BYD unveiled this plan at a launch event themed “Grand Launch - Technology Green Future” on July 18, marking its official debut in the Vietnamese market.

In July 2024, BYD will officially open 10 dealerships in Hanoi, Ho Chi Minh City, Binh Duong, Ba Ria - Vung Tau, Thanh Hoa, Quang Ninh, and Bac Giang provinces. The automaker hopes to raise that figure to about 100 by 2026.

At the event, BYD also rolled out three products to the Vietnamese market, including the BYD Seal, BYD Dolphin, and BYD Atto 3. The initial three-model line-up is expected to increase to six from October.

Liu Xueliang, general manager of BYD Asia-Pacific's auto sales division, said, "Our strategy is to accompany other businesses in Vietnam to develop an environmentally friendly new-energy vehicle industry, thereby creating positive changes for the community towards a better life."

Vo Minh Luc, chief operations officer for BYD Vietnam, said, "The BYD Seal, BYD Dolphin, and BYD Atto 3 are just our beginnings in Vietnam. To join hands in developing the new energy vehicle sector in this market, our plan is to bring in an ecosystem of diverse product models and segments. In addition, we will focus on building the most comprehensive policies possible to help customers quickly access new energy vehicle models of global quality, thereby increasing green means of transportation."

As reported by Reuters, Vietnam's government said last year BYD had decided to build a factory to manufacture electric cars in the north of the country, but those plans have slowed, the company that operates the industrial park in the area said in March.

"BYD is in talks with a number of localities in Vietnam to optimise the plant plan," Luc said in an emailed statement to Reuters.

According to a report released by HSCB in May, Vietnam’s annual electric two-wheeler and electric car sales could rise from under one million in 2024 to over 2.5 million by 2036.

However, Vietnamese EV makers, particularly VinFast, face challenges in the electric car segment, including high prices, range anxiety, and limited charging infrastructure. Overcoming these barriers will require substantial government support, such as BEV registration fee exemptions and reduced import duties.

"Investment in infrastructure is critical," the report states, estimating $12.3 billion is needed for renewable energy capacity and EV charging infrastructure from 2024 to 2040.