VinFast, the Electric Vehicle Manufacturer, Sets Ambitious Goal to Expand into 50 Markets

VinFast, the Vietnamese electric vehicle manufacturer, has announced its intention to set up an assembly plant in India, the world’s third-largest automobile market. With an estimated investment of $150-200 million, the Indian plant will have an initial production capacity of 50,000 vehicles per year. VinFast aims to leverage the incentives provided by host governments and access cost-effective raw materials by establishing manufacturing facilities in new markets.

In the third quarter of this year, VinFast delivered 10,027 electric cars, marking a 5% increase compared to the previous quarter. Notably, the North American market, particularly Canada, experienced robust sales during this period. From January to September, VinFast delivered a total of 21,342 vehicles. The company also achieved impressive sales figures for electric motorcycles, with 28,220 units sold in Q3, representing a 177% increase from Q2 and a 113% increase compared to the same period last year.

VinFast’s revenue grew by 4% quarter-on-quarter and 159% year-on-year, reaching 8.254 trillion VND (approximately $342.7 million). The majority of this revenue, nearly 7.7 trillion VND, was generated from electric vehicle sales. Le Thi Thu Thuy, VinFast’s Global General Director, emphasized the company’s commitment to building a sustainable future and stated that the recent business results are just the initial steps towards its ambitious plan. VinFast aims to become a global company and has outlined a feasible strategy to ensure its ability to take bold strides in the industry.