Vietnam Commercial Vehicle Market: By Vehicle Class, Vehicle Type, Propulsion Type, Power Output, By Weight, Application, Sales Channel, Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast for 2026-2035

In recent years, the Vietnam commercial vehicle market has undergone a significant transformation, moving beyond a phase of recovery into a period of sustained structural expansion. By 2025, the market is valued at USD 2,528.95 million, reflecting the growing demand and evolving dynamics within the sector. This upward trajectory is expected to continue robustly, with projections indicating that the market valuation will reach an impressive USD 5,796.13 million by 2035. This growth corresponds to a compound annual growth rate (CAGR) of 8.86% over the forecast period from 2026 to 2035, highlighting the market's strong momentum and promising future potential.

Several key factors are driving this remarkable expansion. Foremost among them is Vietnam's vigorous economic growth, which fuels demand for commercial vehicles across various industries. As the country continues to industrialize and urbanize, there is an increasing need for efficient transportation solutions to support manufacturing, trade, and distribution activities. Alongside this economic surge, the government's substantial investment in infrastructure development plays a critical role. Massive public spending on roads, ports, airports, and urban transit systems not only enhances connectivity but also stimulates demand for commercial vehicles essential to these projects.

Noteworthy Market Developments

The competitive landscape of Vietnam's commercial vehicle market is becoming increasingly dynamic as new entrants intensify competition and established players innovate to maintain their positions. In 2024, seven newly established Chinese automotive brands made their debut in Vietnam, signaling a bold challenge to incumbent manufacturers and diversifying the options available to buyers.

Despite the influx of new competitors, established players have not ceded ground. A notable development occurred in December 2025 when Lien Ninh began operating the first units of its ambitious plan to deploy 111 electric buses across the capital city. This rollout marks a significant step forward for zero-emission public transport in Vietnam, as the company aims to introduce these environmentally friendly buses across all nine of its service routes.

Similarly, VinFast, a leading Vietnamese electric vehicle manufacturer, has actively expanded its portfolio in 2025 to strengthen its position in the domestic market. In May 2025, VinFast launched the EB 6, a small electric bus designed to meet the needs of urban public transportation with zero emissions. The introduction of the EB 6 complements VinFast's broader strategy to promote electric mobility solutions. In the same month, the company also unveiled the EC Van (E-City Van), a small electric cargo van tailored for business use. This move highlights VinFast's commitment to catering to both commercial and public transport sectors with cleaner, more efficient vehicles.

Core Growth Drivers

Sales growth in the Vietnam commercial vehicle market is being propelled by the convergence of three powerful economic forces that together create a robust environment for procurement activity. At the forefront of these drivers is the government's aggressive public investment strategy aimed at accelerating national development. In 2025 alone, the government has set an ambitious disbursement target of nearly VND 900 trillion (approximately $36 billion), reflecting a commitment to fueling large-scale infrastructure projects that will transform the country's economic landscape. This substantial influx of capital is directly channeled into monumental undertakings such as the North-South Expressway and Phase 1 of the Long Thanh International Airport, both of which are emblematic of Vietnam's push to modernize its transport networks and enhance connectivity.

Emerging Opportunity Trends

Buyer behavior in the Vietnam commercial vehicle market is undergoing a fundamental transformation driven by broader modernization trends shaping the industry's future. A major catalyst for this shift is the enforcement of Euro 5 emission standards, which have introduced stricter regulations on vehicle emissions to address environmental concerns and improve air quality. This regulatory push is compelling fleet operators to accelerate their replacement cycles, phasing out older, less efficient vehicles in favor of newer models that comply with these higher standards. As a result, many buyers are prioritizing advanced commercial vehicles equipped with cleaner engines, recognizing the need to align with government mandates while also benefiting from improved fuel efficiency and reduced environmental impact.

Barriers to Optimization

Logistics bottlenecks in Vietnam are creating significant challenges that squeeze profit margins across the commercial vehicle sector, particularly impacting the efficiency of light commercial vehicles (LCVs). One of the key factors contributing to this strain is the country's infrastructure, which has struggled to keep pace with the rapid urbanization and increasing transportation demands. In cities like Ho Chi Minh City, where traffic congestion is notoriously severe, delivery vans face considerable delays, averaging speeds of only 15 to 20 kilometers per hour. This sluggish pace not only extends delivery times but also increases fuel consumption, vehicle wear and tear, and operational costs, all of which erode the profitability of logistics operations.

Detailed Market Segmentation

By Vehicle Class, Heavy commercial vehicles (HCVs) hold the largest revenue share in Vietnam's commercial vehicle market, commanding 37.49% of the total market value by vehicle class. This dominance is deeply connected to the country's rapid industrialization and the extensive logistical demands that come with supporting its growing manufacturing and infrastructure sectors. As Vietnam continues to develop its industrial base, there is an increasing need to transport large volumes of raw materials, machinery, and finished goods across vast distances, both domestically and for export purposes.

By Propulsion Type, Internal Combustion Engine (ICE) vehicles continue to hold a commanding position in the Vietnam commercial vehicle market, maintaining an unwavering dominance with a market share exceeding 80.71%. This strong foothold can be attributed primarily to the well-established reliability of ICE technology, which has been the backbone of the transportation sector for decades. The familiarity and proven performance of these engines make them the preferred choice for many businesses and fleet operators who rely on dependable vehicles for their daily logistics and commercial activities.

By Power Output, Commercial vehicles equipped with engines producing less than 150 horsepower hold the largest share in Vietnam's commercial vehicle market, accounting for 54% of total sales by power output. This significant dominance is closely aligned with the country's unique operating conditions, which influence the demand for vehicles that balance performance, efficiency, and cost-effectiveness. Vietnam's diverse road infrastructure, ranging from congested urban streets to rural routes, often favors vehicles with moderate power that can navigate varying terrains without excessive fuel consumption or maintenance challenges.

By Weight/GVW Class, vehicles with a carrying capacity of up to 6 tons hold a dominant position, commanding an impressive 58.39% share by weight or gross vehicle weight (GVW) class. This dominance is largely influenced by stringent regulatory measures implemented in major urban centers such as Hanoi and Ho Chi Minh City. These cities have introduced strict "truck ban" regulations that restrict the movement of heavier vehicles within city limits during certain hours or altogether to reduce traffic congestion, pollution, and road wear. As a result, businesses and logistics operators have increasingly turned to lighter commercial vehicles that comply with these restrictions while still meeting their transportation needs.

Segment Breakdown

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

By Region

• Northern Region
• North Central Region
• Central Region (South Central Coast)
• Central Highlands
• Southern Region

Leading Market Participants

• 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