HO CHI MINH CITY — Electric vehicles from China are zooming over the border to Vietnam, the home of VinFast, as low-cost EV makers aim to replicate the rapid penetration they achieved in markets from Thailand to Brazil.
The expansion of EV makers like BYD and Haima in Vietnam comes at a time of oversupply in China and newly announced 100% tariffs in the U.S. While Chinese dominance has defied expectation in many markets, the manufacturers face distinct challenges in the Southeast Asian country. One is that Vietnam has a single homegrown champion that takes the vast majority of the EV market share. Another is that locals have a lower opinion of China than do most of their neighbors, prompting some to steer clear of goods from the north.