The Chinese electric car manufacturer BYD is strengthening its presence in Southeast Asia with its own dealership network in Vietnam and plans a significant expansion of its product range in the Land of Smiles.

After BYD abruptly ended its collaboration with local dealer New Energy Holdings in early May, the company has now officially opened 13 retail stores in Vietnam. The number of stores is expected to increase to 50 by the end of 2024 and to approximately 100 by 2026.

Vietnam is the last market that BYD is entering in the Asia-Pacific region, and an important market in this region," said Vo Minh Luc, Chief Operating Officer of BYD in Vietnam, to "IT Times". HSBC also sees great potential: According to an estimate by the British major bank, reported by "Reuters," the annual sales of electric two-wheelers and electric cars in Vietnam could more than double to over 2.5 million units by 2036.

BYD, short for "Build your Dreams", already offers the models Dolphin, Seal, and the compact crossover Atto 3 in Vietnam and has been accepting reservations since June 2024. Currently, these cars are imported from China, but in the future, they will come from Thailand once the factory there begins production.

According to Vo Minh Luc, the product range will be expanded to six models starting in October, including the Han, Song, and Tang models.

Despite these advances, BYD is facing challenges. The planned construction of an electric car factory in northern Vietnam is being delayed due to the cooled global electric vehicle market. "BYD is in talks with several communities in Vietnam to optimize the factory plan," Luc responded in an email to a "Reuters" inquiry.

BYD's Engagement in Vietnam is Part of a Larger Global Competition for Dominance in the Electric Car Market.