Electric vehicle market in Vietnam - statistics & facts
The Asia Pacific region accounted for the largest share of battery electric vehicles worldwide in 2021, with the market for electric vehicles expanding fast across the region over the past decade. While well-known automobile-producing countries such as Japan and South Korea have been leading this development, the electromobility market has also been picking up in Vietnam in recent years. Although the share of electric vehicles is still modest in the country, there are clear indicators for the emergence of this market.
Electromobility in Vietnam
While 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.
VinFast – Vietnamese electric vehicle manufacturer and its global ambition
Electric vehicles have been in the spotlight among car enthusiasts in Vietnam, not only because of the rising interest in electromobility but also due to VinFast, Vietnam’s first automobile brand. The brand has been actively pursuing the ambition of introducing made-in-Vietnam electric cars to the world. Towards the end of 2022, the brand was responsible for the majority of the electric cars sold in Vietnam. Furthermore, the first export batch of VinFast’s e-cars is already in the pipeline for customers in the United States for the first quarter of 2023. The Vietnamese electric vehicle manufacturer has recently started the construction of its production facility in North Carolina, which will be its first overseas facility with an initial annual production capacity of 150 thousand cars. Together with its planned IPO in the United States, the American production facility will bring VinFast one step closer to becoming a truly global player.
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