Vietnam Leads Southeast Asia in EV Sales, Driven by VinFast

Vietnam has emerged as the leader in electric vehicle (EV) sales within Southeast Asia's four largest automotive markets, recording the highest share of new electric vehicles (BEVs) and a significant 71% year-on-year increase. BEVs constituted 35.3% of all new vehicle sales in the country. The remarkable growth in Vietnam's EV market is primarily driven by VinFast, the nation's top-selling automotive brand across all vehicle segments. VinFast accounted for nearly all BEVs sold in the domestic market. While other models like Ford's Mustang contributed a small number, some EV manufacturers did not disclose their sales figures. BEVs are defined as vehicles powered solely by electricity, distinguishing them from hybrids. Vietnam offers incentives such as registration fee exemptions and a preferential 3% special consumption tax until the end of 2030 to encourage BEV adoption. Thailand closely followed Vietnam in BEV sales, selling 104,418 vehicles. However, it posted the fastest growth rate in the region at 91%. Chinese automakers BYD, Aion, and MG collectively hold the largest share of Thailand's BEV market. The Thai government is also providing subsidies and excise tax breaks to promote BEV adoption, and is considering a plan to replace 80,000 aging vehicles. Indonesia remains Southeast Asia's largest auto market, with BEVs accounting for 16% of its new vehicle sales in the first half of the year. Chinese brands, including BYD, Jaecoo, and Geely, dominate the Indonesian market, with all of the country's top 10 best-selling BEV models originating from China. VinFast sold 1,934 vehicles in Indonesia, with its mini SUV VF 3 accounting for 1,355 units. Malaysia recorded the lowest BEV sales among the big four, but still experienced robust growth of 85%, the second-fastest rate in the region after Thailand.