⚡ Market Growth & Consumption Trends

Vietnam’s EV market has exploded in recent years:

• Between 2022 and 2024, EV registrations jumped nearly 20×, from ~4,000 to ~80,000 units as consumers and manufacturers responded to incentives.

• In 2023, new EV sales rose from ~8,000 units (2022) to ~37,800. In 2024, sales reached nearly 90,000 — ~2.5× growth over 2023.

• In February 2025, VinFast delivered over 12,500 EVs in a single month — a 25% increase month-on-month, with its models VF 3, VF 5, VF 6 among the top movers. Forecasts suggest Vietnam’s EV market revenue may grow from ~USD 3B in 2025 to USD ≈7B by 2030 (CAGR ~18%)

In parallel, the two-wheeler EV (electric motorbike) market is heating. Prices range from VND 15–30 million (~USD 570–1,150) for standard electric bikes. Dealerships report surging walk-in and reservation demand — some buyers commit a month ahead.

In urban centers, consumers are asking less “Should I buy EV?” and more “Where do I charge? What’s battery swap cost? What’s financing?”

🛵 Two-wheeler dominance and shift to EV bikes

Vietnam’s internal transport is heavily dominated by motorbikes. A new directive announced by the government in July 2025 mandates banning fossil-fuel motorbikes in central Hanoi within 12 months, with broader bans slated from 2028.

• Honda’s dominance in the motorbike market is weakening: sales dropped ~22% MoM in August after the ban announcement.

• Among surveyed urban consumers, > 50% said they would prefer an electric motorbike next, attributing the shift to government incentives and policy push.

• In Hanoi specifically, the intent to adopt EV bikes is higher (~60% in the survey) as a direct response to regulation.

🚗 EV cars: still nascent but incentivized

• Because of the registration-fee exemption, EV cars remain relatively cheaper to own upfront.

• However, consumer adoption is constrained by limited charging infrastructure, range anxiety, and higher purchase cost vs ICE (internal combustion engine) alternatives.

• Automakers and dealers are pushing narratives around total cost of ownership (TCO) and environmental appeal to attract early adopters.

🚗 Leading Brands & Competitive Landscape

VinFast

• Dominates the domestic EV landscape, having delivered ~87,000 vehicles over recent years.

• Models like VF 3, VF 5, VF 6, VF 7, VF 8 / VF 9 form a product ladder across segments.

• It also expands into mobility services: via Xanh SM, its all-electric taxi / mobility arm: ~10,000 EVs and 100,000 EV motorcycles planned.

Domestic EV / Motorbike Brands & Startups

• Selex Motors: Vietnamese EV moped and battery-swapping operator, with ~30 swap stations currently.

• Dat Bike, Pega, Yadea: Local players scaling EV bike production, focusing on affordability and servicing in Ho Chi Minh City / Mekong Delta regions.

• Combined production capacity among domestic players (VinFast, Yadea, Selex, Dat Bike, Pega) is estimated at ~1.8 million units/year (target or theoretical).

Foreign / Premium Brands

• Brands like BYD, MG, Mercedes-Benz, Audi, Geely have entered Vietnam, focusing on the mid / premium EV segments.

• BYD in particular is ramping its presence: new dealerships, and discussions of local manufacturing presence.

• Aion: The GAC brand’s model Y Plus has been introduced to Vietnam, positioning itself in competitive segments.

Market Share & Segment Shifts

• VinFast now commands ~32.9% market share in H1 2025 in the EV auto segment, aided by local production, pricing, and alignment with policy.

• Imported ICE / hybrid brands like Toyota, Hyundai, Ford still hold positions in their segments but face pressure as consumers shift EV preferences.

👥 Consumer Behavior & Policy Response

Policy-Driven Demand Shift

• After the July 2025 directive banning fossil motorbikes in central Hanoi (within 12 months), there was immediate market disruption: Honda sales dropped ~22% MoM in August.

• A survey by Asia Plus found 54% of respondents nationwide would choose an electric motorbike next; in Hanoi, that share was ~60%.

Pricing & Affordability Trends

• Entry-level electric motorbikes command ~VND 15–30 million, a range many middle-class urban buyers can contemplate.

• Premium electric cars in Vietnam often cost over VND 1 billion in the luxury segment.

Sales Behavior & Shopfront Trends

• Showrooms and pop-up stalls line major streets and malls (e.g. Vincom, Gigamall) hosting EV showcases.

• Dealership managers report that some customers commit to purchase after seeing live streams or exhibit demos. A store sold 30–40 units in June — double year-ago volume.

• Consumer expectations have matured: the value is now in ecosystem, not just vehicles — charging accessibility, battery swap options, financing, after-sales support.

🔎 How This Shapes the EV Narrative

• The EV transition in Vietnam is not slow adoption — it’s acceleration catalyzed by regulation and mass consumer interest.

• Dominant brand (VinFast) is now meeting competition from agile local startups and global challengers.

• Consumers are increasingly evaluating ecosystem quality (charging, service, battery swap options) rather than only vehicle specs.

• The motorbike EV shift is especially crucial because two-wheelers remain the majority of personal mobility — winning that segment gives outsized scale potential.

🧩 DePIN Opportunities & Challenges

Given this regulatory + market backdrop, here’s how DePIN builders (in energy, charging, battery-swap, mobility, telemetry) should see the landscape:

✅ Strategic Recommendations for DePIN Builders

1. Start small, densify first: Focus pilots in Hanoi and inner-city districts progressing with the motorbike ban. Prove uptime & unit economics before scaling.

2. Leverage “pre-fee advantage” window: Use the exemption-horizon to onboard users and lock in early contracts before registration fees reappear (post-2027).

3. Integrate energy arbitrage models: Coupling charging nodes with storage or solar + demand-response helps buffer power-pricing risk.

4. Build with compliance in mind: Ensure data, device identity, and token models are audit-ready to satisfy local regulators, especially under the pending crypto pilot regime.

5. Partner local players: Collaborate with telecoms, power distribution companies, municipal governments, and vehicle OEMs to share infrastructure load, permits, and affordability.