VinFast's global deliveries hit 53,139 EVs in Q4/2024, up over 3 times

Vietnamese EV startup VinFast delivered 53,139 units globally in Q4/2024, a 342% year-over-year growth, driven by rising demand for affordable models and the company’s strength in its home market.

Global deliveries for the full year were 97,399 EVs, up 192% year-on-year, the Vietnamese carmaker said in a release on Thursday.

The company's Vietnamese market sales for 2024 hit 87,000 units, a significant rise compared to 34,855 units in 2023. The achievement further cements the EV startup's position as a leading automotive brand in its home market.

The above figures show that the Vietnamese market accounted for 89% of VinFast’s global deliveries in 2024.

With an aim to lead the green transition in Vietnam, VinFast implemented attractive incentive policies and partnered with numerous local governments, organizations, and major enterprises to drive campaigns such as “Fierce Vietnamese Spirit - For a Green Future” and “For a Green Capital”.

These strategic initiatives propelled VinFast to become the first all-electric automaker to lead the market in Vietnam, surpassing all domestic and overseas competitors in the country. Notably, Vietnam is now one of the few markets in the world in which an EV pure player leads the sales chart.

In 2024, VinFast also made significant strides in its global expansion. VinFast’s adoption of the dealership distribution model besides its direct-to-customer approach has shown promising results.

The company aggressively expanded into new, high-potential markets, including the Middle East, India, and the Philippines, while building a comprehensive “For a Green Future” ecosystem in Indonesia.

Simultaneously, it strengthened its presence in the existing, key markets in North America and Europe. These strategic steps in 2024 will provide strong momentum and a solid launchpad for the company to continue its breakthrough in 2025.

Thuy Le, chairwoman of VinFast, said: "VinFast's 2024 results exceeded expectations, demonstrating resilience in the face of market fluctuations and macroeconomic volatility. The record-breaking achievement underscores our strength and confirms the unstoppable momentum of electric vehicle adoption.

"As we look toward 2025, VinFast remains committed to leading the green transportation revolution with our innovative, diverse all-electric lineup. While market challenges remain, we are confident that electrification is the path to a sustainable future, and VinFast is dedicated to being at the forefront of this transformation."

VinFast targets to at least double its global deliveries in 2025 compared to 2024 as it expects this strong momentum to continue.

The automaker also announced it will release its Q4/2024 and full-year 2024 financial results on April 24, 2025.

In January 2025, VinFast’s domestic EV deliveries reached over 10,000 units, with the VF 3 being the best-selling model at over 4,000 units, followed by the VF 5 with 3,300 units.

VinFast is a subsidiary of Vingroup, one of Vietnam's leading private conglomerates.