Vietnam Used Car Market

Vietnam Used Car Market Overview:

Vietnam used car market size reached USD 10.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 41.3 Billion by 2033, exhibiting a growth rate (CAGR) of 14.8% during 2025-2033. The rising awareness of environmental issues, lower car ownership costs, rising preference for private transportation, favorable government policies, and ongoing trend of people moving to urban areas represent some of the key factors driving the market. In 2023, sales figures indicated robust activity, with over 150,000 used cars sold in the first half of the year.

A used car, also referred to as a pre-owned or second-hand car, is a vehicle that has had one or more previous owners and is being resold after a period of use. They have typically been driven, and their ownership has been transferred from the original buyer to one or more subsequent owners. They vary widely in age, mileage, condition, and price. The market for used cars is diverse, offering a wide range of makes and models, from economy cars to luxury vehicles and everything in between. Buyers often consider used cars for several reasons, including cost savings, depreciation avoidance, and the ability to afford a higher-quality vehicle than they might if purchasing brand new. When buying a used car, buyers can choose from different sources, including dealerships, private sellers, and certified pre-owned programs offered by some automakers. Each source has advantages and considerations, such as warranties and vehicle history information. Buyers typically inspect the used car, review its maintenance and accident history, and, in many cases, arrange for a mechanic's inspection to make an informed decision. Currently, used cars are gaining immense traction across Vietnam as they provide an affordable and practical option for individuals looking for reliable transportation or specific makes and models that may no longer be in production as new vehicles.

Vietnam Used Car Market Trends:

Growth of Online Marketplaces

The market for used car in Vietnam is rapidly shifting to internet channels, with many purchasers preferring digital markets. These portals, such as Bonbanh.com and Oto.com.vn, provide a diverse selection of automobiles, giving clients greater alternatives and convenience. This digital-first strategy has also resulted in increased transparency in pricing and car history, boosting customer trust and streamlining the purchase process. This development is a result of increased internet and smartphone usage, as well as a growing middle class that is familiar with e-commerce. The simplicity of these platforms has enabled purchasers to study, compare, and even arrange financing from the comfort of their own homes.

Expansion of Certified Used Car Programs

A key driver of confidence in Vietnam's second hand car market is the rise of certified pre-owned (CPO) programs offered by major manufacturers like Toyota and Mitsubishi. These programs provide a guarantee of quality through rigorous multi-point inspections and offer valuable perks such as extended warranties and flexible financing. The expansion of these programs addresses common consumer concerns about the reliability of used cars Vietnam and fraudulent practices, making a pre-owned purchase a more secure and appealing alternative to buying a new vehicle. The increasing availability of these certified options is professionalizing the market and encouraging more consumers to consider second-hand vehicles.

Digital Sales Reshaping the Market

The used car Vietnam market is undergoing a significant digital transformation, with online sales now accounting for a substantial portion of transactions. This shift is fueled by a tech-savvy population and the benefits of online platforms, which include easy browsing, price comparisons, and direct communication with sellers. Digital sales are a major component of Vietnam car market trends, with some reports indicating that over 500,000 used car transactions in 2024 were facilitated by these platforms. The digitalization of sales is not just about convenience; it's about fundamentally changing how people buy and sell cars, increasing market transparency and accessibility. This trend is expected to continue its upward trajectory, with digital platforms projected to facilitate an even larger share of future used car transactions.

Vietnam Used Car Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on vehicle type, fuel type, booking type, and vendor type.

Vehicle Type Insights:

• Hatchbacks
• Sedans
• Sports Utility Vehicles (SUV) and Multi-Purpose Vehicles (MPVs)

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes hatchbacks, sedans, and sports utility vehicles (SUV) and multi-purpose vehicles (MPVs).

Fuel Type Insights:

• Gasoline
• Diesel
• Others

A detailed breakup and analysis of the market based on the fuel type have also been provided in the report. This includes gasoline, diesel, and others.

Booking Type Insights:

• Online
• Offline

The report has provided a detailed breakup and analysis of the market based on the booking type. This includes online and offline.

Vendor Type Insights:

• Organized
• Unorganized

A detailed breakup and analysis of the market based on the vendor type have also been provided in the report. This includes organized and unorganized.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the key players include:

• Bonbanh.com
• Hiền Toyota
• Oto.com.vn
• Việt Hàn Used Car

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Vietnam Used Car Market News:

• In January 2025, Thaco Auto, a major Vietnamese automotive company, announced its strategic plan for 2025, which includes an expansion into the used car market. The company aims to begin trading second-hand passenger cars as part of its broader strategy to produce and sell a wide range of vehicles, including new energy models. This initiative is designed to meet the specific needs of its customers and solidify its position in the domestic market.

Vietnam Used Car Market Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam used car market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam used car market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam used car industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.