Vingroup offers incentives to boost EV adoption in Hanoi

THE HANOI TIMES — To accelerate Hanoi's green transition, Vietnam's top green vehicle manufacturer, Vingroup, has introduced groundbreaking incentives to encourage residents to switch from gas-powered to electric vehicles.

In a document sent to the Hanoi People's Committee early this week, Vingroup expressed support for Hanoi and the government's transition to eco-friendly transportation and outlined the conglomerate's six policies designed to make electric vehicles more accessible.

These policies, which will take effect on July 24 and remain in place until further notice, include preferential loans, waived registration fees, and free charging for individual drivers and transport operators.

Vingroup has partnered with major banks, such as VPBank, Techcombank, and BIDV, to offer low-interest installment plans for electric cars. Those registering in Hanoi will receive a subsidy of 3% for personal vehicles and 4% for vehicles used on the Xanh SM ride-hailing platform, valid for three years.

Meanwhile, electric motorcycle buyers can enjoy zero-upfront options, with Xanh SM drivers getting a 10% discount and others benefiting from financing plans covering up to 90%, plus a 10% VinFast gift.

Additionally, Hanoi residents who purchase a VinFast electric motorcycle between July 24 and October 24 will have their 5% registration fees fully paid by Vingroup. Owners will also enjoy free charging at V-Green stations until May 31, 2027.

To further incentivize drivers, GSM will guarantee a fixed 90% revenue share for EVs operating on the Xanh SM starting August 1 and continuing for three years.

Vingroup will also organize trade-in events as part of the "Green Day: Swap Gas for Electric" campaign, offering seamless transitions to eco-friendly vehicles across Hanoi.

As Hanoi plans to ban fossil-fueled motorcycles by 2026, Vingroup’s EV push supports the transition and strengthens its leadership in Vietnam’s electric vehicle market.