A new BMI Research report said that Vietnam's EV ownership will see strong growth in 2023.
Vietnam's EV adoption is expected to increase to 13.6% in 2023, from 2.9% a year ago, said BMI Research in a new report.
The growth will stem from increased deliveries of VinFast vehicles as the local EV maker steps up on production throughout 2023, as well as the increased supply of affordable China-made EVs.Vietnam's electric vehicle market appears poised for rapid expansion in the next decade, but there could be significant headwinds blunting that growth.
"In 2023, we expect passenger EV sales to expand by 114.8% year-on-year to reach around 18,000 units," said BMI's report published Thursday. "We currently expect passenger EV sales in Vietnam to average annual growth of 25.8% over 2023-2032 to reach an annual sales volume of around 65,000 units, up from 8,400 units in 2022," said BMI.
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