to bring in more cars.

Dong Feng car models are not effective in the Vietnamese market, so the Chinese car company decided to run away.

Present in the Vietnamese market since 2016, by 2019, Dong Feng decided to expand the market with a series of new showrooms in Ho Chi Minh City, Can Tho City and Binh Duong Province. These showrooms sell 6 car models in all segments from sedan, MPV to SUV, from 5 seats to 7 seats.

However, the business of Dong Feng cars in particular and Chinese cars in general in Vietnam faces many difficulties, dealers and car manufacturers are not effective in business, leading to poor brand recognition in the market.

Before ceasing operations in Vietnam, Dong Feng simultaneously reduced prices on a number of its inventory models. Among them, the Dong Feng T5 EVO SUV, which is considered to have the most beautiful design of the car company, was initially priced at VND719 million/unit, now reduced to VND469 million/unit. Another model, the M3, which belongs to the multi-purpose vehicle segment, had a selling price of nearly VND500 million/unit when it was launched on the market, but now has to be reduced to VND300 million/unit to quickly clear inventory.

Mr. Tran Ngoc Phuc, former Sales Director of SUTONG Import-Export Service Company Limited - one of the enterprises distributing Dong Feng cars in the Vietnamese market, pointed out that the reason why this Chinese car company had to withdraw from the Vietnamese market was because of its high price, with some models costing up to 899 million VND/car. At the same price, there are many prestigious Japanese and Korean car models for customers to choose from.

"The price is high but the design of Chinese cars is not beautiful, not equipped with much technology, so the competitiveness is not high. The time Dong Feng expanded the market in Vietnam was also the time when the COVID-19 epidemic appeared, causing showrooms to struggle to survive. Not to mention, electric cars are becoming a trend, gasoline cars are gradually losing their appeal, so car companies are no longer interested in developing the market for gasoline cars" - Mr. Phuc explained.

(According to NLD)

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