Vietnamese EV maker VinFast doubles H1 delivery to 21,747 units

By Tri Duc
Sat, July 13, 2024 | 2:52 pm GMT+7

VinFast, under Vietnam’s largest private conglomerate Vingroup, delivered 21,747 electric vehicles in the first half of 2024, up 92% year-on-year.

In a Friday statement, VinFast said the figure included 12,058 units in the second quarter, up 26% year-on-year and 24% over Q1/2024.

While the Q2 delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and the global EV landscape necessitate a more prudent outlook for the rest of the year, the company said.

VinFast VF3, a mini electric vehicle. Photo courtesy of VinFast.

VinFast VF3, a mini electric vehicle. Photo courtesy of VinFast.

However, it has set a high target of delivering 80,000 EVs this year, compared to just 34,855 units delivered in 2023, for a 2.3-fold year-on-year growth.

The “prudent and realistically strategized” approach would focus on near-term opportunities in a more selective group of potential markets. This would facilitate optimal capital and resource management and minimize risks more effectively, VinFast said.

Recognizing the rapid transition from gasoline to electric vehicles in Vietnam, VinFast said it will leverage its strong foundation in the domestic market to capitalize on this growth momentum.

Its advantages in Vietnam include a comprehensive charging station system, a diverse product portfolio catering to different customer needs, a flexible battery subscription policy and “excellent after-sales service that builds trust and customer loyalty,” the firm added.

The company has also made a strategic decision to adjust the timeline for the launch of its manufacturing facility in North Carolina, the United States. The project is now expected to begin production in 2028.

The change will allow it to optimize capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations, the EV maker said.

VinFast clarified that the adjustment would not change its fundamental growth strategy and key operating targets. The company anticipated strong sales growth in the second half of this year, driven by a diverse product range with competitive pricing that targets a larger customer base and a rapidly expanding global distribution network in key regions, including new markets in Asia and existing markets, adopting a dealership model.

VinFast said its strong first half performance has set the stage for the expected growth surge. Pre-orders for the mini-SUV VF 3 model has achieved record deposit numbers in the domestic market. In Indonesia, the company opened dealer stores and began selling the VF e34 and VF 5 models within a few months.

It has expanded its global footprint by entering Thailand and the Philippines; and officially begun deliveries in Europe, backed by a well-developed customer care network.

Furthermore, VinFast has established a presence in the Middle East, broken ground on its first manufacturing facility in India and expanded its global sales network.

Comments (0)
  • Read More
Vietnam’s offshore oil field produces first commercial oil ahead of schedule

Vietnam’s offshore oil field produces first commercial oil ahead of schedule

The Kinh Ngu Trang-Kinh Ngu Trang Nam (White Whale-White Whale South or KNT-KTN) oil field, located in Block 09-2/09 off Vietnam's southern coast, welcomed its first oil flow on Monday, one day ahead of schedule.

Economy - Thu, July 17, 2025 | 4:03 pm GMT+7

Leading developer Becamex vows to develop eco-industrial parks in Vietnam

Leading developer Becamex vows to develop eco-industrial parks in Vietnam

Becamex IDC Corp, a leading urban and industrial park developer based in Ho Chi Minh City, is committed to integrating international sustainability standards into the practical operations of its industrial parks in Vietnam, said CEO Nguyen Hoan Vu.

Industrial real estate - Thu, July 17, 2025 | 3:49 pm GMT+7

Northern Vietnam province to address traffic problem for Foxconn’s plant

Northern Vietnam province to address traffic problem for Foxconn’s plant

Authorities in Vietnam’s northern province of Bac Ninh are working to resolve traffic congestion around the Quang Chau Industrial Park in response to concerns raised by Foxconn, a Taiwanese electronics giant and key supplier to Apple.

Companies - Thu, July 17, 2025 | 3:33 pm GMT+7

China firm plans wind power blade manufacturing project in central Vietnam

China firm plans wind power blade manufacturing project in central Vietnam

China's Zhuzhou Times New Material Technology Co., Ltd is proposing a wind power blade manufacturing project in the south-central coastal province of Khanh Hoa.

Energy - Thu, July 17, 2025 | 3:20 pm GMT+7

Investor awareness key to Vietnam’s stock market status upgrade: regulator

Investor awareness key to Vietnam’s stock market status upgrade: regulator

The Investor introduces the speech by Vu Thi Chan Phuong, chairwoman of the State Securities Commission (SSC), at the seminar "Raising investor awareness towards stock market status upgrade" in Hanoi on Thursday.

Finance - Thu, July 17, 2025 | 11:58 am GMT+7

S Korean firm apologizes for employee's assault in Hanoi

S Korean firm apologizes for employee's assault in Hanoi

South Korea's Segyung Hi-Tech, with a subsidiary in the northern Vietnam province of Bac Ninh, on Wednesday issued a formal apology for its employee making an assault on two Vietnamese women in Hanoi.

Companies - Thu, July 17, 2025 | 10:23 am GMT+7

Vietnam’ steel giant Hoa Phat reports 30% profit surge in Q2

Vietnam’ steel giant Hoa Phat reports 30% profit surge in Q2

Vietnam’s largest steelmaker, Hoa Phat Group, posted after-tax profit of VND4.3 trillion ($164.4 million) in Q2/2025, up nearly 30% compared to both Q2/2024 and Q1/2025.

Companies - Thu, July 17, 2025 | 9:43 am GMT+7

Vietnam's fund management industry has chance to make breakthrough development: exec

Vietnam's fund management industry has chance to make breakthrough development: exec

Tax incentive policies will help people have confidence in investment funds and create a habit of long-term and disciplined investment, writes Nguyen Hang Nga, general director of Vietcombank Fund Management Company Limited (VCBF), a joint venture between state-controlled Vietcombank and Franklin Templeton Investments (FTI).

Consulting - Thu, July 17, 2025 | 8:52 am GMT+7

The Investor's seminar 'Raising investor awareness towards stock market status upgrade' is taking place

The Investor's seminar 'Raising investor awareness towards stock market status upgrade' is taking place

The Investor and its Vietnamese-language sister Nhadautu.vn will hold a seminar titled “Raising investor awareness towards stock market status upgrade” in Hanoi on Thursday, July 17.

Finance - Thu, July 17, 2025 | 7:30 am GMT+7

Chinese firms seek to develop smart urban areas in Vietnam

Chinese firms seek to develop smart urban areas in Vietnam

Hong Kong-headquartered CCC Infrastructure Co. and Shenzhen-based Hero Group wish to implement real estate projects in Vietnam, including investments in smart urban areas in the northern province of Bac Ninh and the southern province of Tay Ninh.

Real Estate - Wed, July 16, 2025 | 10:25 pm GMT+7

Construction starts on Hoa Nhon Industrial Park in central Vietnam city Danang

Construction starts on Hoa Nhon Industrial Park in central Vietnam city Danang

Local investor Sai Gon-Da Nang Investment JSC (SDN) has started construction on the Hoa Nhon Industrial Park (IP) which covers 24.75 ha in the central city of Danang.

Companies - Wed, July 16, 2025 | 8:34 pm GMT+7

US starts anti-circumvention probe into aluminum containers imported from Vietnam

US starts anti-circumvention probe into aluminum containers imported from Vietnam

The U.S. Department of Commerce (DOC) has initiated anti-circumvention investigations into disposable aluminum containers, pans, trays, and lids imported from Vietnam and Thailand, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade.

Companies - Wed, July 16, 2025 | 8:27 pm GMT+7

Vietnamese billionaire-backed VinSpeed raises capital to $573 mln

Vietnamese billionaire-backed VinSpeed raises capital to $573 mln

VinSpeed High-Speed Rail Investment and Development JSC, where Vietnamese billionaire Pham Nhat Vuong holds a controlling stake, has raised its capital from VND6 trillion to VND15 trillion ($573.5 million).

Infrastructure - Wed, July 16, 2025 | 4:33 pm GMT+7

Vietnam's airport operator ACV to issue 1.4 bln shares in record dividend

Vietnam's airport operator ACV to issue 1.4 bln shares in record dividend

State-owned Airports Corporation of Vietnam (ACV) plans to issue over 1.4 billion shares as stock dividends at a 64.58% ratio, its all-time high.

Companies - Wed, July 16, 2025 | 3:44 pm GMT+7

Vietnam seeks economic expansion at 8.3-8.5% this year: Prime Minister

Vietnam seeks economic expansion at 8.3-8.5% this year: Prime Minister

Vietnam needs to achieve a GDP growth rate of about 8.3-8.5% this year, creating momentum to reach a double-digit level in the 2026-2030 period, said Prime Minister Pham Minh Chinh.

Economy - Wed, July 16, 2025 | 3:00 pm GMT+7

Vietnam targets $4.5 bln in cashew exports for 2025

Vietnam targets $4.5 bln in cashew exports for 2025

Vietnam is aiming to export cashews worth $4.5 billion in 2025, up 2.7% year-on-year, according to the Ministry of Agriculture and Environment. To hit this target, the sector must generate around $2.2 billion in the second half.

Companies - Wed, July 16, 2025 | 1:31 pm GMT+7