Vietnam Oil and Lubricant Market Overview Through Mid-2022

In 2022, Vietnam's lubricant market experienced significant fluctuations. What were these changes? What do Vietnamese automotive lubricant distributors need to do to adapt well to the current market? All information will be provided in today's article by Huynh Chau. Let's read on!

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Vietnam's lubricant market in 2022 is experiencing significant volatility

1. Vietnam's lubricant market share in 2022

Vietnam is currently one of the three countries with the largest lubricant consumption in Asia, with a market size of over 1 billion USD in 2022. Among these, foreign and imported lubricant brands account for 70-80%.

In recent years, alongside long-established "national" lubricant lines (Shell, Total, Mobil, Castrol), the Vietnamese market has also witnessed the entry of numerous world-renowned brands such as AMSOIL, Repsol, Wolver, Fuchs Silkolene, and others.

Additionally, domestic OEM lubricant lines also have strong development potential (such as GrandOil, Petrolimex) and are attracting significant attention from automotive lubricant distributors in Da Nang, Ho Chi Minh City, Hanoi, and beyond.

These statistics demonstrate a vibrant and dynamic lubricant market landscape in Vietnam.

Vietnam's lubricant market is thriving with numerous foreign lubricant brands

2. Assessment of Vietnam's lubricant market potential at the present time

Currently, the country has over 36 million motorcycles, 891,000 automobiles, and 770,000 trucks registered and managed by the Ministry of Transport. On average, a motorcycle consumes approximately 3-4 liters of lubricant annually. For automobiles and trucks, these figures are 12-18 liters/year and 120-160 liters/year, respectively.

Thus, to meet market demand, Vietnam will need approximately 264 million liters of lubricant. Of this, lubricant for motorcycles accounts for approximately 34