The used car market in Vietnam has become quite streamlined in the past few years, with several reputed companies entering the arena and offering quality-checked used cars, that come with a one-year warranty and a couple of free services
However, between 2015 and 2021 Vietnam ‘s used car market experienced a slow down on the basis of gross transaction value. The decline in GTV as well as sales volume of used car industry is attributed to various government initiatives to support the growth of domestic automotive industry, and policies implemented such as reduction in import tax to 0% for cars imported from ASEAN region. Coupled with that, the reduction of vehicle registration fees by 50% for domestically assembled and produced vehicles has contributed to the development of the domestic automotive manufacturing industry such as Vinfast negatively impacting the used car ecosystem.
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Even though the used car industry post 2018 has witnessed a decline in sales volume, but the advent of COVID-19 is contributing towards the positive outlook of the industry. Increased awareness on health and hygiene is acting as a catalyst for the shift in consumer’s preference from availing public transportation to private transportation medium. The shift in consumer’s preference is expected to contribute in the growth of passenger vehicle sales in coming years. Coupled with that, government initiatives to ban motorbikes by 2030 and development of road infrastructure facility is contributing in the shift towards consumer adapting to passenger vehicles compared to historically prevalent motorbikes.
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