Vietnam Road Freight Transport - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)

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%).
• 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 Trends

The government aims to increase the total length of expressways to 3,000 km by end of 2025

• In 2023, the Government prioritized investment in modern transport infrastructure, including roads, railways, marine and inland waterways, and airports. In 2023, construction began on 12 North-South expressway projects, with nine new traffic projects inaugurated and four completed. Around 475 km of expressways were added that year. Other key transport projects initiated in 2023 included three east-west expressways, the Long Thành International Airport, Phú Bài Airport, Điện Biên Airport, Mỹ Thuận 2 Bridge, and Vĩnh Tuy 2 Bridge. As major transport infrastructure is completed in 2023, the GDP growth of the transport sector is estimated to increase in 2024 and 2025.
• Vietnam's Ministry of Transport plans to break ground on 14 infrastructure projects and complete 50 more by 2025, including key parts of the North-South Expressway. This is part of the goal to expand the country’s expressways to 3,000 km by 2025, up from the current 2,021 km. Additionally, the Long Thanh International Airport, a USD 14.12 billion project in Dong Nai province, is on track to finish in 2025. Once completed, it will be the country's largest airport, easing congestion at Tan Son Nhat in Ho Chi Minh City.

Vietnam aims to expand its national fuel storage capacity by 2030, with an investment of up to USD 11.4 billion

• In December 2023, Vietnam reduced retail prices of gasoline and other oil products for the fourth consecutive time. The price of E5 RON 92 per liter was decreased by VND 509 (USD 0.021) to VND 21,290 (USD 0.9), and RON95-III petrol price was lowered to VND 22,322 (USD 0.944) per liter. The ministries of finance, industry, and trade responsible for these adjustments opted not to utilize the petrol and oil price stabilization fund. Since the start of the year, Vietnam has adjusted petrol prices 35 times.
• In 2022, the retail price of RON 95 gasoline in Vietnam reached its highest point in eight years, reaching VND 26,287 (USD 1.14) per liter. The increase in fuel prices in Vietnam was exacerbated by domestic gasoline shortages caused by the Nghi Son Oil Refinery, the country's largest refinery, reducing production by 20% from January 2022 due to financial challenges. Although the refinery has obtained temporary investment, it might be forced to cease operations if it fails to secure sufficient liquidity or loans to procure Kuwaiti crude oil. Moreover, Vietnam has approved a plan to expand its national fuel storage capacity by 2030, with an investment of up to USD 11.4 billion. The investment would raise the country's crude oil and refined fuel storage capacity to 75 to 80 days of net imports, from 65 days currently.

Vietnam Road Freight Transport Industry Overview

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