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| Title | Vietnam Electric Vehicle Market Size, Share, Trends, Growth and Forecast 2025-2033 |
|---|---|
| Category | Automotive --> Electric and Hybrid Cars |
| Meta Keywords | vietnam electric vehicle market |
| Owner | akshaykumar |
| Description | |
| Market Overview The Vietnam Electric Vehicle market was valued at USD 3,020.00 Million in 2024 and is forecasted to reach USD 17,764.32 Million by 2033, progressing at a CAGR of 21.76% during the 2025-2033 forecast period. The growth is driven by increasing environmental awareness, government initiatives, and EV technology advancements. Expanded consumer demand and charging infrastructure development also support market expansion Study Assumption Years
Vietnam Electric Vehicle Market Key Takeaways
Sample Request Link: https://www.imarcgroup.com/vietnam-electric-vehicle-market/requestsample Market Growth Factors The Vietnam electric vehicle market is witnessing a substantial surge and is projected to go from a value of USD 3,020.00 Million in 2024 to USD 17,764.32 Million in 2033 at a CAGR of 21.76% during 2025-2033. Part of this growth can be attributed to an increasing number of people caring for the environment, which results in the rise of the electric vehicle adoption. At the same time, various policy measures such as cheap registrations and tax relief motivate customers to purchase electric vehicles, while ongoing technological developments create a positive feedback cycle by improving product performance and delivering better customer value. The rise of electric two-wheelers in Vietnam is undeniably one of the major factors that propel the overall local market. The foremost reason behind the increasing popularity of electric scooters and motorcycles is the rise in fuel prices coupled with an increasing awareness of the environment. Since smallness and simplicity are the main features of these kinds of vehicles, they are perfect for the urban users such as students and office workers. Also, the increased registration of electric motorbikes in April 2025 is a proof for this transition. On the other hand, the development of electric vehicle charging stations and battery swapping stations are two of the most important factors leading to the sector's growth by completely or partially eliminating the waiting times that the users may face. Accelerated policy support and infrastructure development enhance the pace of Vietnam's EV market transition. The government is providing incentives such as exemption from registration fees for battery electric vehicles and tax breaks to create a conducive regulatory environment. The EV charging infrastructure in urban and intercity areas was extended in March 2025, and new technical standards helped this expansion. Together, these initiatives lay a solid groundwork for the EV adoption to be scaled up and make a significant contribution to the rapid growth trajectory of the market. Market Segmentation Component Insights:
The market includes battery cells and packs, on-board chargers, and fuel stacks, reflecting the key components underpinning electric vehicle function and performance. Charging Type Insights:
Charging types are categorized into slow and fast charging, representing differing speeds and infrastructures crucial for EV operation convenience. Propulsion Type Insights:
The propulsion types cover BEVs, FCEVs, PHEVs, and HEVs, indicating the diverse technologies powering electric vehicles in Vietnam. Vehicle Type Insights:
Vehicle categories include passenger vehicles, commercial vehicles, and others, illustrating the broad application of EVs across vehicle classes. Regional Insights The market analysis covers three key regions: Northern Vietnam, Central Vietnam, and Southern Vietnam. While the report does not provide specific market share or CAGR values by region, it highlights comprehensive regional analysis, acknowledging these regions as major markets. The segmentation underscores the widespread and growing adoption of electric vehicles across Vietnam's geographic zones. Recent Developments & News In August 2025, VinFast, Vietnam’s leading electric vehicle manufacturer, inaugurated its first overseas EV assembly plant in Thoothukudi, Tamil Nadu. The new facility marks a significant milestone in VinFast's global expansion strategy, producing right-hand-drive versions of its VF 6 and VF 7 SUVs. This development reinforces Vietnam’s ambitions in industrial growth and sustainable mobility, and establishes India as a manufacturing and export base, underscoring Vietnam’s rising role in Asia’s electric vehicle landscape. Key Players
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