VinFast sees EV demand tailwinds from fuel prices, ramps up charging network

VinFast, the EV subsidiary of Vietnamese conglomerate Vingroup (HoSE: VIC), expects rising fuel prices and global geopolitical tensions to support long-term demand for electric vehicles, as it accelerates expansion plans and strengthens its charging infrastructure.

At its Q4/2025 earnings briefing on Monday, the company’s management said recent increases in gasoline prices could reinforce the shift toward EV adoption, while noting no significant impact on its current operations, according to a report by Vietcap Securities.

For 2026, VinFast’s key priorities include expanding production capacity, boosting vehicle deliveries, improving cost efficiency, and increasing its international presence.

The EV maker is expected to rely heavily on financial backing from its founder and parent company Vingroup. As of the end of 2025, VinFast had access to nearly VND80 trillion ($3.04 billion) in available liquidity.

This includes VND7.35 trillion ($279.41 million) in cash and cash equivalents, about VND24.6 trillion ($935.79 million) in undrawn credit lines from Vingroup, and up to VND22 trillion ($836.1 million) in remaining pledged support from founder and CEO Pham Nhat Vuong, who is also Vingroup’s chairman.

In addition, under a financing agreement signed in November 2024, Vuong committed to provide up to VND50 trillion ($1.9 billion) in non-refundable funding to VinFast and its subsidiaries, of which VND28 trillion ($1.06 billion) had been disbursed as of end-2025.

Separately, Vingroup pledged loans of up to VND35 trillion ($1.33 billion) between November 2024 and November 2026. As of December 31, 2025, VinFast had drawn about VND10.38 trillion ($394.34 million) from this facility.

In August 2025, VinFast transferred certain completed research and development assets into its entity, Novatech, which was subsequently acquired by Vuong for about VND39.8 trillion ($1.51 billion) in cash, providing additional liquidity to the automaker.

VinFast also has access to about VND24.32 trillion ($924.43 million) under a standby equity subscription agreement signed in October 2023 with YA II PN Ltd.

Alongside vehicle expansion, Vingroup is ramping up charging infrastructure through V-Green, an EV charging firm backed by Vuong. The company said it plans to invest VND10 trillion ($380.05 million) to deploy 99 super charging stations nationwide in 2026.

The stations will be located along major national and provincial highways across 34 provinces and cities, targeting long-distance travel demand. Each station is expected to be equipped with up to 100 fast chargers with a capacity of 150 kW, enabling vehicles to recharge in as little as 15 minutes depending on battery conditions.

V-Green aims to complete the rollout in 2026. As of the end of 2025, the company had already planned around 150,000 charging ports for electric cars and motorbikes nationwide, underscoring the group’s broader push to build a comprehensive EV ecosystem.

VinFast’s 2025 performance

In the full year 2025, VinFast delivered 196,919 EVs globally, up 102% year-on-year, according to its Q4 report. As a result, total revenues were VND90.43 trillion ($3.6 billion) in 2025, up 105.4%.

In Vietnam, VinFast maintained a leading position in the automotive market, ending 2025 with an estimated 36% market share compared to approximately 22% in 2024. VinFast also ended the year as a leading e-scooter brand in Vietnam.

In other key Asian markets such as India, Indonesia, and the Philippines, VinFast continues to expand its market share and strengthen its market position through a diverse product lineup, a comprehensive ecosystem, and an ever-growing network of dealerships, service workshops, and partners.

In India, VinFast made steady progress, based on Vahan registrations among battery EV brands, climbing from No.8 in October 2025 to No.4 in December 2025 despite only beginning vehicle sales in September 2025, and has maintained its position since then through February 2026.

In Indonesia, VinFast ended 2025 as the No.3 BEV brand according to the Association of Indonesia Automotive Industries (GAIKINDO).

In the Philippines, VinFast ended 2025 as the No.2 BEV brand according to the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).