With nearly 90,000 EVs sold in 2024, the country is poised to become a key player in the global EV industry.

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The launch event for the "Taking Stock" report, themed “Vietnam’s Breakthrough Journey in Transitioning to Electric Vehicles,” by the World Bank (WB), was held in Hanoi on the morning of March 12. Photo: Hoang Hiep

Vietnam’s electric vehicle (EV) market is experiencing explosive growth, with projections suggesting that EV manufacturing could generate up to 6.5 million jobs by 2050. These new positions will require high levels of technical expertise, boosting Vietnam’s skilled workforce.

A World Bank (WB) report released on March 12, 2025, titled "Vietnam’s Breakthrough Journey Toward Electric Vehicles," highlights the vital role of EV adoption in reducing urban air pollution and supporting green transportation.

According to WB data, Vietnam’s transportation sector emitted 32.9 million tons of CO2 in 2021 - a figure projected to rise tenfold to 334 million tons by 2050 if traditional fuel-based vehicles continue to dominate.

Vietnam’s EV industry has surged in recent years, thanks to strong government policies and growing consumer demand. The number of electric cars manufactured skyrocketed from 8,000 in 2022 to 37,000 in 2023 - a 4.5x increase. In 2024, nearly 90,000 EVs were sold, a 2.5x jump from the previous year.

VinFast dominates the market, accounting for over 95% of EV sales in Vietnam. Other major brands such as Mercedes-Benz, Audi, Porsche, Tesla, Hyundai, BYD, and Wuling are also entering the Vietnamese market, offering options from affordable models to luxury EVs.

According to Chiara Rogate, a senior energy expert at WB, Vietnam’s tax incentives (including reduced excise taxes and waived registration fees until 2027) have significantly accelerated EV adoption. She noted that public perception of EVs in Vietnam has improved, with more consumers recognizing the lower operating costs and environmental benefits.

The WB estimates that the EV revolution will create around 6.5 million jobs in Vietnam by 2050, especially in battery production and EV infrastructure development. However, challenges remain, including expanding public charging networks and reducing EV costs to align with average consumer incomes.

Hoang Hiep