Vietnam Road Freight Transport Market Size

The Vietnam Road Freight Transportation Market is projected to experience significant growth over the forecast period, driven by various economic and industrial factors. The expansion of the retail sector, bolstered by increased consumer spending and the rapid growth of e-commerce, is expected to enhance the demand for road freight services. Additionally, the government's infrastructure initiatives, such as the construction of affordable housing, are anticipated to further support market growth. The robust performance of key industries, including apparel, pharmaceuticals, and machinery, also contributes to the increasing market size, reflecting Vietnam's dynamic economic landscape.

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Market Size of vietnam road freight transport Industry

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Vietnam Road Freight Transport Market Summary
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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2030
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 24.58 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2030) USD 35.83 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by End User Industry Manufacturing
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2030) 6.48 %
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by End User Industry Wholesale and Retail Trade

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Vietnam Road Freight Transport Market Analysis

The Vietnam Road Freight Transport Market size is estimated at 24.58 billion USD in 2024, and is expected to reach 35.83 billion USD by 2030, growing at a CAGR of 6.48% during the forecast period (2024-2030).

24.58 Billion

Market Size in 2024 (USD)

35.83 Billion

Market Size in 2030 (USD)

5.01 %

CAGR (2017-2023)

6.48 %

CAGR (2024-2030)

Largest Market by Distance

73.19 %

value share, Long Haul, 2023

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The demand for long-haul trucking remained high during the review period, supported by a total road length of approximately 648,984 km, of which 493 thousand km is paved.

Largest Market by Goods Configuration

66.17 %

value share, Solid Goods, 2023

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The solid goods segment dominates the market as the large majority of commodities are transported. This also significantly contributes to the value-added output of the country.

Largest Market by End User Industry

38.86 %

value share, Manufacturing, 2023

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Vietnam is attracting a substantial amount of FDI in the manufacturing sector, including electronics, textiles, and automotive. The manufacturing destinations are spread across 54 provinces and cities.

Fastest Growing Market by Truckload Specification

7.26 %

Projected CAGR, Less than-Truck-Load (LTL), 2024-2030

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Infrastructural development plays an important role in the growth of the LTL segment. The length of roads also increased from 644,473 km in 2021 to 648,984 km in 2022.

First Leading Market Player

0.55 %

market share, PetroVietnam Transport Corporation, 2022

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PVTrans provides transportation services for PVOil and its branches, with an average total volume of 1.8 to 2 million cubic meters annually.

The e-commerce market in Vietnam is expected to grow at a CAGR of 12.38% during 2023-27, driving the growth of the market

  • In 2023 Vietnam accounted for the highest shipment value for the apparel, footwear, and textiles sector at USD 19.14 million, which drove the demand for road freight services. Moreover, Vietnam’s industrial production index (IIP) in 2022 went up by 7.8% YoY, with a growth of 6.8% recorded in Q1, 9.8% in Q2, 10.9% in Q3, and 3% in Q4. Some of the sectors with impressive growth in 2022 were beverage with 32.3% YoY (beer 35.3%), followed by medicine, pharmaceutical chemistry and herbs (19.2%), machinery production (19.1%), and wood and wooden products (17.2%).
  • One of the factors for the growth of the wholesale and retail trade end-user segment was the increase in retail sales. The retail sales of consumer goods and services in Vietnam reached USD 242 billion in 2022, showing a surge of 19.8% compared to the same period in the previous year. This was also a 15% increase from 2019. Domestic and foreign retailers sped up their businesses in 2022, with post-pandemic plans to further tap the country’s growing middle class, creating a booming year for the industry.
  • The Vietnamese retail market is experiencing remarkable growth, providing substantial opportunities for international retail brands to expand. Moreover, the e-commerce market in Vietnam is expected to register a CAGR of 12.38% during the period 2023-2027 and reach USD 19.3 billion by 2027. As a result, the demand for road freight services is anticipated to increase in the country. In addition, the government plans to construct 1.8 million affordable houses by 2030, which is expected to support the growth of the market further.
Vietnam Road Freight Transport Market

Vietnam Road Freight Transport Industry Segmentation Vietnam Road Freight Transport Industry Segmentation

Agriculture, Fishing, and Forestry, Construction, Manufacturing, Oil and Gas, Mining and Quarrying, Wholesale and Retail Trade, Others are covered as segments by End User Industry. Domestic, International are covered as segments by Destination. Full-Truck-Load (FTL), Less than-Truck-Load (LTL) are covered as segments by Truckload Specification. Containerized, Non-Containerized are covered as segments by Containerization. Long Haul, Short Haul are covered as segments by Distance. Fluid Goods, Solid Goods are covered as segments by Goods Configuration. Non-Temperature Controlled, Temperature Controlled are covered as segments by Temperature Control.

  • In 2023 Vietnam accounted for the highest shipment value for the apparel, footwear, and textiles sector at USD 19.14 million, which drove the demand for road freight services. Moreover, Vietnam’s industrial production index (IIP) in 2022 went up by 7.8% YoY, with a growth of 6.8% recorded in Q1, 9.8% in Q2, 10.9% in Q3, and 3% in Q4. Some of the sectors with impressive growth in 2022 were beverage with 32.3% YoY (beer 35.3%), followed by medicine, pharmaceutical chemistry and herbs (19.2%), machinery production (19.1%), and wood and wooden products (17.2%).
  • One of the factors for the growth of the wholesale and retail trade end-user segment was the increase in retail sales. The retail sales of consumer goods and services in Vietnam reached USD 242 billion in 2022, showing a surge of 19.8% compared to the same period in the previous year. This was also a 15% increase from 2019. Domestic and foreign retailers sped up their businesses in 2022, with post-pandemic plans to further tap the country’s growing middle class, creating a booming year for the industry.
  • The Vietnamese retail market is experiencing remarkable growth, providing substantial opportunities for international retail brands to expand. Moreover, the e-commerce market in Vietnam is expected to register a CAGR of 12.38% during the period 2023-2027 and reach USD 19.3 billion by 2027. As a result, the demand for road freight services is anticipated to increase in the country. In addition, the government plans to construct 1.8 million affordable houses by 2030, which is expected to support the growth of the market further.
End User Industry
Agriculture, Fishing, and Forestry
Construction
Manufacturing
Oil and Gas, Mining and Quarrying
Wholesale and Retail Trade
Others
Destination
Domestic
International
Truckload Specification
Full-Truck-Load (FTL)
Less than-Truck-Load (LTL)
Containerization
Containerized
Non-Containerized
Distance
Long Haul
Short Haul
Goods Configuration
Fluid Goods
Solid Goods
Temperature Control
Non-Temperature Controlled
Temperature Controlled
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Vietnam Road Freight Transport Market Size Summary

The Vietnam Road Freight Transportation Market is poised for significant growth, driven by the country's robust industrial production and expanding retail sector. The market is experiencing a surge in demand for road freight services, fueled by the booming apparel, footwear, and textiles sectors, as well as substantial increases in retail sales. The Vietnamese retail market is rapidly expanding, offering lucrative opportunities for international brands, while the e-commerce sector is also on a strong growth trajectory. This growth is further supported by government initiatives, such as the construction of affordable housing, which is expected to bolster the demand for transportation services. The transportation and storage sector has rebounded from previous declines, with a notable increase in new businesses and a rise in freight volume, underscoring Vietnam's emergence as a manufacturing and export powerhouse.

The market landscape is characterized by a fragmented structure, with major players like A.P. Moller - Maersk, Bee Logistics Corporation, and others holding a small share of the market. Recent strategic initiatives, such as Viettel Post's collaboration with KOIMA and GEODIS's expansion of its road network, highlight the ongoing efforts to enhance logistics infrastructure and cross-border trade. The cold chain sector has also seen significant expansion, driven by the increasing demand for seafood exports and domestic distribution. However, rising fuel prices, influenced by global market trends and domestic supply challenges, have impacted transportation costs, potentially leading to inflationary pressures. Despite these challenges, the market continues to grow, supported by increasing trade volumes and foreign direct investment.

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Vietnam Road Freight Transport Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Agriculture, Fishing, and Forestry

      2. 1.1.2 Construction

      3. 1.1.3 Manufacturing

      4. 1.1.4 Oil and Gas, Mining and Quarrying

      5. 1.1.5 Wholesale and Retail Trade

      6. 1.1.6 Others

    2. 1.2 Destination

      1. 1.2.1 Domestic

      2. 1.2.2 International

    3. 1.3 Truckload Specification

      1. 1.3.1 Full-Truck-Load (FTL)

      2. 1.3.2 Less than-Truck-Load (LTL)

    4. 1.4 Containerization

      1. 1.4.1 Containerized

      2. 1.4.2 Non-Containerized

    5. 1.5 Distance

      1. 1.5.1 Long Haul

      2. 1.5.2 Short Haul

    6. 1.6 Goods Configuration

      1. 1.6.1 Fluid Goods

      2. 1.6.2 Solid Goods

    7. 1.7 Temperature Control

      1. 1.7.1 Non-Temperature Controlled

      2. 1.7.2 Temperature Controlled

Vietnam Road Freight Transport Market Size FAQs

The Vietnam Road Freight Transport Market size is expected to reach USD 24.58 billion in 2024 and grow at a CAGR of 6.48% to reach USD 35.83 billion by 2030.

In 2024, the Vietnam Road Freight Transport Market size is expected to reach USD 24.58 billion.

Vietnam Road Freight Market Report Snapshots

Vietnam Road Freight Transportation Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029