Vietnamese Car Buyers Give Up, Sigh and Buy

Glenn Swanson
by Glenn Swanson

The Socialist Republic of Vietnam is on its uppers. The Viet Nam News reports expanding tourism and exports, a stock market that’s expanded by 145 percent and a growing, car-hungry middle class. Auto sales are up 79 percent year on year. Toyota salesman Cao Hong Quang says his customers must plunk down a VND 10 – 15m ($625 – $938) deposit and wait between a week to four months before delivery. The demand also represents a sense of resignation. Many aspiring Vietnamese motorists were hoping that the country's entry into the World Trade Organization (January '07) would trigger a reduction in government taxes on car purchases. By now, they’ve given up waiting and started buying.

Glenn Swanson
Glenn Swanson

Glenn is a baby-boomer, born in 1954. Along with his wife, he makes his home in Connecticut. Employed in the public sector as an Information Tedchnology Specialist, Glenn has long been a car fan. Past rides have included heavy iron such as a 1967 GTO, to a V8 T-Bird. In between those high-horsepower cars, he's owned a pair of BMW 320i's. Now, with a daily commute of 40 miles, his concession to MPG dictates the ownership of a 2006 Honda Civic coupe which, while fun to drive, is a modest car for a pistonhead. As an avid reader, Glenn enjoys TTAC, along with many other auto-realated sites, and the occasional good book. As an avid electronic junkie, Glenn holds an Advanced Class amateur ("ham") radio license, and is into many things electronic. From a satellite radio and portable GPS unit in the cars, to a modest home theater system and radio-intercom in his home, if it's run by the movement of electrons, he's interested. :-)

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  • Monteclat Monteclat on Jul 24, 2007

    luxury tax on a car in VN is 200 - 300% of the price of the car.

  • Hal Hal on Jul 26, 2007

    I always thought being "on your uppers" meant you are broke - the soles of your shoes are worn away and all you are left with is the uppers - the top part of the shoe. A bit different from being just "on uppers" or "on the way up"