VIETNAM ELECTRIC COMMERICAL VEHICLE MARKET
INTRODUCTION
The Vietnamese government is attempting to transform its major cities into smart cities by utilising technology. As more people move to urban areas, electric vehicles fit the criteria of smart city concepts.
Vietnam’s policies on electric vehicles are still lagging behind those of Thailand, Malaysia, and Indonesia. Despite this, Vietnam is slowly but steadily changing.
In Hanoi, Ha Long Bay, and Da Nang, electric cars transporting visitors can be observed, and in Ho Chi Minh City, elementary students can be seen riding electric motorbikes.
VIETNAM ELECTRIC COMMERICAL VEHICLE MARKET NEW PARTNERSHIP
According to VinFast, a Vietnamese manufacturer, a preliminary agreement has been struck for an initial investment of $2 billion to develop a facility in North Carolina to produce electric buses, sport utility vehicles (SUVs), and batteries for EVs.
The division of the largest conglomerate in Vietnam, Vingroup (VIC.HM), said that it would invest $4 billion in its first production complex in the United States.
As soon as the company obtains the required permissions, construction should start this year, and it should be completed by next. The factory will initially be able to produce 150,000 units annually.
VinFast can stabilise pricing and reduce product delivery times by having a production plant close to the U.S. market, increasing customer access to our EVs.
VinFast has started collecting pre-orders for two electric SUVs across the globe with the intention of starting deliveries in the fourth quarter.
According to Biden, it builds on recent commitments from businesses like GM, Ford, and Siemens to reinvest in the United States and create jobs. Biden also set the lofty target that by 2025, 50% of all new car sales will be electric.
VIETNAM ELECTRIC COMMERICAL VEHICLE MARKET DEVELOPMENTS AND INNOVATIONS
Vietnam is home to a young population with a keen interest in high technology. This is such a high-potential market; once it overcomes cost-related restrictions, those makers focusing on electric rather than fuel-burning cars improve comfort for users.
The Vietnam electric commercial vehicle market is expected to grow as the demand for fuel-efficient and emission-free vehicles grows, as well as the growing demand for electric commercial vehicles such as electric trucks in the logistics industry.
Furthermore, foreign-invested companies such as Mitsubishi Vietnam and Porsche Vietnam have begun to build battery charging stations to support the distribution of electric vehicles.
The General Assembly and the administration have decided to change the excise tax and licensing rates for new electric vehicle registrations in response to the growing demand for electric vehicles.
COMPETITIVE LANDSCAPE
In comparison to other nations in the area and globally, the electric vehicle market in Vietnam has gotten less attention, but that doesn’t imply there aren’t opportunities.
Electric vehicles are an unstoppable trend that will continue as governments strive toward renewable energy and environmental considerations.
This means that interested investors can provide the infrastructure for this future change, including production facilities, supply lines, and labour.
Ford Inc. is a leading mobiliser of the various explorer oriented electric vehicle manufacturer requirements in the market. Along with the Ford E-Transit, the electric Transit Custom/Tourneo Custom (a one-tonne van and multi-purpose vehicle) will be manufactured in Kocaeli, Turkey.
Ford Pro Charging is a customised charging plan that provides a full solution. The only North American solution provider that combines light-duty commercial electric vehicle (EV) chargers with a single point of contact for design/build services.
Volvo USA and Vietnam has been one of the most advanced solution provider in the used car requirements. The VNR Electric demonstrates our dedication to reducing pollution, noise, and traffic congestion on congested city streets.
Today, we’re excited to launch improved VNR Electric versions with up to an 85% increase in range, faster charging, and a larger selection of combinations. The Volvo Gold Contract, an innovative service contract specifically built for battery electric vehicles, is sold in conjunction with these.
COMPANIES PROFILED
- Hyundai Inc.
- BYD Auto Co., Ltd
- Proterra, Inc.
- AB Volvo
- Olectra Greentech Limited
- Tesla
- Nissan
- Daimler
- Toshiba
- Mitsubishi
- Continental
- Kia Motors
- Chevrolet
- Renault
- General Motors Co
- Zentropy
- EmVcon
- CT&T United
- Ioniq Inc.
- Jinwoo SMC
