The Vietnam electric vehicle market reached a size of USD 3,020.00 Million in 2024 and is projected to grow to USD 17,764.32 Million by 2033. It is expected to expand at a CAGR of 21.76% during the forecast period of 2025-2033. This growth is driven by rising environmental awareness, government incentives, advancements in EV technology, and increasing consumer demand. Enhanced charging infrastructure and investments by domestic and foreign players are also propelling the market.

Study Assumption Years

• Base Year: 2024

• Historical Year/Period: 2019-2024

• Forecast Year/Period: 2025-2033

Vietnam Electric Vehicle Market Key Takeaways

• The Vietnam electric vehicle market size was USD 3,020.00 Million in 2024.

• The market is expected to grow at a CAGR of 21.76% during 2025-2033.

• The forecast period for the market is 2025-2033.

• Growth of electric two-wheelers is becoming significant due to rising fuel costs and environmental awareness.

• Government reported a sharp increase in electric motorbike license plate registrations in April 2025.

• Increasing availability of charging points and battery-swapping options are supporting electric two-wheeler adoption.

• Government incentives like low registration costs and tax reliefs are encouraging electric vehicle adoption.

• Policy support includes exemptions on registration fees extended by the Ministry of Finance in March 2025.

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Market Growth Factors

The Vietnam electric vehicle market is expected to grow at a rapid pace due to increasing environmental awareness among consumers and the government and improved performance and affordability of electric vehicles. The market in Vietnam is valued at USD 3,020.00 Million in 2024 and would grow to USD 17,764.32 Million in 2033 at 21.76% CAGR. The demand for green mobility is increased by increased charging points and investments by domestic and international players in the sector.

Electric scooters and motorcycles grow due to the high cost of petrol and cities congest. The government said electric motorbike registrations rose sharply in April 2025 near a rapid uptake of electric personal vehicles (EVs). Charging infrastructure and battery-swapping services, in an improved state, have also made EVs more convenient to use, reducing vehicle downtime and increasing adoption.

The market also gets support from the government since the government incentivizes it by exempting it from paying registration fees and developing its infrastructure. The Department of Revenue, Ministry of Finance, made an extension of the said exemption into March 2025. Manufacturers and consumers gain from this. Expanded charging station infrastructure inside cities and beyond, and a more recent technical standard for energy planning, increase EVs' potential for practical use and help to further Vietnam's goal of expanding sustainable transport to the wider public.

Market Segmentation

Component:

• Battery Cells & Packs

• On-Board Charger

• Fuel Stack

The market segmentation includes battery cells & packs, on-board chargers, and fuel stacks, highlighting the components essential for electric vehicle functioning.

Charging Type:

• Slow Charging

• Fast Charging

The market is segmented by charging type, covering both slow and fast charging technologies to address various consumer needs.

Propulsion Type:

• Battery Electric Vehicle (BEV)

• Fuel Cell Electric Vehicle (FCEV)

• Plug-In Hybrid Electric Vehicle (PHEV)

• Hybrid Electric Vehicle (HEV)

The propulsion type segmentation identifies key EV types, including BEVs, FCEVs, PHEVs, and HEVs, reflecting diverse powertrain technologies.

Vehicle Type:

• Passenger Vehicles

• Commercial Vehicles

• Others

The vehicle type classification distinguishes passenger vehicles, commercial vehicles, and other types within the electric vehicle market.

Regional Insights

The report segments the market by Northern Vietnam, Central Vietnam, and Southern Vietnam. While specific market share numbers for regions are not provided, the report covers comprehensive analyses at country and regional levels between 2025 and 2033, reflecting the geographic spread of the market.

Recent Developments & News

In August 2025, VinFast, Vietnam’s leading electric vehicle manufacturer, inaugurated its first overseas EV assembly plant in Thoothukudi, Tamil Nadu, India. This milestone supports VinFast’s global expansion with plans to produce right-hand-drive versions of its VF 6 and VF 7 SUVs. The initiative strengthens Vietnam’s role in Asia’s electric vehicle landscape and establishes India as a regional manufacturing and export hub.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Market Report Additional Information

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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