The electric car market in Vietnam is poised for growth, but challenges such as high battery and car prices and limited charging station coverage must be addressed. HSBC Bank estimates that an investment of 12.3 billion USD and 14tWh of cumulative energy are needed to support the growth of electric vehicles through 2040. Currently, there are around 150,000 electric vehicle charging ports in Vietnam, but more investment is needed to expand this infrastructure, particularly along highways.
To overcome price obstacles and build a stronger ecosystem for electric vehicles in Vietnam, HSBC suggests tax policies, subsidies, and partnerships with foreign businesses. The bank highlights efforts by companies like VinFast and Chery Automobile to establish battery factories and electric vehicle manufacturing plants in the country. While electric cars face challenges, the electric motorbike market in Vietnam is forecasted to be more favorable due to affordable prices and high localization rates. Domestic manufacturers like VinFast, Selex Motors, and Dat Bike are expected to play a key role in the growth of electric motorbikes in Vietnam. Overall, HSBC predicts that electric vehicle sales in Vietnam could reach 2.5 million units by 2036, showing significant growth potential for the sector.