Vietnam Used Car Market Report and Forecast 2025-2034

Vietnam Used Car Market Size

The Vietnam used car market reached approximately USD 10.30 billion in 2024. The market is projected to grow at a CAGR of 14.4% between 2025 and 2034, reaching a value of around USD 34.57 billion by 2034.

Vietnam Used Car Market Outlook

• Toyota, a Japanese multinational automotive manufacturer, continues to be the top choice among consumers in the Vietnam pre-owned car market.

• The Vietnamese government anticipates a yearly average growth of 14.26% in automobile production from 2021 to 2030.

• By 2025, it is anticipated that 9% of Vietnamese households will possess a car and by 2030 it is expected to reach 30%.

Vietnam Used Car Market Growth

The strong economic expansion in Vietnam has resulted in higher disposable incomes, allowing a larger number of individuals to purchase cars. With new car prices staying relatively steep, a significant portion of consumers opt for second-hand cars as a more budget-friendly alternative. Additionally, rapid urbanisation is driving the need for personal mobility solutions, particularly used cars, as urban populations grow and necessitate transportation for work commutes and daily tasks. Trends indicate that by 2040, over half of the country's population is anticipated to live in urban areas.

Moreover, the imposition of high import taxes and fees on new cars in Vietnam results in making them unaffordable for many consumers. As a result, used cars have become a more appealing and budget-friendly alternative. Government regulations that enforce hefty taxes on new car imports directly influence the accessibility of new vehicles, leading consumers to opt for used cars instead.

Furthermore, the presence of appealing financing choices and bank loans for buying used cars has simplified the process for consumers to acquire second-hand vehicles. Financial organisations are progressively providing competitive interest rates for used car financing. Both dealerships and financial institutions are introducing adaptable payment schemes, thus enhancing the feasibility of purchasing pre-owned cars for consumers, consequently driving the market expansion.

Vietnam Used Car Industry Segmentation

“Vietnam Used Car Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Vehicle Type

• Hybrid

• Conventional

• Electric

Market Breakup by Body Type

• Hatchback

• Sedan

• Sport Utility Vehicle and Multi-Purpose Vehicle

Market Breakup by Sales Channel

• Online

• Offline

Market Breakup by Vendor Type

• Organised

• Unorganised

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Used Car Market Share

Based on the vehicle type, the market is segmented into hybrid, conventional, and electric. The electric vehicle type is projected to grow at 18.4% during 2025-2034. Electric vehicles emit no tailpipe emissions, leading to a substantial decrease in air pollution and greenhouse gas emissions in contrast to internal combustion engine vehicles.

Leading Companies in the Vietnam Used Car Market

Market players are investing heavily in the expansion of offline and online distribution channels to gain a competitive edge.

• Kypernet Vietnam Joint Stock Company (Bonbanh.com)

• Hien Toyota

• LSH Auto International Limited

• Viet Han Used Car

• Carmudi.vn

• Viet Ventures (Vietwheels)

• Siam Motor World

• Others

Key Highlights of the Report