BYD Introduces Its First Three All-Electric Vehicles (BEVs) to Vietnam’s Emerging EV Market in 2024

BYD Accelerates Expansion in Vietnam with Launch of Three BEV Models and Plans for Extensive Dealership Network

BYD, the Chinese new energy vehicle (NEV) pioneer, is intensifying its presence in Southeast Asia with a significant market push in Vietnam. The company has unveiled three battery electric vehicle (BEV) models in the country, marking a pivotal step in its regional strategy. According to a recent Reuters report, the lineup includes the compact hatchback Dolphin, the mid-size sedan Seal, and the compact crossover BYD Atto 3, known domestically as the Yuan Plus.

BYD commenced taking reservations for these models in June, and the company is set to inaugurate its initial 13 retail outlets in Vietnam this Saturday. This move demonstrates BYD’s commitment to tapping into the Vietnamese market, which is poised for growth in the EV sector.

Vo Minh Luc, BYD’s Chief Operating Officer for Vietnam, revealed that the company plans to introduce three more new models to the Vietnamese market in October. With ambitions to significantly broaden its dealership network, BYD aims to establish 100 dealerships across the country by 2026. Luc highlighted the importance of Vietnam as the final market for BYD’s expansion in the Asia-Pacific region, underscoring its strategic significance.

Initially, all BYD models in Vietnam will be imported. The Atto 3 is priced starting at 766 million dong ($30,300), a figure marginally higher than VinFast’s VF 6, which begins at 675 million dong, as noted by Reuters. Despite Vietnam’s relatively small automobile market, with 2023 passenger car sales totaling 214,619 units—a 25% decline from the previous year—the Vietnamese government’s announcement in May 2023 signals a positive outlook for BYD.

The government disclosed that BYD had chosen Phu Tho province in northern Vietnam as the site for constructing a new factory dedicated to electric vehicle production and assembly. However, due to strategic considerations and a slowdown in the EV market, BYD reportedly delayed the commencement of construction, as detailed in a March Reuters report citing an industrial park manager where the facility is to be located.

BYD primarily manufactures and sells vehicles in China but has embarked on a global expansion, setting up production facilities in select international markets. The company recently inaugurated its Thailand plant, marking its first establishment in Southeast Asia. Further, Cambodia’s Prime Minister Hun Manet announced on the X platform on July 16 that BYD intends to construct an EV assembly plant in Cambodia capable of producing 20,000 vehicles annually, highlighting BYD’s ongoing commitment to Southeast Asian markets.

BYD’s aggressive moves in Vietnam and its broader Southeast Asian strategy reflect the company’s confidence in the region’s potential for electric vehicle adoption. By diversifying its market presence and enhancing its dealership infrastructure, BYD is positioning itself to capture a significant share of the evolving EV market in Vietnam and beyond.