EV maker VinFast aims expansion in 50 markets

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. Photo by Reuters

It also revealed a plan to set up an assembling plant in India – the third largest automobile market in the world. Some 150-200 million USD will be splashed out on the Indian plant, which is designed with the capacity of 50,000 vehicles a year in the first phase.

According to VinFast, plant construction in new markets allows the firm to capitalise on the incentives of the host governments as well as access raw materials with attractive prices.

VinFast handed over 10,027 electric cars in the third quarter of this year, up 5% from previous quarter. Robust sales in the period was recorded in the Norther American market, especially Canada.

During January-September, as many 21,342 VinFast vehicles were delivered.

Besides, the firm saw impressive sales of electric motorbikes, with 28,220 vehicles sold in Q3, up 177% from Q2, and 113% as compared to the same time last year.

Its revenue rose 4% quarter-on-quarter, and 159% year-on-year to 8.254 trillion VND (342.7 million USD), nearly 7.7 trillion VND of which came from electric vehicle sales.

According to Le Thi Thu Thuy, VinFast Global General Director, VinFast has an ambitious plan to build a green future, and its business result in the last quarters is only an initial step.

A feasible plan was outlined to ensure that VinFast is able to make bold steps to become a global company, she said.