Car dealers in Hanoi’s Cau Giay District said prices of two to three year-old second-hand Honda CRV cars had increased by VND50 million (USD2,173) in the run-up to Tet. 

Car prices in Vietnam have considerably increased due to higher demand before the Lunar New Year holiday

Second hand CRV cars of 2.4 AT and produced in 2013 are being offered for sales at around VND800 million (USD34,782), up VND12 million compared to the price announced in December last year. The 2.4 AT model launched in the same year are priced at VND730-750 million, up VND5-8 million against November 2018.

The price of new CRV models has also increased roughly VND10 million from January 1 this year.

Meanwhile, the prices of some car models of affordable prices which have been used for less than five years have been raised by VND10-15 million.

For instance, Hyundai i10 and Kia Morning which were produced in 2015 and 2016 have seen the price rise by VND5-15 million.

The small-size cars are favoured by many people as they not only have cheaper prices but are more suitable for narrow streets in urban areas.

According to the Vietnam Automobile Manufacturers’ Association (VAMA), nearly 27,000 cars were sold in 2018, up 27.7% on-year, including 192,000 of below nine seats.

In the year, around 215,700 cars were domestically assembled, up 20,700 compared to 2017 While, 72,900 cars were imported, down nearly 5,000 against 2017.