[SingViet]

For bros who needs a different view of Vietnam now, all prices quoted in US$
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60% of imported used cars are luxurious 17:25' 08/02/2007 (GMT+7)
VietNamNet Bridge – Some 500 used cars have been imported in the last seven months, since the Government lifted the ban on used car imports, 60% of which have been luxury cars, priced 2-3 times higher than brand new locally made cars.

The Italia-made Porsche now available in Vietnam
Vietnam remains a small market, but all luxurious brand names have appeared in the market, including BMW, Lexus, Mercedes Benz, Porsche, Aston Martin, Bentley, Audi and Jaguar. The HCM City-based Hoang Trong Company has been the biggest used car importer, importing 100 units so far, including unique cars that cannot be seen elsewhere in Vietnam.

These include the Maybach 62, Bentley Continental 2, Audi Q7 manufactured in 2007, Cadillac Escalade (series 2007), Mercedes Benz S550 (series 2007) and two-door BMW 650 (series 2006), which have prices of between $70,000 and several hundred thousand dollars.

Duy, a businessman who specialises in importing used cars in district 11 in HCM City, said that the majority of the luxurious cars were being purchased by the owners of businesses. In general, BMW 5-series and 7-series are favoured by young entrepreneurs, while Mercedes S class are used by elder businessmen, and playboys like driving BMWs and sports cars.

Duy said that businessmen who trade seafood and rice in the western area and construction steel traders have recently been added onto the list of his clients. The list also includes people who have become rich overnight thanks to profitable securities trading deals. Duy said that his clients, who only purchase unique cars, rarely pay by instalments; they always pay in cash, and once only.

The director of a Hanoi-based car trading company said that there were more and more people, business bosses, who wanted to buy luxury cars. He related the story of a construction company director, who sold and bought cars 10 times last year.

Used cars have been imported to Vietnam mostly to fulfil the orders of clients, and it takes 2-3 months on average to get cars, which come on shipping lines. Used car dealers mostly import cars from the US as there are many choices and the prices seem to be cheaper than of those from Europe.

Used imports have an average mileage of 2-3,000 miles; therefore, they are all in good condition.

However, it takes care and pain to play with cars. Only very few customers who are keen on vehicles can purchase models that manufacturers have just launched onto foreign markets. Several rich people and playboys, who don’t want to wait two or three months for their cars to be shipped to Vietnam, have had their cars shipped in by air.

Playboys have helped Vietnam’s market connect to the world’s car market. Playboys these days are whispering in each others’ ears the information that a BMW X5 manufactured in 2007, which has just been introduced in Germany, has appeared in the garage of an IT (information technology) company. It is said that the owner of the car is one of the 100 stock market millionaires.

D. said he has sold a Mercedes S600 manufactured in 2005 to the director of a steel company at VND4.5bil. The Maybach 62 imported to Vietnam at the end of last year as ordered by a businessman was valued at $580,000 after tax.

The red Rolls Royce manufactured in 1995 now being used by Mrs H., a businesswoman in the real estate sector, does not have an official price, but according to T., a used car importer, it must not be below $1mil.

The Bentley Continental that was sold by Hoang Trong Company to a rich man named K. was priced at $500,000.

T. revealed that a Rolls Royce, which is on its way to Vietnam, could set a price record as it might be valued at over $1mil.