Vietnam Electric Motorbike Battery Swap Race Heats Up: VinFast, Honda, Yamaha Expand

Overview

The race to invest in electric motorbike battery swap and charging stations is intensifying in Vietnam, with major players including VinFast (VFS), Selex Motors, Honda, Yamaha, and Gogoro all announcing aggressive expansion plans. VinFast leads with a target of 45,000 battery swap cabinets across 34 provinces by Q1 2026, while Selex Motors aims for 1,000 stations in 2026. The competition underscores the strategic importance of charging infrastructure in capturing and retaining customers in the fast-growing electric two-wheeler market.

Key Facts

• VinFast targets 45,000 battery swap cabinets across 34 provinces by Q1 2026, up from 4,500 stations completed by mid-January 2026.
• VinFast offers three electric motorbike models supporting battery swap: Evo, Feliz II, and Viper.
• VinFast’s battery rental costs are VND 175,000/month for one battery and VND 300,000/month for two batteries; each swap costs VND 9,000.
• Selex Motors operates about 118 swap stations in Hanoi, Ho Chi Minh City, and Hue, with a target of 1,000 stations in 2026.
• Selex Motors is partnering with Petrolimex to install swap cabinets at gas stations.
• Honda will launch its e: Swap Battery Station system from April 2026, with charging stations at dealerships from June 2026 (1,200W chargers).
• Yamaha plans a pilot battery swap network in Hanoi and Ho Chi Minh City via Yamaha Town and partner ZuttoRide Vietnam.
• Gogoro, a Taiwanese firm, will enter Ho Chi Minh City in 2026 with a pilot expected in Q2 2026.

What Happened

According to a Vietnamese media report, the competition to build battery swap infrastructure for electric motorbikes is accelerating. VinFast, through its affiliate V-Green, is rapidly expanding its swap network, targeting 45,000 cabinets in 34 provinces by Q1 2026. The company offers three swap-compatible models and flexible battery rental options, with a per-swap fee of VND 9,000.

Selex Motors, focusing on high-usage customers like delivery and logistics, plans to grow from 118 to 1,000 swap stations in 2026 and is collaborating with Petrolimex to place cabinets at gas stations. Japanese giants Honda and Yamaha are also entering the fray: Honda will launch its e: Swap Battery Station in April 2026, followed by dealership charging stations in June, while Yamaha is piloting a swap network in Hanoi and Ho Chi Minh City. Taiwanese firm Gogoro confirmed it will enter Ho Chi Minh City in 2026 with a pilot starting in Q2.

Market Context

VinFast (VFS), listed on the Nasdaq, has seen its stock price volatile amid broader EV market sentiment and its expansion into new markets. The domestic electric motorbike segment is a key revenue driver for VinFast, and the aggressive build-out of swap stations aims to lock in customers and differentiate from competitors. The broader Vietnamese market is witnessing a surge in demand for charging infrastructure, driven by rising fuel prices and stricter environmental standards in major cities. Other players like Selex Motors (unlisted) and international entrants are intensifying competition.

Strategic Significance

The battery swap model addresses a critical pain point for electric motorbike users: charging time. By enabling swaps in minutes, companies can improve convenience and accelerate EV adoption. For VinFast, the massive network expansion (45,000 stations) is a defensive and offensive move to build a moat around its customer base, as rivals like Honda and Yamaha bring brand trust and dealer networks. The partnerships with fuel retailers (Petrolimex) and the entry of Gogoro, a proven operator in Taiwan, signal that infrastructure is becoming a key competitive differentiator. Long-term, the winner in this race may capture not only vehicle sales but also recurring revenue from battery rentals and swaps.

What to Watch

• VinFast’s Q1 2026 progress report on swap station deployment against the 45,000 target.
• Selex Motors’ ability to scale from 118 to 1,000 stations and its partnership with Petrolimex.
• Honda’s April 2026 launch of e: Swap Battery Station and customer adoption.
• Gogoro’s pilot results in Ho Chi Minh City and potential expansion to other cities.
• Regulatory developments in Vietnam regarding EV infrastructure standards and incentives.