Vietnam Electric Vehicle Market Share, Size & Competitive Landscape Report 2030

Future Vietnam Electric Vehicle Market: Key Dynamics, Size & Share Analysis

The Vietnam Electric Vehicle Market size was valued at around USD 2.4 billion in 2024 and is expected to reach USD 6.74 billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 18.12% during the forecast period, i.e., 2025-30. The factors contributing to the market’s growth include the rapid shift of the country towards greener and more sustainable practices, government efforts to promote green mobility, increasing technological advancements, and the integration of IT and AI in electric vehicles. Additionally, rising government policies, such as the Green Transport Action Plan, reduced import duty taxes, and the Action Program for Green Energy Transition, contribute to the rapid adoption of these vehicles in the electrified transportation and renewable energy sectors.

Top Market Challenges Impacting the Vietnam Electric Vehicle Market Growth

Initial Cost Burden Hindering Market Growth – The high initial cost is a major obstacle to Electric Vehicle adoption in the country because a major fraction of the buyers is unable to afford such high-priced vehicles. They usually prefer traditional vehicles, which are cost-effective for them. Mainly, the batteries alone account for about 40% of the total electric vehicle cost, making EVs substantially expensive. Additionally, the high cost is due to the incorporation of advanced technologies, including different control software in the latest EVs. For instance, conventional gasoline-based vehicles cost around USD10,000, while the new models of EVs in Vietnam are nearly double in price and cost a minimum of USD20,000. Consequently, customers still prefer traditional fuel-based vehicles in Vietnam.

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Understanding the Core Segments in the Vietnam Electric Vehicle Market

Vietnam Electric Vehicle Market Size, Share & Industry Trends Analysis- By Propulsion Type (Battery Electric Vehicle [BEV], Plug-in Hybrid Electric Vehicle [PHEV], Hybrid Electric Vehicle [HEV], Fuel Cell Electric Vehicle [FCEV]), By Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Two-Wheelers, Electric Buses), By Battery Type (Lithium-ion Battery, Nickel-Metal Hydride Battery, Others), By End-User (Private/Individual, Commercial/Corporate Fleet, Public Transport), By Distribution Channel (Dealerships, Direct Sales, Online/E-Commerce) and Others.

Geographical Analysis of the Vietnam Electric Vehicle Market

By Region

Northern
Central
Southern
Southeast
Mekong Delta.

Who Dominates the Vietnam Electric Vehicle Market Insights on Key Industry Players?

Companies are strengthening their presence in the Vietnam Electric Vehicle market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

VinFast Auto Ltd.
Tesla Inc.
Mercedes-Benz Vietnam
Toyota Motor Vietnam
Honda Vietnam
Hyundai Thanh Cong Vietnam
Kia Vietnam
TMT Motors
Nissan Vietnam
Dat Bike (for electric two-wheelers)
Great Wall Motors (Haval)

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