Vietnam’s tyre market was valued at US$3.13 billion in 2024 and is projected at US$4.28 billion by 2030, a 5.37 percent CAGR, according to a report from Research and Markets → view source.
The increase is being driven by rising vehicle production, increased domestic rubber supply, and supportive tax policy.
Key details:
- 2024 size and outlook: US$3.13 billion in 2024; forecast US$4.28 billion by 2030 at 5.37 percent CAGR.
- Automotive output: 388,500 cars produced in 2024, up 27 percent year on year.
- Policy effects: Sept–Nov fee cut spurred about 134,500 units; December eased to 47,000 as the policy ended.
- Sales mix: By end-November, domestically assembled sales were 159,868 units, up 1.6 percent year on year, 59.5 percent share.
- Investment pipeline: New Chinese-brand plants in Thai Binh; Skoda Quang Ninh 120,000-unit plant from early 2025; VinFast Ha Tinh for VF 3 and VF 5.
- Raw materials: Vietnam ranks third in natural rubber with 1.2–2 million tonnes annually, aiding input costs.
- Incentives: Favourable tax settings keep Vietnam attractive for tyre manufacturing.
- Risks: Volatile rubber, steel, and polymer prices pressure margins; recycling and substitutes face supply and cost limits.
See also: Vietnam Automotive Industry 2025: Growth, Imports & Outlook