The secondhand market in Vietnam is projected to exceed US$5 billion by 2026, a major increase from its current value of $1.1 billion.
A recent report published by RedSheer Strategy Consultants valued Vietnam’s secondhand market at $1.1 billion and noted an increased preference in the country for pre-owned goods.
Corroborating Redsheer’s report, the Carousell Recommerce Index 2021 report revealed that 83 percent of Vietnamese respondents once bought used goods and expected to purchase them again in the future.
Sustainable consumption, which involves reusing, recycling, and consuming only in ways that are environmentally friendly, is a top concern amongst young people, especially Gen Z.
The report also noted that a major concern when buying hand-me-down goods was quality and false advertising.
At an event held on Tuesday, Nguyen Trong Tan, CEO of Cho Tot – a classifieds website and app – stated that the three most frequently purchased secondhand goods on this platform in 2021 were electronics, home appliances, and clothing.
More and more people in Vietnam are choosing to buy used products, Tan said, adding that the secondhand market in the country is expected to reach $5.1 billion by 2026.
For safety on purchase of cast-off products, e-commerce platforms have developed transparent regulations and criteria that ensure the interests of both parties.
On Cho Tot, for example, people can buy a pre-owned product and have it delivered directly to their house, just as they would on a traditional e-commerce platform, Tan shared.
The site also offers cashless payment and ensures that the money paid by the buyers is secure until the transaction is confirmed.