Vietnam Electric Vehicle Market Size & Share Analysis - Growth Trends and Forecasts (2025 - 2030)

The Vietnamese Electric Vehicle Market Report is Segmented by Vehicle Type (Passenger Cars and Commercial Vehicles) and Propulsion (Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles, Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles). The Report Offers the Market Size and Forecast in Terms of Value (USD) for all the Above Segments.

Vietnam Electric Vehicle Market Size & Share Analysis - Growth Trends and Forecasts (2025 - 2030)

Vietnam Electric Vehicle Market Size

Vietnam Electric Vehicle Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 2.93 Billion
Market Size (2030) USD 6.69 Billion
CAGR (2025 - 2030) 18.00 %
Market Concentration Medium

Major Players

Vietnam Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Vietnam Electric Vehicle Market with other markets in Automotive Industry

Automotive Materials & Coatings

Automotive Technology

Vehicles

Automotive Services

Auto Parts

Automotive Equipment

Vietnam Electric Vehicle Market Analysis

The Vietnam Electric Vehicle Market size is estimated at USD 2.93 billion in 2025, and is expected to reach USD 6.69 billion by 2030, at a CAGR of 18% during the forecast period (2025-2030).

In the medium term, increasing demand for fuel-efficient, high-performance, and low-emission vehicles, increasingly strict laws and regulations on vehicle emissions, declining battery costs, and other factors are expected to drive market growth between 2024 and 2029.

Electric mobility is gaining popularity throughout the country, mainly due to government regulations aimed at phasing out fossil fuel-powered vehicles, government spending to improve public EV charging infrastructure, and initiatives such as subsidies and tax refunds to encourage the adoption of EVs. All of these measures are expected to contribute to the market's growth.

The increasing middle class and young population and their interest in cutting-edge technologies, fuel efficiency, and environmental awareness are expected to drive the Vietnamese electric vehicle market for double-digit growth.

Vietnam Electric Vehicle Industry Overview

The Vietnamese electric vehicle market is dominated by several key players, such as Vinfast Auto Ltd, Hyundai Motor Co. Ltd, and Mercedes-Benz Group AG. The rapid expansion of electric vehicle manufacturing facilities and the introduction of new electric vehicle models across the country will likely create lucrative market opportunities between 2024 and 2029. For instance,

  • In May 2023, Mercedes-Benz Group AG introduced three new fully electric car models in Vietnam: the EQB SUV, EQE SUV, and EQS SUV. These cutting-edge vehicles offer sustainable and eco-friendly driving solutions while providing luxurious and innovative features that impress even the most discerning car enthusiasts.
  • In February 2023, TMT Automobile Joint Stock Company (TMT Motors) signed a strategic cooperation agreement with SAIC-GM-Wuling (SGMW) to manufacture, assemble, and distribute electric vehicles in Vietnam under the Wuling brand.

Vietnam Electric Vehicle Market Leaders

  1. Vinfast Auto Ltd.

  2. Mercedes-Benz Group AG

  3. Tesla Inc.

  4. Honda Motor Co. Ltd.

  5. Hyundai Motor Company

  6. *Disclaimer: Major Players sorted in no particular order
Vietnam Electric Vehicle Market Concentration
Need More Details on Market Players and Competiters?
Download PDF

Vietnam Electric Vehicle Market News

  • November 2023: VinFast Auto Ltd introduced the VF 7, the 6th smart electric SUV in Vietnam. The VF7 is equipped with a 75.3 kWh battery pack and has a range of up to 431 km on a single charge.
  • October 2023: VinFast Auto Ltd launched two variants of the VF 6 EV in Vietnam, including Base and Plus. The vehicle is equipped with a 59.6 kW LFP battery that provides a range of 399 km for the Base variant and 381 km for the Plus variant.

Vietnam Electric Vehicle Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Deliverables
  • 1.2 Study Assumptions
  • 1.3 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Drivers
    • 4.1.1 Government Initiatives are Expected to Enhance the Electric Vehicle Sale
  • 4.2 Market Restraints
    • 4.2.1 Lack of Charging Stations
  • 4.3 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.3.1 Threat of New Entrants
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Bargaining Power of Suppliers
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION (Market Size in Value - USD)

  • 5.1 By Vehicle Type
    • 5.1.1 Passenger Cars
    • 5.1.2 Commercial Vehicles
  • 5.2 By Propulsion
    • 5.2.1 Battery Electric Vehicles
    • 5.2.2 Plug-in Hybrid Electric Vehicles
    • 5.2.3 Hybrid Electric Vehicles
    • 5.2.4 Fuel Cell Electric Vehicles

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles*
    • 6.2.1 Tesla Inc.
    • 6.2.2 Mercedes-Benz Group AG
    • 6.2.3 Hyundai Motor Company
    • 6.2.4 Honda Motor Co. Ltd
    • 6.2.5 Vinfast Motor Ltd
    • 6.2.6 Kia Corporation
    • 6.2.7 Great Wall Motors (Haval Brand)
    • 6.2.8 Toyota Motor Corporation
    • 6.2.9 Nissan Motor Co. Ltd
    • 6.2.10 AB Volvo

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. AN OVERVIEW OF THE DEVELOPMENT OF ELECTRIC VEHICLE CHARGING STATIONS ACROSS THE COUNTRY

**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Vietnam Electric Vehicle Industry Segmentation

An electric vehicle is powered by one or more electric motors that use energy stored in batteries. It doesn't rely on any liquid fuel components or have a tailpipe. \

The Vietnamese electric vehicle market is segmented by vehicle type and propulsion. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By propulsion, the market is segmented into battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles. For each segment, the market sizing and forecast have been done based on the value (USD).

By Vehicle Type Passenger Cars
Commercial Vehicles
By Propulsion Battery Electric Vehicles
Plug-in Hybrid Electric Vehicles
Hybrid Electric Vehicles
Fuel Cell Electric Vehicles
Need A Different Region or Segment?
Customize Now

Vietnam Electric Vehicle Market Research FAQs

How big is the Vietnam Electric Vehicle Market?

The Vietnam Electric Vehicle Market size is expected to reach USD 2.93 billion in 2025 and grow at a CAGR of 18% to reach USD 6.69 billion by 2030.

What is the current Vietnam Electric Vehicle Market size?

In 2025, the Vietnam Electric Vehicle Market size is expected to reach USD 2.93 billion.

Who are the key players in Vietnam Electric Vehicle Market?

Vinfast Auto Ltd., Mercedes-Benz Group AG, Tesla Inc., Honda Motor Co. Ltd. and Hyundai Motor Company are the major companies operating in the Vietnam Electric Vehicle Market.

What years does this Vietnam Electric Vehicle Market cover, and what was the market size in 2024?

In 2024, the Vietnam Electric Vehicle Market size was estimated at USD 2.40 billion. The report covers the Vietnam Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Vietnam Electric Vehicle Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Vietnam Electric Vehicle Industry Report

Statistics for the 2025 Vietnam Electric Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Electric Vehicle analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.