Electromobility in VietnamWhile the adoption of electric cars in Vietnam is yet to be significant, Vietnamese consumers are no strangers to smaller electric vehicles, such as electric bikes, motorcycles, or scooters. These two-wheelers have been especially popular among underage, younger commuters, such as school students. Unlike standard motorcycles, a driving license is not required for riding many electric bikes and scooters, which are much faster than conventional bicycles. At the same time, leading motorbike makers in the country, namely Honda and Yamaha, have been introducing more electric models in the last couple of years to tackle the saturated state of the gasoline-based motorcycle market in Vietnam.
In 2022, the sales of passenger cars in Vietnam reached over 284 thousand, with only a few thousand of them being electric cars. Meanwhile, Vietnam has been considered a potential market for electric four-wheelers, as these vehicles offer an attractive advantage in the context of rising gas prices and environmental issues associated with gasoline-based cars. Furthermore, the government has been introducing incentives for using electric vehicles, from reducing import taxes to forgoing a substantial part of owner registration fees. According to forecasts, by 2028, there will be one million electric cars in Vietnam, and by 2040, this figure will grow to 3.5 million.