Vietnam's EV startup VinFast posts 192% surge in 2024 deliveries, eyes double figure in 2025

Vietnamese electric vehicle (EV) manufacturer VinFast recorded robust revenue growth in its unaudited Q4 and 2024 financial statements, driven by strong vehicle deliveries despite global market uncertainties.

EV deliveries were 53,139 in Q4/2024, up 143% from Q3. Its business-to-consumer (B2C) sales in the quarter marked a 140% increase quarter-over-quarter and a remarkable over 20-fold increase year-over-year.

For the whole 2024, deliveries were 97,399, up approximately 192% from 2023.

E-scooter deliveries were 31,170 in Q4, an increase of 65% from Q3. For the full year, the figure was 70,977, up approximately 1% from 2023.

VinFast's total Q4 revenues hit VND16,496 billion ($677.9 million), a surge of 69.8% from Q4/2023 and 33.8% from the previous quarter.

The EV manufacturer's 2024 revenues reached VND44,020 billion (nearly $1.81 billion) in 2024, a 57.9% leap from 2023. Net loss was VND77,355 billion ($3,179 million).

The decrease of gross margin over Q4/2023 and Q3/2024 was primarily driven by the recognition of a one-time free charging program fee as a reduction from revenue in the estimated amount of VND5,900 billion ($242.5 million) contributed by VinFast’s founder and CEO, Vingroup’s chairman, Pham Nhat Vuong.

Vuong had disbursed VND10 trillion ($410.9 million) in non-refundable grants as of March 31, 2025. This is part of his pledge, outlined in the grant agreement dated November 12, 2024, to provide up to VND50 trillion ($2.1 billion) to the company and its subsidiaries.

As of March 31, 2025, Vingroup had disbursed over VND27 trillion ($1.04 billion) in loans to VinFast. Late last year, the conglomerate committed to providing VinFast with new loans totaling up to VND35 trillion to support its continued growth momentum.

Thuy Le, chairwoman of VinFast, described VinFast's Q4 and full year 2024 as "outstanding" which "reflects the company’s ability to navigate a dynamic and often challenging market environment".

"These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape,” she said in a corporate release on Friday.

Global footprint grows

VinFast is actively pursuing expansion in promising markets and optimizing performance in its key focus markets.

Following initial deliveries of the VF e34s and VF 5s in 2024, VinFast continues to penetrate the Indonesian market with the fourth shipment departing in early March.

The shipment consisted of nearly 2,500 vehicles, including the VF 3, VF 5, VF e34 and Nerio Green. As of March 31, 2025, VinFast had possessed 22 dealer stores in Indonesia.

At the 2025 Manila International Auto Show (MIAS), VinFast launched sales of the VF 6, marking the fifth VinFast model available to Filipinos after the VF 3, VF 5, VF 7 and VF 9.

The company also announced partnerships with six local dealers to establish over 60 additional dealer stores in the country by end-2025. As of March 31, 2025, VinFast had possessed six dealer stores in the Philippines.

Regarding North America, VinFast introduced a dealership model to complement the company’s D2C approach in the international markets since late 2023, aiming to optimize operations while broadening its distribution network.

To further capture these benefits, the carmaker intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in California, U.S. in the coming months.

VinFast has developed a network of 38 operational and to-be-operational dealers in 16 states across the U.S., including one dealer in California.

The corporation is initiating plans to develop a widespread dealer network across major cities in Europe, while concurrently strengthening collaborations with reputable after-sales partners throughout the region.

It has launched and started deliveries of the VF 6, its second model introduced in Europe following the VF 8.

In its domestic market of Vietnam, VinFast is further solidifying its position at the forefront of the green mobility transition with the introduction of its all-new "Green" product line.

Specifically designed and optimized for transportation services, this range encompasses four models across distinct segments: Minio Green (minicar), Herio Green (A-SUV), Nerio Green (C-SUV), and Limo Green (MPV) with starting MSRP ranges from VND269 million (about $11,100) to VND749 million (approximately $30,800).

Deliveries are expected to start in Q2/2025 for the Herio Green and Nerio Green, with Minio Green and Limo Green following in August this year.

Business outlook

VinFast has set a target of at least doubling its global vehicle deliveries in 2025.

The company stated that it intends to maintain a flexible approach to its business strategy and objectives, continuously evaluating market dynamics and macroeconomic conditions, while remaining steadfast in its vision to advance the global transition to sustainable mobility.

"Throughout 2025, VinFast will continue to explore opportunities to increase its market presence. Simultaneously, the company is focused on further enhancing its capabilities and optimizing operations spanning production, assembly, sales, and distribution to effectively meet the accelerating global demand for green transportation," it said in the release.