Vietnam Electric Vehicle Market Overview: 2025-2030

Base Year: 2024

Historical Years: 2020-23

Forecast Years: 2025-30

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.

Markntel Advisor’s Vietnam Electric Vehicle Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Vietnam Electric Vehicle Market drivers, barriers, Vietnam Electric Vehicle Market Trends, and Key Players in Vietnam Electric Vehicle Market.

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Vietnam Electric Vehicle Market Driver: 2025-2030

Rising Environmental Concerns Boosting Market Growth – The rising awareness regarding environmental health is driving the market’s growth. Vietnam has witnessed a peak in air pollution in recent years due to transportation emissions. It is the 2nd most polluted country in the Asian region, which is causing severe health problems in the country. Respiratory diseases like asthma are major outcomes of these emissions. As per the National Library of Medicine (2023), over 2.9 million individuals in Vietnam were suffering from Asthma due to rising air pollution in the country. Additionally, WHO has stated that over 59,000 deaths annually are due to air pollution in the country, which is contributing to the rapid shift of Vietnamese citizens towards greener practices, including electric vehicles. As a result, there has been about a 560-fold increase in EV adoption in the last four years (2020-2024) in Vietnam, which shows a substantial increase in the market.

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Vietnam Electric Vehicle Market (2025-30): Segmentation Outlook

The market report has segmented the market into the following categories:

·       By Propulsion Type

o   Battery Electric Vehicle (BEV) – Market Size & Forecast 2020–2030, USD Million

o   Plug-in Hybrid Electric Vehicle (PHEV) – Market Size & Forecast 2020–2030, USD Million

o   Hybrid Electric Vehicle (HEV) – Market Size & Forecast 2020–2030, USD Million

o   Fuel Cell Electric Vehicle (FCEV) – Market Size & Forecast 2020–2030, USD Million

·       By Vehicle Type

o   Passenger Cars – Market Size & Forecast 2020–2030, USD Million

o   Commercial Vehicles – Market Size & Forecast 2020–2030, USD Million

o   Electric Two-Wheelers – Market Size & Forecast 2020–2030, USD Million

o   Electric Buses – Market Size & Forecast 2020–2030, USD Million

·       By Battery Type

o   Lithium-ion Battery – Market Size & Forecast 2020–2030, USD Million

o   Nickel-Metal Hydride Battery – Market Size & Forecast 2020–2030, USD Million

o   Others – Market Size & Forecast 2020–2030, USD Million

·       By End-User

o   Private/Individual – Market Size & Forecast 2020–2030, USD Million

o   Commercial/Corporate Fleet – Market Size & Forecast 2020–2030, USD Million

o   Public Transport (e.g., E-buses) – Market Size & Forecast 2020–2030, USD Million

·       By Distribution Channel

o   Dealerships – Market Size & Forecast 2020–2030, USD Million

o   Direct Sales – Market Size & Forecast 2020–2030, USD Million

o   Online/E-Commerce – Market Size & Forecast 2020–2030, USD Million

·       By Region

o   Northern

o   Central

o   Southern

o   Southeast

o   Mekong Delta

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Top Companies Operating in the Vietnam Electric Vehicle Market:

• 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)
• Others

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