Vietnamese Car Buyers Give Up, Sigh and Buy
July 24th, 2007 7:26 PM
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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.
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luxury tax on a car in VN is 200 - 300% of the price of the car.
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"