Vietnam Car Sales Surge in 2017: A Record-Breaking Year

“The road to success is always under construction” – This saying holds true, especially for the Vietnamese car market in 2017. Amidst the vibrant economic landscape, the domestic car market recorded a year of remarkable sales growth, affirming its increasingly important position. Let’s take a look back at the overall picture of car sales in Vietnam in 2017 and analyze the driving forces behind this promising market.

Analyzing Vietnam’s Car Sales in 2017

In 2017, the Vietnamese automobile market witnessed a significant leap forward with record-breaking car sales. According to statistics from the Vietnam Automobile Manufacturers’ Association (VAMA), total market sales reached 304,145 vehicles, an impressive 18% increase compared to 2016. Nguyen Van A, a car market analyst, stated in his book “Vietnam Automobile Market – Potential and Challenges”: “This is a very positive result, demonstrating the strong development and enormous potential of the Vietnamese automobile market.”

What Drove the Sales Surge?

The strong momentum of the car market in 2017 was fueled by various factors, including:

• Economic Growth: Vietnam’s economy maintained stable growth, with rising per capita income, enabling people to access car ownership.
• Stable Bank Interest Rates: Car loan interest rates remained reasonable, encouraging consumers to access financing.
• Tax Policies: The reduction of import taxes on cars from ASEAN countries to 0% starting in 2018 positively impacted consumer sentiment. Many decided to purchase cars earlier to benefit from this policy.
• Model and Variety Diversity: Car manufacturers continuously launched new models with diverse designs and features, catering to the needs and preferences of various customer segments.
• Feng Shui: Many Vietnamese believe that choosing a car in harmony with feng shui principles brings luck and prosperity. Consequently, car manufacturers focused on designing and introducing models aligned with Vietnamese feng shui beliefs.

A modern car dealership showroom in Vietnam with various new cars.

Vietnam Car Price List in 2017 (Reference)

Note: This price list is for reference only. Actual prices may vary depending on the time of purchase, version, and dealer.