BYD seeks collaboration, not competition, with Vinfast in Vietnam

It plans to open its first Vietnam showrooms in Hanoi and HCMC in June and soon expand to 20 other provinces and cities, Liu Xue Liang, general manager of BYD’s Asia Pacific automobile sales division, said at a meeting Thursday with the Vietnamese media.

"BYD greatly admires VinFast for pioneering the introduction of EVs in Vietnam. We want to collaborate rather than compete with the carmaker to develop electric cars because the [Vietnam EV] market is still nascent."

The distribution of vehicles will be handled by subsidiary BYD Auto Vietnam.

Liu Xue Liang, BYD's General Manager of Asia Pacific Automobile Sales Division. Photo by VnExpress/Duc Huy

Ouyang Xiaocheng, its CEO, said the fact that more brands are entering Vietnam is proof that the market is very appealing.

BYD will debut in Vietnam with compact hatchback Dolphin, compact crossover Atto 3 and midsize sedan Seal.

If they prove successful, it will launch three more models by the end of the year, large sedan Han, hybrid crossover Song and midsize crossover Tang.

All the vehicles will be imported as complete units from China. But in the long run the firm plans to build a factory in Vietnam.

It has yet to disclose prices, but its representatives have said they are looking to compete with internal combustion vehicles rather than Vinfast’s all-electric lineup since BYD’s priority is facilitating the shift from gasoline to electric.

The Atto 3 (right) and Seal (middle) set to be sold in Vietnam in June. Photo by VnExpress/Duc Huy

The automaker is aiming for sales of 5,000 units, or 900 per month, in the second half of 2024, sources familiar with the matter told VnExpress.

The target is considered challenging for a new brand in Vietnam’s EV industry, which has not fully developed.

BYD entered the automotive industry in 2003 with its gasoline-powered vehicles but fully shifted to electric and hybrid vehicles by 2022.

It became the world's biggest EV seller last year, with global sales of over three million units.

But only 400,000 were sold outside China.

It entered the Thai market in late 2022 and became the country’s leading EV manufacturer with a 40% market share within just one year.