Chinese car maker Chery launched two hybrid car models, the Omoda C5 and the Jaecoo J7, in HCM City on June 18. The J7 is priced at VND600 million, and the C5 is the same price as the Mazda CX-5.

Earlier, Chery co-operated with the Vietnamese Geleximco Group to build a USD800-million factory for their Omoda & Jaecoo electric car brand with an annual output of 200,000 vehicles. Omoda and Jaecoo could account for up to ten percent of the Vietnamese electric vehicle market by 2028.

BYD, also from China, has recently launched three electric car models, Seal, Dolphin, and Atto 3. The Atto 3 has a competitive price of VND800 million.

Another Chinese electric vehicle maker, MG, have also launched their MG4 model with prices ranging between VND 800-900 million.

Besides China, some electric vehicle makers from other foreign countries have also entered Vietnam.

Several days ago, Audi Vietnam officially put on sale its SUV Q8 e-tron model after three previous models, including the e-tron SUV, e-tron GT, and RS e-tron GT.

Mercedes Vietnam also introduced three models earlier this year, the EQB 250, the EQE 500, and the EQS 500. Last year, it launched the EQS 450 and EQS 580.

After its successful Ioniq 5 electric car, Hyundai will introduce the Ioniq 6 model, which claims 80 percent battery capacity after just 18 minutes of charging.

Volkswagen Vietnam has confirmed that they will introduce two electric car models in Vietnam in October, each priced over VND1 billion.

BYD Auto Vietnam's CEO, Vo Minh Luc, said that they have studied the local market over the past decade to develop a suitable investment plan.

"We've got 20 agents in Vietnam," he said. "We're going to co-operate with 20 more investors to expand our market."

However, Tran Anh Tung from the Ho Chi Minh City University of Economics and Finance said Vietnamese consumers are still reluctant to buy electric vehicles from Chinese producers due to quality concerns.

"VinFast is still a big competitor for Chinese electric vehicle makers, Tung said, adding that other prestigious global brands, including Mercedes and Hyundai, may be more popular with Vietnamese as their incomes improve.