Vietnam’s luxury car market reached a valuation of US$1.9 billion in 2024 and is projected to grow modestly to US$2.1 billion by 2033, according to a new report by IMARC Group. Rising affluence, urban expansion, and social status-driven purchases are supporting demand, though the compound annual growth rate (CAGR) is expected to remain low at 1.15 percent.
Key points in the report include:
- Urbanisation and rising disposable incomes are fuelling demand for premium brands
- SUVs and crossovers dominate due to their practicality in city and suburban settings
- Growing interest in electric vehicles amid green transport incentives and environmental awareness
- Buyers prioritise high-tech features like ADAS and in-car connectivity
- Luxury dealerships are expanding financing and after-sales offerings to attract buyers
Vietnam’s ultra rich have been growing in recent years fueled by the country’s rapid economic development. This has seen several major high-end car companies set up shop including McClaren, Porche, and Rolls Royce.
See also: How to Start a Business in Vietnam: Visas, Human Resources & More