BloombergNEF's Electric Vehicle Outlook 2025 report indicates electric vehicle sales in Vietnam have increased more than tenfold, from under 10,000 units in 2022 to a projected over 100,000 this year. This rapid growth has enabled Vietnam's electric vehicle market to catch up with Thailand, an early regional starter, and potentially surpass many other developing economies.
Statistics from the Vietnam Automobile Manufacturers' Association (VAMA) and the Ministry of Industry and Trade reveal that in 2024, electric and hybrid vehicles accounted for 22% of total new car sales. Experts consider this a rare achievement among emerging economies.
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Electric vehicle sales in several emerging markets. Source: BloombergNEF |
Electric vehicle sales in several emerging markets. Source: BloombergNEF
Following cars, the electric motorbike segment is also experiencing a boom. First-half data from Motorcycles Data show Vietnam consumed approximately 209,000 new electric motorbikes, a near doubling (99.2%) compared to the same period in 2024. This figure trails only China and India, placing Vietnam third globally in electric motorbike consumption.
Experts attribute this growth to government policies. Since 3/2022, the government has fully exempted registration fees for battery-electric cars until 2/2027. Restrictions on gasoline-powered motorbikes in Hanoi (and potentially soon in Ho Chi Minh City), combined with incentives for electric motorbikes, are creating significant growth opportunities, especially for two-wheeled vehicles.
Supportive policies and the shift towards green transportation are attracting domestic and international manufacturers, contributing to the rapid development of Vietnam's electric vehicle market. VinFast is a prominent player, with global electric motorbike and bicycle sales reaching 44,904 units in Quarter I/2025, a 473% increase over the same period in 2024.
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A customer experiences an electric motorbike. Photo: VinFast |
A customer experiences an electric motorbike. Photo: VinFast
In the car segment, VinFast delivered over 97,000 vehicles in 2024, nearly triple the 2023 figure, demonstrating the expanding domestic market and surging demand for electric vehicles. This year, sales are projected to at least double the 2024 figure.
Beyond individual consumers, taxi companies and ride-hailing services are increasingly transitioning to electric vehicles. This trend is considered a significant boost, providing consumers with easier access to green vehicles and accelerating electric vehicle adoption.
International research organizations are optimistic about the long-term prospects of Vietnam's electric vehicle market. HSBC forecasts electric vehicle sales (including cars and motorbikes) could rise from under 1 million units in 2024 to over 2.5 million by 2036. Mordor Intelligence estimates the electric vehicle market value at 3.12 billion USD in 2025, with an average annual growth rate of 18.9% between 2025 and 2030.
IMARC Group predicts the electric car segment alone could reach 12.23 billion USD by 2033, growing at 16.8% annually. With this growth momentum, Vietnam is expected to become a major electric vehicle hub in Asia.
Thai Anh
