Vietnam Electric Vehicle Market

Vietnam Electric Vehicle Market Overview:

The Vietnam electric vehicle market size reached USD 3,020.00 Million in 2024. The market is projected to reach USD 17,764.32 Million by 2033, exhibiting a growth rate (CAGR) of 21.76% during 2025-2033.The market is experiencing strong growth, driven by increasing environmental awareness, supportive government initiatives, and advancements in EV technology. Expanded consumer demand, enhanced charging facilities, and the transition towards green mobility are further hastening penetration. Domestic and foreign players are making significant investments, fueling intensified competition and innovation across the industry. As the market advances, important innovations in battery efficiency and drive systems will determine future direction. These are anticipated to have a major impact on the Vietnam electric vehicle market share.

Vietnam Electric Vehicle Market Trends:

Growth of Electric Two-Wheeler Sector

The electric two-wheeler sector is quickly becoming one of the leading forces in Vietnam's changing transportation space. With rising fuel costs and increasing environmental consciousness, electric scooters and motorcycles are emerging as viable low-cost alternatives to traditional automobile transportation. The compactness, ease of maintenance, and urban suitability of electric two-wheelers match well with the ways of life of Vietnamese students, office workers, and small business owners. In April 2025 the government reported a dramatic increase in electric motorbike license plate registrations, highlighting a significant shift in personal transport preferences across the nation. Continued growth in the electric two-wheeler sector is being further supported by a rise in the availability of charging points and battery-swapping options to create convenience and reduced downtime for users. As charging infrastructure expands and consumer behavior involves, consumers are beginning to show increasing interest in the purchase of low-emission vehicles without sacrificing cost and performance. The growing popularity of electric two-wheelers signals an important development in Vietnam electric vehicle market trends, contributing to a broader movement toward cleaner, more efficient mobility solutions across both urban and semi-urban regions.

Increasing Consumer Adoption of Electric Vehicles

Electric vehicle take-up in Vietnam is building steady pace as consumers increasingly value sustainability, efficiency, and long-term saving in the choice of how they get around. Government incentives including low registration costs and tax relief are making EVs more affordable and attractive to a wider range of the population. This change is most apparent in city centers, where air quality, fuel, and traffic concerns are spurring demand for electric alternatives. In March of 2025, a report published by an arm of the government highlighted the steep increase in registrations of electric vehicles, signaling the nation's increasing desire for cleaner mobility. Consumer attitudes are also changing, with increasing numbers of purchasers viewing EVs not just as ecologically sound options but as sensible daily commute choices too. As local provision gradually catches up with this transition through charging points and EV-positive policies consumer confidence grows. This continued shift in consumer behavior underscores a pivotal moment in Vietnam electric vehicle market growth, as the country inches nearer to realizing sustainable mobility at scale.

Accelerating Policy Support and Infrastructure Development

Vietnam’s transition toward electric vehicles is being steadily supported by coordinated government action and infrastructure planning. Authorities continue to implement tax breaks, registration fee exemptions, and regulatory incentives that encourage both supply and demand in the EV space. These measures are designed to make electric vehicles more accessible to a wider range of consumers while creating a predictable policy environment for long-term market development. In March 2025, the Ministry of Finance officially extended the registration fee exemption for battery electric vehicles until coming years, reinforcing the government’s commitment to electrified transportation. Alongside financial incentives, infrastructure projects are underway to increase the availability of charging stations in both urban and intercity areas. The expansion of the EV charging network, supported by new technical standards and energy planning, is making EV ownership more practical for everyday use. These strategic developments spanning both policy and infrastructure are laying a solid foundation for adoption at scale. As these elements continue to align, they play a critical role in accelerating Vietnam electric vehicle market.

Vietnam Electric Vehicle Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on component, charging type, propulsion type, and vehicle type.

Component Insights:

• Battery Cells and Packs
• On-Board Charger
• Fuel Stack

The report has provided a detailed breakup and analysis of the market based on the component. This includes battery cells and packs, on-board charger, and fuel stack.

Charging Type Insights:

• Slow Charging
• Fast Charging

The report has provided a detailed breakup and analysis of the market based on the charging type. This includes slow charging and fast charging.

Propulsion Type Insights:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

A detailed breakup and analysis of the market based on the propulsion type has also been provided in the report. This includes battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV)

Vehicle Type Insights:

• Passenger Vehicles
• Commercial Vehicles
• Others

A detailed breakup and analysis of the market based on the vehicle type has also been provided in the report. This includes passenger vehicles, commercial vehicles, and others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Electric Vehicle Market News:

• August 2025: Vietnam’s leading electric vehicle manufacturer, VinFast, has inaugurated its first overseas EV assembly plant in Thoothukudi, Tamil Nadu. The facility marks a significant milestone in VinFast’s global expansion, reinforcing Vietnam’s industrial and sustainable mobility ambitions. With right-hand‑drive versions of its VF 6 and VF 7 SUVs slated for production, VinFast aims to strengthen its regional footprint and establish India as a manufacturing and export base. The launch underscores Vietnam’s growing role in Asia’s EV landscape.

Vietnam Electric Vehicle Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam electric vehicle market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam electric vehicle market on the basis of component?
• What is the breakup of the Vietnam electric vehicle market on the basis of charging type?
• What is the breakup of the Vietnam electric vehicle market on the basis of propulsion type?
• What is the breakup of the Vietnam electric vehicle market on the basis of vehicle type?
• What is the breakup of the Vietnam electric vehicle market on the basis of region?
• What are the various stages in the value chain of the Vietnam electric vehicle market? 
• What are the key driving factors and challenges in the Vietnam electric vehicle market?
• What is the structure of the Vietnam electric vehicle market and who are the key players?
• What is the degree of competition in the Vietnam electric vehicle market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam electric vehicle market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam electric vehicle market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam electric vehicle industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.