Vietnam Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Used Car in Vietnam Market Share and is segmented by Vehicle Type (Hatchback, Sedan, and Sports Utility Vehicle (SUV) and Multi-Purpose Vehicles (MPVs)), Fuel Type (Gasoline, Diesel, and Others), Booking type (Online booking, Offline), and Vendor type (Organized and Unorganized). The report offers market size and forecast for Vietnam Used Car market in Value (USD billion) for all the above segments.

Vietnam Used Car Market Size

vietnam used car market
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Study Period 2018 - 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR 17.00 %
Market Concentration Medium

Major Players

vietnam used car market report

*Disclaimer: Major Players sorted in no particular order


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Vietnam Used Car Market Analysis

The Vietnam Used Car Market was valued at USD 6.8 billion in 2021 and is expected to reach USD 14.02 billion by 2027 registering a CAGR of around 17% during the forecast period (2022 - 2027).

The COVID-19 pandemic negatively impacted the market during 2020, as the demand for used cars experienced a slowdown due to lockdowns and travel restrictions. After the pandemic shock in 2020 and the tumultuous performance in 2021, new car sales are slowly recovering, but the used car market is still experiencing steady growth in demand. The growth of the market is aided by increased digitalization and the introduction of new automotive startups with cutting-edge business models.

The decision to buy used cars is also influenced by other variables, such as customers' growing preference for personal mobility and their uncertainty about making large-ticket purchases like cars. Factors such as standardized dealership experience, fair price experience, and high financing costs for used cars may hinder the growth of the used car market.

In addition, government policies and evolution of new technologies like electric mobility, etc. expected to offer new opportunities for players in the market. Vietnamese government has also adopted certain strategies to reduce new car prices in the domestic market such as providing a SCT (Special Consumption Tax) rebate on certain automobiles depending on their engine displacement values. This led to intensive competition in the used car market as new car sales are expected to grow at a faster pace vis a viz used cars during the forecast period.

Hanoi, Ho Chi Minh City, Da Nang,Haiphong, and others expected to account for the highest share in terms of sales volume of used cars with majority demand being driven by notable infrastructure, favorable initiatives such as EVFTA Agreement and Ban on Motorbikes by 2030, shift in consumer preference towards availing private transportation medium post COVID-19, increasing car replacement rate, and growing customer confidence.

Vietnam Used Car Market Trends

This section covers the major market trends shaping the Vietnam Used Car Market according to our research experts:

Online sales channel for Used Cars is gaining Momentum in Vietnam

The Online Booking Segment of the Market is expected to play a key role in the development of the market during the forecast period. With the growing trend in technology, used car vehicle purchase through online sales has become the most preferred choice for customers over the past few years.

Moreover, it provides additional facilities to monitor all the required documents, performance, and service records of the vehicle. This has proven beneficial for consumers who can directly compare from a wide variety of choices and apply their desired filter to get the most relevant used car matching their choices.

Furthermore, the trend of online purchasing of a used car through apps has improved over the period. App developers have been designing mobile applications with more advanced features that offer more vehicle availability and comparable vehicle costs on a single platform. Moreover, growing internet penetration in the country is also expected to support demand through online channels in the country. For instance,

  • In Vietnam, there are several online platforms like, bonbanh, etc. for used cars, and these apps displays line of used car with variety of fleets available in their pool. Many new used car companies are entering the market, and it expected to continue in the coming years. Companies are competing with the existing players by providing customized services, new fleet, and low pricing strategy.
  • In June 2022,, an used car online platform in Vietnam, that specialises in providing solutions for car buying and selling, entered a strategic partnership with CARRECT, a provider of routine car maintenance with a focus on on-demand car care, to deliver cohesive & innovative experiences to customers throughout the journey of searching, buying, and using their vehicles.

Companies expected to continue focusing on keeping themselves ahead on the basis of value-added services provided to prospective clients, reducing the service cost and introducing premium and well-maintained vehicle models and features into their fleet to capture a significant share in the market. .

vietnam used car market outlook

Scarcity of Luxury and Premium Car Models to Offer New Opportunities in the Market

The used car demand has been accelerated due to chip shortage and long waiting times to get the new cars, especially this trend in recent times has had a strong impact on consumer behavior in Vietnam. For example, in 2022, Used cars have seen around a 5-10% increase in prices and online transactions have surged by 30% compared to the previous year.

Many auto brands have no luxury cars to supply Vietnamese customers due to the global semiconductor shortage. Over the last two years, supply from the world's largest producer, China, has been facing severe supply chain disruptions due to the impact of the pandemic and associated restrictions. The supply of luxury cars in Vietnam is hit the hardest, as brands focus on delivering orders to their major markets like the U.S. or European countries.

  • Mercedes-Benz customers are said to wait for at least three months for some SUVs and S-class sedans, and up to a year for the ultra-luxury Maybach sedans and SUVs. Some locally made models, including E-class sedans and GLC SUVs, are also in short supply, so buyers are expected to wait 1-2 months to get their unit delivered. Many auto dealers are accepting deposits but not promising when they can deliver cars.
  • Vinh Nam, an experienced luxury car salesperson in HCMC, said customers have gotten used to the current shortage. Buyers of Porsche, Lexus, and Land Rover have the longest waiting time of 12-14 months depending on their choice of color and options, up from the earlier six to nine months.

Many buyers are impatient and as a result are not making deposits with dealers, while some are turning to the gray market. The shortage of auto parts is also hurting buyers, with some brands raising their prices and cutting promotions. Some models are being sold at the above-listed prices. A Land Cruiser LC300, for instance, is being offered at VND5.5 billion, 37.5 percent higher than the original price. Such incidences in the market are forcing consumers to opt for used vehicles over new ones and such instances if prolonged the demand in market is likely to be enhanced significantly over forecast period.

vietnam used car market forecast

Vietnam Used Car Industry Overview

The Vietnam Used Car Market is moderately fragmented owing to its competitive nature, and the presence of a large number of global and domestic players operating across the country. While some prominent players focused on fleet expansion and collaborations, etc., the new entrants are focused on widening their customer base by adopting varying strategies. For instance,

  • In April 2021, CarDekho Group announced that it is planning to expand its presence into south-east Asia ie. into Vietnam and Thailand by 2022 followed by Malaysia, as part of its international expansion plans. The company is currently in the process of deploying USD 25 million for the expansion program.

The replacement rate of used vehicles 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 fast-moving models so as to ensure higher margins on the sale of such cars. In addition, 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.

Vietnam Used Car Market Leaders

  1. Oto


  3. Hien Toyota

  4. Viet Han Used Cars

  5. Mercedes Benz Vietnam

*Disclaimer: Major Players sorted in no particular order, Hien Toyota,  SiamMotorworld, Carsome, Pixy Asia Co., Ltd., Asia Web Holding (Thailand) Co. Ltd, Thanh Xuan Ford, Mercedes Benz An Du

Vietnam Used Car Market News

  • In April 2022, Spinny, a used car buying and selling platform, entered the luxury car used vehicle segment under the spinny max brand in the Vietnamese market. The platform will operate at a national scale and offers over 500 cars from various brands including Mercedes-Benz, BMW, Audi, Jaguar, and Land Rover with an all-India delivery service through 250 cities.
  • In May 2022, Carsome acquired Malaysian digital automotive content producer WapCar and its sister website Auto fun for an undisclosed sum. WapCar and AutoFun will become a subsidiary named WapCar AutoFun under Carsome after the acquisition is complete. The vehicle content platform was set up in 2019 and runs several websites and social media channels in Malaysia, Indonesia, Thailand, the Philippines, and Vietnam.
  • In April 2022, Fram Skandinavien AB (the Company) announced that the company has increased its ownership interest from 67% to 87.2 % in Carmudi Vietnam by netting off the debt that has arisen in the form of operational financing to Carmudi Vietnam during previous periods.

Vietnam Used Car Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size in Value USD billion)

    1. 5.1 By Vehicle Type

      1. 5.1.1 Hatchbacks

      2. 5.1.2 Sedans

      3. 5.1.3 Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPVs)

    2. 5.2 By Fuel Type

      1. 5.2.1 Gasoline

      2. 5.2.2 Diesel

      3. 5.2.3 Others

    3. 5.3 By Booking Type

      1. 5.3.1 Online

      2. 5.3.2 Offline

    4. 5.4 By Vendor Type

      1. 5.4.1 Organized

      2. 5.4.2 UnOrganized


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Oto (Semua Hak Cipta Dilindungi)

      2. 6.2.2

      3. 6.2.3 Hien Toyota

      4. 6.2.4 SiamMotorworld

      5. 6.2.5 Honda Certified Used Car (Honda Automobile (Thailand) Co., Ltd)

      6. 6.2.6 Carsome

      7. 6.2.7 Pixy Asia Co., Ltd.

      8. 6.2.8 Asia Web Holding (Thailand) Co. Ltd

      9. 6.2.9 Thanh Xuan Ford

      10. 6.2.10 Mercedes Benz An Du

      11. 6.2.11 Hyundai Dong Do

      12. 6.2.12 Viet Han Used Cars


Vietnam Used Car Industry Segmentation

A used car, a pre-owned vehicle, or a second-hand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through various outlets, including franchise and independent car dealers, rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales. The scope of the report covers details on the latest technologies, trends, and developments in the market.

The Vietnam Used Car Market is segmented by Vehicle type, Fuel type, Booking type, and Vendor type. By Vehicle type, the market is segmented into Hatchback, Sedan, and Sports Utility Vehicle (SUV) and Multi-Purpose Vehicles (MPVs)). By Fuel Type, the market is segmented into Gasoline, Diesel, and Others.

By Booking type, the market is segmented into Online and Offline. By Vendor type, the market is segmented into Organized and Unorganized. For each segment, market sizing and forecast have been done on basis of a value (USD billion).

By Vehicle Type
Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPVs)
By Fuel Type
By Booking Type
By Vendor Type

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Vietnam Used Car Market Research FAQs

The Vietnam Used Car Market is projected to register a CAGR of 17% during the forecast period (2023-2028).

Oto,, Hien Toyota, Viet Han Used Cars and Mercedes Benz Vietnam are the major companies operating in the Vietnam Used Car Market.

Used Cars in Vietnam Industry Report

Statistics for the 2023 Used Cars in Vietnam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Used Cars in Vietnam analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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