Vietnam electric vehicle market share rises amid gasoline vehicle decline

The Vietnamese automotive market is experiencing a significant shift toward electrification. In the motorcycle segment, electric vehicle (EV) sales have seen explosive growth. VinFast reported selling over 406,000 electric motorcycles in 2025, a 473% increase from the previous year. During the first seven months of 2026, the electric motorcycle market share rose to 27.6%, up from 16.8%, while gasoline motorcycle market share fell to 72.4%.

In the passenger car sector, electrification is also gaining momentum. According to PwC data, electrified vehicles—including both pure electric and hybrid models—accounted for 52% of passenger car sales in Vietnam during the first half of 2026, an increase from 41% during the same period in the previous year.

This transition is impacting corporate earnings and business strategies. Haxaco reported a return to profit in the third quarter of 2026, driven in part by its acquisition of a VinFast dealership operator. Similarly, Tasco has seen growth in its automotive segment by expanding its product lines to include brands like Geely and Lynk & Co.