As an important construction machinery market in Southeast Asia, Vietnam will present distinct characteristics in the import and export trade of excavators and loaders in 2024. Interact Analysis continuously tracks the import and export dynamics of global non-road equipment. Based on customs statistics (including second-hand equipment), a detailed analysis of the Vietnamese market was conducted. (Published in Interact Analysis, translated by Mechanical Intelligence Station)
A Comprehensive Review of Vietnam's Loader Imports and Exports in 2024: more than 80% are from China
The number of imported loaders is sixteen times that of exported ones
The import and export market of loaders in Vietnam shows a distinct import-oriented feature. In 2024, Vietnam imported over 4,000 loaders, which was nearly 16 times the export volume. The total import value reached nearly 78 million yuan, nearly 14 times the export value. The import market reached its peak in the second quarter, with over 650 units imported in April alone, valued at nearly 12 million US dollars, setting a new record for the year.
The overall performance of the export market was stable, but it showed a fluctuating upward trend throughout the year.
It is worth noting that among the imported loaders in Vietnam, over 75% are new equipment. However, at the export end, the proportion of new equipment is less than 40%, which is much higher than that in the import and export market of excavators. Compared with excavators, loaders are cheaper and the purchase cost of new machines is more acceptable to the market. In addition, the second-hand market for excavators in Vietnam is mature, and the rental market is also relatively active, which to some extent has curbed the demand for new machine imports.
By region, China is the main source of imports for Vietnam's loaders. In 2024, over 80% of the loaders imported to Vietnam will come from China, accounting for 75% of the total value. Secondly, Japan contributes nearly 15% of the import volume and 10% of the value.
In terms of specific equipment, the loaders exported from China to Vietnam are mainly brand-new, accounting for nearly 90% of the total. Among the equipment exported from Japan, the proportion of second-hand equipment exceeds 90%.
In 2024, Vietnam's loader export volume is approximately 250 units, mainly concentrated in Southeast Asia and the Middle East. Laos and Iraq are the top two export destinations, accounting for about 70% of the total export volume and 80% of the total export value together. Among them, over 70% of the equipment imported by Laos is brand new, while Iraq mainly imports second-hand equipment.
Chinese brands dominate the import market of loaders in Vietnam
In 2024, over 80% of the loaders imported to Vietnam will be Chinese brands. Mingyu, Liugong and Lehman ranked the top three in terms of import volume, with a combined share of nearly 35%. In terms of import value, Liugong, XCMG and Shandong Lingong ranked the top three, with a combined share of over 40%.
However, although these three major brands also made it into the top ten in terms of import volume, overall, among the Chinese brand excavators imported to Vietnam, second - and third-tier brands such as Mingyu, Lehman, and Shandong Laigong dominated. In terms of the average price of equipment, second - and third-tier brands are significantly lower than first-tier brands. This price advantage might be the key reason why they have become the first choice for most users.
By model type, the main models include Mingyu's HJ929 and HJ939, Liugong's ZL50CN, and Lehman's ZL936 and ZL930, etc.
There are numerous brands in Vietnam's loader export market
Although the export scale of loaders from Vietnam is not large, there are many brands. Chinese and Japanese brands dominate the export market of loaders in Vietnam. The equipment exports to Vietnam are mainly carried out by traders and agents rather than local production. Among them, Japanese brands mainly sell second-hand equipment, while Chinese brands have a higher proportion of new machines.
By brand, the top three in terms of export volume are Kawasaki Heavy Industries, Mingyu, and Liugong, with a combined share of nearly 50%. Among them, Kawasaki Heavy Industries ranks first with a volume share of over 30%.
The top three exporters in terms of export value are Kawasaki Heavy Industries, Liugong and Komatsu, with a combined share also approaching 50%.
In 2024, over 95% of Vietnam's imported excavators will come from China, Japan and South Korea
Dominated by second-hand equipment
Over 95% of the excavators come from China, Japan and South Korea
In 2024, the total volume of Vietnam's excavator import and export market was nearly 14,000 units, and the total trade value exceeded 250 million US dollars.
Among them, imports hold a dominant position, accounting for 95% in quantity and nearly 90% in value. Specifically, over 13,000 excavators were imported throughout the year, with an import value reaching 220 million US dollars. Overall, the market showed distinct seasonal characteristics throughout the year. The second and fourth quarters were the peak periods for both the volume and value of imports, with the import volume and value in these two quarters both approaching 30% of the total for the year. Equipment from Japan, China and South Korea dominates the excavator import market in Vietnam, accounting for over 95% in terms of quantity and nearly 95% in terms of value. Among them, Japan, with both the import value and quantity exceeding half, has become the largest source of excavator imports for Vietnam in 2024.
The import market shows significant seasonality within the year, with Q2 and Q4 being the peak periods for both volume and value
It is worth noting that among the excavators imported to Vietnam, over 90% are second-hand equipment, accounting for more than 70% of the total value. By brand, Hitachi, Kobelco and Komatsu ranked the top three in terms of Vietnam's excavator imports in 2024, accounting for more than 60%. In terms of amount, the top three brands are Komatsu, Kobelco and Hitachi, each accounting for more than 60% of the total amount. From the perspective of export countries, these second-hand excavators of Japanese brands not only come from Japan itself, but China is also an important source of supply. In 2024, the main models of excavators imported from Vietnam will be small and medium-sized equipment, including Hitachi's ZX75U, Kobelco's SK200, SK135SR, and Komatsu's PC200, PC120, etc.
Japanese brands lead the export market
In 2024, Vietnam exported approximately 700 excavators to over 20 countries around the world, with a total value reaching nearly 34 million US dollars. The export market has shown a fluctuating upward trend throughout the year, and the export situation in the second half of the year is significantly better than that in the first half. The export volume and value reached their peak in December, with over 100 excavators exported in a single month and a total value exceeding 8 million US dollars. By region, the Asia-Pacific region is the largest export market for Vietnam's excavators, accounting for more than 70%. Among them, Laos is the largest single market, accounting for nearly 60% in terms of quantity and over 80% in terms of value.
The export market fluctuated upward, and the performance in the second half of the year was better than that in the first half
Similar to the import market, the export market for excavators in Vietnam is also dominated by second-hand equipment - the quantity of second-hand equipment accounts for nearly 90%, and the value accounts for nearly 75%. Construction machinery has a relatively long service life. The circulation of second-hand equipment not only effectively revitalizes the existing market but also extends and reflects the brand effect. On the brand side, Japanese brands lead the Vietnamese excavator export market. In 2024, the top three brands in terms of both the quantity and value of Vietnamese excavator exports are Komatsu, Kobelco, and Hitachi, accounting for approximately 65% of the quantity and over 75% of the value. By model, the export market of excavators from Vietnam is dominated by medium and large-sized ones. The main models include Komatsu's PC200 and PC350, Kobelco's SK200 and SK330, and Hitachi's ZX350 and ZX330, etc.
