Vietnam sold 53,685 pure‑electric cars in Q1, trailing only Thailand. Discover the market drivers and VinFast’s lead. Read more now!
Electric vehicle (EV) adoption is accelerating across Southeast Asia, but Vietnam has emerged as the region’s second‑largest pure‑electric car market. By the end of the first quarter, the country sold 53,685 battery‑electric vehicles (BEVs), a 55% jump from the same period last year.
Why Thailand Still Leads
Thailand remains the top EV market with more than 57,000 BEVs sold in Q1, a staggering 125% increase YoY. The surge is driven by the government’s EV 3.0 incentive program, which offers up to US$4,600 in subsidies for Thai buyers and tax breaks for manufacturers that meet local‑content thresholds. In January alone, EV sales accounted for roughly 74% of Thailand’s total vehicle sales.
Vietnam’s Rapid Growth
Vietnam’s impressive numbers are almost entirely the result of VinFast, the home‑grown automaker that shipped 53,684 units in the quarter, plus a single Ford Mustang Mach‑E. Other brands have been quiet about their sales figures, underscoring VinFast’s dominant position.
How Vietnam Stacks Up Against Neighbours
- Indonesia and Malaysia are the region’s next biggest new‑car markets, yet both lag behind Thailand and Vietnam in pure‑EV sales.
- In terms of market share, EVs represent about 33% of all vehicles sold in Vietnam, slightly ahead of Thailand’s 31%.
Consumer Preferences Across the Region
The four biggest EV markets – Thailand, Malaysia, Indonesia and Vietnam – show markedly different taste profiles. In Thailand, Malaysia and Indonesia, the top‑selling models are largely Chinese brands such as Jaecoo, BYD and Geely. For example, Jaecoo’s J5 EV (also called the 5 EV) tops the charts in both Thailand and Indonesia.
Malaysia’s market is heavily influenced by Geely’s stake in Proton. The Proton e.MAS 5 and e.MAS 7 are essentially rebadged Geely EX2 and EX5 models, which are also sold in Vietnam through local distributor Tasco.
VinFast’s Overwhelming Influence
In Vietnam, VinFast’s lineup dominates the bestseller list. The brand’s models outperform the Chinese offerings that are popular elsewhere in the region. A key factor is the extensive use of VinFast EVs by corporate fleets and service‑industry operators, which boosts volume sales.
Models Yet to Arrive in Vietnam
Several high‑profile EVs that are hot sellers in neighboring markets have not been introduced locally yet. These include the Deepal S05 EV, Zeekr 7X, iCaur VX23 and BYD Atto 1, as well as the coupe‑styled Sealion 7. Most of these are midsize to large SUVs targeting the D‑segment.
What’s Next for Southeast Asia’s EV Landscape?
With government incentives winding down – Thailand’s EV 3.0 scheme expires on 31 January 2026 – the next wave of growth will depend on how manufacturers adapt to a less subsidised environment. Vietnam’s strong domestic brand, VinFast, is well‑positioned, but competition from Chinese and Korean players could intensify.
For investors, policymakers and consumers, the message is clear: Southeast Asia’s electric‑car revolution is gaining momentum, and Vietnam is now a key market to watch.