Foreign invested automobile enterprises have complained that they are now in big difficulties with rising inventories, financial instability and stagnant production.
It is estimated that when the new tax and fee regulations take effect, the total sum of money every Vietnamese person has to pay to possess a car would be 2.5 times higher than in the US.
To survive the tough times given the stagnant market at home, several auto producers have entered the race to woo buyers by launching many promotional programs.
Seventeen members of the Viet Nam Automobile Manufacturing Association (VAMA) last month sold a total of nearly 6,120 vehicles, down 25 per cent over the same period last year, but up a significant 43 per cent since January, the association reported.
In February, 2012, the sales of members of Vietnam Automobile Manufacturers' Association (VAMA) reached 6,116 units, down 25 percent over the same period last year but up over 43 percent in comparison with previous month.
Honda Vietnam Co (HVN) has lately introduced the new, strategic motorbike model called Wave RSX with the production output target of 2.3 million units in 2012.