There is a rapid growth of middle classes in Vietnam. This, accompanied by the related increase in its consumption capabilities, is just one factor driving strong economic expansion of the country.
EV industry of Vietnam is growing like anything, concentrating on domestic and global manufacturing, infra, and supply chain elements precise to EVs. Vietnam’s significant role in both, production and consumption of EVs will make it among the most dynamic EV markets of the world.
Vietnam’s Growing Importance in the EV Supply Chain Manufacturing of EVs and EV batteries have gone to a different level in Vietnam has skyrocketed off late, with the Chinese giants manufacturing EVs in Vietnam. Domestic requirement for EVs is also growing in Vietnam. In February 2023, Volvo Car Malaysia announced the beginning of EV exports to Vietnam, after a similar announcement was made by Nissan in November 2022.
Government Playing a Major Role in EV Spectrum The government is trying to promote carbon neutrality through the growth of electric vehicles and implementation. These efforts include exemption of EVs from registration fees for the first 3 years of use, and reduction of fees by 50 percent for 2 years after that. The government also passed a decision for making a national program for developing EV-precise public transit from 2022-2023.
Considering these factors, combined with snowballing support of the government for vehicle ownership, EVs are a natural choice for the growing middle class of the nation.
Since there is not much fascination about owning cars in Vietnam, and the growing interest of people in driving and owning EVs, this can come good as an option for micro mobility in the nation.
Coming to a Conclusion It is because of the economical nature of the rides, and secondly because there is not much inclination of the people to buy cars in Vietnam, the demand for micromobility in the country is on the rise. The total demand will reach a value of USD 10,227.2 million, by the end of this decade.