Vietnamese Car Buyers Give Up, Sigh and Buy

Glenn Swanson
by Glenn Swanson
vietnamese car buyers give up sigh and buy

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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  • 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"