Market Size of vietnam road freight transport Industry
Study Period | 2017 - 2030 | |
Market Size (2024) | USD 24.58 Billion | |
Market Size (2030) | USD 35.83 Billion | |
Largest Share by End User Industry | Manufacturing | |
CAGR (2024 - 2030) | 6.48 % | |
Fastest Growing by End User Industry | Wholesale and Retail Trade | |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
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
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
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
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
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
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 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 |
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.
Vietnam Road Freight Transport Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2030 and analysis of growth prospects)
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1.1 End User Industry
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1.1.1 Agriculture, Fishing, and Forestry
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1.1.2 Construction
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1.1.3 Manufacturing
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1.1.4 Oil and Gas, Mining and Quarrying
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1.1.5 Wholesale and Retail Trade
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1.1.6 Others
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1.2 Destination
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1.2.1 Domestic
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1.2.2 International
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1.3 Truckload Specification
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1.3.1 Full-Truck-Load (FTL)
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1.3.2 Less than-Truck-Load (LTL)
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1.4 Containerization
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1.4.1 Containerized
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1.4.2 Non-Containerized
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1.5 Distance
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1.5.1 Long Haul
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1.5.2 Short Haul
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1.6 Goods Configuration
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1.6.1 Fluid Goods
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1.6.2 Solid Goods
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1.7 Temperature Control
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1.7.1 Non-Temperature Controlled
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1.7.2 Temperature Controlled
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Vietnam Road Freight Transport Market Size FAQs
How big is the Vietnam Road Freight Transport Market?
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.
What is the current Vietnam Road Freight Transport Market size?
In 2024, the Vietnam Road Freight Transport Market size is expected to reach USD 24.58 billion.