Asia Tech Wire (Aug 6) -- Vo Minh Luc, CEO of BYD Vietnam, said in a recent interview that Vietnam's electric vehicle market has great potential.

Luc said the process of EV development in Vietnam has just begun and currently, there are still fewer EV brands in the market.

In China, new energy vehicles account for 50% of total market sales, and more than 35% in the European market. In this way, Vietnam has a huge potential for the future development of electric vehicles.

He said BYD sees Vietnam as a key market. With a population of over 100 million and a high percentage of working-age population, Vietnam has a huge and dynamic market potential.

Vietnam is also a market that BYD has long been familiar with. BYD has built an electronics factory in Vietnam's Phu Tho province, which currently employs 10,000 people.

In July, BYD officially entered the Vietnamese market and launched three models - BYD Seal, BYD Dolphin and BYD ATTO 3.

Luc said that in the next few years, BYD will launch more new products to meet the market demand in Vietnam.

Up to now, BYD partners are building 36 4S stores in Vietnam, each featuring a fast charging system.