With presence established in 88 countries and notable achievements in ASEAN, BYD sees a “golden opportunity” to develop in the Vietnamese market, says Vo Minh Luc, CEO of BYD Vietnam
In the first half of 2024, BYD sold over 1.6 million new energy vehicles globally. Last year, the company sold 3.02 million vehicles, securing the top spot worldwide.
BYD started as a supplier of about 50% of the world’s battery output for leading phone companies Nokia and Motorola in the 2000s. Recognizing the potential of new energy vehicles and leveraging our battery production strengths, BYD shifted its focus. The turning point came in 2004, exactly 20 years ago, when BYD introduced its four-wheel motor control technology at a major Chinese auto show.
Another factor was that BYD had not yet developed significantly internationally. Now, with a presence in 88 countries and notable achievements in ASEAN, we see this as a golden opportunity to develop in the Vietnamese market. BYD considers Vietnam a key, high-potential market and the final ASEAN market for our expansion. We aim to create significant new value here.
However, I want to clarify that we strive to offer the most competitive prices at all times. At a dealer conference in Xi’an, China, Liu mentioned that despite BYD’s capabilities in technology, components, assembly and distribution, we face challenges in cost savings compared to companies that rely on external supply chains. But we are committed to minimizing costs for our customers.
The Vietnamese electric vehicle market is developing quickly, with many new brands entering the scene. Alongside VinFast, customers will soon see other brands like MG and Chery in addition to BYD.
Vietnamese customers are rapidly changing their perceptions regarding price, technology, after-sales service, and environmental concerns, which will further accelerate market growth.
BYD’s goal is to have 50 dealers in 2024 and 100 by 2026. We aim to build a comprehensive ecosystem, including electric vehicles and charging stations. While I can’t specify the exact timeline, with investor and community support, Vietnam’s electric vehicle market will transform significantly. We believe Vietnam will soon be a leading name in the electric vehicle sector.
We are committed to being a long-term partner. Our ambition drives us, and if we weren’t ambitious, we wouldn’t have reached our current position. BYD has made substantial progress in Vietnam, almost completing what’s needed to build a development platform in just a few months.
In the short term, we are focusing on expanding our dealer network. By October, we plan to launch three new car models in Vietnam and will continue to introduce more models in the near future. I often joke that our showroom space will likely be full next year due to the constant influx of new cars.
World’s top EV seller BYD considers Vietnam a unique, high-potential market: exec
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