VinFast announced its delivery numbers for 2024 where it distributed approximately 97,000 electric vehicles this year which grew five times compared to the previous year. Most of the sold vehicles originated from Vietnam because the company faced ongoing difficulties with international market penetration.  

Advertisment

The company plans to achieve at least two times growth in global sales during 2025 while delivering increased vehicle shipments throughout the final quarter of last year. The company achieved more than half of its annual sales by delivering 53,000 vehicles during this period as it expanded its sales approach with new affordable car models.

Also Read | VinFast officially enters Indian market with VF 7, VF 6 EVs 

During its initial forecast VinFast established 100,000 units as the target number of sales for 2024 but achieved success exceeding its adjusted goal by reaching 80,000 units. Chairwoman Thuy Le proclaimed that VinFast delivered stronger than estimated outcomes since they showcased stability through economic uncertainties and market instability.  

Advertisment

The company maintains financial deficits even though its local market sales remain strong. During the first nine months of 2024 the company incurred remarkable losses reaching close to USD 2 billion after facing USD 2.4 billion in losses in 2023. The financial losses experienced by VinFast impose more strain onto its parent organization Vietnamese conglomerate Vingroup (VIC.HM).  

The company faces hurdles in its growth efforts outside Vietnamese borders. VinFast Corporation stated that their international customer base reached approximately 10% of total sales through 10,000 bought vehicles outside Vietnam last year. VinFast relocated its Asian market growth plans ahead of any U.S. factory plans by building assembly plants in India and Indonesia.  

VinFast obtains its main domestic sales from connected businesses such as electric taxi operator Green SM (GSM) whose founder is VinFast chief owner Pham Nhat Vuong. Research from Mordor Intelligence shows GSM winning the taxi services market share from Grab in Vietnam. The delivery of about 20% of VinFast cars during Q3 2024 went to associated businesses but complete data for yearly sales is missing.  

Advertisment

VinFast is set to release its full-year financial results on April 24, which may provide further insights into its global expansion strategy and financial health.