BYD's Expansion into the Vietnamese Electric Vehicle Market

TapTechNews August 6th news, according to the Vietnam News Agency, Vo Minh Ly, the CEO of BYD Vietnam, said that the Vietnamese electric vehicle market has huge potential for development.

Vo Minh Ly claimed that the development process of electric vehicles in Vietnam has just begun. Currently, there are still relatively few electric vehicle brands in the market. In China, new energy vehicles account for 50% of the total market sales, and the European market also exceeds 35%, and the huge potential for the future development of electric vehicles in Vietnam. BYD regards Vietnam as a key market. Vietnam has a population of over 100 million, and the proportion of the working-age population is high, indicating great market potential.

Vietnam is also a market that BYD has long been familiar with. BYD has an electronics factory in Phu Tho Province, Vietnam, and currently, the factory has 10,000 employees.

According to TapTechNews' previous report, on July 18th, BYD officially entered the Vietnamese market and launched three models, namely ATTO3 (corresponding to Yuan PLUS in China), Dolphin, and Seal.

Up to now, BYD's various partners are building 36 4S stores in Vietnam, and each 4S store is equipped with a fast charging system. BYD has signed cooperation agreements with 3 banks, 4 insurance companies, and 10 charging equipment supply and charging operation companies in Vietnam.