Report Overview

Vietnam Light Commercial Vehicles (LCVs) Market – Industry Trends & Forecast Report, 2031

Vietnam Light Commercial Vehicles (LCVs) Market size was estimated at USD 3.56 billion in 2024. During the forecast period between 2025 and 2031, Vietnam Light Commercial Vehicles (LCVs) Market size is projected to grow at a CAGR of 7.69% reaching a value of USD 5.98 billion by 2031. Prominent drivers of Vietnam Light Commercial Vehicles (LCVs) Market include the country’s accelerating economic development, growing industrial activity, and rising demand from sectors such as construction, manufacturing, agriculture, and logistics. LCVs, defined as motor vehicles with a mass typically between 3.5 and 7 tons, are essential for transporting goods and equipment, enabling efficient supply chain operations and supporting business growth. Their compact size, fuel efficiency, and maneuverability make them especially suitable for navigating Vietnam’s increasingly congested urban areas, where last-mile delivery and urban logistics are critical. The rapid expansion of e-commerce has further heightened the need for reliable and cost-effective transportation solutions, making LCVs indispensable for timely deliveries. Additionally, the introduction of advanced vehicles like Tata Motors’ Ultra Business Utility Vehicles (BUVs)—developed in collaboration with TMT Motors—demonstrates the market’s shift toward more powerful, customizable, and versatile solutions that combine SUV-like comfort with truck-level performance. These vehicles cater to various payload requirements and are tailored to meet diverse business needs. Moreover, the growth in small-scale logistics, infrastructure development for service and maintenance, and the vital role LCVs play in connecting rural and urban regions continue to create opportunities for market expansion.

Light Commercial Vehicles (LCVs) – Overview

Light Commercial Vehicles (LCVs) are compact, goods-carrying vehicles designed for efficient transportation. They include pickup trucks, vans, and mini trucks, and are widely used in logistics, construction, retail, and agriculture. Known for their versatility, fuel efficiency, and easy maneuverability, LCVs are ideal for both urban and rural transport needs.

Vietnam Light Commercial Vehicles (LCVs) Market

Growth Drivers

Growing Development of Road and Transport Infrastructure

Infrastructure development is a key driver for the growth of Vietnam Light Commercial Vehicles (LCVs) market. The Vietnamese government is actively promoting sustainable transport through policies like Resolution No. 55-NQ/TW and Decision No. 2707/QD-BGTVT, which support cleaner and more efficient transportation. Investments in public transport infrastructure, including depots and clean energy refueling stations, help improve logistics efficiency and support the wider adoption of LCVs. Local governments, such as in Hanoi, offer financial incentives like interest subsidies to encourage clean transport development. With the transport volume increasing steadily and road networks expanding, the demand for versatile and fuel-efficient LCVs continues to rise across logistics, retail, and construction sectors.

Challenges

Price Sensitivity

Price sensitivity restrains the growth of Vietnam’s Light Commercial Vehicles (LCVs) Market, as a large portion of the population remains highly cost-conscious. Many small and medium enterprises, which form a key customer base, often prioritize affordability over advanced features or sustainability. High upfront costs, especially for electric or clean-energy LCVs, limit adoption despite long-term savings. Additionally, limited access to financing options and fluctuating fuel prices further impact purchasing decisions. Import duties and the absence of substantial government incentives for private LCV ownership also contribute to price-related challenges, making it difficult for manufacturers to scale up sales across diverse user segments.

Impact of Escalating Geopolitical Tensions on Vietnam Light Commercial Vehicles (LCVs) Market

Escalating geopolitical tensions can significantly impact Vietnam Light Commercial Vehicles (LCVs) Market. Disruptions in global supply chains due to conflicts or sanctions can lead to delays in the import of vehicle parts and raw materials, affecting production timelines and raising costs. Rising fuel prices and currency fluctuations may further discourage investments and increase operational expenses for End Users. Additionally, uncertainty in international trade policies can hinder foreign direct investment and limit technological collaboration. These factors collectively strain the market, affecting vehicle affordability, reducing consumer confidence, and potentially slowing the adoption of advanced or clean-energy LCVs in the Vietnamese market.

Vietnam Light Commercial Vehicles (LCVs) Market

Segmental Coverage

Vietnam Light Commercial Vehicles (LCVs) Market – By Vehicle Type

Based on vehicle type, Vietnam Light Commercial Vehicles (LCVs) Market is divided into Pickup Trucks, Vans, Mini Trucks, and Chassis Cab segments. The pickup trucks segment holds the highest share in Vietnam Light Commercial Vehicles (LCVs) Market by vehicle type. The growing preference is driven by their versatility, cost-effectiveness, and lower registration fees compared to other vehicle types. Models like the Ford Ranger have consistently topped monthly sales, outperforming sedans and SUVs, while others such as the Mazda BT-50 also show strong performance. In a recent year, pickups accounted for nearly a quarter of the total auto market, highlighting their rising popularity. Their dual utility for personal and commercial use, along with favorable pricing, continues to attract both individual and corporate buyers across the country.

Vietnam Light Commercial Vehicles (LCVs) Market – By Fuel Type

Vietnam Light Commercial Vehicles (LCVs) Market by fuel type is divided into Diesel, Petrol, Electric, and CNG/LPG segments. The electric segment holds the highest share in Vietnam Light Commercial Vehicles (LCVs) Market by fuel type. The growth is driven by increasing government commitments to reducing greenhouse gas emissions and promoting cleaner transportation alternatives. While incentives for private electric vehicle (EV) ownership remain limited, regulatory support for public transport electrification and sustainable mobility has paved the way for broader adoption of electric LCVs. The government's alignment with the Paris Agreement and the Nationally Determined Contributions (NDCs) underscores its ambition to lower emissions, accelerating the transition to electric-powered commercial fleets. As a result, electric LCVs are gaining traction among logistics and last-mile delivery businesses seeking eco-friendly and cost-efficient operations.

Vietnam Light Commercial Vehicles (LCVs) Market – By End User

On the basis of end user, Vietnam Light Commercial Vehicles (LCVs) Market is segmented into E-commerce & Logistics, Construction, Retail & FMCG, and Agriculture.

Competitive Landscape

Major players operating in Vietnam Light Commercial Vehicles (LCVs) Market include THACO, Mitsubishi Fuso Truck and Bus Corporation (FUSO), Hyundai Thành Công Group, Toyota Motor Vietnam, Ford Vietnam, Isuzu Vietnam, Dongfeng Motor Corporation, and Suzuki Vietnam. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Vehicle Type

• Pickup Trucks

• Vans

• Mini Trucks

• Chassis Cab

By Fuel Type

• Diesel

• Petrol

• Electric

• CNG/LPG

By End User

• E-commerce & Logistics

• Construction

• Retail & FMCG

• Agriculture

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Light Commercial Vehicles (LCVs) Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing E-commerce Sector
         2. Fuel Efficiency & Compact Size
         3. Infrastructure Development
      2. Restraints
         1. Price Sensitivity
         2. Stringent Emission Norms
      3. Opportunities
         1. Trade Agreements
         2. Fleet Modernization
      4. Challenges
         1. Urban Traffic Congestion
         2. High Import Dependence
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Vietnam Light Commercial Vehicles (LCVs) Market: Marketing Strategies
5. Vietnam Light Commercial Vehicles (LCVs) Market: Pricing Analysis
6. Vietnam Light Commercial Vehicles (LCVs) Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Vehicle Type
         1. Pickup Trucks
         2. Vans
         3. Mini Trucks
         4. Chassis Cab
      2. By Fuel Type
         1. Diesel
         2. Petrol
         3. Electric
         4. CNG/LPG
      3. By End-User
         1. E-commerce & Logistics
         2. Construction
         3. Retail & FMCG
         4. Agriculture
      4. Competitive Landscape
   3. List of Key Players and Their End Users
   4. VIETNAM Light Commercial Vehicles (LCVs) Company Market Share Analysis, 2024
   5. Competitive Benchmarking, By Oping Parameters
   6. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Geopolitical Tensions in Vietnam Light Commercial Vehicles (LCVs) Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. THACO
   2. Mitsubishi Fuso Truck and Bus Corporation (FUSO)
   3. Hyundai Thành Công Group
   4. Toyota Motor Vietnam
   5. Ford Vietnam
   6. Isuzu Vietnam
   7. Dongfeng Motor Corporation
   8. Suzuki Vietnam
   9. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   Vietnam Light Commercial Vehicles (LCVs) Market Segmentation

Figure 2   Vietnam Light Commercial Vehicles (LCVs) Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2024

Figure 4   Vietnam Light Commercial Vehicles (LCVs) Market Size, By Value (USD Billion), 2019-h2031

Figure 5   Vietnam Light Commercial Vehicles (LCVs) Market Share, By Vehicle Type, By Value (USD Billion) 2019–2031

Figure 6   Vietnam Light Commercial Vehicles (LCVs) Market Share, By Fuel Type, By Value (USD Billion) 2019–2031

Figure 7   Vietnam Light Commercial Vehicles (LCVs) Market Share, By End-User, By Value (USD Billion) 2019–2031

List of Tables

Table 1      Vietnam Light Commercial Vehicles (LCVs) Market Share, By Vehicle Type, By Value (USD Billion) 2019–2031

Table 2      Vietnam Light Commercial Vehicles (LCVs) Market Share, By Fuel Type, By Value (USD Billion) 2019–2031

Table 3      Vietnam Light Commercial Vehicles (LCVs) Market Share, By End-User, By Value (USD Billion) 2019–2031

Table 4      Asclepion Laser Technologies Company Overview

Table 5      Asclepion Laser Technologies Financial Overview

Table 4      THACO Company Overview

Table 5      THACO Financial Overview

Table 6      Mitsubishi Fuso Truck and Bus Corporation (FUSO) Company Overview

Table 7      Mitsubishi Fuso Truck and Bus Corporation (FUSO) Financial Overview

Table 8      Hyundai Thành Công Group Company Overview

Table 9      Hyundai Thành Công Group Financial Overview

Table 10    Toyota Motor Vietnam Company Overview

Table 11    Toyota Motor Vietnam Financial Overview

Table 12    Ford Vietnam Company Overview

Table 13    Ford Vietnam Financial Overview

Table 14    Isuzu Vietnam Company Overview

Table 15    Isuzu Vietnam Financial Overview

Table 16    Dongfeng Motor Corporation Company Overview

Table 17    Dongfeng Motor Corporation Financial Overview

Table 18    Suzuki Vietnam Company Overview

Table 19    Suzuki Vietnam Financial Overview