VinFast sets new monthly EV delivery record in Vietnam
VinFast, an electric vehicle manufacturer under Vietnam's conglomerate Vingroup, delivered over 20,000 electric cars in December 2024, a 20% increase from the previous month and the highest monthly delivery for a car brand in the local market.
This milestone brings VinFast’s total domestic sales for 2024 to 87,000 units, a significant rise compared to 34,855 units in 2023.
The achievement further cements the car startup's position as a leading automotive brand in its home market, the company announced on Saturday.
A VF5 automobile by VinFast. Photo courtesy of the firm.
Domestic sales also exceeded the EV maker’s global delivery target of 80,000 units for 2024.
The VF5 model was the best-selling vehicle in VinFast’s portfolio and the local auto market last year, with over 32,000 units delivered – surpassing the 28,000 units sold by Japan’s Honda in Vietnam. The runner-up was the VF3 model, with over 25,000 units delivered in just five months.
The strong sales of the VF5 were largely driven by agreements between VinFast and Xanh SM (GSM), an electric taxi operator and a major buyer of VinFast vehicles, to supply EVs to taxi firms.
Additionally, the extension of VinFast’s free-charging incentive until 2027 has boosted domestic demand for EVs.
In December 2024, VinFast kicked off a VND7.3 trillion ($287.5 million) EV plant project in the central province of Ha Tinh, its second in Vietnam and fifth globally. Construction on the plant, covering 36 hectares in the Vung Ang Economic Zone, Ky Anh district, will commence this July.
Apart from the operational complex in Vietnam’s northern city of Hai Phong, VinFast is building three others in India, Indonesia, and the U.S., of which those in India and Indonesia are scheduled to come online in 2025.
According to its unaudited financial results for Q3 ending September 30, 2024, VinFast delivered 21,912 vehicles, a 66% rise from Q2 and a 115% year-over-year increase. Its revenue reached $511.6 million, up 42.2% from Q2 and up 49.3% year-over-year.
- Related News
- Read More
Vietnam's National Credit Information Center 'attacked by hackers'
The Vietnam Cyber Emergency Response Center (VNCERT) on Thursday announced that it has received a report of a cyber security incident occurring at the National Credit Information Center of Vietnam (CIC) and initial reports show "signs of personal data breach".
Economy - Fri, September 12, 2025 | 9:42 am GMT+7
Central Vietnam province Quang Tri to develop 'four-in-one' airport urban complex
With Quang Tri Airport scheduled to begin operations in Q2/2026, the central province of Quang Tri is urgently reviewing legal frameworks and planning to establish an integrated aviation industrial and airport urban complex.
Real Estate - Fri, September 12, 2025 | 9:02 am GMT+7
Vietnam’s private lender VPBank to enter crypto asset market
VPBank, a leading private lender in Vietnam, is finalizing procedures to launch a cryptocurrency asset trading platform under a pilot program freshly adopted by the Government.
Finance - Fri, September 12, 2025 | 8:26 am GMT+7
Malaysia targets regional AI leadership under 2030 plan
Malaysia is intensifying efforts to advance its artificial intelligence (AI) agenda under the National AI Action Plan 2030, with the long-term aim of positioning itself among the region’s leaders in the field.
Southeast Asia - Thu, September 11, 2025 | 9:50 pm GMT+7
Agribank honored among top 10 most reputable commercial banks in Vietnam 2025
Agribank was named among the Top 10 Most Reputable Commercial Banks in Vietnam in 2025 at the recent Vietnam CEO Summit jointly organized by Vietnam Report and VietNamNet newspaper.
Companies - Thu, September 11, 2025 | 9:03 pm GMT+7
Transport infrastructure builder Deo Ca eyes metro line in Vietnam’s central tourism hub
Deo Ca Group, one of Vietnam’s leading transport infrastructure developers, is keen to invest in a metro line linking two major tourism hubs in the central region.
Infrastructure - Thu, September 11, 2025 | 7:41 pm GMT+7
Lego launches its 5th regional distribution center in southern Vietnam
Danish toymaker Lego has launched its fifth worldwide regional distribution center (RDC) in Vietnam’s southern province of Dong Nai via an expanded partnership with global logistics group Kuehne+Nagel, the company said in a statement on Wednesday.
Industries - Thu, September 11, 2025 | 7:05 pm GMT+7
Southern Vietnam diesel oil-fueled power plant begins renovation to switch to using gas
Investor EVNGENCO2 under Vietnam's state utility EVN and contractor LIGEPS last week signed on a contract for the O Mon 1 thermal power plant in the southern city of Can Tho to convert to using gas from Block B offshore Southwest Vietnam.
Energy - Thu, September 11, 2025 | 4:46 pm GMT+7
Malaysia's Petronas, Vietnam's PV Gas seek to deepen ties in LNG
The Malaysian government-owned oil and gas giant Petronas and PV Gas, a subsidiary of state-owned Petrovietnam, aim to strengthen their ties in a "comprehensive, long-term and sustainable manner", including in LNG supply and projects.
Companies - Thu, September 11, 2025 | 3:00 pm GMT+7
The ASEAN trade puzzle: Smart moves in a shifting landscape
To navigate the significant uncertainty caused by U.S. tariffs and enhance operational resilience, Vietnamese firms must prioritize supply chain agility by investing in digital integration, leveraging supply chain finance, and implementing early-warning systems to anticipate and mitigate disruptions, write Runa Baksi, head of Southeast Asia, global trade solutions at HSBC, and Surajit Rakshit, head of global trade solutions at HSBC Vietnam.
Economy - Thu, September 11, 2025 | 11:19 am GMT+7
When the Vietnamese stock market 'takes a break'
After two strong correction sessions, the Vietnamese stock market in recent sessions has been in a state of tug-of-war and sideways movement. Some experts argue that such development is necessary for the VN-Index to conquer higher points.
Finance - Thu, September 11, 2025 | 9:35 am GMT+7
Vietnam to break ground on Cat Lai bridge next year to link Long Thanh airport with HCMC
The southern province of Dong Nai plans to start construction of VND18 trillion ($682.5 million) Cat Lai bridge that connects Long Thanh International Airport and Ho Chi Minh City next year, according to Vice Chairman of the provincial People’s Committee Ho Van Ha.
Companies - Thu, September 11, 2025 | 7:55 am GMT+7
State Bank of Vietnam Governor rated A+ by Global Finance
Global Finance has ranked Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong A+, the highest grade in its 2025 Central Banker Report Cards.
Banking - Wed, September 10, 2025 | 10:11 pm GMT+7
Vietnam officially pilots crypto asset market
Starting from Tuesday, Vietnamese enterprises with a charter capital of at least VND10 trillion ($379 million) and meeting certain conditions will be eligible to receive a license to participate in the pilot of a crypto asset market in the country.
Finance - Wed, September 10, 2025 | 9:52 pm GMT+7
Indonesia urges feed industry to stabilize prices to protect farmers
Indonesia’s Ministry of Agriculture has urged animal feed companies to refrain from raising prices amid rising production costs in many key centres, which has the potential to burden poultry farmers, both small and large-scale operations.
Southeast Asia - Wed, September 10, 2025 | 9:25 pm GMT+7
Malaysia consolidates position in semiconductor supply chain
Malaysia can maintain its position as a middle power in the global semiconductor supply chain through the implementation of the National Semiconductor Strategy (NSS), which was launched in May last year, according to Deputy Investment, Trade and Industry Minister Liew Chin Tong.
Southeast Asia - Wed, September 10, 2025 | 9:23 pm GMT+7
