Viet Nam’s electric vehicle index (EVI) has been announced for the first time, aiming to help enterprises in the value chain make decisions on production and business.

The Vietnam Petroleum Institute (VPI) built and unveiled the index on Thursday after consulting domestic and foreign experts.

According to the institute, policies, strategies and technological development are unstable and unpredictable elements that have great impacts on the development of the electric vehicle (EV) market.

The VPI has used various signposts to assess the domestic EV market.

Viet Nam’s EVI in the third quarter of this year reached 1.6 out of 5 points based on the signposts of policies, the network of charging stations, ownership costs, clients’ liking, GDP per capita, technology and the regional EV market.

The VPI said Viet Nam has potential to develop the EV market as the country’s car ownership rate is 23/1,000, only one tenth of the rate in Thailand and one twentieth of Malaysia.

Although Viet Nam is yet to build a roadmap or targets on EV development, it has issued several incentives to reduce EV ownership costs. — VNS