Established in 1978, Vietnam Petroleum Institute (VPI) is the unique R&D institution of Vietnam Oil and Gas Group (PetroVietnam). On April 17, 2021, VPI signed a contract to collaborate with PetroVietnam Oil Corporation (PVOIL) to research electric vehicle (EV)’s batteries, charging stations, and their market outlooks.
Specifically, the research project will focus on the emerging market for EVs and how it impacts PVOIL, one of the largest petroleum retailers in Vietnam with more than 600 petrol stations.
According to VPI Director Nguyen Anh Duc, up to 33% of Vietnamese buyers are now open to considering EVs as their next car, demonstrating the country’s strong potential to speed up the electrification of automobiles. However, consumers are still concerned about battery lifespan, charging station availability, and price. Therefore, the research will also monitor market indicators, assess risks, and put forth recommendations for PVOIL to devise its future development strategies.
PVOIL first started its own research on the feasibility of EVs replacing gasoline cars three years ago. The company is also the first petroleum retailer in Vietnam to introduce charging stations for electric cars.
(Sources: PVOIL; Vietnam Plus)