
Study Period | 2019 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 0.77 Billion |
Market Size (2030) | USD 1.48 Billion |
CAGR (2025 - 2030) | 13.82 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Vietnam Car Rental Market Analysis
The Vietnam Car Rental Market size is estimated at USD 0.77 billion in 2025, and is expected to reach USD 1.48 billion by 2030, at a CAGR of 13.82% during the forecast period (2025-2030).
Vietnam's rapid urbanization and economic development have fundamentally transformed the transportation landscape, creating new opportunities in the car rental sector. The country witnessed significant urban population growth, reaching 38,063.12 thousand in 2022, marking a 2.63% year-over-year increase from 2021. This urbanization trend has led to evolving mobility needs among Vietnamese citizens, particularly in major cities like Ho Chi Minh City and Hanoi. The expansion of corporate activities and increasing disposable income among the middle class have further catalyzed the demand for diverse transportation solutions, with car rental services emerging as a preferred choice for both business and personal use.
The market has experienced substantial transformation through technological integration and service innovation, particularly in the electric vehicle (EV) segment. A notable development was the establishment of GSM (Green Smart Mobility) in April 2023, which launched Vietnam's first pure electric vehicle rental service. By the end of 2023, GSM had expanded its operations to 27 out of 63 provinces and cities in Vietnam, deploying a fleet of 30,000 electric taxis and over 90,000 electric scooters. This shift towards sustainable mobility services reflects the industry's adaptation to changing consumer preferences and environmental consciousness.
The competitive landscape has become increasingly dynamic with both domestic and international players expanding their presence. In January 2024, Lotte Rental Co. announced the launch of its driver-inclusive rental car business in Vietnam, offering services in key cities including Hanoi, Ho Chi Minh City, and Da Nang. The market has also witnessed strategic partnerships, such as VinFast's collaboration with US Bank in February 2023 for providing long-term car leasing and financial leasing services, demonstrating the industry's focus on making vehicle access more affordable and convenient for consumers.
The digital transformation of rental services has been accelerated by increasing internet penetration, which reached 82.42% in 2023, up from 77.38% in 2022. This digital evolution has revolutionized how consumers interact with car rental services, from booking to payment processing. The labor market's steady growth, with the workforce reaching 52.53 million in Q4 2023, has also contributed to increased demand for corporate mobility services. Car rental companies are responding by diversifying their service offerings, including both self-drive and chauffeur-driven options, while implementing advanced technologies for fleet rental management and customer service enhancement.
Vietnam Car Rental Market Trends
Increased Travel and Tourism to Provide Long-Term Momentum in Market
The Vietnam tourism industry has experienced remarkable growth due to its scenic landscapes, rich culture, and government initiatives to boost tourist inflow. According to the General Statistics Office of Vietnam, the country welcomed 12.6 million international visitors in 2023, representing a substantial year-over-year growth of 244.3% compared to 2022. South Korea emerged as the leading source of foreign visitors with over 3.59 million tourists, followed by mainland China with 1.47 million visitors and Taiwan contributing more than 851 thousand visitors. This surge in international arrivals has directly stimulated demand for car rental services, as tourists seek convenient and flexible transportation options to explore Vietnam's diverse attractions.
The Vietnamese government has implemented several strategic initiatives to further boost tourism growth, including significant visa reforms. In 2023, the government approved an extension of visa reform measures, including the extension of e-visa validity periods and the introduction of multiple tourist entries, departing from the previous single-entry visa system. Currently, Vietnam offers e-visas to citizens of 80 countries and territories, while citizens from 25 countries can visit without visa requirements for stays between 14 to 30 days. These policy changes, coupled with the tourism sector's strong performance generating revenue of 678.3 trillion Vietnamese dongs (USD 26.9 billion) in 2023—a 37% increase from 2022—demonstrate the sector's robust growth trajectory and its positive impact on ancillary services like airport car rental.
Increased Internet and Smartphone Penetration to Drive Market Demand
The rapid digitalization of Vietnam's economy, characterized by increasing internet and smartphone adoption, has fundamentally transformed the car rental landscape. Internet usage penetration in Vietnam reached 82.42% in 2023, a significant increase from 77.38% in 2022, while the number of mobile internet users grew to 79.03 million in 2023, marking a 7.24% year-over-year growth from 73.69 million in 2022. This digital transformation has made it easier for consumers to access information and services, including online car rental, with smartphone and internet services enabling users to conveniently book rentals for their desired date and time, compare prices, and access comprehensive vehicle information.
The market has witnessed substantial innovation and investment in digital platforms, exemplified by recent developments in 2024. For instance, Vietnam's Be Group secured USD 30 million in new funding to enhance its competitive position against market leaders like Grab Holdings Ltd. This digital evolution has led to increased service quality and competitive pricing, benefiting both users and service providers. Companies are actively implementing digital marketing strategies, such as online promotions and discounts, to reach a wider audience and drive online car rental bookings. Additionally, the integration of electric vehicles into rental fleets demonstrates the industry's adaptation to changing consumer preferences, with companies like GSM launching pure electric vehicle rental services in 2023, expanding to 27 provinces and cities with a fleet of 30,000 electric taxis and over 90,000 electric scooters. The introduction of luxury car rental options further caters to the diverse demands of consumers, enhancing the overall market appeal.
Segment Analysis: By Booking
Online Segment in Vietnam Car Rental Market
The online segment dominates the Vietnam car rental market, commanding approximately 60% of the total market share in 2024. This segment's prominence can be attributed to the increasing internet penetration rate and the growing preference of the tech-savvy millennial population for using digital mediums to browse different platforms and compare offerings. The seamless booking experience, wide selection of different car brands, hassle-free documentation, price comparison capabilities, and efficient customer care service have made online bookings increasingly popular among consumers. Major players like Hertz, Enterprise Holdings, and Avis actively compete in this space based on various parameters, including rental portfolio, price, car quality, brand offerings, assistance service, user interface, and value-added services such as insurance. The segment's growth is further supported by the rising smartphone penetration in Vietnam, with internet usage reaching 82.42% in 2023 and mobile internet users exceeding 79 million in the same year.

Offline Segment in Vietnam Car Rental Market
The offline segment continues to maintain a significant presence in the Vietnam car rental market, particularly through airport locations and traditional rental agencies. This segment benefits from first-time visitors and tourists who prefer booking rental services upon arrival at airports rather than using online platforms, primarily due to trust factors. The rising air passenger traffic in the country, especially with domestic air travel accounting for 87.8% of overall passengers in 2022, creates substantial demand for car rental bookings through offline channels. Most players in this segment focus on brand visibility by establishing their agencies in high-traffic locations like malls and airports to enhance customer engagement. However, the time-consuming nature of offline booking procedures and the difficulty in comparing prices across different offline car rental agencies have led many traditional players to gradually shift toward operating digital platforms alongside their physical presence.
Segment Analysis: By Application
Leisure/Tourism Segment in Vietnam Car Rental Market
The leisure car rental segment dominates the Vietnam car rental market, accounting for approximately 75% of the total market share in 2024. This segment's prominence is primarily driven by the increasing number of tourists preferring vacation car rental services as their primary mode of transportation within Vietnam. Car rental services have become increasingly popular among tourists and citizens who want to travel within the country, as they offer economical means of commuting that can be availed based on convenience. The segment's growth is further bolstered by the Vietnam National Administration of Tourism's reports of significant revenue increases in the tourism sector. Additionally, Vietnamese citizens' growing preference for rental services during leisure activities and weekend getaways at affordable costs has contributed to this segment's dominance. The segment particularly benefits from high demand for airport rental services, as tourists frequently opt for these services for hotel transfers and city exploration. With the expanding tourism sector and subsequent preference for economic mobility services in Vietnam, this segment is projected to grow at approximately 12% during 2024-2029, making it the fastest-growing segment as well.
Business Segment in Vietnam Car Rental Market
The business car rental segment of the Vietnam car rental market represents a vital component of the industry, driven by the expanding corporate sector and growing workforce population. This segment caters primarily to corporate companies and government authorities who require transportation services for their employees, clients, and visiting dignitaries. The segment's growth is supported by Vietnam's increasing investment in enhancing its corporate business sector to facilitate economic growth. Corporate companies and governments typically use rental services for business purposes to host clients and leaders from other nations, often preferring luxurious cars to offer top-notch commuting services. However, the segment faces competition from car leasing services, as companies with large-scale transportation needs often opt for long-term leasing contracts rather than rental arrangements. Despite these challenges, the corporate car rental segment maintains its significance in the market, particularly in major business hubs like Ho Chi Minh City and Hanoi.
Segment Analysis: By End-User
Chauffeur-Driven Segment in Vietnam Car Rental Market
The chauffeur-driven segment dominates the Vietnam car rental market, accounting for approximately 70% of the total market share in 2024. This segment's prominence can be attributed to its popularity among tourists and corporate clients who visit the country, particularly at airport locations where there is high tourist demand. The service is especially appealing to consumers as they are not required to navigate Vietnam's heavily congested roads, and the costs are generally lower since consumers do not control the vehicles directly. Major players in the market actively pursue opportunities to cater to the rising demand for rental services at airports, with companies like Lotte Rental Co. launching driver-inclusive rental car businesses in key locations such as Hanoi, Ho Chi Minh, and Da Nang. Popular routes for chauffeur-driven services include Hoi An–Hue, Hanoi-Ninh Binh, Hanoi-Sapa, and Dalat-Nha Trang, serving both leisure and business travelers.
Self-Driven Segment in Vietnam Car Rental Market
The self-driven segment is projected to be the fastest-growing segment in the Vietnam car rental market, with an expected CAGR of approximately 15% during the forecast period 2024-2029. This growth trajectory is primarily driven by Vietnamese citizens who utilize rental services for driving within and outside cities for leisure purposes. However, the segment faces unique challenges due to strict government regulations, as non-Vietnamese citizens are only permitted to drive if they hold a temporary Vietnamese driver's license or an international driver's permit. Despite these regulatory hurdles, rental companies are adapting their offerings to cater to this growing demand, with some providers like Saigon Budget Car Rental establishing clear guidelines and minimum duration requirements for their services. The segment's growth is further supported by the increasing adoption of digital platforms for booking and managing rental services, making it more convenient for eligible drivers to access self-driven vehicles.
Segment Analysis: By Vehicle Type
Economy/Budget Cars Segment in Vietnam Car Rental Market
The economy car rental segment dominates the Vietnam car rental market, accounting for approximately 69% of the total market share in 2024. This segment's prominence is driven by consumers' preference for cost-effective transportation solutions that offer significant time savings compared to public transportation options. The segment particularly appeals to smaller families and individual customers who prefer renting 4-seater cars at lower prices rather than opting for expensive SUVs and luxury vehicles. Popular economy/budget car categories include hatchbacks and sedans from international manufacturers such as Mazda, Ford, Hyundai, and Toyota, with rental costs typically ranging from USD 25 to USD 100 per day depending on factors like vehicle type, location, car brand, and make. The segment has also witnessed significant growth in airport transfer services due to increasing tourist arrivals and departures in Vietnam, while the gradual shift towards adopting economy/budget electric cars has further strengthened its market position as companies expand their fleet size by integrating electric vehicles.
Luxury/Premium Cars Segment in Vietnam Car Rental Market
The luxury car rental segment is projected to grow at approximately 14% CAGR during 2024-2029, emerging as the fastest-growing segment in the Vietnam car rental market. This robust growth is fueled by rising monthly incomes among consumers, increasing demand for high-end cars in government transportation, and growing preference for luxury vehicles such as sports utility vehicles (SUVs) and multi-purpose vehicles (MPVs) for long-term rental purposes. The segment's growth is further accelerated by the integration of high-end electric cars in the rental market, particularly appealing to corporate and government customers focused on decarbonization efforts. Premium brands such as BMW, Audi, and Mercedes dominate this segment, with key players like Hanoi Transfer Service, Nhieuxe, and GSM offering comprehensive luxury car rental services. The segment's expansion is also supported by the extensive requirements of government agencies for luxury car rentals and the growing corporate activities in Vietnam, indicating strong growth potential in the coming years.
Segment Analysis: By Rental Length
Long Term Segment in Vietnam Car Rental Market
The long-term rental segment dominates the Vietnam car rental market, accounting for approximately 63% of the total market value in 2024. This segment's prominence is primarily driven by corporate businesses in Vietnam that lease passenger cars from providers to facilitate pick-up and drop-off services for clients and other stakeholders visiting the country. Government authorities and ministries form another significant end-user segment for long-term rental services, utilizing these services for offering commuting services to employees for public work and dignitaries visiting the country. The segment's leadership position is further strengthened by tourists who opt for extended stays in Vietnam, preferring long-term rental services for their transportation needs. Major players like Saigon Budget Car Rental have established specific minimum duration criteria for long-term rentals, typically starting from one month, with fixed up-front costs to ensure service consistency and reliability.
Short Term Segment in Vietnam Car Rental Market
The short-term rental segment is emerging as the fastest-growing segment in the Vietnam car rental market, projected to grow at approximately 13% CAGR from 2024 to 2029. This remarkable growth is primarily driven by private consumers, including tourists and residents, who require vehicles for brief periods ranging from a few days to weeks. The segment's rapid expansion is supported by its flexible options and freedom of choice offered to customers in Vietnam. Short-term rentals are particularly popular among travelers visiting popular tourist destinations such as Notre Dame Cathedral in Ho Chi Minh, Cham Museum in Da Nang, and beaches in Nha Trang. Additionally, private sector companies contribute to this growth by utilizing short-term car rental services for hosting clients and managing transportation needs during conferences and annual general meetings. The segment's competitive pricing structure, with rental plans starting from USD 25-50 per day for standard vehicles and up to USD 150 for luxury cars, makes it an attractive option for various customer segments.
Vietnam Car Rental Industry Overview
Top Companies in Vietnam Car Rental Market
The Vietnam car rental market features a mix of international and local players, with companies like Hertz Corporation, Enterprise Holdings, and Avis Budget Group leading the market alongside domestic firms like Mai Linh Group and Vietnam Sun Corporation. The industry is characterized by continuous product innovation, particularly in the integration of electric vehicles into rental fleets and the development of advanced mobile booking platforms. Companies are demonstrating operational agility through flexible rental options, ranging from short-term tourist rentals to long-term corporate car leasing solutions. Strategic moves in the market include partnerships with electric vehicle manufacturers and financial institutions to facilitate fleet modernization and financing options. Market expansion efforts are focused on establishing a presence at key tourist destinations, airports, and urban centers, while companies are also investing in digital infrastructure to enhance customer experience through seamless online booking systems and mobile applications.
Global Leaders Compete with Local Specialists
The Vietnamese car rental landscape exhibits a moderate level of market consolidation, characterized by the presence of both international conglomerates and local specialists. Global players leverage their established brand reputation, technological capabilities, and extensive operational experience to maintain market leadership, while local companies capitalize on their deep understanding of regional preferences and established networks. The market structure is evolving with international firms often partnering with local entities to enhance their market penetration and operational efficiency.
The industry demonstrates a dynamic competitive environment where mergers and acquisitions are increasingly becoming strategic tools for market expansion. International players are pursuing strategic alliances with local operators to strengthen their presence, while domestic companies are focusing on consolidating their positions through regional expansion and service diversification. The competitive dynamics are further shaped by the entry of technology-driven platforms and ride-hailing services that are expanding into the car rental segment, creating a more diverse and competitive marketplace.
Innovation and Customer Experience Drive Success
Success in the Vietnamese car rental market increasingly depends on companies' ability to adapt to evolving consumer preferences and technological advancements. Market leaders are focusing on expanding their digital capabilities, enhancing customer service quality, and diversifying their fleet composition to include both conventional and electric vehicles. The ability to offer flexible rental solutions, maintain competitive pricing structures, and provide value-added services has become crucial for maintaining market share. Companies are also investing in building strong relationships with corporate clients and tourism sector stakeholders to ensure stable demand streams.
For emerging players and contenders, the path to market success lies in identifying and serving underserved segments, developing specialized service offerings, and leveraging technology for operational efficiency. The market presents opportunities for companies that can effectively address the growing demand for sustainable transportation solutions and premium services. Regulatory compliance, particularly regarding vehicle safety standards and environmental regulations, continues to shape competitive strategies. The industry's future will be influenced by factors such as urbanization trends, tourism growth, and the increasing adoption of digital payment solutions, making it essential for companies to maintain adaptability in their business models.
Vietnam Car Rental Market Leaders
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Enterprise Holdings
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Avis Budget Group
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Mai Linh Group
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Vinasun Corp
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The Hertz Corporation
- *Disclaimer: Major Players sorted in no particular order

Vietnam Car Rental Market News
- September 2023: The Government of Vietnam had set a strategic vision for electric vehicle deployment and transportation sector decarbonization by approving the Action Program for green energy transition and carbon dioxide and methane emissions mitigation in transportation.
- May 2023: Ahamove, the on-demand transportation application in Vietnam, launched a self-driving electric car rental service for tourists to Da Nang, with the addition of electric cars in its fleet like VinFast VF e2 and VinFast VF34.
Vietnam Car Rental Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Increasing Penetration of Electric Vehicles for Rental Fuels
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4.2 Market Restraints
- 4.2.1 Alternative Mode of Transport Options Hinder the Market's Growth
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in USD million)
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5.1 By Booking Type
- 5.1.1 Online
- 5.1.2 Offline
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5.2 By Rental Duration
- 5.2.1 Short-term
- 5.2.2 Long-term
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5.3 By Application Type
- 5.3.1 Tourism
- 5.3.2 Commuting
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Vietnam Sun Corporation (Vinasun)
- 6.2.2 Mai Linh Group
- 6.2.3 Vina(Vietnam) Rent A Car
- 6.2.4 Grab Holdings Inc.
- 6.2.5 PT Gojek
- 6.2.6 Hertz Corporation
- 6.2.7 Enterprise Holdings
- 6.2.8 Avis Budget Group
- 6.2.9 Green and Smart Mobility JSC (GSM)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Vietnam Car Rental Industry Segmentation
The Vietnamese car rental market covers the current and upcoming trends with recent technological developments. The report will provide a detailed analysis of various areas of the market by type, duration, and application. By booking type, the market is segmented as offline and online. By rental duration type, the market is segmented as short-term and long-term. By application type, the market is segmented into tourism and commuting.
The report offers market size and forecasts in value (USD) for all the above segments.
By Booking Type | Online |
Offline | |
By Rental Duration | Short-term |
Long-term | |
By Application Type | Tourism |
Commuting |
Vietnam Car Rental Market Research FAQs
How big is the Vietnam Car Rental Market?
The Vietnam Car Rental Market size is expected to reach USD 0.77 billion in 2025 and grow at a CAGR of 13.82% to reach USD 1.48 billion by 2030.
What is the current Vietnam Car Rental Market size?
In 2025, the Vietnam Car Rental Market size is expected to reach USD 0.77 billion.
Who are the key players in Vietnam Car Rental Market?
Enterprise Holdings, Avis Budget Group, Mai Linh Group, Vinasun Corp and The Hertz Corporation are the major companies operating in the Vietnam Car Rental Market.
What years does this Vietnam Car Rental Market cover, and what was the market size in 2024?
In 2024, the Vietnam Car Rental Market size was estimated at USD 0.66 billion. The report covers the Vietnam Car Rental Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Vietnam Car Rental Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Vietnam Car Rental Market Research
Mordor Intelligence provides a comprehensive analysis of the car rental industry in Vietnam. We leverage our extensive expertise in automobile rental market research to deliver detailed insights. Our report covers all segments, including airport car rental, luxury car rental, and economy car rental services. The analysis explores emerging trends in mobility services and car sharing, while also examining traditional auto rental segments. Our research methodology offers deep insights into both commercial vehicle rental and passenger vehicle rental sectors, with special attention to fleet rental operations.
The report is available as an easy-to-download PDF, offering stakeholders crucial insights into Vietnam's evolving car leasing landscape. Business leaders in corporate car rental and business car rental segments will find valuable data to inform their strategies. The analysis covers both vacation car rental and leisure car rental markets, along with online car rental platforms and vehicle rental services. Our comprehensive coverage helps stakeholders understand market dynamics, from traditional automobile rental services to modern mobility solutions. This enables informed decision-making across all industry segments.