According to the World Bank, Vietnam is now one of the most dynamic emerging countries in Asia. Coined as one of the Asian Tiger Cubs, Vietnam’s economy is estimated to grow by approximately +7% in 2021 due to its strong productivity and growth in exports and manufacturing as well as the resilience shown throughout the COVID-19 pandemic.
Luxury car sales in Vietnam are still heating up given the country’s economic growth rate, rising household income and emergence of new entrepreneurs and executives from Vietnam’s technology sector.
Statista estimates that the revenue in the Luxury Cars market is projected to reach USD198m in 2021 and the luxury car market sector’s sales are expected to increase by 4,700 vehicles in 2025. Luxury brands like Mercedes, Lexus and BMW are becoming increasingly common in the streets of Ho Chi Minh City and Hanoi.
Wealth families and individuals are gradually moving away from ordinary cars to more prestigious vehicles. Owning a luxury car in Vietnam is seen as status symbol especially from luxury car brands such as Ferrari, Bentley and Rolls-Royce.
The growing luxury car market also presents new opportunities for reputable car dealerships in Vietnam grow their sales and revenues faster as wealthy consumers will have the budget to purchase high-end car brands and models.
We hope that this article has helped you pick the right luxury car for you. VietWheels is a new and leading online car portal in Vietnam where car buyers benefit from greater choice, convenience and cost saving. Car sellers benefit from higher sales, turnover and cost efficiency in running their businesses.
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Source: Vietnam Insider