The Electric Revolution: VinFast’s Soaring Sales and Market Share Dominance in Vietnam.

Based on the published data, the group of pure electric vehicles in the Vietnamese market currently accounts for up to 17.6% of the total market. However, this is only a relative figure because, apart from VinFast, other electric car manufacturers such as Wuling, BYD, and Gelly do not disclose their sales figures, along with some gasoline car manufacturers like Nissan, Volkswagen, Chinese manufacturers, and some luxury car brands.

If we consider this relative figure, the market share of electric vehicles in the Vietnamese car market has doubled compared to 2023 (when it accounted for only about 8.6%).

Another factor that demonstrates the strong development of the Vietnamese electric vehicle market is the launch of 14 electric car models in the year, out of a total of 60 new car models introduced, accounting for a quarter of the annual launches. Among these 14 vehicles, there is a diverse range of products, from urban cars to electric sedans and mid-size SUVs, catering to both luxury and mass-market segments.

Vietnam’s Electric Vehicle Market Share is Remarkable

Data from the China Association of Automobile Manufacturers (CAAM) shows that China’s automobile sales (including exports) in 2024 exceeded 31.4 million units, a 4.5% increase compared to the previous year. Specifically, in the electric vehicle segment, annual sales surpassed 12.8 million units, accounting for more than 40% of total sales.

Meanwhile, in the United States, new car sales reached 15.9 million units, a 2.2% increase compared to 2023, and the highest level since 2019, according to Wards Intelligence. Of that, annual electric vehicle sales reached 1.3 million, equivalent to 8.1%.

Similarly, India’s electric vehicle sales in 2024 reached nearly 100,000 units, a 20% increase from 82,688 units. However, electric vehicle sales accounted for only about 2.4% of the total 4.07 million vehicles sold in the market, up from 2.1% in 2023.

In Southeast Asia, Thailand’s automobile market in 2024 ended with approximately 570,000 units sold, a 26% decrease from the previous year. Among them, electric vehicle sales in 2024 in this market decreased by 8.1% compared to the previous year, reaching 70,137 units (accounting for 12.3%).

In the two large markets of Indonesia and Malaysia, electric vehicle sales in 2024 were 42,889 units (accounting for nearly 5% of the total automobile market) and 21,789 units (about 2.5%), respectively.

At the same time, new car sales in Cambodia increased to 467,252 units in 2024, equivalent to 8.7%. Notably, electric vehicle sales in Cambodia reached 2,253 units (0.4% market share), a significant increase of 620% compared to 313 units in 2023.

Based on the published data, it can be seen that Vietnam’s electric vehicle market share in 2024 ranked second only to China, the world’s largest electric vehicle consumer. Meanwhile, in the second and third largest automobile markets, the United States and India, Vietnam’s electric vehicle market share is slightly higher.

At the same time, compared to other countries in the Southeast Asian region, Vietnam’s electric vehicle market share in 2024 is leading the way, followed by Thailand, Indonesia, Malaysia, and Cambodia.

The year 2025 is crucial for ensuring sustainable growth. Market research by Mordorintelligence indicates that the scale of Vietnam’s electric vehicle market is estimated to reach 2.93 billion USD in 2025 and is expected to reach 6.69 billion USD in 2030, with a compound annual growth rate (CAGR) of 18% in the period of 2025-2030.

According to experts, the Vietnamese electric vehicle market in 2025 will continue its growth momentum, and VinFast is expected to maintain its leading position thanks to its local advantages, while imported car brands will bring breakthrough technology options.