Vietnam’s e-mobility and localisation strategies speed up transformation
The government has pushed ahead with e-mobility as a key step in creating a greener transport sector and reducing air pollution to achieve its 2050 net-zero carbon emissions target. Vietnam also aims for 50 percent of urban vehicles, along with all urban buses and taxis, to be powered by electricity or green energy by 2030, ultimately reaching 100 percent for all road vehicles by 2050. This is generating a higher need for electric vehicles (EVs), new energy vehicles (NEVs), and related aftermarket services. The transition could create up to 6.5 million jobs cumulatively by 2050, particularly in electric vehicle (EV) manufacturing, battery manufacturing, and charging infrastructure development.
Under the localisation strategy, the automotive market is forecasted to grow by 14 to 16 percent, with sales expected to exceed 1 million units sold by the end of the decade³.
Sources:
1. Roadmap for Vietnam’s Electric Vehicle Transition, Emission Decarbonization
2. Viet Nam’s Economy Forecast to Grow 6.8 Percent In 2025
3. Recent growth in Vietnam’s manufacturing sector to continue over the next decade