The buy back offer will be accompanied by discounts on its own model, and customers will only have to pay the difference in price.

The auto company, a unit of private conglomerate Vingroup, will buy any car model launched seven years ago or less in exchange for its new VinFast hatchback, sedan or SUV.

The trade-in sales program opened Friday. The old cars will be evaluated and bought by Smart Solution, also a subsidiary of Vingroup.

VinFast will also give a discount of up to VND50 million ($2,140) for the trade-in.

This means a customer who owns a Vios 2019 sedan worth VND500 million ($21,300) can trade it for a VND896 million ($38,200) SUV Lux SA2.0 if she/he pays another VND366 million ($15,600). A discount of VND30 million ($1,280) has been applied to this deal.

Car trade-in has been popular in Vietnam for years and used by popular auto brands such as Toyota, Ford and Mercedes. However, these companies only buy back their own cars, while VinFast buys from any brand.

VinFast started delivering its first cars in June last year. The company does not release sales figures, but official data shows that 5,124 VinFast cars were registered in the first quarter. This puts it in the fifth place in sales, behind Hyundai, Toyota, Kia and Honda.