Over the past decade, pickup trucks have consistently been among the more stable-selling segments in Vietnam, with annual sales ranging from 22,000 to 27,000 units. Despite having only around four to five models available, the segment has accounted for about 5 percent of total market sales.

The standout has been the Ford Ranger, with annual sales of around 16,000–18,000 units, capturing roughly 75 percent of the segment and frequently ranking among the top three best-selling internal combustion engine vehicles in Vietnam over the past five years.

Other models such as Mitsubishi Triton, Toyota Hilux, Isuzu D-Max, as well as discontinued models like Mazda BT-50, Chevrolet Colorado, and Nissan Navara, have had lower sales but have contributed to the segment’s growth.

Models like the Ford Ranger and Toyota Hilux are used for transporting goods but are also chosen by many families as daily vehicles. Sharing body-on-frame platforms (Ford Everest or Toyota Fortuner), pickup trucks have been increasingly upgraded in terms of comfort and technology, even approaching passenger car experiences.

This combination of versatility and relatively affordable ownership costs created the pickup truck boom.

For many years, registration fees for this segment ranged 6-7.2 percent, lower than the 10-12 percent applied to passenger cars, and even as low as 2 percent before 2019. This was considered a key cost advantage.

However, as incentives have gradually narrowed, the cost gap between pickups and SUVs/crossovers is no longer significant.

Meanwhile, the aforementioned multi-purpose vehicle lines have increasingly diverse designs and selling prices, modern styling, high amenities, and suitability for urban environments, giving consumers many alternative choices.

When the cost advantage is no longer distinct, pickup trucks have to compete directly with SUVs. But from the perspective of family use in the city, SUVs have more advantages in terms of convenience and flexibility.

Notably, consumers as well as car manufacturers are being affected by rapid policy changes. The continuous adjustment of regulations and standards makes it difficult for businesses to plan long-term product strategies, from design and technical configurations to market positioning.

Pickups caught in "double hardship"

If the narrowing of tax and fee incentives causes pickup trucks to gradually lose their price competitive advantage, then changes in classification and vehicle management orientation are directly impacting the value and scope of use, factors that made this vehicle line attractive for a decade.

Currently, pickup trucks are classified mainly based on technical specifications rather than the actual purpose of use. 

This leads to the possibility that many models will be grouped into the "pickup truck" (cargo) category. In that case, pickup trucks may not be "free" to travel in the inner-city areas of large cities, while also having to comply with certain regulations regarding lanes and speed on highways.

Once they are bound by regulations similar to trucks, the flexibility that was the main "selling point" of pickups will significantly erode.

Also, the shift toward vehicle electrification puts pickup trucks in a difficult position.

The majority of pickup models in Vietnam still use diesel engines, a fuel type under great pressure from emission reduction trends and price fluctuations. Diesel prices at high levels have increased operating costs, especially for customers using the vehicle for personal travel.

Meanwhile, electric or hybrid pickup options have not yet appeared on the market, causing this vehicle line to lag behind in the technology race.

The market has begun to reflect these changes. Many users are hesitant when choosing a pickup, especially in large urban areas. Instead of a bulky vehicle with potential risks of travel restrictions and high operating costs, many customers are shifting toward SUVs, which are considered "safer" in terms of both policy and urban convenience.

After a period of strong growth and peaking in the years 2014-2025, the pickup truck segment is showing signs of slowing down. Although it has not fallen into a deep decline, a sense of caution has clearly emerged.

When traditional advantages are eroding and barriers to use are becoming clearer, pickup trucks in Vietnam are now at an important turning point when just a small change in policy or consumer trends can reshape the entire game.

Dinh Quy