VinFast expects 40,000-50,000 vehicle sales by year-end: executive

VinFast, the electric vehicle (EV) arm of Vietnamese conglomerate Vingroup, expects sales of 40,000-50,000 units by year-end, chairwoman Le Thi Thu Thuy told CNBC in an interview on Thursday.

Le Thi Thu Thuy highlighted “the momentum is there” as the whole world is moving from internal combustion engine vehicles to EVs and the adoption will continue. For VinFast in 2024 and 2025, Vietnam will remain an important market, but gradually other markets will start taking off, Thuy said.

In particular, for the ASEAN market, Indonesia is a special market and the number will increase significantly when VinFast starts exporting right-handed drive vehicles there, she added.

A day earlier, VinFast announced its participation in the Indonesia International Motor Show (IIMS) 2024, scheduled for February 15-25. The event will mark the brand’s launch in Indonesia and will be a significant milestone in VinFast’s global expansion, the firm said.

At IIMS 2024, VinFast will display a range of electric vehicles across various segments. This is also the first time VinFast will introduce right-hand drive electric vehicle models to the international market, affirming its strong dedication to making electric vehicles accessible to everyone, according to a company statement.

Tran Quoc Huy, VinFast Indonesia CEO, said: “VinFast is delighted to formally launch its brand in the Indonesian market at IIMS 2024. We aim to provide local customers with more eco-friendly transportation offerings, along with a commitment to accompany them throughout the electric vehicle ownership journey. We look forward to inspiring the market to explore the limitless potential of a modern and sustainable mobility future.”

With a population of 250 million people, Indonesia is the largest economy in Southeast Asia and one of the largest automotive markets in the region, VinFast said.

In January, during a Vietnam-Indonesia high-level business dialogue, Indonesian President Widodo urged VinFast to expand its investment in the electric vehicle field and visited the VinFast electric vehicle manufacturing complex in the northern port city of Hai Phong.

In September 2023, the EV maker said it plans to invest at least $1.2 billion in Indonesia in the long-term. Apart from distributing imported cars from Vietnam in the first phase, VinFast said it plans to build a $200-million EV factory in the country with an expected annual capacity of 30,000-50,000 vehicles.

VinFast delivered 34,855 EVs around the world in 2023, the firm said in a filing to the Nasdaq last month. From 2021 when it made its first delivery to end-2023, VinFast delivered 42,291 EVs globally.