Shanghai (ZXZC)- On July 18, BYD announced its foray into the Vietnamese market with the introduction of three battery electric vehicle (BEV) models: the BYD SEAL, BYD DOLPHIN, and BYD ATTO 3 (known as Yuan PLUS in China). Prices for these models start at 659 million VND (approximately 202,559 yuan).

Photo credit: BYD

BYD announced that with its entry into the Vietnamese market, it will implement several key strategies aimed at promoting the diversification of green transportation and clean energy solutions, contributing to a sustainable future. Although BYD will not focus on building electric vehicle charging infrastructures, it plans to offer several effective alternative solutions to provide convenience for drivers.

BYD will collaborate with various charging station partners, meaning that in addition to the home charging solutions provided by BYD, users will also have access to charging at public stations nationwide and at BYD dealerships. Furthermore, BYD is implementing a strategy for developing 4S stores. By the end of July 2024, ten 4S stores will be opened in Hanoi, Ho Chi Minh City, Binh Duong Province, Ba Ria-Vung Tau Province, Thanh Hoa Province, Quang Ninh Province, and Bac Giang Province. The plan is to expand to 100 4S stores across Vietnam within three years.

In the financial sector, BYD is partnering with major banks such as the Bank for Investment and Development of Vietnam (BIDV), Vietnam Prosperity Joint Stock Commercial Bank (VPBank), and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank). These partnerships will offer car loan support programs, with loan-to-value ratios of up to 85%. Additionally, BYD is collaborating with several reputable insurance partners to provide exclusive benefits, ensuring that BYD owners can drive with confidence.

BYD Vietnam CEO Vo Minh Luc stated, "The launch of the BYD SEAL, BYD DOLPHIN, and BYD ATTO 3 is just the first step in our expansion into Vietnam. To foster the development of Vietnam's new energy vehicle sector, we plan to build a diverse product ecosystem, offering customers environmentally friendly options that meet their individual needs. Moreover, we aim to develop comprehensive policies to help customers quickly own international-standard new energy vehicles, thus increasing the number of green transportation options available."