Official websites use .govA .gov website belongs to an official government organization in the United States. Contact online >>
Official websites use .govA .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPSA lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.
Now that Vietnam has publicly stated two interrelated goals of reaching high-income by 2045 and achieving net zero by 2050, coupled with its homegrown electric vehicle company, Vinfast, listing on the NASDAQ stock exchange in August 2023, the electric vehicles sector is as popular as ever in this country of 100 million people.
Legislation and Government Policies Favoring EVs Future
VinFast’s Homegrown Charging Infrastructure
Potential of the Charging Infrastructure Market for U.S. Exporters
International Trade AdministrationU.S. Department of Commerce1401 Constitution Ave NWWashington, DC 20230
TheInternational Trade Administration,U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. This site contains PDF documents. APDF readeris available from Adobe Systems Incorporated.
Vietnam needs about $12.3 billion to invest in electric vehicle (EV) infrastructure by 2040 if it is to meet the increasingly vigorous development of the EV market in the country, the HSBC has said in a report.
The UK-based HSBC, one of the world''s largest banks, has recently released a report highlighting Vietnamese EV makers'' particular success in electrifying two-wheelers in recent times.
Currently, Vietnam''s electric two-wheeler (E2W) market is the largest in ASEAN and second-largest worldwide, only behind China, the report said.
Meanwhile, the country also has a great potential for electric cars since over 60 percent of its population owning motorbikes in 2020, while the car ownership rate stands at only 5.7 percent.
With the same view, the International Trade Administration under the U.S. Department of Commerce recently pointed out Vietnam''s great but untapped potential for the electric car market, with nearly 73 percent of the population owning motorbikes by 2023, but only about 5.5 percent own a car.
The Vietnam Automobile Manufacturers'' Association (VAMA) recently predicted that there would be 3.5 million electric cars on the roads in the Southeast Asian country by 2040.
However, domestic Vietnamese EV makers will face challenges in replicating E2W success for the electric car segment, as Vietnamese consumers often raise such concerns as high prices, range anxiety, battery worries, and insufficient charging stations, HSBC commented.
The bank therefore believes that infrastructure development is the key to the growth of the market of electric cars and EVs in general in Vietnam.
HSBC estimated that Vietnam will need around $12.3 billion in investment and 14 terawatt-hours of cumulative energy by the 2040 period to ensure an adequate number of charging stations and renewable energy capacity for EVs.
The country now has nearly 150,000 electric vehicle charging points nationwide, mainly located in apartment buildings, shopping centers, parking lots, and gas stations, according to the Vietnam Electricity (EVN).
Meanwhile, charging stations along highways are sparse, so increased investment in charging stations in these areas would contribute to encouraging users to choose EVs as their primary means of transport.
Along with infrastructure investment, price barriers should be addressed through tax policies and subsidies for buyers, the report recommended.
Vietnam has so far waived registration fee for EV buyers, reduced import tax on EVs and exempted corporate income tax for investors in EV projects to boost the local EV market development.
To be successful in greening the domestic auto industry, Vietnam needs to maintain foreign investment and strengthen cooperation between foreign and local businesses in EV development, HSBC advised, adding that multinational companies from Japan and South Korea are playing an important role in Vietnam''s automobile sector.
Some industry observers predict that VinFast, a multinational automotive company established by Vietnam''s prominent private conglomerate Vingroup, would eventually become the leading exporter of electric vehicles to the rest of ASEAN, with its plan to increase annual capacity from 250,000 to one million vehicles.
HSBC experts forecast that the combined annual sales of electric cars and E2Ws in Vietnam would increase to 2.5 million units in 2036 from less than one million currently.
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
They discovered multiple violations, fined business owners, and required them to sign pledges not to repeat their infractions
Employers are focusing on improving their talent attraction strategies
The authentication process must be completed within 90 days from December 25, 2024
The bakery has been temporarily shut down pending the results of the investigation
About Hanoi electric vehicle infrastructure
As the photovoltaic (PV) industry continues to evolve, advancements in Hanoi electric vehicle infrastructure have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Hanoi electric vehicle infrastructure for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Hanoi electric vehicle infrastructure featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
