The Vietnam electric vehicle market size reached USD 3,020.00 Million in 2024 and is forecasted to reach USD 17,764.32 Million by 2033. The market is growing at a robust CAGR of 21.76% during the forecast period 2025-2033. Growth is driven by rising environmental awareness, government support, expansion of charging infrastructure, and innovations in battery efficiency and drive systems.
Study Assumption Years
- Base Year: 2024
- Historical Years: 2019-2024
- Forecast Period: 2025-2033
Vietnam Electric Vehicle Market Key Takeaways
- The market size was USD 3,020.00 Million in 2024.
- The market is expected to grow at a CAGR of 21.76% from 2025 to 2033.
- The forecast period for the market extends from 2025 to 2033.
- The electric two-wheeler segment is rapidly expanding, benefiting from rising fuel prices and environmental consciousness.
- Government incentives like tax relief and registration fee exemptions are making EVs more affordable, especially in city centers.
- Expansion of charging infrastructure and battery-swapping stations is fostering greater consumer adoption.
- Domestic and international players are investing heavily, fueling competition and innovation.
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Market Growth Factors
The growth of the Vietnam electric vehicle market is mainly driven by the growing environmental consciousness among the consumers. The Vietnam electric vehicle market should grow from USD 3,020.00 Million in 2024 to USD 17,764.32 Million by 2033. This represents a 21.76% CAGR from 2024 to 2033. The anticipated growth in electric two wheeler demand can be attributed to more charging stations and battery swapping stations being setup, which would reduce the time a vehicle is off-road.
Second, government policies help markets grow through tax breaks, exempting battery electric vehicles from registration fees plus other incentives. For example, in March 2025, the Ministry of Finance further extended the exemption policy from registration fees to promote and encourage BEV adoption, and it developed the stable environment conducive to the long-term market.
The local electric vehicle industry has strengthened; wider development in battery and electric powertrains made electric two-wheeled vehicles popular. The key factors driving this growth include the advantages of cost, compact size, and efficiency under the strict traffic conditions within Vietnamese cities. Investments from major manufacturers and VinFast's global expansion create a more competitive and innovative Vietnamese EV market.
Market Segmentation
Component Insights:
- Battery Cells & Packs: The market includes battery cells and packs as a primary component, integral to vehicle performance.
- On-Board Charger: This component ensures seamless recharging of electric vehicles.
- Fuel Stack: Included as a key component segment, particularly for fuel cell electric vehicles.
Charging Type Insights:
- Slow Charging: Supported charging method within the market scope.
- Fast Charging: Also covered, facilitating quicker recharge times.
Propulsion Type Insights:
- Battery Electric Vehicle (BEV): Fully electric vehicles operating solely on battery power.
- Fuel Cell Electric Vehicle (FCEV): Vehicles powered through fuel cell technology.
- Plug-In Hybrid Electric Vehicle (PHEV): Vehicles with dual propulsion systems including electric battery and fuel.
- Hybrid Electric Vehicle (HEV): Combining internal combustion engines with electric propulsion.
Vehicle Type Insights:
- Passenger Vehicles: Includes electric passenger cars and similar vehicles.
- Commercial Vehicles: Encompasses electric vehicles used for commercial transport.
- Others: Other unspecified vehicle categories within the EV market.
Regional Insights
The Vietnam electric vehicle market covers Northern Vietnam, Central Vietnam, and Southern Vietnam as major regional markets. The report provides a comprehensive analysis but does not specify which region is dominant or provide exact market share or CAGR per region.
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. The facility marks a significant milestone in VinFast’s global expansion, with right-hand-drive versions of its VF 6 and VF 7 SUVs planned for production. This expansion reinforces Vietnam's ambitions in industrial growth and sustainable mobility, while strengthening its role in Asia’s EV landscape.
Key Players
- VinFast
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