In 2014, the first Rolls-Royce Motor Cars dealership opened in Vietnam, with its headquarters in Hanoi despite its modest size. The man behind bringing this luxury car brand to the country was Doan Hieu Minh, who, after seven years of operations, handed over the business to another entity.
Recently, the former CEO of Rolls-Royce Vietnam shared fascinating insights into his experience of running the luxury car brand. It all started in 2010 when he wanted to purchase a Rolls-Royce and went to an overseas showroom. He was quoted a price of $1 million, a substantial sum, and he couldn’t negotiate any aspects of the car, not even the paint color or specifications, as it was a readily available model.
A year later, he traveled to Dresden, Germany, and visited an authorized Rolls-Royce showroom to order a customized Ghost, specifying everything from the paint color to the interior. However, he still wasn’t satisfied and had the car gold-plated before shipping it to Vietnam.
Three years later, he opened the first Rolls-Royce dealership in Vietnam, but the customized Ghost wasn’t among the initial offerings; instead, a different model and a Wraith were displayed. In the first year of operations, the dealership sold seven cars and turned a profit. However, in the following years, they incurred losses. Just three years after the grand opening, Mr. Minh realized that the pool of potential customers was dwindling, and after seven years, he decided to step away from the business.
Over the seven years, he sold over 20 Rolls-Royce vehicles, many of which were customized, and one was even a one-of-a-kind model worldwide. However, overall, he incurred significant losses, only offset by profits from other business areas. This experience sheds light on the challenges of selling ultra-luxury cars like Rolls-Royce in Vietnam.
A bright spot during the seven years of operating Rolls-Royce Vietnam was Mr. Minh’s sale of one of the most expensive cars in the country, rumored to have cost over $80 billion VND. This highly customized vehicle even featured a unique modification: the Rolls-Royce logo was replaced with a tiger head when it arrived at the local dealership.
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