The Vietnam electric vehicle (EV) market was valued at US$2.4 billion in 2024 and is projected to reach US$6.74 billion by 2030, according to a report from MarketNtel Advisors.
This represents a compound annual growth rate (CAGR) of 18.12 percent over the 2025–30 period.
The report’s calculations are based on:
- Government policy: Programmes like the Green Transport Action Plan and the Green Energy Transition are accelerating EV adoption.
- Incentives: Reduced import duties and supportive regulatory frameworks are easing market entry for EV manufacturers.
- Charging infrastructure: Investments by firms such as V-Green are expanding national EV charging networks.
- Technology integration: Use of AI and IT in EVs is enhancing smart features and energy efficiency.
- Battery manufacturing: Growth in local lithium-ion battery production is improving supply reliability.
See also: Vietnam Automotive Industry: Growth, Imports & Outlook