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.

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.