How is the Vietnamese auto market electrifying?

About 10-15 years ago, the first electric cars entered the Vietnamese market through private imports, with names that were originally only from Japanese companies such as Toyota Prius, Lexus RX450h, Lexus LS600h.

The term "electrified vehicle" was not popular at that time, when these cars were hybrid, also known as "gasoline-electric hybrid", which was only a part of electrified cars. In international markets at that time, hybrid cars were already very popular, as a solution to save fuel and protect the environment.

In recent years, not only hybrid but also pure electric cars have been added, after the appearance of VinFast. These two car lines are helping the Vietnamese market have more diverse choices and especially changing car usage habits in Vietnam.

Hybrid cars - the beginning of electrification

In previous years, hybrids were difficult to reach consumers due to their high prices, limited spare parts, and genuine maintenance services. By 2020, the automobile industry in Vietnam had turned a new page, when Toyota launched the Corolla Cross hybrid model, the first officially distributed hybrid vehicle on the market.

At this time, the electric car race has gradually heated up, when some companies have introduced electric versions of their iconic models. In the popular car segment, Honda CR-V e:HEV RS, Kia Sorento Hybrid/Plug-in Hybrid, Hyundai Santa Fe Hybrid, Suzuki Ertiga Hybrid, Nissan Kicks e-Power are familiar names. Toyota alone offers the most diverse range of electric products, with hybrid versions of models such as Altis, Camry, Corolla Cross, Yaris Cross, Innova Cross.

New Chinese automakers also sell hybrids, such as Haval, Lynk & Co.

The electrification trend is not only present in popular brands, but even high-end brands have introduced electrified models to the Vietnamese market. Volvo has plug-in hybrid models such as the XC60 Recharge, XC90 Recharge. Lexus has the RX, NX, LS, ES, LM models. BMW has the XM line.

Pure electric vehicles - the next big move in electrification

Vietnamese customers had almost no idea about electric cars until VinFast started making electric cars in 2021. With the advantage of installing a widespread network of charging stations, the Vietnamese brand is dominating the electric car segment, even challenging gasoline cars of the same price range.

Popular brands from Japan, Korea, and the US are still showing signs of being cautious. Currently, only Hyundai is selling the Ioniq 5 in small quantities, while the rest are focusing on gasoline, diesel, and hybrid vehicles. Charging stations are a challenge for any company that wants to sell electric vehicles in Vietnam.

As for luxury brands, in recent years, Mercedes has introduced pure electric vehicles in many segments, such as EQB, EQE, EQE SUV, EQS, EQS SUV. Audi has e-tron GT, Q8 e-tron. BMW has iX3, i4, i7. Porsche has only one pure electric model, Taycan.

Realizing the development of the electric vehicle market, charging station suppliers have begun to enter Vietnam. Thanks to that, other car manufacturers have a basis to sell electric vehicles. Notably, Chinese companies in the popular car segment. Electric vehicle products from this country are present in Vietnam from brands such as Hongqi, Wuling, Haima and most recently BYD, Aion.

Electric vehicles are gradually becoming a familiar phrase in the Vietnamese automobile industry. The development of electric vehicles is a big step forward for the Vietnamese automobile industry to enter a green era, reducing emissions to the environment.