The EV market size is estimated at approximately 3 billion USD in 2025, growing at an average annual rate of 18% and projected to reach 7 billion USD by 203015 . Sales volume increased roughly 20-fold over the two-year period from 2022 to 2024. During the same period, hybrid vehicles also increased more than threefold. Consumer interest in environmentally friendly vehicles is rapidly rising16 . However, Vietnam’s automobile sales in 2023 saw a significant decline compared to 2022. The main factors were the expiration of a temporary 50% reduction in registration tax for domestically assembled vehicles, which had boosted sales in 2022, and the loss of this short-term demand stimulus effect. Simultaneously, against a backdrop of slowing economic growth and weakening exports, consumers became more cautious about purchasing high-value durable goods. Additionally, high interest rates and tightened credit conditions reduced the appeal of auto loans.