"New Report Predicts Robust Growth in Vietnam's EV Ownership by 2023"

Vietnam's electric vehicle market is expected to experience significant growth in the coming years, with passenger EV sales projected to double in 2023, according to a report by BMI Research. Sales of battery electric vehicles (BEVs) could surge by 104.4% to nearly 17,000 units, while plug-in hybrid vehicles (PHEVs) could increase nine-fold to almost 1,100 units. The report predicts an average annual growth rate of 25.8% for passenger EV sales in Vietnam from 2023 to 2032, reaching around 65,000 units per year. The penetration rate for passenger EVs is set to increase to 13.6% by 2030. VinFast, the dominant player in Vietnam's EV market, is expected to drive growth, along with increased supply of affordable China-made EVs. However, challenges such as low incomes, lack of incentives, and limited charging infrastructure may hinder EV adoption in the country.