Tesla registered the local entity Tesla Motors Vietnam in June 2025, laying the groundwork for a potential expansion into Vietnam, which has become Southeast Asia’s largest electric vehicle market. VinFast, backed by conglomerate Vingroup founded by Vietnamese billionaire Pham Nhat Vuong, already controls 92% of the domestic EV market and operates more than 150,000 proprietary charging ports. Vietnam’s EV sales surged 89% year over year in the second quarter of 2026, while the country’s GDP grew 8% in 2025. VinFast has been Vietnam’s top-selling automaker for 24 consecutive months, with its passenger car market share reaching an estimated 36% in 2025 compared to 22% a year earlier, though the company posted a net loss of $1.12 billion in the first quarter of 2026.
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