Vietnam’s automotive financing market, valued at US$11.5 billion in 2024, is projected to grow at a CAGR of 12.55 percent to reach US$33.3 billion by 2033, according to a report from Astute Analytica → view source.
Rising incomes, low vehicle penetration, and surging demand for loans are driving expansion.
Key details:
- Loans account for 57.12 percent of the market share.
- Mid-term loans represent 53.42 percent of borrowing preferences.
- Two-wheelers make up 70.89 percent of financing by vehicle type.
- Private vehicles account for 62.34 percent of financing by usage.
- Banks hold 82.42 percent of the lending market.
- New vehicles represent 70.98 percent of financing by ownership.
- Individuals dominate as end users with a 73.17 percent share.
- Vehicle penetration is just 34 per 1,000 inhabitants, highlighting untapped potential.
- Consumer loans have reached VND 2.8 quadrillion or US$107.7 billion, indicating strong appetite for credit.
- Circular No. 12/2024/TT-NHNN allows loans up to VND 100 million or US$3,846 without detailed plans.
- Loan approval times have been cut to under 48 hours through digitalisation.
See also: Vietnam Automotive Industry 2025: Growth, Imports & Outlook