Vietnam Used Car Market Revenue, Market Major Players, Market Growth Rate, Market Trends and Market Outlook to 2029

Evaluating How Digital Shift Fuels 28% Rise In Vietnam's Online Used Car Sales

The Vietnam used car market is rapidly transforming, with country recording over 500,000 used car transactions in 2024. This growth is driven by increasing affordability concern, evolving consumer preferences, and rising digitalization. The market is dominated by SUVs and crossovers which accounts for 42% of total used car sales in 2024. The average vehicle age is decreasing creating demand for newer pre-owned vehicle. In 2024, over 60% of the buyers preferring cars under five years old. The e-commerce is shifting the way consumers purchase used vehicles, with digital sales accounting for 28% of all used car transactions in 2024. However, government is promoting new and electric vehicle through incentives are creating major challenge for used car market in Vietnam.

Vietnam Used Car Market Emerging Growth Drivers
• The rising inflation and economic uncertainties are pushing consumers to shift towards used car due to their lower costs and depreciation benefits. The declining price of used car are also attracting consumers especially middle-income buyers, with over 20-30% decline in used car prices in 2024. Further, over 67% of used car buyers in 2024 opted for financing solutions which allowed them to afford better-quality pre-owned vehicles.

• The growing digital platforms and online transactions are streamlined the buying process and reducing any fraud by providing transparency in pricing. In 2024, online platforms recorded nearly 150,000 transactions of used car. The digital platforms provide AI-based vehicle history checks and pricing analytics which increases confidence among consumers.

• The consumers are adopting SUVs and fuel-efficient models due to rising fuel prices, with SUVs accounting for 42% of used car sales in 2024. Hybrid and fuel-efficient models are also gaining momentum among urban buyers who look for affordable and eco-friendly options. Further, dealers are expanding Certified Pre-Owned (CPO) programs, providing warranty-backed used cars with quality assurance.

Get an In-Depth Analysis of Vietnam Used Car Market [2023-2029] @ https://www.tracedataresearch.com/industry-report/vietnam-used-car-market

Vietnam Used Car Market Competitive Analysis
The Vietnam used car market is moderately concentrated and has few major players including Toyota Sure, VinFast, and Bonbanh.com dominating the space. Toyota Sure dominate the market with its strong dealership network and brand reliability. In 2024, company reported nearly 20% increase in sales by its extended warranty coverage and flexible financing options. VinFast is leading domestic player that has entered the used car segment with a trade-in program that processed over 5,000 vehicles in Q4 2024 alone to support its EV expansion strategy. Bonbanh.com dominates the online market sale and has recorded 150,000 transactions in 2024, reflecting the growing consumer trust for online platforms driven vehicle purchase. However, in upcoming years market is expected to witness intensified competition with entrance of new firms and expansion of online platforms offering wide range of choices and services to consumers.

Recent News
February 2025: Government incentives, such as tax breaks and lower financing rates for new vehicles, are making electric vehicles (EVs) more attractive to consumers, potentially diverting interest from used cars. This trend is expected to particularly impact used cars priced over VNĐ800 million.

January 2025: According to reports, despite 20-30% decline in used car prices, the demand is weak. Interest rates rising and Vietnam's real estate and stock markets declining has affected consumer purchasing power and hence the slowdown in the used car market.

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December 2024: The expiration of the 50% discount on registration fees for locally produced and assembled cars raised concerns of a market downturn. The discount was effective from September 1 to November 30, 2024 and earlier had boosted sales with October 2024 seeing 60,000 units sold which was 10% increase from the previous month.

Vietnam Used Car Market Future Outlook
The Vietnam used car market will continue to expand through 2029, driven by digital innovation, evolving consumer preferences, and regulatory shifts. The market will witness increase sales of second-hand electric vehicle. By 2029, electric-vehicle listing will account for over 20% of all used car listings. E-commerce will play major role, with 50% of the used car transactions facilitating through online platforms by 2029. The brands will innovate their offering by providing instant car valuation tools and AI-driven fraud detection systems. Moreover, government introducing policies for supporting used car financing will also make easier for first-time buyers. By 2029, loans for used vehicles are expected to rise by 25% making owing used-vehicle more accessible.

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Consultant at TraceData Research In their latest publication "Vietnam Used Car Market Outlook to 2029: By Type of Vehicle (Sedans, SUVs, MPVs, Hatchbacks, Others), By Vehicle Age (0-3 years, 3-5 years, 5-7 years, more than 7 years), and By Manufacturer (Toyota, Hyundai, Ford, VinFast)" believe that businesses should integrate fraud detection systems and target ride-hailing drivers to stay ahead in the Vietnam used car market.

Explore Our Other Used Car Market Related Report by Trace Data: -
Malaysia Used Car Market- https://www.tracedataresearch.com/industry-report/malaysia-used-car-market

Saudi Arabia Used Car Market- https://www.tracedataresearch.com/industry-report/saudi-arabia-used-car-market

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