Vietnam: Tractor Market 2024

Tractor Market Size in Vietnam

After three years of growth, the Vietnamese tractor market decreased by -3.1% to $X in 2022. Overall, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +60.8% against 2018 indices. Tractor consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Tractor Production in Vietnam

In value terms, tractor production expanded markedly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2020 when the production volume increased by 23% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Tractor Exports

Exports from Vietnam

In 2022, the amount of tractors exported from Vietnam soared to X units, increasing by 28% against 2021. The total export volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when exports increased by 29%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, tractor exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 52%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Philippines (X units), the Netherlands (X units) and the United States (X units) were the main destinations of tractor exports from Vietnam, together accounting for 26% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +50.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tractor exported from Vietnam were the Philippines ($X), the Netherlands ($X) and Cambodia ($X), together accounting for 27% of total exports.

In terms of the main countries of destination, the Philippines, with a CAGR of +51.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, falling by -5.6% against the previous year. Overall, the export price continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2017 when the average export price increased by 59% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per unit), while the average price for exports to Sri Lanka ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Vietnam

In 2022, after three years of growth, there was significant decline in supplies from abroad of tractors, when their volume decreased by -8.4% to X units. Overall, imports, however, saw buoyant growth. The growth pace was the most rapid in 2014 with an increase of 172%. Over the period under review, imports hit record highs at X units in 2021, and then dropped in the following year.

In value terms, tractor imports reduced sharply to $X in 2022. Over the period under review, imports, however, posted buoyant growth. The growth pace was the most rapid in 2014 when imports increased by 282% against the previous year. Imports peaked at $X in 2021, and then reduced dramatically in the following year.

Imports by Country

In 2022, China (X units) constituted the largest tractor supplier to Vietnam, accounting for a 26% share of total imports. Moreover, tractor imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), twofold. The third position in this ranking was held by Japan (X units), with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+67.7% per year) and Japan (+5.7% per year).

In value terms, China ($X) constituted the largest supplier of tractors to Vietnam, comprising 33% of total imports. The second position in the ranking was held by Thailand ($X), with a 5.3% share of total imports. It was followed by South Korea, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+65.2% per year) and South Korea (+5.7% per year).

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, with a decrease of -21% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 74%. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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