Here’s what Vietnam’s EV market offers to investors
Vietnam’s automotive market, notably in electric vehicles (EVs), presents significant investment opportunities, driven by a growing economy, rapid urbanization, and a burgeoning middle class. The country’s focus on electrification and digitalization has garnered investor interest, with domestic player VinFast leading the market and international brands like BMW, BYD, Great Wall Motor, Mercedes-Benz, and TMT Motors entering the scene.
The market is expected to achieve a 25.8% CAGR from 2023 to 2032, aided by government incentives, open-door policies, and trade agreements such as ATIGA, RCEP, and the EU-Vietnam agreement, which facilitate imports and exports.
Vietnam’s EV market
The Automechanika Ho Chi Minh City, Vietnam’s largest regional automotive aftermarket trade fair, will feature around 500 exhibitors from 23 countries, showcasing a range of automotive solutions and innovations.
The event, scheduled from June 20-22, 2024, at the Saigon Exhibition and Convention Center, will include the Automotive Mobility Solutions Conference, focusing on sustainability, digitalization, and innovation in the automotive industry.
Key sessions will offer insights into Vietnam’s regulatory landscape, government support for FDI, and emerging investment opportunities in EV infrastructure, intelligent car parks, and road network upgrades. Attendees will include energy companies, auto manufacturers, fleet operators, government representatives, and technology leaders, positioning Vietnam as a promising hub for EV investments.
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