Drivers more geared towards luxury cars

Sales of luxury cars in Vietnam surged in 2019 with the rich showing greater preference for premium vehicles in a fast-growing economy. Mercedes-Benz sold the highest number of luxury cars at 6,800 units, up 8 percent from 2018.

The imported crossover SUV Mercedes-Benz GLC 300, priced at VND2.56 billion ($110,600), was the best-seller, accounting for 40 percent of the number of units sold by the German brand.

With 20 models, many assembled in Vietnam, Mercedes-Benz created sales gap with the rest of the luxury market.

Toyota’s luxury brand Lexus recorded a sales surge of 157 percent year-on-year to 1,511 units in 2019.

Sales of the only Asian luxury brand rose after plummeting in 2018 due to a government decree limiting car imports.

Swedish brand Volvo recorded sales of 500 units last year, up 250 percent from 2018, with the most in-demand model being the compact crossover SUV Volvo XC60 priced at VND2.85 billion ($123,200).

Sources said most other German brands like Porsche and BMW recorded increasing sales. Audi was the only brand with decreasing sales due to import challenges, a representative confirmed.

Insiders say Vietnam’s fast-growing economy and expanding middle class, along with rising car discounts led to the sales surge last year.

Manufacturers plan to export new models this year to Vietnam, giving customers even more luxury options.

Auto sales in Vietnam last year rose 11.6 percent from 2018 to 322,322 units, with 58.8 percent of them locally-assembled, according to Vietnam Automobile Manufacturers Association.