To build a green transport system, Vietnam will need nearly US$14bil to develop a network of charging stations, said insiders.

This is expected to help reduce greenhouse gas emissions and create great tremendous opportunities for the electric vehicle (EV) market.

The transition to EVs is a huge effort toward Vietnam’s net-zero goal and environmental protection.

It will also boost the national economy, especially in reducing oil import costs and creating millions of jobs.

According to a report from the World Bank, for EVs to become mainstream, especially among first-time car buyers, the charging station system plays a key role.

It is estimated that Vietnam needs US$2.2bil by 2030 to build a network of public charging stations.

This figure will increase to US$13.9bil by 2040 and US$32.6bil by 2050 to meet most of the population’s EV demand.

With the rapid development of EV technology and the trend towards green transportation, the demand for energy-efficient vehicles is expected to increase strongly in the near future.

It is predicted that more than 2.8 million EVs will be sold from 2024 to 2035, and another three million in the 2036-2050 period if the development of the charging station network is accelerated.

Major manufacturers, such as VinFast, have pioneered this field by not only investing themselves but also implementing a franchise model that enables businesses and people to participate in developing the charging network.