The nine-day Lunar New Year (Tet) holiday will begin on February 14, corresponding to the 26th day of the lunar month. At this time, many families have already made plans to return to their hometowns or travel for the holiday. As a result, the self-drive car rental market always enters its busiest period of the year during Tet.

Contrary to earlier predictions that the rapid rise in private car ownership would cool demand for rentals, the reality shows the opposite. Demand remains strong and even “hotter” in certain segments, particularly high-clearance five- to seven-seat vehicles.

From early in the 12th lunar month, the booking rate for Tet rentals had already reached 70-80%, according to VietNamNet’s survey of major rental providers in Hanoi and online car-sharing platforms.

Many newer MPV and SUV models are almost fully booked for the period from the 26th day of the lunar year to the sixth day of Tet. Rental companies typically require early deposits and a minimum rental period of nine to ten days during the holiday, with some asking for bookings of up to 15 days.

Clear price divergence across segments

Unlike previous years, when Tet rental prices rose across the board, this year’s market shows a clear divergence between segments.

The first factor is the rapid expansion of electric and hybrid vehicles. In 2026, the number of “green” cars entering the rental market has increased significantly, especially from individual car owners. Thanks to lower operating costs, these vehicles create competitive pressure, preventing older gasoline models from raising prices as steeply as before.

The second factor is the growing trend of experiential travel. Instead of simply renting cars to return home, many families now opt for newer high-clearance vehicles for long-distance trips. This has created excess demand in the SUV and MPV segments, driving prices up, while compact cars and mainstream sedans remain relatively stable due to abundant supply.

According to Nguyen Bac Thai, owner of a self-drive rental service on Lang Street in Hanoi, Tet rental prices are typically 30-50% higher than on normal days, depending on the model and rental duration. Holiday rates are usually calculated as a package for nine to ten days, inclusive of festive surcharges.

Models such as the Hyundai Grand i10, Kia Morning and mini urban electric cars currently offer the most affordable rates, ranging from VND800,000 to VND1 million per day (approximately US$32 to US$40). Compared to regular days, the increase is modest at around 20%. These cars are a budget-friendly choice for small families or short-distance travel, though they are less favored for long journeys due to limited space.

Five-seat sedans remain a core segment, with familiar names such as the Toyota Vios, Honda City, Hyundai Accent and Mazda3. Rental prices range from VND1.2 million to VND1.6 million per day (approximately US$48 to US$64), marking a 40-50% increase. They are relatively easy to book, even at short notice, but customers may find it difficult to secure newer models with higher specifications.

High-clearance five- to seven-seat vehicles, including MPVs, SUVs and crossovers, are the true “hot spot” of this year’s market. Popular models such as the Mitsubishi Xpander, Toyota Veloz Cross, Mazda CX-5, Honda CR-V and especially electric vehicles like the VinFast VF 8 and VF 9 are consistently sold out.

Rental prices for this segment range from VND1.8 million to VND2.5 million per day (US$72 to US$100), with some models reaching VND3 million per day (US$120). Compared to regular days, rates can double, reflecting the clear imbalance between supply and demand.

Important notes for Tet rentals

Experts advise that although rental procedures in 2026 have become more digitalized and streamlined, customers should carefully read contracts, especially insurance coverage, daily mileage limits - typically around 300 kilometers - and any additional surcharges.

For electric vehicles, renters should clarify charging policies, battery levels at handover and return, and proactively plan charging stations along their routes to avoid unnecessary complications during the holiday.

With demand remaining high and high-clearance vehicles continuing to sell out, the general advice is to book as early as possible and choose reputable, transparent rental providers to ensure a smooth and worry-free Tet behind the wheel.

Ngo Minh