Vietnam Car Rental - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The vietnam car rental market size is projected to be USD 1.04 billion in 2025, USD 1.17 billion in 2026, and reach USD 2.06 billion by 2031, growing at a CAGR of 12.03% from 2026 to 2031. This report is Segmented by Booking Type (Online and Offline), Rental Duration (Short-Term and Long-Term), Application Type (Tourism and Leisure and More), Vehicle Propulsion (ICE and More), End-User (Individual and Corporate), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Vietnam Car Rental Market Trends and Insights

Tourism Rebound Drives Leisure Rentals

Vietnam hosted 21.2 million international visitors in 2025, up 20.4% year on year, and visa-free policies for 25 countries fostered 3- to 7-day multi-province itineraries . Korean and Indian travelers, together accounting for more than 6.9 million arrivals, increasingly rented self-drive SUVs to reach emerging destinations such as Phong Nha caves and the Central Highlands coffee belt. The Long Thanh International Airport, opening partially in late 2026, will add 25 million annual seats near Ho Chi Minh City, widening leisure catchments. Seasonality remains pronounced: Lunar New Year and the June-to-August peaks account for 60% of annual leisure revenue, prompting operators to flex capacity through peer-to-peer tie-ups.

Rising Disposable Incomes Among Middle Class

GDP growth of 8.02% in 2025 lifted per-capita income to USD 5,026, creating a 45-million-strong middle class that now values experiential road travel over asset ownership . Weekend trips to Da Lat and Sa Pa surged, with app data showing 38% of domestic bookings from users aged 25-35. Car prices averaging USD 25,000-40,000 - equal to 5-8 years of median earnings - keep ownership aspirational, positioning rentals as both trial and status substitute. Friday evening to Monday morning pick-ups doubled across 2024-2025, affirming rentals as a hedge against high depreciation.

Dominance of Low-Cost Ride-Hailing and Motorbikes

Grab dominates the ride-hailing scene with a commanding market share, enticing customers with affordable short-distance trips. This pricing strategy allows Grab to significantly undercut hourly rentals. In Vietnam, where motorbikes are a prevalent mode of transportation, their low operating costs solidify their status as a cost-effective and nimble choice for daily transportation.

Other drivers and restraints analyzed in the detailed report include:

• Shift Toward App-Based and Online Bookings
• Electrification Push Via Green-Mobility Mandates
• High Vehicle Import Tariffs and Registration Fees

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Online platforms accounted for 61.32% of 2025 revenue, growing at a 12.07% CAGR, as the Vietnam car rental market tilts toward transparent pricing and instant confirmation. Airports and hotels still rely heavily on offline counters, especially for face-to-face services catering to older tourists and contract clients. Grab's peer-to-peer model capitalizes on idle taxis, offering discounted rates for weekend leisure. Meanwhile, regulatory requirements mandate real-time price disclosures, giving app ecosystems an edge.

Online bookings in Vietnam's car rental market are expected to grow significantly in the coming years. In contrast, offline channels are expected to grow more slowly. This shift is largely influenced by the widespread adoption of mobile payments. Younger users show the strongest loyalty to platforms. Additionally, aggregator apps have set a new standard with guaranteed quick urban vehicle handovers, a feat that offline competitors find challenging to replicate.

Short-term bookings accounted for 63.48% of volume and will continue to expand at a 12.16% CAGR as visa-free tourists drive 3-to-7-day multi-province trips. Long-term rentals, however, are gaining relevance as corporate buyers exploit IFRS 16 to avoid capital lock-up.

Short-term bookings generate most of the annual revenue during peak holiday windows, forcing operators to over-fleet or partner with peer-to-peer platforms to smooth utilization. Long-term contracts deliver 2.3 times higher lifetime value per vehicle and are expected to add USD 200 million to the Vietnam car rental market by 2031, contingent on managed-fleet capabilities.

Complete Report Scope:

• By Booking Type
  • Online
  • Offline
• By Rental Duration
  • Short-term
  • Long-term
• By Application Type
  • Tourism and Leisure
  • Daily Commuting
  • Corporate and Expat Mobility
• By Vehicle Propulsion
  • Internal-Combustion Engine (ICE)
  • Battery-Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV/PHEV)
• By End-user
  • Individual
  • Corporate

List of Companies Covered in this Report:

• Vietnam Sun Corporation (Vinasun)
• Mai Linh Group
• Green & Smart Mobility JSC (GSM)
• Grab Holdings Inc.
• Gojek Vietnam
• Avis Budget Group
• Enterprise Holdings
• Hertz Corporation
• Sixt SE
• Saigon Car Rental Co. Ltd.
• Thuexe.vn

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support