Thaco and Hyundai currently dictate supply chains while massive infrastructure projects stimulate demand for heavy-duty haulers, creating a robust landscape where versatile light trucks thrive amidst evolving urban logistics regulations and expanding regional trade corridors.
Chicago, Dec. 29, 2025 (GLOBE NEWSWIRE) — The Vietnam commercial vehicle market size is projected to hit the market valuation of USD 5,796.13 million by 2035 from USD 2,528.95 million in 2025 at a CAGR of 8.86% during the forecast period 2026–2035.
Key Market Highlights
- Based on vehicle class, light commercial vehicles drives the dominance in the Vietnam commercial vehicle market. They accounts for more than 26.17% market share.
- Based on vehicle type, trucks generate nearly 51% revenue of the Vietnam market.
- Based on propulsion, ICE still dominates the market by capturing more than 80.71% market share.
- Based on power output, commercial vehicles having <150 hp power takes the lead and capture the highest 54% market share.
- Based on weight/GVW Class, commercial vehicles having weight carrying capacity Up to 6 tons takes the lead and dominates the market by accounting for more than 58.39% market share.
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As per recent data from 2024, Vietnam commercial vehicle market recovering with strength. VAMA members reported total commercial vehicle sales of 79,332 units for the full year. December 2024 alone saw commercial vehicle sales hit 6,461 units, ending the year on a high note. The market also saw special-purpose vehicle sales reach 2,910 units. Total automobile market volume, including non-VAMA players, was estimated at 500,000 units. Isuzu Vietnam contributed 1,110 commercial vehicles in September 2024, while Hyundai recorded 1,070 units in March.
Competitive dynamics are intensifying with new entrants. Seven newly established Chinese automotive brands entered Vietnam in 2024, challenging incumbents. Meanwhile, established players held their ground; Thaco Truck recorded sales of 2,200 units in November 2024. These figures demonstrate a market that is both expanding and diversifying. Fleet operators now have more choices than ever, ranging from traditional Japanese trucks to cost-effective new contenders.
Accelerating Momentum and Sales Surges Throughout 2025
The momentum from 2024 has transitioned into explosive growth in 2025. In October 2025, commercial vehicle sales surged to 10,162 units. Earlier in the year, the segment sold 8,619 units in April 2025. Cumulative sales for the first four months of 2025 reached 101,834 units for the total market. Special-purpose vehicles also saw a spike, with 200 units sold in April 2025 alone. Such rapid growth confirms the Vietnam commercial vehicle market is in a robust expansion phase.
Imported vehicles are playing a crucial role in meeting this demand. Imported CBU sales reached 15,695 units in April 2025. Domestic manufacturing remains strong as well; Thaco Truck sales maintained a steady output of 2,200 units in November 2025. Additionally, the total auto market sales in October 2025 reached 37,910 units. A significant milestone was achieved by Hino Motors Vietnam, which celebrated the delivery of its 60,000th truck in April 2025. These metrics paint a picture of a vibrant, high-demand environment.
Light Commercial Vehicles Capture 26.17% Market Share by Acting as Mobile Real Estate
The dominance of Light Commercial Vehicles (LCV) in Vietnam commercial vehicle market goes beyond simple logistics; it represents a fundamental shift in how small businesses operate, securing a commanding 26.17% market share. In a landscape where retail space rents in districts like Hoan Kiem or District 1 are skyrocketing, the LCV has evolved into a “mobile storefront.” Entrepreneurs are not just using these vehicles to deliver goods; they are converting Hyundai Porters and Kia Frontiers into roving coffee stalls, mobile repair shops, and pop-up clothing vendors.
This “shop-on-wheels” phenomenon allows businesses to bypass fixed overheads, chasing foot traffic directly rather than waiting for it. The vehicle effectively becomes a commercial asset that generates revenue while parked, a unique value proposition that has made models like the Ford Ranger—often doubling as a lifestyle vehicle for the business owner’s family—an indispensable tool for the modern Vietnamese household economy.
Heavy Trucks Generate 51% of Market Revenue by Anchoring the Export Economy
While they may not match smaller trucks in sheer volume, heavy trucks account for nearly 51% of Vietnam commercial vehicle market revenue, acting as the high-stakes gamblers of the logistics world. This revenue supremacy is driven by the strategic “port-to-park” corridor. As Vietnam cements its status as a global manufacturing alternative to China, fleet operators are investing heavily in expensive tractor-trailers from brands like Chenglong and UD Trucks to serve the relentless flow of goods between industrial zones and deep-water ports.
These aren’t just purchases; they are massive capital investments betting on the country’s GDP growth. The high unit price is justified by the sheer turnover these giants handle—transporting millions of dollars in electronics and textiles in a single run—making them the financial heavyweights that underpin the entire commercial vehicle sector’s profitability.
Internal Combustion Engines Hold 80.71% Market Share Through Service Ecosystems
The Internal Combustion Engine (ICE) retains a staggering 80.71% market share of the Vietnam commercial vehicle market, not merely due to fuel availability, but because of a deeply entrenched “ecosystem of repair.” In the remote highlands or the bustling fringes of the Mekong Delta, a broken-down diesel truck can be fixed by a roadside mechanic with basic tools within an hour. In contrast, an electric truck with a software glitch or battery issue would be stranded, requiring specialized support that simply doesn’t exist in the provinces yet.
For logistics companies operating on thin margins, this serviceability is the difference between profit and loss. The diesel engine remains the king of reliability because the entire nation’s support infrastructure—from the roadside tiệm sửa xe (repair shop) to the parts distributor—is fluent in the language of pistons and diesel, not volts and software.
Vehicles with <150 HP Dominate with 54% Market Share by Mastering Urban Gridlock
Commercial vehicles equipped with engines under 150 horsepower have captured 54% of the commercial vehicle market by hitting the “efficiency sweet spot” of Vietnamese traffic conditions. In cities where the average speed during business hours rarely exceeds 30 kilometers per hour, high horsepower is a wasteful luxury. Vietnamese fleet managers have realized that a 300-horsepower engine burning fuel at a standstill is burning profits.
Instead, the 100-130 horsepower range found in the Isuzu QKR or Kia K200 offers the perfect amount of grunt to move a full load from a standstill without the fuel penalty of a larger block. This segment thrives because it aligns perfectly with the reality of the road: it is not about how fast you can go, but how efficiently you can idle and accelerate in stop-and-go congestion.
Vehicles Under 6 Tons Lead the Market with Over 58.39% Market Share by Beating the Clock
The “Cinderella” nature of Vietnamese logistics has pushed vehicles under 6 tons to a dominant 58.39% market share. This segment’s success in the Vietnam commercial vehicle market is entirely dictated by the clock; these are the only trucks agile and legally compliant enough to operate during the strict daytime “curfew” hours imposed in major metropolitan areas.
While heavy haulers are forced to park until nightfall, these sub-6-ton agile units act as the daylight circulatory system of the city, rushing e-commerce parcels and fresh food to consumers before the sun goes down. Their dimensions are calculated to the millimeter to maximize payload while staying just under the legal bans, making them the strategic choice for logistics companies that cannot afford to have their supply chain sleep for 12 hours a day.
Record Seaport Throughput Driving Demand For Container and Logistics Fleets
Surging maritime activity is creating immediate requirements for tractor-trailers and chassis systems. Cai Mep – Thi Vai International Port successfully processed 6.5 million TEUs of containers in 2024. The entire port cluster handled a massive cargo volume of 152 million tonnes throughout the year. As cargo volumes rise, logistics companies must upgrade their fleets to move goods from ports to industrial zones efficiently. Across all national seaports, total cargo throughput hit 501.117 million tonnes in just the first seven months of 2024. Container throughput specifically reached 16.902 million TEUs during that same period.
Operational milestones further validate the sector’s vibrancy. Tan Cang – Cai Mep Thi Vai Port welcomed its 1,000,000th TEU on December 5, 2024. Additionally, the port handled 918 vessels, including 321 mother ships, in 2024. However, rising costs are reshaping strategies; logistics costs to the US West Coast rose to USD 2,950 in early 2024. Transport firms are responding by investing in efficient vehicles to offset shipping hikes. Consequently, the Vietnam commercial vehicle market is benefiting from a desperate need for optimized “last-mile” and inter-provincial logistics solutions.
Unprecedented Trade Surplus and FDI Inflows Boosting Freight Transport Volume
Vietnam’s position as a global manufacturing hub is generating record-breaking freight volumes. The country achieved an all-time high export turnover of USD 405.53 billion in 2024. Total import-export trade turnover reached an impressive USD 786.29 billion. Such massive movement of goods requires a robust Vietnam commercial vehicle market to facilitate transport. The nation recorded a trade surplus of USD 24.77 billion, indicating heavy outbound logistics activity. Exports to the United States alone reached USD 119.6 billion, creating specific demand for trucks capable of serving high-volume export zones.
Foreign capital is further fueling this industrial engine. Vietnam attracted USD 31.4 billion in registered Foreign Direct Investment (FDI) in the first 11 months of 2024. Actual disbursed FDI capital reached USD 21.68 billion during the same period. Singapore led these investments with USD 9.14 billion in registered capital. These funds are largely directed toward manufacturing and processing, sectors that rely heavily on commercial transport. Therefore, the correlation between FDI inflows and fleet expansion remains a critical driver for market growth.
Industrial Real Estate Boom Creating New Opportunities For Specialized Vehicles in the Vietnam Commercial Vehicle Market
New manufacturing zones are stimulating demand for diverse commercial vehicle types. Authorities granted investment certificates to 3,035 new FDI projects in the first 11 months of 2024. The industrial real estate sector specifically attracted USD 5.63 billion, necessitating construction vehicles for site development. Thaco Group invested 3,894 billion VND in 2024 for Chu Lai Industrial Park infrastructure. Furthermore, on August 28, 2025, Thaco broke ground on a Da Nang supporting industries park costing 8 trillion VND. The project spans 115 hectares, requiring extensive earthmoving equipment.
Inside these zones, the need for internal logistics vehicles is growing. 1.43 trillion VND of the Da Nang capital is allocated just for infrastructure. Manufacturing industries, which accounted for USD 20.2 billion of total FDI in 2024, are increasingly adopting automation. The new Thaco park will even produce industrial robots and AGVs, signaling a shift toward high-tech logistics. Thaco also recruited 14,914 employees in 2024, reflecting the operational scale. Consequently, the Vietnam commercial vehicle market is evolving to support both heavy construction and sophisticated intra-factory transport.
Strategic Dominance and Product Diversity Of Key Market Players
Thaco Group continues to define the sector with aggressive targets and massive capacity. Thaco Auto set a sales goal of 95,400 vehicles for fiscal year 2024, with a specific target of 19,200 trucks and buses. Financially, Thaco Industries aimed for consolidated revenue of 13,000 billion VND. Their export ambitions are equally high, targeting USD 250 million in revenue and planning to export over 1,600 vehicles. Thaco Agri also invested 5,800 billion VND in 2024, driving internal demand for agricultural transport.
Product diversity is central to their strategy in the Vietnam commercial vehicle market. Thaco’s lineup includes 13 distinct truck models and 6 bus models. Specific models cater to niche logistics needs; the TF220 mini truck offers a 990 kg payload, while the TF450V van provides 945 kg capacity. Such granular segmentation allows Thaco to dominate urban and rural logistics alike. These meticulous product strategies ensure they remain the preferred choice for Vietnamese enterprises.
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Electrification Trends and Green Logistics Gaining Significant Traction
The shift toward green logistics is reshaping fleet composition. VinFast delivered a total of 97,399 electric vehicles globally in 2024, with many entering commercial taxi services. Domestic deliveries in November 2024 alone reached 16,000 units. Cumulative VinFast EV sales in Vietnam surpassed 51,000 units in the first 10 months of 2024. Furthermore, 70,977 electric scooters were delivered, revolutionizing last-mile delivery fleets. The Vietnam commercial vehicle market is rapidly adopting these sustainable solutions to reduce operating costs.
Momentum continued into 2025 with significant electric adoption. In January 2025, VinFast delivered over 10,000 EVs to the domestic market. The VF5 model, popular for taxi fleets, sold 3,300 units that month. External economic factors are accelerating this transition; shipping a 40ft container to Northern Europe cost USD 4,450 in 2024. High fossil fuel logistics costs are making EVs an attractive alternative. Consequently, the market is witnessing a structural pivot toward electrified commercial transport.
Vietnam Commercial Vehicle Market Major Players:
- THACO (Truong Hai Auto Corporation)
- Isuzu Vietnam Co., Ltd.
- Ford Vietnam Limited
- Toyota Motor Vietnam
- Hyundai Motor Company
- UD Trucks Vietnam
- Mercedes-Benz Vietnam
- Mitsubishi Motors Vietnam
- AB Volvo
- Nissan Motor Co. Ltd.
- Honda Vietnam Co.
- Dongfeng Motor Corporation
- Other Prominent Players
Key Market Segmentation:
By Vehicle Class
- Light Commercial Vehicles (LCV)
- Medium Commercial Vehicles (MCV)
- Heavy Commercial Vehicles (HCV)
- Specialty Vehicles
By Vehicle Type
- Trucks
- Pickup Truck
- Box Truck
- Cargo Truck
- Semi-Truck / Tractor Trailer
- Track Truck / Tracked CV
- Fire Engine
- Delivery Truck
- Other Special Trucks
- Vans
- Cargo Van
- Passenger Van
- Step Van
- Other Vans
- Passenger Commercial Vehicles
- Passenger Cars
- Taxi
- Car Rental Vehicles
- Passenger Trolley
- RV-Type Transport Service
- Other Passenger CVs
- Delivery Vans / Urban Delivery Units
- Special Vehicles
- Utility / Municipal Vehicles
- Others
By Propulsion Type
- Internal Combustion Engine (ICE)
- Diesel
- Petrol/Gasoline
- Others
- Electric Commercial Vehicles
- BEV (Battery Electric Vehicles)
- HEV / PHEV (Hybrid & Plug-in Hybrid)
- FCEV (Fuel Cell Electric Vehicles – Hydrogen)
By Power Output
- <150 hp
- 150-250 hp
- 250-350 hp
- 350 hp (Heavy-Duty Long-Haul & Mining
By Weight/GVW Class
- Class 1-3: Up to 6 tons
- Class 4-6: 6-16 tons
- Class 7-8: 16+ tons
By Application/End Use
- Logistics & Transportation
- Last-mile Delivery
- Long-haul Transport
- Freight & Distribution
- Construction & Mining
- Dump Trucks
- Tippers
- Concrete Mixers
- Public Transport
- City Buses
- Intercity/Coach Buses
- Agriculture & Forestry
- Oil & Gas
- Municipal Services
- Tourism & Hospitality Transport
- Government & Defense
- Others
By Sales Channel
- OEM / New Vehicle Sales
- Aftermarket / Fleet Refurbishment
- Leasing & Rentals
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