Vietnam ranks 2nd in SE Asia for EV sales as market accelerates

Data compiled from regional automotive industry associations and manufacturers showed Thailand sold 57,147 BEVs in the January-March period, followed by Vietnam with at least 53,685 units, Indonesia with 33,146, Malaysia with 14,591, and Singapore with 7,679.

The gap between Thailand and Vietnam was just over 3,400 vehicles, while Vietnam's BEV sales rose about 55 percent from a year earlier and Thailand's increased more than 125 percent.

Vietnam's market remains dominated by domestic automaker VinFast, which reported deliveries of 53,684 vehicles in the first quarter, accounting for nearly all disclosed BEV sales in the country, while Ford Motor Company recorded one Mustang Mach-E sale.

Sales figures for brands including BYD, Geely, and Wuling have not been fully disclosed, suggesting actual market volumes may be higher.

Unlike Thailand, Indonesia, and Malaysia, where Chinese brands dominate EV sales, Vietnam's top-selling electric vehicles are largely produced by VinFast.

Tran Huu Minh, deputy director of the Department of Transport and Traffic Safety under the Ministry of Construction, said on Thursday that Vietnam had 374,816 electric vehicles in operation as of the end of May, including 369,849 passenger cars, 1,571 buses, and 3,396 trucks.

The figures indicate electric vehicles have moved beyond early adoption and are increasingly being used in taxi services, public transport, delivery operations, and freight transport.

Competition in the market has intensified as prices decline across segments, with mini electric vehicles selling for less than VND200 million (US$7,600) and mainstream models priced between VND450 million ($17,100) and VND600 million ($22,800).

Automaker TMT Motors plans to launch the two-seat Nano S05 at a starting price of about VND148 million ($5,625), potentially making it one of the cheapest new cars available in Vietnam.

VinFast's VF 3 is listed at about VND302 million ($11,478) before incentives, while Geely's EX2 starts at VND459 million ($11,445) and BYD's Dolphin 2026 is being offered at VND499 million ($18,966) under a promotional pricing program.

The expansion of EV ownership is also driving investment in charging infrastructure, with some consumers installing home charging stations and transport companies increasing fleet purchases.

Taxi operator Lado Taxi said operating costs for electric vehicles were about 32 percent to 37 percent lower than for gasoline-powered cars after more than two years of use, prompting the company to sign agreements to purchase and lease an additional 2,500 electric vehicles.