Vietnam Cold Chain Market Outlook

to 2026F- Driven by Rising Meat and

Seafood Consumption Owing to
Growing Millennial Population
Albeit Infrastructure Challenges

November 2022
 1. Executive Summary
1.1 Executive Summary of Vietnam Cold Chain Market
2. Country Overview and Infrastructure Analysis of Vietnam
2.1 Country Overview of Vietnam
2.2 Vietnam Population Analysis, 2021
2.3 Cross Comparison of Quality of Infrastructure of ASEAN Countries
2.4 Road Transport Overview
2.5 Air Transport Overview
2.6 Sea Transport Overview
3. Vietnam Cold Chain Market Overview and Genesis
3.1 Vietnam Cold Chain Industry Supply Ecosystem
3.2 Business Cycle and Genesis of Vietnam Cold Chain Market
CONTENT

3.3 Understanding Value Chain of Vietnam Cold Chain Industry

3.4 Major Challenges in Vietnam Cold Chain Market Value Chain
3.5 Existing Technologies in Vietnam Cold Chain Market
3.6 Vietnam Cold Chain Market Size, 2016-2021
4. Vietnam Cold Chain Market Segmentation
4.1 By Cold Storage and Cold Transport, 2016-2021
TABLE OF

4.2 By Ownership, 2021

4.3 By End Users, 2021
5. Vietnam Cold Storage Market
5.1 Vietnam Cold Storage Market Size, 2016-2021
5.2 Vietnam Cold Storage Market Segmentation by Automation (By Pallets), 2021
 5.3 Vietnam Cold Storage Market Segmentation by Temperature Range, 2021
5.4 Vietnam Cold Storage Market Segmentation by End Users, 2021
5.5 Vietnam Cold Storage Market Segmentation by Region, 2021
5.6 Demand Supply Scenario of Vietnam Cold Storage Market
6. Vietnam Cold Transport Market Overview
6.1 Overview of Vietnam Cold Transportation Industry
6.2 Challenges and Opportunities in Vietnam Cold transportation Market
6.3 Vietnam Cold Transport Market Revenue, 2016-2021
6.4 Vietnam Cold Transport Market Segmentation by Type of Reefer Truck, 2021
6.5 Vietnam Cold Transport Market Segmentation by Mode of Transportation, 2021
6.6 Vietnam Cold Transport Market Segmentation by Location & Vicinity, 2021
6.7 Vietnam Cold Transport Market Segmentation by End Users, 2021
CONTENT

7. Vietnam Cold Chain Market Competition Landscape

7.1 Market Positioning Analysis of Major Cold Chain Players in Vietnam
7.2 Market Share of Major Cold Chain Players in Vietnam
7.3 Strengths and Weakness of Major Cold Chain Players in Vietnam
7.4 Cross Comparison of Vietnam Cold Chain Market Players
8. Investment Model for Vietnam Cold Chain Industry
TABLE OF

8.1 Assumptions Taken into Consideration

8.2 Fixed Investment
8.3 Operating Model
8.4 Variable Cost
8.5 Revenue Stream
 9. Vietnam Cold Chain Industry Analysis
9.1 SWOT Analysis of Vietnam Cold Chain Market
9.2 Impacts of Trade agreements related to Logistics in Vietnam
9.3 Growth drivers of Vietnam Cold Chain Market
9.4 Technological Advancements in the Vietnam Cold Chain Market
9.5 Recent Trends in the Vietnam Cold Chain Market
9.6 Issues and Challenges in the Vietnam Cold Chain Market
9.7 Legal Document Policies related to Foreign Investments in Vietnam
9.8 Development Policies to Support Logistics Services in Vietnam
10. End User Analysis of Vietnam Cold Chain Market
10.1 Key Temperature Controlled Products with different Shelf Lives
10.2 In-Depth Analysis for Cold Storage in Vietnam
CONTENT

10.3 Vietnam Meat and Seafood Market

10.4 Vietnam OTC Pharma Market
10.5 Recommendations to Set Up a Cold Chain Unit in Vietnam
11. Future Outlook of Vietnam Cold Chain Industry
11.1 Future Market Sizing of Cold Chain Industry, 2026F
11.2 Future Market Segmentation by Market Type and By Ownership, 2026F
TABLE OF

11.3 Future Market Segmentation by End User, 2026F

12. Future Outlook of Vietnam Cold Storage Market
12.1 Future Cold Storage Market Sizing
12.2 Future Cold Storage Market Sizing Analysis
12.3 Future Segmentation by Automation and By Major Cities, 2026F
12.4 Future Segmentation by End User and By Temperature, 2026F
 13. Future Outlook of Vietnam Cold Transport Market
13.1 Vietnam Cold Transport Market Revenue, 2021-2026F
13.2 Future Segmentation by Reefer Trucks and Mode of Transportation, 2026F
13.3 Future Market Segmentation by Location & Vicinity, 2026F
13.4 Future Segmentation by End User, 2026F
14. Market Opportunities and Analyst Recommendation
14.1 Emerging Technologies in Vietnam Cold Chain Market
14.2 Analyst Recommendation for Cold Chain Market in Vietnam
15. Research Methodology
15.1 Market Definitions and Assumptions
15.2 Abbreviations
15.3 Market Sizing Approach
CONTENT

15.4 Consolidated Research Approach

15.5 Sample Size Inclusion
15.6 Limitation and Future Conclusion
Disclaimer
Contact Us
TABLE OF
Vietnam Cold Chain Market 6

RESEARCH DESIGN OF VIETNAM COLD CHAIN MARKET

Historical Data for Vietnam Cold Chain Market Market Dynamics

Market Size Market Segmentations Growth Drivers

Ecosystem of Vietnam Cold Chain Ecosystem of Vietnam Cold Chain Market Bottlenecks and Challenges
Market Market

Key Trends
Business Cycle and Genesis of Market
Inception of Major
Companies in Market
End User Analysis
Vietnam Cold Chain Value Chain

Key Barriers Faced by Companies

Market Dynamics Vietnam Cold Chain Market
Outlook to 2026F Government Initiatives
Competition Framework

Forecast Data (2021-2026F)

Market Share of Major Players

Future Market Size Future Market Segmentations

Competition Meter
Vietnam Cold Chain Market Segmentation Vietnam Cold Transport Market Segmentation
SWOT Analysis of Vietnam Cold Chain  By End User  By Truck Type
 By Ownership  By Mode of Transportation
Top Players Vietnam Cold Storage Market Segmentation  By Location
 By Temperature Range  By End Users
 By Automation
Cross Comparison of Major Players in Market
 By End User Future Market Trends
 By Major Cities

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Vietnam Cold Chain Market 7

MARKET DEFINITIONS

Particulars Definition
Vietnam cold chain market has been defined as the sum total of revenues earned by all accredited non-captive domestic cold chain
service providers in the country for cold storage and transport services to manufacturers, retailers, farmers and several other entities. The
Vietnam Cold Chain Market market includes all types of end user industries such as meat and seafood, vaccines and pharmaceuticals, fruits and vegetables, bakery and
confectionary, dairy products and several others. Temperature range considered for cold storage facilities are +10C to -40C. Revenues generated
from captive storage and transport facilities have not been taken into consideration while defining the market.

The market size has been calculated from revenue generated by non-captive cold storage logistics companies in Vietnam offering a
temperature range of +10C to -40C in all the accredited cold storage warehouses owned and operated by them. The revenue stream considered
Vietnam Cold Storage Market
in cold storage includes leasing revenues, packaging, labelling, loading and unloading charges, temperature monitoring services and other
support services offered by cold storage companies.

Vietnam cold transport market has been defined as the summation of revenues earned by non-captive cold transport companies offering a
Vietnam Cold Chain Transport temperature range of +10C to -40C for products such as meat and seafood, fruits and vegetables, vaccines and pharmaceuticals, dairy, bakery
Market and confectionary and several others to domestic and international market by land, sea and air cold transport. The revenue streams considered
include freight forwarding, loading and unloading, distribution and last mile delivery services.

Ambient Storage This includes cold storage facilities that offer a temperature range of 0C to +10C.

Frozen Storage This includes cold storage facilities that offer a temperature range of -12C or colder. It also includes chillers which can be converted to freezers.

Chiller Storage This includes cold storage facilities that offer a temperature range of 0C to -12C only and are non-convertible to any other temperature range.

Blast Freezing This is the cold storage process that usually lasts for 4 hours and offers a temperature range of -25C to -40C for quick freezing of products.

The market has been defined as the revenue from domestic retail sales of processed fruits and vegetables such as apples, bananas, berries,
Processed Fruits and Vegetables
grapes, kale, sprouts, onions, carrots and lettuce including both domestically produced and internationally imported by vendors.

The market has been defined as the revenue from domestic retail sales of dairy products such as butter and margarine, drinking milk products,
Dairy Products Market
cheese, yoghurt and sour milk drinks including both domestically produced and internationally imported by vendors.

The market has been defined as the revenue generated from domestic retail sales of processed meat and meat products such as poultry;
Processed Meat and Seafood
fisheries and aquaculture/aquatic products such as shrimps, fishes, prawns and crabs including both domestically produced and internationally
Market
imported by vendors.

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Vietnam Cold Chain Market 8

Particulars Definition

Vietnam Imported The market has been defined as the revenue from domestic retail sales of only imported pharmaceuticals by vendors including vaccines that
Pharmaceuticals Market have to be kept in cold storage facilities for their maintaining effectiveness.

These cold storage warehouses are owned and controlled by individual companies or conglomerates for their own use of storing products. The
owned market has been defined as those transactions under which cold chain demand with cold chain logistic company is generated through
Captive/Owned Warehouses
direct end users (for instance meat and sea food processing co. approaching cold storage company). These transactions are not captured as a
part of our market definition.

These cold storage warehouses are owned and controlled by logistics companies. They use them for renting out to customers requiring cold
storage solutions. Cold storage companies get business from two prominent sources: intermediaries, which can be trading companies or
Non-captive Warehouses
consultants/contractors/3PL companies. Transactions done with the former are termed as 3PL Transactions and with the latter are termed as
Non-captive Transactions.

These cold storages have been defined as establishments providing services such as RFID, WMS and ASRS for pallet ID, product tracking and
Automated Cold Storage
pallet racking services respectively.

These cold storages have been defined as establishments which lack one or more services among RFID, WMS and ASRS for pallet ID, product
Non-automated Cold Storage
tracking and pallet racking services respectively

Domestic Transport Domestic cold transport refers to cold transport requirement that is met within the Vietnam.

International Transport International cold transport refers to cold transport requirement that is met outside Vietnam.

• Historical Period: 2016-2021

Time Period Captured
• Forecast Period: 2021-2026F

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Vietnam Cold Chain Market 9

RESEARCH METHODOLOGY

Scope Definition

Research Design

Expert Observation/
Interviews Feature Mapping

Sample Selection

Primary Data Secondary Data

Data Collection

Top-To-Bottom Approach Bottom-To-Top Approach

Data Analysis

Primary Secondary
Research Research

Data Validation

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 Vietnam Cold Chain Market 10

SAMPLE SIZING
Table: Sample Size by Stakeholders

By Stakeholders Sample Size (Out of 90+ respondents)

60+ Respondents;
Cold Storage Facilities
Cold Storage Facility management (Including Captive and Non-Captive Companies)

Food manufacturing or Processing, Restaurants and Kitchens,

10+ Respondents
Groceries and Food transport

20+ Key opinion leaders belonging from different Cold Storage Facilities, Logistics Experts, Associations and
Industry Experts
Consultants

Table: Sample Size by Respondent Category in Percentage (%)

Sample Size 16% C Level Executives

By Respondent Category
(Out of 90+ Respondents) 22%
Director and VP

%
C Level Executives 16%

Director and VP 26% Key Account Managers and

Business Development Managers
Key Account Managers and Business 26%
36%
Development Managers Others (includes operational
Others (includes operational heads, sales 36% heads, sales heads and more)
22%
heads and more)
Total 100%

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Vietnam Cold Chain Market 11

KEY DATA FROM SECONDARY SOURCES 

Parameters Source

 Company Financials, Magazines, Journals, Press Releases, Paid Databases, Ken

Market Size Research Data Repository

 Annual Reports, Company Websites, Public and Private Databases, Ken

Qualitative Information Research Data Repository

 Company Websites, Annual Reports, Press Releases, Publications, Ken

Companies Revenue Research Data Repository

 Magazines, Journals, Press Releases, Public and Private Databases, Ken

Market Trends & Developments Research Data Repository

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Vietnam Cold Chain Market 12

RESEARCH APPROACH

 The research team framed a hypothesis about the market through an analysis of existing industry factors obtained
from company reports, magazines, journals, online articles, ministries, government associations and data from the
NMIS, IMF and World Bank, among others.
Bottom to Top Approach

 The market size was estimated based on the industry-wide number of cold storage pallet positions, average price per
pallet per day, and annual average occupancy rate to estimate the annual revenue earned by cold storage businesses
across the country. The cold storage market was then taken as a part of the overall cold chain business and the overall
size of the market was evaluated. Both public and proprietary databases were referred to define each market and collect
data points about the same.

 The research team then conducted CATIs with several industry veterans including decision makers from AJ total, ABA
Cooltrans, Lineage, Transimex and Arctic Wolf Cold Storage and others in the ecosystem to get their insights on market
and justify the hypothesis framed by the team.
 Owing to availability of previously estimated numbers for cold storage market in Vietnam from multi-factor regression
model run on SPSS and poll opinions; our team projected the future outlook of cold chain industry by understanding
growth in number of pallets for cold storage companies

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Vietnam Cold Chain Market 13

CONSOLIDATED RESEARCH APPROACH

Primary Research

Computer assisted telephonic interviews (CATIs) with over 30+ Companies. Individuals contacted from major companies include:
 Lineage
 Transimex
 Hung Vuong Corporation
 AJ Total Vietnam
 Mekong Logistics

Secondary Research

Data & Insights gathered from following sources-

 Company Reports,
 Magazines,
 Journals
 Articles And Company Profiles
 Online articles
 Vietnam Government, Vietnam Ports, International Monetary Fund (IMF)
 NMIS and others

Sanity Checking

 Desk Research: Desk research to review the number of cold storage units/warehouses, number of cold storage pallets, trading and
production of cold storage products such as meat, seafood, fruits and vegetables, warehouses by location, financial and operating
parameters for captive and non-captive companies. Interviews with cold storage captive & non captive companies and government
associations
 Target audience for interviews (Business Development Head/Founder and C-Level Executives): conducted interviews with management
of cold chain companies and potential companies in industries with cold storage requirements including, but not limited to, food
manufacturing or processing, restaurants and kitchens, groceries and food transport belonging to executives at General Manager, Sales
Manager.

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Vietnam Cold Chain Market 14

RESEARCH LIMITATIONS & FUTURE CONCLUSION 

Research Limitations

 Market size has been estimated on the basis of modeling. Multiple interviews with non-captive cold chain companies were conducted
to understand the total number of cold storage pallets that they have across all their locations in Vietnam. Subsequently, aggregate
occupancy rate for the pallets across the year and average price per pallet per day being charged in the industry were also validated.
Additionally, we have taken the information regarding the total number of accredited cold storage warehouses in Vietnam from the NMIS.
All these factors have been considered and market size of cold storage market in the Vietnam has been evaluated. It could be the case that
the numbers provided by cold chain industry experts are overestimated or underestimated.

Future Analysis Conclusion

 The conclusion regarding the expected value of dependent variable is determined by using the regression model, moving average,
subjective judgment, primary research and insights from poll opinion method derived from multiple industry experts. This was backed
by analyzing macro-economic changes such as growth in population and infrastructure expenditure, and analyzing market potential and
other growth trends. The impact of these factors on the market was reconfirmed from industry veterans and analysis conducted by in
house analyst experts in the Logistics Industry.
 The result from SPSS has been rejected due the false results from the data because of external factors and did not consider the impact of
Covid pandemic on the future economic scenario.
 Population growth, infrastructure investment and total growth forecast have been taken into paint a comprehensive picture of the future
outlook of the industry.

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 Vietnam Cold Chain Market 15

MARKET INSIGHT
The report titled “Vietnam Cold Chain Market Outlook to 2026F- Driven by Rising Meat and Seafood Consumption Owing to Growing
Millennial Population Albeit Infrastructure Challenges” provides a comprehensive analysis of the Cold Chain market in Vietnam. The
report covers overview and genesis of the industry, service wise market size; market segmentations; analysis on Cold Chain market; trends
and developments, issues and challenges and comparative landscape including market shares of major companies, competition scenario,
cross comparison and cost sheet of major market players in Vietnam. The report concludes with future market projections of each service
segmentation and Analyst recommendations to win the Cold Chain Market in Vietnam.

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Vietnam Cold Chain Market 16

Vietnam Cold Chain Market is Driven by the Rising Domestic Consumption of Meat, Growing
Demand for QSRs and Expansion of Existing Cold Storages: Ken Research
Vietnam Cold Chain Market Revenue COMPETITION DASHBOARD
CAGR (2016-2021): 9.4% Leading Companies
CAGR (2021-2026F): 14.8%

Vietnam Cold Storage Market Revenue

CAGR (2016-2021): 8.6%
CAGR (2021-2026F): 14.2%

Vietnam Cold Transport Market Revenue

CAGR (2016-2021): 16.0%
CAGR (2021-2026F): 18.4%

Market Nature
Growth Stage

Competition Parameters
Occupancy Rate, Client Base, Fleet Size, Cold transport
services and Total Pallet Positions, No. of Cold Storage
Warehouses Product and Services

KEY FINDINGS

Highly Fragmented 10 domestic airports Meat and Seafood,

Market and 12 international Lineage and Transimex Fruits and Vegetables 100+ $ 329.2 Mn
airports and Dairy Products

Competition Scenario Total Number of Market Leaders of Major End Users of No. of Cold Chain Total Import Value in
of Vietnam Cold Airports in Vietnam, Vietnam Cold Chain, Vietnam Cold Chain Companies in Vietnam, Vietnam, 2021
Chain Market, 2021 2021 2021 Market, 2021 2021

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 Vietnam Cold Chain Market 17

VIETNAM COLD CHAIN MARKET OVERVIEW 

Cold Chain Overview:
There is a decline in market growth due to convenience and low cost of other forms of transport along with COVID-19 pandemic. But still
in 2020, Vietnam’s logistics cost/GDP was still more than 20%, which is high compared to countries in the region as well as the average
level of the whole world. As a result of the Covid-19 epidemic, a sizable portion of the world’s population has altered their eating habits.
A rise in retail purchasing may be witnessed owing to an increase in the country’s population’s disposable income, which will fuel the
development of cold storage and favorably effect market growth. Citrus fruits, vaccines and vegetables are becoming more popular as
people’s eating and consuming habits with new technology and systems in cold chain business which will help the firms.

Volume of goods transported by Vietnamese enterprises by road, 2016-2021 Volume of goods transported by Vietnamese enterprises by Air, 2016-2021

Mn Tons
Mn Tons

2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
Volume Growth Rate Volume Growth Rate

Volume of goods transported by Vietnamese enterprises by Sea, 2016-2021

Mn Tons

2016 2017 2018 2019 2020 2021

Volume Growth Rate

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 Vietnam Cold
Chain Market

Licenses: HOW IS COLD CHAIN MARKET POSITIONED IN VIETNAM?

Excel Only: USD 4,500 Market Overview: Vietnam cold chain market was evaluated to grow at a double-digit CAGR during 2016-
2021. The market is currently in the growth stage owing to rising domestic consumption of meat and
Single User: USD 5,000 seafood along with increasing government initiatives and investments in the sector. Correspondingly, the
Single and Excel: USD 6,500 Vietnam Cold Chain Industry Ecosystem is driven by large-scale 3PL companies with Real Estate companies
investing in logistics services. The occupancy rate in the cold storage market has been increasing owing to
Hard Copy: USD 6,500 undersupply of cold storage warehouses, especially in the major cities and ports where demand for cold
Corporate User: USD 7,500 storage is exceeding the supply. The prices in cold storage in Vietnam are directly related to inflation and
as inflation rises, the prices increase as a result. Other factors affecting prices also include the increasing
demand for citrus, meat, and seafood.
Figure: Vietnam Cold Chain Market Size in terms of Revenue, 2016-2021
Slides: 113
Author: Abhay Shukla, Faqiha Frozan and
Anne Silvia

Related Reports:
S Frozen Storage Market Outlook to
2025-Driven by Growing Meat and Seafood
Consumption and Insufficient Pallet
Capacity to Tackle Food Wastage

South Korea Cold Chain Market Outlook

To 2023 – By Cold Storage (Ambient,
2016 2017 2018 2019 2020 2021
Chilled And Frozen Warehousing) And
Market size (in USD Mn) Growth Rate
Cold Transport (Land, Sea And Air),
By Application (Dairy Products, Fruits
And Vegetables, Meat And Seafood,
Pharmaceuticals And Others) And By
Ownership (Integrated And Third Party
Logistics)
 Vietnam Cold Chain Market 19

VIETNAM COLD CHAIN MARKET SEGMENTATIONS VIETNAM COLD STORAGE MARKET SEGMENTATION:
The Vietnam Cold Chain Market has grown from 2016 to 2021 due to the By Temperature Range: The Vietnam Cold Storage market is dominated by
export of iron and steel, rise in the economy, transport of domestic goods like freezer and chillers owing to rising imports-exports activities and consumption
household goods and food. During covid the market faced some downfall but of seafood and meat in the country. The demand for freezer and chillers
the demand of vaccines and fruits was very high. The demand for cold chain increases to reduce the losses and satisfy strict requirements from large export
is increasing due to increasing e-commerce in the country which include markets such as EU, USA, and Japan.
supply, production and distribution process. Thus, distribution process helped
primarily the transportation segment to grow in the country. Table: Vietnam Cold Storage Market Segmentation in terms of no. of pallets
by temperature range, 2021 and 2026F
By End User: Cold chain market across all the end users is growing in Vietnam
due to increasing income and rising demand for high quality logistics. By Temperature Range 2021(%) 2026F (%)
Table: Vietnam Cold Storage Market Segmentation in revenue generated Frozen ~ ~
terms by end user, 2021 and 2026F Chillers ~ ~
Ambient ~ ~
By End User 2021(%) 2026F (%)
Total ~ ~
Meat and Seafood ~ ~
Fruits and Vegetables ~ ~ By Automation: The market share of non-automated pallets is high because of
Dairy and Bakery ~ ~ high initial investment and maintenance cost in automated pallets.
Vaccination and Pharmaceuticals ~ ~ Table: Vietnam Cold Storage Market Segmentation in terms of no. of pallets
Others ~ ~ by automation, 2021 and 2026F
Total ~ ~ By Automation 2021(%) 2026F (%)
By Ownership: In 3PL the party outsources packing, storage, transportation Non-automated Pallets ~ ~
and delivering products whereas in owned the party has its own warehouse/ Automated Pallets ~ ~
reefer trucks and packs, stores and delivers products without using any logistics
Total ~ ~
space or transport from an outside party.
Table: Vietnam Cold Storage Market Segmentation in revenue generated
terms by ownership, 2021 and 2026F

By Ownership 2021(%) 2026F (%)

3PL Cold Chain Facilities ~ ~
Owned ~ ~
Total ~ ~

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 Vietnam Cold Chain Market 20

By End User: Cold storage market in Vietnam is dominated by meat and Table: Vietnam Cold Storage Market Segmentation in terms of no. of refer
seafood because Vietnam is one of the largest seafood exporters in the world. trucks by truck type, 2021 and 2026F
Table: Vietnam Cold Storage Market Segmentation in revenue generated
By Truck Type 2021(%) 2026F (%)
terms by end users, 2021 and 2026F
Reefer Vans/Trucks ~ ~
By End User 2021(%) 2026F (%) 20-foot reefers ~ ~
Meat and Seafood ~ ~ 40-foot reefers and others ~ ~
Fruits and Vegetables ~ ~ Total ~ ~
Vaccination and Pharmaceuticals ~ ~
By Mode of Transportation: Approximately ~% of the products transported by
Dairy and Bakery ~ ~
Vietnamese. Enterprises through land route is for domestic location.
Others ~ ~
Table: Vietnam Cold Storage Market Segmentation in revenue generated
Total ~ ~
terms by mode of transportation, 2021 and 2026F
By Major Cities: An exemplary practice in major cities of Vietnam is the
By Mode of Transportation 2021(%) 2026F (%)
development of multi-client Urban Distribution Centres on the outskirts of the
city aiming at consolidating the deliveries. Land ~ ~
Sea ~ ~
Table: Vietnam Cold Storage Market Segmentation in Revenue generated
terms by major cities, 2021 and 2026F Air ~ ~
In Land Water ways ~ ~
By Major Cities 2021(%) 2026F(%)
Total ~ ~
Ho Chi Minh ~ ~
Hanoi Capital ~ ~ By Location: The imports of products mainly include medicaments, antisera,
Binh Duong ~ ~ etc. which is increasing due to increasing economic growth, rising income of
the country.
Long An ~ ~
Table: Vietnam Cold Storage Market Segmentation in revenue generated
Other ~ ~
terms by location, 2021 and 2026F
Total ~ ~
By Location 2021(%) 2026F(%)
VIETNAM COLD TRANSPORT MARKET SEGMENTATION: Domestic ~ ~
By Truck Type: Mostly smaller vans are used for transportation because light International ~ ~
trucks are allowed to enter the HCM city’s urban area during peak hours from
Total ~ ~
6am to 9am and from 4pm to 10pm.

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 Vietnam Cold Chain Market 21

By Vicinity: Products require a wide range of reefer vans and trucks for the INDUSTRY ANALYSIS OF VIETNAM COLD CHAIN MARKET
transportation from inter and intra city.
GROWTH DRIVERS OF VIETNAM COLD CHAIN MARKET
Table: Vietnam Cold Storage Market Segmentation in revenue generated
terms by vicinity, 2021 and 2026F  Change in Lifestyle and Urbanization: Fast paced lifestyle and rise in per
capita income in Vietnam has increased the demand for frozen, ready-to-cook
By Vicinity 2021(%) 2026F (%) and other types of food. Per capita income in the Vietnam increased from $
2,745 in 2016 to $ 3,694 in 2021.
Inter-city ~ ~
 Expansion of Existing Cold Storages: Logistics players are taking note and
Intra-city ~ ~ expanding current cold storage infrastructure to accommodate the boom in
Total ~ ~ demand for fresh produce and meat, which is driving the market growth.
BOTTLENECKS AND CHALLENGES IN VIETNAM COLD CHAIN MARKET
By End Users: Meat and Seafood have largest share in Vietnam cold transport
market in 2021.  Regional Clusters: Residential property firms are competing with warehouse
developers for limited land within major cities. This has pushed land prices
Table: Vietnam Cold Storage Market Segmentation in revenue generated higher in cities, forcing developers to look for warehouse spaces in nearby
terms by end users, 2021 and 2026F areas.
KEY TRENDS IN VIETNAM COLD CHAIN MARKET
By End User 2021 (%) 2026F (%)
Meat and Seafood ~ ~
 Cold chain operators are catering to the energy-intensive requirements of
products while minimizing the pressure on natural resources. Players are
Fruits and Vegetables ~ ~ offering thermal storage technology that is 100% fuel-free and environmentally
Vaccination and Pharmaceuticals ~ ~ friendly.
Dairy and Bakery ~ ~ REGULATORY FRAMEWORK IN VIETNAM COLD CHAIN MARKET
Others ~ ~  The CPTPP has an impact on Vietnam’s trade activities. In 2020, with export
results over $ 260 Bn the trade supply was nearly $ 10 Bn. In particular, exports
Total ~ ~
to CPTPP member countries as Canada reached $ 3.9 Bn, Mexico reached $
2.9 Bn, exports to Chile increased by 20.5% and to Peru reaching $ 350 Mn
 The EVFTA increasing the amount of import and export goods between
Vietnam and the European Union. Logistics enterprise in Vietnam will have
the opportunity to attract investment from Europe, taking advantage of the
experience, management skills, capital and network of partners when entering
into joint ventures with EU partners.

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 Vietnam Cold Chain Market 22

SUPPLY SIDE ECOSYSTEM FOR VIETNAM COLD CHAIN MARKET

Vietnam Cold Chain Market is highly competitive with presence of both global and local companies; competing in the market with a total of ~XX major players
are seizing the opportunity.

Cold Storage Companies (~+)

Cold Transportation Companies (~)

Major Associations & Certifications

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 Vietnam Cold Chain Market 23

COMPETITION SCENARIO IN VIETNAM COLD CHAIN MARKET

The Cold chain market is highly fragmented and is home to triple-digit cold transportation & storage players (not including captives). The strategic initiatives
by market players like pre-installed chillers, increased floor load capacity, and higher ceiling heights act as an opportunity for the market’s growth. Increased
technological innovations, expansion of pallets by major companies, and existing market leaders like Lineage and Hung Vuong Corporation have added more
competition parameters in the market.
Players in Cold Chain Market are competing based on:

Competitive Parameters

Parameters Competition Scale

Occupancy Rate

Client Base

Fleet Size

Total no. of Pallet

No. of Cold Storage Warehouses

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 Vietnam Cold Chain Market 24

Table: Cross Comparison of Major Players in Vietnam Cold Chain Market

Parameters Transimex Vinafco AJ Total Vietnam Konoike Other Players

Establishment Year ~ ~ ~ ~ ~
Services ~ ~ ~ ~ ~
No. of Cold Storage Warehouses ~ ~ ~ ~ ~
Location of Cold Storage Warehouses ~ ~ ~ ~ ~
Total Pallet Positions, 2021 ~ ~ ~ ~ ~
Cold Transport Services ~ ~ ~ ~ ~
Clientele ~ ~ ~ ~ ~
Level of Automation ~ ~ ~ ~ ~
Industries Catered ~ ~ ~ ~ ~
USP ~ ~ ~ ~ ~
Temperature Range Offered ~ ~ ~ ~ ~
Pallet Positions by Type, 2021 ~ ~ ~ ~ ~
Prices Charged, 2021 ~ ~ ~ ~ ~
# Of Fleets, 2021 ~ ~ ~ ~ ~
# Owned Fleets ~ ~ ~ ~ ~
Revenue in USD Mn, 2021 ~ ~ ~ ~ ~
Employee Base, 2021 ~ ~ ~ ~ ~
Certifications/ Accreditations ~ ~ ~ ~ ~
Future Strategies ~ ~ ~ ~ ~

Other players include: Mekong Logistics, Emergent cold storage, Hong Lai Group, Hung Vuong Corporation, ALS Avaition Logistics, Lineage, ABA Cooltrans, Crane Worldwide
Logistics, Lotte logistics, New Land Logistics, Thang Long Logistics, ARC Bing Duong, SK Cold Storage and Arctic Wolf.

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 Vietnam Cold Chain Market 25

VIETNAM COLD CHAIN MARKET FUTURE OUTLOOK AND VIETNAM COLD CHAIN MARKET FUTURE TRENDS
PROJECTIONS  Growing demand for temperature-controlled products in the country, entry of
The cold chain market is expected to be fueled by increasing demand for several new players and government initiatives and programs are anticipated to
temperature-controlled products in the country, the entry of several new players, propel the cold chain market.
and government initiatives and programs. Several cold chain operators are  Value Added Services: With increase in demand services such as in and out
expanding their operations and setting up many new cold storage facilities to handling of pallets, picking and packing, trucking and back-office support are
meet the high and growing demand for cold storage, giving a significant boost added to the list of services offered by warehouses, predicting a rise in the future.
to the cold storage industry in Vietnam. Over the near term, Cold Chain market is
 Future Growth Regions: Bac Ninh and Do Nang over the medium term, especially
expected to grow at a CAGR of ~% over the period 2021-2026F during this several
with the ongoing expansion of the industrial parks in Vietnam.
challenges such as increasing crime rates, volatility in fuel prices, rising inflation
and slow growth in economy will act as a hindrance to growth. Due to growth of  Many cold chain operators are expected to expand their operations and establish
QSRs, last mile delivery growth has also risen but many issues are prevalent such many new cold storage warehouses to cater to the large and rising demand for
as dry ice being used by retail shops to deliver the product to end user. Though, refrigerated storage, providing a significant boost to the Vietnam cold storage
the Cold Chain Market is expected to grow at a CAGR of ~% over the forecasted industry.
period 2021 to 2026F owing to seen infrastructural developments in cities which  The cold storage industry is experiencing a new wave of technological
is leading to formal trading and stricter norms and regulations by the government developments which are essential for end users of cold storage services and for
across the country. the organic growth of cold storage companies.
Figure: Vietnam Cold Chain Market Future Outlook in terms of Revenue,  The cold storage sector in Vietnam is expected to grow with strong traction, likely
2021-2026F driven by import and export orders for medicines and vaccines.

2021 2022F 2023F 2024F 2025F 2026F

Market size (in USD Mn) Growth Rate

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Vietnam Cold Chain Market 26

MAJOR PLAYERS COVERED IN VIETNAM COLD CHAIN MARKET

Particulars Major Players

• Lineage
• Transimex
• Hung Vuong Corporation
• AJ Total Vietnam
• Mekong Logistics
• ARC Bing Duong
• ABA Cooltrans
• Emergent cold storage
• SK Cold Storage
Major Player in Vietnam Cold Chain Market
• Lotte logistics
• Konoike
• Hong Lai Group
• New Land Logistics
• Thang Long Logistics
• Crane Worldwide Logistics
• ALS Avaition Logistics
• Arctic Wolf
• Vinafco

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Vietnam Cold Chain Market 27

KEY FACTORS CONSIDERED IN THE REPORT

 Country Overview and Infrastructure Analysis of Vietnam

 Vietnam Cold Chain Market Overview and Genesis
 Vietnam Cold Chain Industry Supply Ecosystem
 Business Cycle and Genesis of Vietnam Cold Chain Market
 Vietnam Cold Chain Market, 2016-2021
 Vietnam Cold Chain Market Segmentation (by Cold Storage and Cold Transport, by Ownership and by End Users)
 Vietnam Cold Storage Market, 2016-2021
 Vietnam Cold Storage Market Segmentation (by Automation, Temperature Range, by End Users and by region)
 Vietnam Cold Transport Market Overview, 2016-2021
 Vietnam Cold Transport Market Segmentation (by Type of Reefer Truck, by Mode of Transportation, by Location & Vicinity and by end users)
 SWOT Analysis of Vietnam Cold Chain Market
 Competition Scenario of Vietnam Cold Chain Market
 Growth drivers of Vietnam Cold Chain Market
 Technological Advancements in the Vietnam Cold Chain Market
 Issues and Challenges in the Vietnam Cold Chain Market
 Recent Trends in the Vietnam Cold Chain Market
 End User Analysis of Vietnam Cold Chain Market
 Future Outlook of Vietnam Cold Chain Market, 2021-2026F
 Future Outlook of Vietnam Warehousing Market, 2021-2026F
 Future Outlook of Vietnam Cold Storage Market, 2021-2026F
 Future Outlook of Vietnam Cold Transport Market, 2021-2026F
 Market Opportunities and Analyst Recommendation

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