VinFast Trading & Service Co., Ltd. has just signed a strategic cooperation agreement with Cho Tot Company Limited, launching the program "Trade in old gasoline motorcycles for new electric ones," applicable to all VinFast electric motorcycles from March 20 to May 1, 2024.

According to the cooperation agreement between the two parties, from March 20 to May 1, 2024, customers who buy VinFast electric motorcycles through the Cho Tot platform will receive incentives of up to 3 million VND, depending on each model. Specifically, customers who buy Evo200 or Evo200 Lite will receive an incentive of 800,000 VND, and Feliz S will receive an incentive of 1,200,000 VND. The corresponding incentive levels for the Klara S (2022), Vento S, and Theon S models are 1,600,000 VND, 2,400,000 VND, and 3,000,000 VND, respectively.

Customers can also sell their old gasoline motorcycles to Cho Tot, and at the same time buy new VinFast electric motorcycles on the Cho Tot platform. Customers who buy VinFast electric motorcycles in March 2024 will also receive extra incentives from VinFast of up to 1.75 million VND. Specifically, for customers who buy motorcycles and rent batteries, VinFast will give away a free battery rental package for 2 months for Evo200, Evo200 Lite, and Feliz S models; free for 3 months for Klara S (2022); and 5 months for Vento S and Theon S.

Recently, Cho Tot has also launched the Official Mall model. This is a physical store model for buying and selling vehicles, combined with the online buying and selling vehicle platform Cho Tot Xe.

According to Mr. Nguyen Trong Tan, General Director of Cho Tot, the phygital business strategy, combining the online platform (digital) and the physical store (physical) Official Mall, has been implemented by Carousell Group and has recorded positive results in Southeast Asian countries such as Singapore and Malaysia.

"Currently, Vietnam is one of Carousell Group's three priority markets. Therefore, Cho Tot always receives strong support from the group to accelerate the development of the used car market in Vietnam," Mr. Tan said.

In fact, Vietnam's used car market is considered vibrant and has many "giants" joining. According to BlueWeave Consulting, the used car market in Vietnam has great development potential with a compound annual growth rate of 16.7%, estimated to be worth up to 23.12 billion USD by 2029.

Compared to Singapore and Malaysia, Mr. Trieu Khac Thiep, Director of Cho Tot Xe, said the two new vehicle markets still dominate thanks to the strength of domestic production and attractive prices. Meanwhile, consumers in Vietnam often tend to search for and are interested in used cars due to price and usage value factors.