In Hanoi, charging stations for electric cars and motorcycles are increasingly appearing in new urban areas such as Vinhomes Ocean Park and Vinhomes Smart City. Office buildings like FPT Tower in Duy Tan Street and Gelex Tower in Le Dai Hanh Street have also begun to establish electric motorcycle charging areas in their basements, catering to the needs of employees who prefer green transportation to work.
A 37 year old woman in Hanoi said that due to their green, compact, and lightweight advantages, along with reasonable pricing and ease of use, electric motorcycles are expanding their user base, particularly among students from middle school and older adults.
However, a representative from Vietnam Thanh Technology Development Investment Company (Vietnam Thanh Electric) stated that the electric vehicle brands in Vietnam primarily consist of products that use batteries or electric vehicle batteries. Therefore, the infrastructure for public charging stations, their capacity, and fire safety are critical issues that Hanoi needs to address.
The representative from the company said that on average, the group's electric vehicle sales grow by 20 percent-30 percent each year. As Hanoi moves towards banning gasoline motorcycles within Ring Road No.1 and continues to expand this ban to other roads, the electric vehicle market is expected to become even more vibrant.
Currently, many citizens are concerned that the costs associated with transitioning to electric vehicles may increase their financial burden, particularly with the risk of soaring electricity bills.
Vice President Duong Trung Kien of the Electric Power University under the Ministry of Industry and Trade clarifies that electricity consumption patterns are characterized by distinct peak and off-peak hours. Therefore, people can take advantage of the lower consumption periods to charge vehicles, benefiting from reduced rates (due to lower production costs) while also helping to store electricity, which can optimize energy sources and system load.
However, if the trend towards electric vehicles continues to grow, it will place additional pressure on Vietnam Electricity and the power sector, as they will need to produce more electricity.
Nevertheless, he believes this is not a cause for concern, as the Government has a preparation plan in place. Incorporating nuclear power into the national energy planning will be a solution to ensure a stable supply for the development of electric vehicles and other electrified modes of transport.
The increasing adoption of electric vehicles (EVs) is indeed driving a significant shift in consumer behavior, particularly within the automotive industry. Consequently, electric vehicle ride-hailing services are becoming increasingly popular. Notably, electric vehicle users are focusing on charging and rest stops.
Currently, many cafes, restaurants, and rest areas have partnered with V-GREEN (a subsidiary of Vinfast) to create a franchise model that integrates fast charging with food and beverage services.
Alongside charging stations, the market for electric motorcycle accessories is also experiencing growth. Items such as mobile charging cables, backup battery boxes, and charging racks are being heavily promoted by vehicle distributors and e-commerce platforms. Numerous tech startups are rapidly developing applications like PlugShare, ChargeMap, and Evgo to assist users in locating the nearest charging stations, managing battery levels, and predicting charging times.
These digital solutions not only enhance user experience but also open up a new market for mobile applications, enriching the green vehicle ecosystem. Some major insurance companies, such as PVI and MIC, are also adapting by launching specialized insurance packages for electric vehicles. This is a crucial piece in the journey towards standardizing the ecosystem for green vehicles.
Although electric vehicles represent an irreversible trend, for investors to succeed in the accompanying ecosystem, they must closely monitor infrastructure, policies, and new consumer behaviors, select the right niche that aligns with their capabilities, and develop a long-term strategy for sustainable growth in the future.
