Vietnam Electric Vehicle Market (2025-2031) | Outlook, Value, Size, Share, industry, Growth, Outlook, Revenue, Analysis, Forecast

Vietnam Electric Vehicle Market report comprehensively covers the market by vehicle types, charger types, DC charger power ratings, and charger end consumers. Vietnam electric vehicle market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest 2023 Development of the Vietnam Electric Vehicle Market

Vietnam Electric Vehicle Market is in its early stages of development. However, the government is supporting the industry for electric vehicles, with various initiatives and policies to promote the adoption of EVs. Several domestic and foreign companies are investing in the production of electric vehicles and charging infrastructure in Vietnam. The government is also encouraging the development of charging infrastructure and the production of EVs in the country. Several local companies are entering the electric vehicle market by producing EVs. This will promote the use of EVs and create new jobs and stimulate economic growth.

The government is promoting the development of advanced technologies related to EVs, such as battery technology and energy management systems. Several universities and research institutions are also collaborating with the government and private companies to develop new technologies in this field. The electric motorcycle market is growing in Vietnam, with several local companies producing electric scooters and motorcycles. This will help to promote the use of EVs and reduce air pollution in cities. The car-sharing market is growing in Vietnam, and several companies are offering electric vehicles for sharing. This will promote the use of EVs and encourage the expansion of the charging infrastructure.

Vietnam Electric Vehicle Market Highlights

Report Name	Vietnam Electric Vehicle Market
Forecast period	2025-2031
CAGR	14.3%
Growing Sector	Transportation Sector

Topics Covered in the Vietnam Electric Vehicle Market Report

Vietnam Electric Vehicle Market report thoroughly covers the market By Vehicle Types, By Charger Types, By DC Charger Connector Types, By DC Charger Power Ratings, By Charger End Consumers. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Vietnam Electric Vehicle Market Synopsis

The Vietnam Electric Vehicle Market is expected to experience significant growth and reach a CAGR of 14.3% by the year 2031. This growth is being driven by multiple factors that include governmental policy, heightened awareness towards sustainable transport, and improved technology. Furthermore, the increased concern over air pollution and the need to reduce carbon emissions, have also encouraged growth in the Electric Vehicle sector within the Vietnam market.

According to 6Wresearch, the Vietnam Electric Vehicle Market Size is expected to reach a significant CAGR of 14.3% during the forecast period 2025-2031. The government is one of the key players in the Vietnam Electric Vehicle Market Growth. In recent years, the Vietnamese government has begun to roll out a number of policies that are intended to both develop a charging infrastructure as well as to stimulate the sale and adoption of electric vehicles through tax incentives and subsidies. Additionally, there are some indications that consumers in Vietnam, as evidenced by their increased demand for electric vehicles, are also becoming more mindful of the environment. As air quality and congestion in urban areas in Vietnam are serious problems, choice in vehicle powertrains, including electric vehicles, is a very positive change toward building a healthier transportation system.

Nonetheless, there has not yet been a decomposition of some of the barriers that could enable the electric vehicle market to maximize its potential in Vietnam. One consideration in particular is the high costs of the electric vehicle compared to the price of a traditional gasoline vehicle. This could act as a barrier to consumer choice due to affordability issues, especially as the average income given the national average, is still low in comparison to other countries.

Vietnam Electric Vehicle Market Trends

One of the most significant trends evident in the Vietnam Electric Vehicle Market is the fast growth of battery technology, making the EV even more affordable, efficient, and accessible. The market is also seeing a trend in ride-sharing services incorporating EV fleets, continuing the process of adoption. Urbanization is fast-tracking the country's sustainable initiatives, with the top two cities, Hanoi and Ho Chi Minh City, creating charging networks. Increasing partnerships internationally are also helping fuel Vietnam's market with quality vehicles designed to meet local preferences. Interestingly, the growth of the Vietnam Electric Vehicle Market is mostly supported by consumer demand for sustainability and a cleaner way of transportation.

Investment Opportunities in the Vietnam Electric Vehicle Market

The Vietnam Electric Vehicle Market presents numerous investment opportunities for both local and global investors. Vietnam's larger goal of transitioning a substantial amount of transport to electricity has serious opportunities for all aspects of electric vehicle manufacturing, battery manufacturing, supporting charging infrastructure, and by 2050 has additional strategic advantage in mobility. Partnership between automobile manufacturers and technology companies can be researched in next generation technologies. Opportunity also exists for companies partnering in energy generated from renewable resources to expand their range of services in EV charging infrastructure. Additionally, Vietnam's emergence in the global supply chain will help create opportunity for growth, either as an exporting economy or as a domestic market.

Leading Players in the Vietnam Electric Vehicle Market

In the Vietnam Electric Vehicle Market Share, a few influential players are driving the industry landscape. The local automaker and standout name VinFast is investing heavily in electric cars, e-scooters, and their constituent technology, while international players such as Tesla and BYD are also looking to enter the Vietnamese market due to its potential growth. These players are looking to differentiate themselves based on affordability, performance, and after-sales service. Startups in the battery space and green mobility solutions are also emerging and adding dynamism and competition to the market.

Government Regulations

The role of the Vietnamese government is fundamental, in shaping the future of the Vietnam Electric Vehicle Industry. The government’s policies, such as tax reductions, decreased registration fees for EVs, and investment in public charging infrastructure, are all in place to help propel the market to the next level. Vietnam’s National Green Growth Strategy specifically encourages EV vehicle purchase in its design to decrease greenhouse gas emissions. In addition to the incentive programs, the government is supporting stricter vehicle emissions regulations and standards, in an effort to discourage the use and purchase of internal combustion engine vehicles. Public-private partnerships is another primary government initiative to provide an environment for local and foreign investors to have economic confidence in bolstering Vietnam’s EV industry.

Future Insights of the Vietnam Electric Vehicle Market

The future for the Vietnam Electric Vehicle Market looks very positive. Projections indicate that growth will persist, as battery prices continue to decline while reliability and charging options continue to rise. Increased partnerships between the government and private companies will create more consistent and streamlined operations and innovation. In the coming years, we will likely also see autonomous EVs and EVs integrated with AI, making transportation easier for users. With sufficient investment, policy guidance, and public interest, Vietnam should be able to establish itself as a regional leader, demonstrating credible and long-term economic and the environmental sustainable development in EVs.

Market Segmentation Analysis 

The report offers a comprehensive study of the subsequent market segments and their leading categories. 

Passenger Cars to Dominate the Market- By Vehicle Types

According to Ravi Bhandari, Research Head, 6Wresearch, The Passenger cars are expected to dominate the market in terms of sales and revenue. With increasing concerns about air pollution and rising fuel costs, consumers are gradually switching from traditional gasoline-powered cars to electric cars.

DC segment to Dominate the Market- By Charger Types

The DC charger segment is expected to dominate the Electric Vehicle Market in the coming years. This is due to a rise in demand for fast charging options and advancements in technology, making DC chargers more efficient and accessible.

CHAdeMO Segment to Dominate the Market- By DC Charger Connector Types

The CHAdeMO connector type is expected to dominate the Vietnam electric vehicle market in the coming years. This is due to its compatibility with various brands like Nissan, Mitsubishi, and Toyota as well as its widespread adoption in Japan and Europe.

80-120 kW Segment to Dominate the Market- By DC Charger Power Ratings

The 80-120 kW segment will dominate the market by 2025-2031. This can be attributed to various factors such as government initiatives promoting the adoption of electric vehicles, rising investments in charging infrastructure development, and the growing demand for mid-range electric vehicles among consumers.

Private segment to Dominate the Market- By Charger End Consumers

The private segment is expected to dominate the market in the coming years. This can be attributed to various factors such as increasing purchasing power among individuals, government incentives and subsidies for electric vehicle adoption, and growing awareness about the benefits of electric vehicles.

Key Attractiveness of the Report

• 10 Years of Market Number
• Historical Data Starting from 2021 to 2024.
• Base Year 2024
• Forecast Data until 2031.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Vietnam Electric Vehicle Market Overview
• Vietnam Electric Vehicle Market Outlook
• Vietnam Electric Vehicle Market Forecast
• Historical Data and Forecast Vietnam Electric Vehicle Market Revenues and Volume for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Vehicle Market Revenues and Volume, By Charger Types, for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Vehicle Market Revenues and Volume, By DC Charger Power Ratings, for the Period 2021-2031
• Historical Data and Forecast of Vietnam Electric Vehicle Market Revenues and Volume, By Charger End Consumers, for the Period 2021-2031
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of 
• Market Trends
• Vietnam Vehicle Market Revenue Ranking, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments

By Vehicle Types

• Electric 2-Wheeler
• Electric 3-Wheeler
• Electric 4-Wheeler
  • Passenger Car
  • Light Commercial Vehicle (Goods Carrier)
• Electric Bus
• Electric Truck

By Charger Types

• AC
• DC

By DC Charger Connector Types

• CHAdeMO
• CCS
• Others (including Tesla superchargers and GB/T)

By DC Charger Power Ratings

• 40-80 kW
• 80-120 kW
• 120-200 kW

By Charger End Consumers

• Public
• Private