The new economic 'shield'

The energy market panic is once again exposing an inherent weakness of the global economy: dependence on fossil fuels. In this context, electric vehicles are emerging as a new economic "shield," and Vietnam is a notable case.

According to a report by the UK-based non-profit energy research and consulting organization Ember, electric vehicles will help save approximately 1.7 million barrels of oil per day by 2025. This figure not only has environmental significance but also directly reduces the pressure on energy imports in the context of volatile oil prices influenced by geopolitics .

Notably, emerging economies are moving faster than expected. In Vietnam, the proportion of electric vehicles in new car sales is projected to reach 38% by 2025, exceeding the European average of 26% and significantly higher than the US (10%) or Japan (3%). Vietnam's advantage, along with Thailand (21%) and Indonesia (15%), lies in its ability to embrace technology, free from the constraints of outdated infrastructure, amidst rapidly increasing demand for personal vehicles.

The Ember report suggests that this rise is further fueled by a significant technological breakthrough. In just four years since the 2022 energy crisis, battery prices have fallen by 36%, making electric vehicles no longer a luxury option but approaching the same initial purchase price as gasoline-powered cars. Furthermore, a key factor contributing to the greater economic viability of electric vehicles is the difference in long-term operating costs.

Unlike gasoline-powered vehicles that rely on imported fuel, electric vehicles allow the use of electricity from the domestic grid, with solar and wind power becoming increasingly affordable. The price of solar panels has halved since 2022, helping to stabilize energy costs in the long term.

With Asia importing up to 40% of its oil through the Strait of Hormuz, the shift to electric vehicles is no longer a consumer choice but a requirement for energy security. According to Ember, if the electrification of transportation is accelerated, the demand for oil for transport could decrease by one-third, equivalent to savings of approximately $600 billion per year globally.

Vietnam's rapid growth is therefore not just a market story, but reflects a strategic choice. As energy is closely tied to economic stability, electric vehicles are shifting from a "trend" to a "defense tool" against increasingly unpredictable oil price shocks.

Source: https://baoquocte.vn/tam-khien-kinh-te-moi-373397.html