“Introduction of government policies (Reduction
of SCT, ATIGA and VKFTA) coupled with rising number of inspection checks
performed before selling a used car have driven the Vietnam Used Car Market”.
The
report titled “Vietnam Used Car
Market Outlook to 2025 - By Type (Sedans, SUV’s, MPVs, Hatchbacks, CTVs and
Others), By Vehicle Age (0-2 Years, 2-4 Years, 4-6 Years and more than 6
Years), By Cities (Hanoi, HCMC, Hai Phong, Da Nang and Others) and By Brand
(Toyota, Mazda, Kia, Honda, Ford, Chevrolet, Mitsubishi and Others)” by Ken Research suggested that the
Vietnam Used Car Market has been increasing due to increasing middle class
population coupled with faster car replacement period and introduction of
government policies such as EVFTA and Ban on Motorbikes. The market is expected
to register a positive CAGR of 11.2% in terms of sales volume during the
forecast period 2018-2025E.
Reduction of Special Consumption Tax (SCT): The Vietnamese government in the year 2018 reduced SCT on
vehicles with an engine size of 2.0 litres or less by 5%. Moreover, according
to the ASEAN Trade in Goods Agreement, the government has also reduced the
import tariffs from 50% to 35% in 2015 which further reduced to 20% in 2016 and
10% in 2017. In the year 2018, it was bought down to 0% which boosted the sale
of used cars in the country.
Increasing Replacement Rate: The replacement rate of used vehicle in Vietnam is growing
over the years largely due to the high resale value a seller gets on replacing
a vehicle between 2-4 years of vehicle age. The dealership outlets keep
replacing the cars with the fast moving models so as to ensure higher margins
on the sale of such cars.
Strong Presence of Online Platforms: The use
of social media platforms such as Facebook Marketplace along with online auto
classifieds portals in Vietnam such as Oto and Carmudi have provided high user
convenience to the buyers who are looking forward to purchase a used car as it
provides the detailed description of all the listed used cars. The online
medium drastically reduced the customer acquisition cost and increased the
transparency which marked a level of trust and confidence thus increasing the
sale of used cars in the country.
Key Segments Covered:-
By Type of Vehicle
Sedans
SUV’s
MPVs
Hatchbacks
Cross
Type Vehicles (CTVs)
Others
By Vehicle Age
0-2
Years
2-4
Years
4-6
Years
More
than 6 Years
By Region
North
South
Central
By Cities
Hanoi
HCMC
Hai
Phong
Da
Nang
Others
By Price
Less
Than VND 200 Million
VND
200 Million – VND 400 Million
VND
400 Million – VND 600 Million
VND
600 Million – VND 800 Million
More
Than VND 800 Million
By Brand
Toyota
Mazda
Ford
Kia
Honda
Chevrolet
Mitsubishi
Others
Key Target Audience:-
OEM’S
Companies
Multi
Brand Dealers
Captive
Dealers
Venture
Capitalist Firms
Government/
Regulatory Authorities
Online
Auto-Classifieds
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019E-2025E
Companies Covered:-
Major Online Players in Vietnam:-
Bonbanh
Oto
Carmudi
Choxe
Chotot
Major Captive Dealers:-
Than Xuan Ford
Mercedes Benz An Du
Hyundai Dong Do
Toyota An Suong
Multi-Brand Dealers
Anycar
Viet Han Used Car
Hien Toyota
Hoa Binh Auto
For more
information, refer to below link:-
Related
Reports:-
Contact Us:-
Ken Research
Ankur Gupta,
Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
+91-9015378249
