## Electric Cars in Vietnam: A Growing Market Faces Challenges
In 2022, the government issued Decree No. 10/2022/NĐ-CP, providing a 0% first registration fee for electric vehicles for three years, starting from March 1, 2022.
From March 1, 2025, to February 28, 2027, electric cars will be subject to a first registration fee of 50% of the rate for gasoline and diesel cars with the same number of seats.
With just over a month left, the registration fee exemption for electric cars will come to an end. The increase in registration fees will pose a significant challenge for electric car adoption.
Currently, electric cars are just beginning to gain traction in Vietnam and are seeking a foothold.
Of the 11 electric car brands sold in Vietnam, only VinFast, BYD, and Wuling (assembled by TMT Motors) have seen more than 100 vehicles registered for the first time. Among them, VinFast dominates the market, outpacing its competitors.
According to statistics, in 2024, VinFast delivered over 87,000 electric cars to customers, becoming the best-selling car brand in Vietnam last year.
Experts believe that compared to other countries, Vietnam’s incentives and policies to promote electric vehicle adoption are not particularly attractive.
To foster the growth of electric vehicles, the government needs to implement more comprehensive, long-term, and attractive policies to support and encourage manufacturers to invest in charging stations and develop electric vehicle charging infrastructure.
In Vietnam, VinFast is the largest investor in charging infrastructure, with over 150,000 charging stations across 63 provinces. However, aside from VinFast and a few third-party companies, most car brands have not focused on investing in charging stations.
As the tax incentives for electric vehicles are set to decrease to 50%, VinFast is likely to remain the market leader due to its competitive pricing, extensive charging network, and attractive customer incentives.
Additionally, with air pollution in Vietnam’s major cities reaching alarming levels, there is a growing environmental awareness among the population. This may contribute to the appeal of electric vehicles, mitigating the impact of the increased registration fees on domestic sales.
TH (Tuoitrethudo)
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