VAMA sets targets for EV manufacturing in Vietnam

The Vietnam Automobile Manufacturing Association (VAMA) has outlined plans to develop the local electric vehicle (EV) industry with three stages of development for the mass roll out of EVs in Thailand.

Between 2021-2030, VAMA has set a target of gradually increasing the share of EVs in the total cars manufactured with internal combustion engines (ICE) vehicles remaining dominant. Between 2030-2040, production capacity of EVs in the country will be increased to achieve 3.5 million units. From 2040-2050, the local EV industry will have a further increase in production capacity of 4-4.5 million vehicles. Additionally, VAMA has proposed that the government stimulate consumer demand by providing a preferential special consumption tax for EVs. It has asked the government to reduce registration fees for hybrid electric vehicles (HEVs) by 50 per cent, plug-in hybrid electric vehicles (PHEVs) by 70 per cent, and battery-powered electric vehicles (BEVs) by 100 per cent.