Retailers cut smartphone prices to spur Tet sales

As Tet draws closer, most retailers are offering big promotions in all segments ranging from budget to premium.

The average discount for the iPhone 15 Pro Max is around VND4.5 million (US$184.3), pushing the phone’s price down to VND28.9 million ($1,187).

With trade-ins and other discounts, buyers can save an additional VND4 million, according to Phung Phuong of electronics retailer Di Dong Viet.

The chain has also cut the prices of some Samsung phones like the Galaxy S23 and Galaxy A34 by VND300,000-500,000 to VND12.4 million and VND5.9 million.

The Galaxy S24, Samsung’s latest model, is VND1 million cheaper at VND15.6 million.

Electronics chain FPT Shop offers a whopping VND12 million discount on the Galaxy Z Flip 4, selling it at just VND11.9 million.

It has also slashed the prices of several other Android phones by more than VND10 million.

Its CCO, Nguyen The Kha, said phone sales usually peak at this time of the year.

"The demand for technology products has been greatly affected by people tightening their budgets. The mid-priced segment is more impacted than others. But the high-end segment is still a bright spot. Hence, flagship models like the iPhone 15 and Galaxy S24 are receiving generous discounts to stimulate demand."

A spokesperson for leading electronics retail chain The Gioi Di Dong also acknowledged that weak demand has necessitated promotions.

Nguyen Lac Huy of electronics retailer CellphoneS said the recent launch of several new models such as the Galaxy S24, Honor X9b, Xiaomi Note 13, and Poco M6 Pro could help sales this Tet, which he expected to increase by 20%.

But The Gioi Di Dong only expected its sales to rise by 3-5% with the affordable segment, priced at VND3-7 million, accounting for half.

Some retailers are undecided about remaining open during the holidays to maximize sales since paying three to five times higher salaries could cancel out potential profits.