According to foreign media reports, Vietnamese electric vehicle manufacturer VinFast said on February 13 that it delivered a total of about 97,000 vehicles last year, almost three times that of 2023, exceeding the annual sales target of 80,000 vehicles after the cut ( The company initially planned to sell 100,000 cars last year).
Thuy Le, chairman of VinFast, said: “VinFast’s performance in 2024 exceeded expectations and demonstrated its resilience in the face of market volatility and macroeconomic instability.
However, most of VinFast’s sales are still from the Vietnamese local market. While VinFast also wants to expand overseas markets, so far has not been going well in attracting foreign buyers. In a statement in January, VinFast said it sold more than 87,000 cars in Vietnam in 2024, meaning its overseas sales were only about 10,000, accounting for about 10% of total sales.
In the fourth quarter of 2024, VinFast sold more than 53,000 vehicles, accounting for more than half of the total sales for the whole year, up 143% month-on-month and 342% year-on-year. This growth is due to a small, affordable model launched by the company in the quarter. Strong demand in the model and Vietnam market. Driven by a substantial increase in delivery volumes in the fourth quarter of 2024, the company plans to at least double its global sales this year.
Currently, the electric vehicle startup is implementing a radical but costly expansion strategy in Vietnam, with a population of nearly 100 million and the size of the automobile market is growing.
However, the latest data shows that the company lost nearly $2 billion in the first three quarters of last year and $2.4 billion in 2023. This puts pressure on its parent company Vingroup.
Last year, VinFast delayed plans to build a factory in the United States, appearing to shift its focus to Asian markets, especially India and Indonesia, with plans to build two assembly plants in both countries.
It is worth noting that in 2023, most of the cars sold by VinFast in Vietnam were sold to companies associated with company owner Pham Nhat Vuong, including electric taxi operator Green SM. According to market research firm Mordor Intelligence, in the fourth quarter of 2024, Green SM surpassed Southeast Asian online ride-hailing giant Grab to become Vietnam’s largest taxi company.
In 2024, the complete details of VinFast electric vehicles in Vietnam have not been released, but according to the company’s quarterly financial report, about 20% of its delivery volume in the third quarter of last year went to VinFast’s affiliates. VinFast is expected to release its full-year results report on April 24.