The Vietnamese automobile market has lately expanded to include a diverse range of domestic and imported vehicles. Anything from a Tata Nano (widely regarded as the world’s cheapest vehicle) for 120,000 to a Rolls Royce for 25,000,000 and everything in between is available. Hatchbacks vary in price from 120,000 to 500,000, mid-size sedans from 600,000 to 12,00,000, and luxury sedans from 14,00,000 to 45,00,000. SUVs range in price from 900,000 to 6,000,000. Dealers’ prices are typically ex-showroom, and there are usually additional costs for insurance, registration, and tax, which the dealer will also tell you about. Most individuals own their vehicles, and there are few leasing alternatives, but if you are going to Vietnam on a work contract, you should check ahead of time to see whether your contract includes a car and driver, as many work contracts for higher-level executives do, and you may not need to purchase your own car.
All major automobile manufacturers have numerous showrooms in Hanoi where you can take a test drive and get advice on purchasing a new vehicle. You can also request that a dealer send a test vehicle to your home. If you want to remain in Vietnam for 2 to 3 years, it makes sense to buy a new vehicle and sell it when you leave, which is frequently feasible via the same dealership from where you purchased it. The main drawback is that foreign people are often unable to get loans from Vietnamese banks, so you will have to purchase the vehicle entirely.
If you are just going to be in Vietnam for a short time, purchasing a used vehicle may be a better choice since it is usually half the price of buying a new car. Because of the documentation required, it is preferable to purchase your vehicle through a dealership rather than an individual. In recent years, the used vehicle industry has grown reasonably streamlined. Many reputable firms such as VietWheels offer quality-checked old cars that come with a one-year guarantee and a couple of free services. If you purchase a car from a dealer, whether used or new, the dealer will register the vehicle for you and arrange for the required insurance.
Criteria For Foreigners Buying A Car In Vietnam
Foreigners who wish to buy a vehicle in Vietnam must fulfill the following requirements:
- You must currently be living and working in Vietnam
- You must have a valid passport
- You must have a visa that is valid for more than three months
- You must have a valid work permit as well as a Vietnamese driver’s license
If the buyer wants to acquire a vehicle from another province, they must carry all legal paperwork to that province and have it notarized. The sale should occur in that province, and the buyer’s registration should occur in their home province. It is a lengthy procedure and is not advised for first-time purchasers. The best thing to do is to ask as many questions as possible before embarking on your car purchase to ensure you have all the correct information in place.