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Vietnamese appetite for luxury cars surprises manufacturers

VietNamNet Bridge - Vietnamese spend tens of trillion of dong every year to import luxury cars, though the average income per capita is at a medium level in Southeast Asia.
VietNamNet Bridge - Vietnamese spend tens of trillion of dong every year to import luxury cars, though the average income per capita is at a medium level in Southeast Asia.


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Car dealers all confirmed that Vietnamese buyers have shifted from cheaper to mid-tier cars, while luxury cars have been selling better. 

The highest growth rates are in the medium- and high-end market segments. A car dealer on Lang Ha street said the models priced at VND1.5-3  billion are selling well.

Official reports have confirmed this. As many as 2,500 GLC products of Mercedes Benz, priced at VND1.939-2.209 billion, were sold in 2017. With the figure, GLC was listed among the 15 best sellers in the market. E-class and C-class models were also sold with more than 1,000 products sold for each. 

Vietnamese also favor BMW’s Seri 3 and Seri 5, Audi’s A4 and Q5, and Lexus ES 250 and NX 200T.

Mercedes Benz Vietnam said that the average age of car buyers in 2014 was 42, while it decreased to 39 in 2016 and to 38 in 2017. 

Vietnamese spend tens of trillion of dong every year to import luxury cars, though the average income per capita is at a medium level in Southeast Asia.

The figures once again show that Vietnamese are getting wealthier earlier and more quickly.

Analysts predict that more and more high-end cars will arrive in Vietnam as the import barrier is no longer a problem.

Truong Hai Automobile has wrapped up the import of the first consignment of BMW cars, comprising 7 Series, X1, X2, 118i and 218i. A representative of the enterprise said more consignments of BMW will come in several days.

The second consignment of Lexus cars with about 30 products from Europe docked at Vietnam’s port last August. They are expected to be delivered to customers in September. 

Mercedes Benz Vietnam reported that the registered procedures for the consignment of high-end CBU imports have been fulfilled. Other models with Audi, Volvo, Volkswagen and Land Rover brands are predicted to arrive in Vietnam soon,, which will ease the demand for cars which arose earlier this year.

Car dealers said imports now only have to meet 12 technical standards as applied in host countries, with no required standard on emissions. The engine of the imports is suitable to Vietnam’s petrol standards.

An analyst said the imports which recently arrived will only be delivered to customers who placed orders some months ago. However, importers are still running sale promotion programs to lure potential customers.

According to the Vietnam Automobile Manufacturers’ Association (VAMA), 272,750 cars were sold in 2017, down 10 percent yearly.


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