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Prospects for Vietnam’s electric vehicle industry in 2023

Prospects for Vietnam’s electric vehicle industry in 2023

Wednesday 18, 01 2023
In 2022, Vietnam’s electric car market recorded a boom in December sales, showing significant growth compared to the previous year. The prospect of the industry is bright in 2023.

Sales booming in 2022

The last month of 2022 recorded a boom in sales of electric cars in Vietnam. If in previous months of 2022, sales were only around 1,000 units, the December market had more than 4,000 electric cars delivered to customers. The number of 4,000 units sold in December shows that the electric car segment is experiencing significant growth compared to the same period in 2021.

Vietnamcredit VinFast

Data from VinFast recorded that it delivered a total of 4,278 electric vehicles to Vietnamese customers in December, including 2,730 VF 8 vehicles and 1,548 VF e34 vehicles. That is considered the best sales level ever for VinFast electric cars.

Sales of VF 8 increased by 2,318 units, and VF e34 increased by 1,366 units compared to November. VinFast explained that this increase of more than 7 times was due to the stable supply chain and the optimization of the production system.

VinFast is no longer selling petrol cars and only focuses on electric cars. In addition to VF 8 and VF e34, VinFast also plans to hand over the VF 9 and VF 5 Plus models.

Vietnamcredit VinFast

Besides VinFast, the Vietnamese electric car market still has names like the Porsche Taycan Audi e-Tron, and Mercedes-Benz EQS. Belonging to the high-end segment and with a selling price of no less than 5 billion VND, these models are not for the majority of users, so sales are also relatively modest compared to VinFast's sales of more than 4,200 cars.

Prospects for 2023

In 2022, global electric vehicle sales were estimated to reach 10.6 million units, up 57% compared to 2021. Specifically, battery electric vehicles alone reached 8 million units, according to EV Volumes. The CES 2023 event (USA) has witnessed the massive entry of big players in the automotive industry, and the electric car market promises to explode in sales in 2023.

Southeast Asia is emerging as a potential market in the global mobility revolution. According to Nikkei Asia, 2023 will be the year of the take-off of the electric vehicle market in Southeast Asia as manufacturers offer more options at reasonable prices to conquer consumers in emerging economies.

The Vietnamese market, with a population of nearly 100 million people, a low car ownership rate in the region, stable GDP growth, a rapidly growing middle class, and rapid technological development, will be one of the markets with a huge future for electric vehicle development.

Vietnamcredit Vietnam Automobile Manufacturers Association

The Vietnam Automobile Manufacturers Association (VAMA) forecasts that Vietnam will reach 1 million electrified vehicles by 2028, and by 2040, the number of electric vehicles will reach 3.5 million units.

Recently, besides the domestic electric car brand VinFast, many major car manufacturers have planned to enter Vietnam: KIA introduced the EV6 model, Hyundai launched IONIQ 5, and Audi launched the e-Tron GT. At the Vietnam Motor Show 2022, a series of electric cars were first revealed as a move of companies, such as Mercedes EQS with two versions EQS 450+ and EQS 580 4MATIC, Lexus with LF-Z, Toyota with bZ4X, etc.

Some companies, such as Mitsubishi and Porsche, have moved to deploy charging stations as a premise for the distribution of electric vehicles. Meanwhile, Skoda Auto, the Czech car brand, has signed a cooperation agreement with TC Motor to distribute some electric vehicles in 2023 and start assembling them in 2024. EVone, ZenCar, Autel, etc., are also fast catching up by providing battery charging solutions to catch the green wave.

According to experts, a series of government support policies, such as free registration and excise tax reduction from 15% to 3%, acts as a guiding corridor for the electric vehicle industry.

The Vietnamese electric car market in 2023 is very open in terms of opportunities, but it will also be very cramped because of increasing competition.

 

Compiled by VietnamCredit

 

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