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 benchmark VN-Index records sharpest drop in 25-year history

Vietnam's benchmark VN-Index records sharpest drop in 25-year history

VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), saw the sharpest decline in its 25-year history on Monday, down by 94.76 points, or 5.47%, to 1,636.43.

Finance - Mon, October 20, 2025 | 5:49 pm GMT+7

Construction contractor Coteccons sets record FY2026 targets, capital base hike via share issue

Construction contractor Coteccons sets record FY2026 targets, capital base hike via share issue

Coteccons Construction JSC (HoSE: CTD), one of Vietnam’s largest construction contractors, has set ambitious targets for its fiscal year 2026, driven by a record order backlog and its push into international markets.

Companies - Mon, October 20, 2025 | 4:50 pm GMT+7

Real estate, gold markets to be fully established by 2026: Prime Minister

Real estate, gold markets to be fully established by 2026: Prime Minister

Vietnam plans to complete a comprehensive legal framework for its financial, real estate, and gold markets by 2026 as part of a broader effort to modernize market infrastructure and accelerate economic growth, said Prime Minister Pham Minh Chinh.

Finance - Mon, October 20, 2025 | 3:33 pm GMT+7

Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province

Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province

Vietnam’s Ministry of Public Security has broken ground on a 60,000-seat domed stadium in the northern province of Hung Yen, set to become the country’s most technologically advanced sports venue.

Society - Mon, October 20, 2025 | 2:48 pm GMT+7

Workforce and logistics - keys to sustainable e-commerce growth in Vietnam: experts

Workforce and logistics - keys to sustainable e-commerce growth in Vietnam: experts

Businesses and online shop owners in Vietnam should pay greater attention to human resources and logistics, considering these factors “keys” to competitive advantage in the increasingly volatile e-commerce market, according to experts.

Economy - Mon, October 20, 2025 | 10:54 am GMT+7

Construction stocks ignite Vietnam’s market rally by year-end

Construction stocks ignite Vietnam’s market rally by year-end

FDI inflows into Vietnam are hitting record highs, while faster public investment disbursement and stable construction material costs are fueling a late-year surge in construction stocks, analysts said.

Finance - Mon, October 20, 2025 | 10:44 am GMT+7

Vietnam's central bank struggles to rein in cross-ownership

Vietnam's central bank struggles to rein in cross-ownership

Cross-ownership and bank manipulation in Vietnam have eased, yet control remains elusive as shareholders and related parties conceal ownership through nominees, the State Bank of Vietnam (SBV) said in a report to the country’s legislature.

Banking - Mon, October 20, 2025 | 8:34 am GMT+7

Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam

Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam

Viettel Post, a subsidiary of military-run Viettel Group, has broken ground on an over VND722 billion ($27.41 million) logistics center project in Danang city, which is expected to enhance the logistics capacity of Vietnam's central and Central Highlands regions.

Industries - Sun, October 19, 2025 | 7:35 pm GMT+7

Vietnam's stock market regulator introduces green bond disclosure handbook

Vietnam's stock market regulator introduces green bond disclosure handbook

By enhancing transparency and standardizing disclosures, the Green Bond Disclosure Handbook that the State Securities Commission of Vietnam (SSC) introduced will build investor trust, reduce greenwashing risks, and support the growth of a credible and resilient green finance market in Vietnam.

Finance - Sun, October 19, 2025 | 2:11 pm GMT+7

Central Vietnam province Lam Dong seeks investment for 72 projects

Central Vietnam province Lam Dong seeks investment for 72 projects

The Lam Dong province People's Committee has called for investment in 72 projects across various sectors which are set for implementation in 2025 and the 2026-2030 period.

Industries - Sun, October 19, 2025 | 1:31 pm GMT+7

Vietnam's leading conglomerate Vingroup ventures into senior living market

Vietnam's leading conglomerate Vingroup ventures into senior living market

Vingroup JSC (HoSE: VIC) has unveiled Vin New Horizon, a network of premium retirement and wellness communities built to international standards, marking the Vietnamese conglomerate’s strategic entry into the senior living market.

Industries - Sun, October 19, 2025 | 12:28 pm GMT+7

Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years

Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years

Vietnam’s agri major Hoang Anh Gia Lai JSC's (HAGL) return to real estate is an accident, after discovering a plot of land the company had “forgotten for 15 years” during its boom years, said chairman Doan Nguyen Duc.

Companies - Sun, October 19, 2025 | 10:02 am GMT+7

REE to set up 2 subsidiaries for wind projects in southern Vietnam

REE to set up 2 subsidiaries for wind projects in southern Vietnam

Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (HoSE: REE) has decided to establish two wholly-owned subsidiaries to develop two wind power projects in Vinh Long province, expanding its renewable energy portfolio in southern Vietnam.

Energy - Sun, October 19, 2025 | 8:00 am GMT+7

Australian CEO detained, NSH Petro’s recovery hopes collapse

Australian CEO detained, NSH Petro’s recovery hopes collapse

The recovery prospects of NSH Petro (PSH) have dimmed after its Australian CEO was detained on allegations of fraud involving false promises of billion-dollar financing that led to the misappropriation of nearly $4.9 million.

Companies - Sat, October 18, 2025 | 6:53 pm GMT+7

Maintaining market status upgrade a bigger challenge: official

Maintaining market status upgrade a bigger challenge: official

Vietnam's stock market status will be upgraded by FTSE Russell from "frontier" to "secondary emerging" from September 21 next year, but continued reform is critical as the bigger challenge is to maintain the new classification, said a market watchdog official.

Finance - Sat, October 18, 2025 | 1:30 pm GMT+7

HCMC partners with Nasdaq to develop int’l financial center

HCMC partners with Nasdaq to develop int’l financial center

The Finance Department of Vietnam’s southern metropolis Ho Chi Minh City has signed an MoU with the U.S.-based stock exchange Nasdaq on the development of an international financial center (IFC).

Top News - Sat, October 18, 2025 | 11:56 am GMT+7