Vietnam Electric Vehicle Market Size & Insights

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.

What are the Key DROs in the Vietnam Electric Vehicle Market?

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 2^nd 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.

What are the Key Segments in the Vietnam Electric Vehicle Market?

The Vietnam Electric Vehicle Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• By Propulsion Type
  • Battery Electric Vehicle (BEV) – Market Size & Forecast 2020–2030, USD Million
  • Plug-in Hybrid Electric Vehicle (PHEV) – Market Size & Forecast 2020–2030, USD Million
  • Hybrid Electric Vehicle (HEV) – Market Size & Forecast 2020–2030, USD Million
  • Fuel Cell Electric Vehicle (FCEV) – Market Size & Forecast 2020–2030, USD Million
• By Vehicle Type
  • Passenger Cars – Market Size & Forecast 2020–2030, USD Million
  • Commercial Vehicles – Market Size & Forecast 2020–2030, USD Million
  • Electric Two-Wheelers – Market Size & Forecast 2020–2030, USD Million
  • Electric Buses – Market Size & Forecast 2020–2030, USD Million
• By Battery Type
  • Lithium-ion Battery – Market Size & Forecast 2020–2030, USD Million
  • Nickel-Metal Hydride Battery – Market Size & Forecast 2020–2030, USD Million
  • Others – Market Size & Forecast 2020–2030, USD Million

Among these, the Lithium-ion Battery segment holds the largest market share of more than 60%.

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• By End-User
  • Private/Individual – Market Size & Forecast 2020–2030, USD Million
  • Commercial/Corporate Fleet – Market Size & Forecast 2020–2030, USD Million
  • Public Transport (e.g., E-buses) – Market Size & Forecast 2020–2030, USD Million
• By Distribution Channel
  • Dealerships – Market Size & Forecast 2020–2030, USD Million
  • Direct Sales – Market Size & Forecast 2020–2030, USD Million
  • Online/E-Commerce – Market Size & Forecast 2020–2030, USD Million

How does geographical analysis highlight in the Vietnam Electric Vehicle market?

By Region

• Northern
• Central
• Southern
• Southeast
• Mekong Delta

Who are the Key Players in 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)

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Vietnam Electric Vehicle Market News

• 2025: Honda Vietnam has launched new electric scooter models, including the locally-made ICON e: (1.5kW battery, 50km range), and expanded sales of the CUV e: and ICON e: commuter scooters, targeting both urban commuters and young riders.

• 2024: VinFast Auto Ltd. has launched an EV charging station company called V-green across Vietnam mainly for VinFast cars, aiming to make Vietnam a world leader in electric vehicle charging infrastructure.

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• Scope & Research Design – Clearly defined objectives with tailored qualitative and quantitative methods, backed by precise timelines and budgets.
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• Data Analysis & Validation – Rigorous cleaning, advanced statistical modeling, and thematic analysis ensure accuracy, reliability, and minimal bias.
• Forecasting & Finalization – Predictive modeling and time-series analysis anticipate future market behaviors, presented through insightful reports with charts, graphs, and strategic recommendations.

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Why This MarkNtel Advisors Research Report:

• In-depth Market Analysis: Understand trends and dynamics shaping growth.
• Segmented Insights: Target specific segments for focused strategies.
• Geographical Performance: Assess market opportunities by geographic area.
• Emerging Technologies: Discover advancements like AI integration.
• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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