Chinese electric vehicle (EV) giant BYD is making significant strides in expanding its presence in Vietnam. The company has announced an aggressive plan to expand its dealership network across the country, aiming to establish a substantial footprint in the burgeoning Vietnamese EV market.

Initial Rollout and Future Plans

On July 20, 2024, BYD will inaugurate thirteen new dealerships in Vietnam, marking the beginning of its ambitious expansion strategy. The company has set a target to increase the number of dealerships to approximately 100 by 2026. This rapid expansion underscores BYD's commitment to becoming a major player in the Vietnamese automotive market.

Key Models and Pricing

BYD has introduced three key EV models to the Vietnamese market:

• Dolphin Hatchback: Priced at VND659 million ($26,030)

• Atto 3 Dynamic SUV: Priced at VND786 million

• Atto 3 Premium SUV: Priced at VND886 million

• Seal Midsize Sedan: Advanced version priced at VND1.12 billion ($44,240) and performance version at VND1.36 billion ($53,720)[5]

Strategic Goals and Community Impact

Liu Xueliang, general manager of BYD Asia-Pacific's auto sales division, emphasized the company's strategy to collaborate with other businesses in Vietnam to foster an environmentally friendly new-energy vehicle industry. This initiative aims to create positive changes for the community and contribute to a sustainable future by diversifying green transportation and clean energy solutions.

Infrastructure and Customer Support

While BYD does not plan to build its own charging station infrastructure, it is committed to implementing effective replacement plans to ensure customer convenience. The company is open to partnerships with other businesses in the same industry to build charging stations. Customers will have access to home charging solutions provided by BYD as well as public charging stations and BYD's dealer systems nationwide.

Customer Incentives and Financing Options

To attract customers, BYD is offering various incentives, including a warranty policy of up to six years or 150,000 km for the entire vehicle and eight years or 160,000 km for the battery. Additionally, customers who purchase BYD vehicles will receive a gift set that includes a portable charging device, a 1kW wall charger with free installation, and a power converter.

BYD has also partnered with three major banks—BIDV, VPBank, and VietinBank—to provide loan support programs covering up to 85% of the vehicle value with preferential interest rates. Furthermore, the company has collaborated with insurance partners to offer exclusive incentives, ensuring that BYD car owners feel secure when driving their vehicles.

Market Performance

BYD's aggressive expansion in Vietnam is part of its broader strategy to lead the global new energy vehicle market. In the first five months of 2024, BYD sold 1,191,478 new energy vehicles worldwide, continuously breaking sales records. In June 2024 alone, the company sold 341,658 vehicles, averaging 11,000 vehicles per day.

BYD's expansion in Vietnam signifies a major step in its global growth strategy. By increasing its dealership network, introducing key EV models, and offering attractive customer incentives, BYD aims to establish a strong presence in the Vietnamese market and contribute to the development of a sustainable and environmentally friendly automotive industry.