The Vietnam electric vehicle market size reached USD 3,020.00 Million in 2024 and is projected to reach USD 17,764.32 Million by 2033. The market is expected to grow at a CAGR of 21.76% during the forecast period of 2025-2033. Growth is driven by increasing environmental awareness, supportive government initiatives, expanding consumer demand, and advanced electric vehicle technology, which collectively are accelerating the transition towards green mobility in Vietnam.

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 projected to grow at a CAGR of 21.76% from 2025 to 2033.

• The forecast period for the market is from 2025 to 2033.

• The electric two-wheeler sector is rapidly expanding due to rising fuel costs and environmental consciousness, becoming a prominent part of Vietnam's transportation.

• Government initiatives such as tax breaks and registration fee exemptions are incentivizing electric vehicle adoption.

• Expansion of charging infrastructure and battery-swapping options are improving consumer convenience.

• Domestic and foreign investments are enhancing competition and innovation in the electric vehicle industry.

Sample Request Link: https://www.imarcgroup.com/vietnam-electric-vehicle-market/requestsample

Market Growth Factors

The Vietnam Electric Vehicle Market grows because people are more aware of the environment and the government supports it more. The market should grow from USD 3,020.00 Million in 2024 to USD 17,764.32 Million by 2033. This registers a 21.76% CAGR throughout the period from 2025 to 2033. The government incentivizes taxes and exempts the automobile registration fee, and it exempts certain industrial regulations like those on air pollution to promote EV adoption.

The electric two-wheeler segment also grows as urban consumers look after low-cost, green transport. In April 2025, the government plated more electric motorbikes after urban motorbike owners shifted their personal transport habits. Charging points deploy and battery-swapping stations swap dynamically. Growth continues in order to minimize downtimes and operating inconveniences.

Consumer acceptance is helped by the trend in sustainable and efficient daily commuting, a more favorable policy environment such as the Ministry of Finance's extension of registration fee exemption for battery electric vehicles in March 2025, and infrastructure development, such as the increase in the number of charging stations in urban and inter-city areas. These help to make EV ownership feasible and show scalable sustainable mobility in Vietnam.

Market Segmentation

Component Insights:

• Battery Cells & Packs, On-Board Charger, and Fuel Stack are the components analyzed, highlighting critical parts that influence the electric vehicle market.

Charging Type Insights:

• The market includes Slow Charging and Fast Charging options, catering to user preferences and infrastructure availability.

Propulsion Type Insights:

• Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV) segments represent the propulsion technologies driving market diversification.

Vehicle Type Insights:

• The market is segmented into Passenger Vehicles, Commercial Vehicles, and Others, reflecting diverse user needs across transportation segments.

Regional Insights

The report covers the key regions of Northern Vietnam, Central Vietnam, and Southern Vietnam with detailed analysis at the country and regional levels. However, specific dominant regional statistics like market share or CAGR by region are not explicitly provided.

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 facility marks a significant milestone in VinFast's global expansion, featuring right-hand-drive VF 6 and VF 7 SUVs slated for production. This development reinforces Vietnam's industrial and sustainable mobility ambitions and strengthens its role in Asia's electric vehicle landscape.

Competitive Landscape

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

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.

About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us

IMARC Group,

134 N 4th St. Brooklyn, NY 11249, USA,

Email: sales@imarcgroup.com,

Tel No: (D) +91 120 433 0800,

United States: +1-201971-6302