Vietnam runs out of luxury cars

Trung Kien of Bac Ninh said he has been looking for a luxury car with a price tag of around VND7 billion ($300 million) for a month, but found nothing to buy.

He said he would have to wait for three to six months to get a popular luxury car delivered, due to shortage of components, especially semiconductors and chips.

Over the last two years, supply from the world’s largest producer, China, has been trickling due to impacts of Covid-19, resulting in a global shortage.

Supply of luxury cars in Vietnam is hit the hardest, as brands focus on delivering orders to their major markets like the U.S. or European countries.

Mercedes-Benz customers are said to wait for at least three months for some SUVs and S-class sedans, and up to a year for the ultra-luxury Maybach sedans and SUVs.

Some locally made models, including E-class sedans and GLC SUVs, are also in short supply, so buyers will have to wait 1-2 months to get their unit delivered.

Many auto dealers are accepting deposits but not promising when they can deliver cars.

Vinh Nam, an experienced luxury car salesperson in HCMC, said customers have gotten used to the current shortage.

“They prioritize getting a car rather than a color of choice and other options”.

BMW used to have a fairly steady supply despite having to import vehicles, but in recent months supply has declined and buyers have to wait three to six months for delivery.

Buyers of Porsche, Lexus and Land Rover have the longest waiting time of 12-14 months depending on their choice of color and options, up from the earlier six to nine months.

Many buyers are impatient and as a result are not making deposits with dealers, while some are turning to the gray market.

The shortage of auto parts is also hurting buyers, with some brands raising their prices and cutting promotions.

Some models are being sold at above listed prices. A Land Cruiser LC300, for instance, is being offered at VND5.5 billion, 37.5 percent higher than the original price.