The strategy shift follows the delayed the opening of a factory in North Carolina by three years to 2028
Published Thu, Apr 24, 2025 · 12:24 PM
[HANOI] Vietnamese electric vehicle maker VinFast Auto is pushing expansion into Asian markets instead of North America and Europe, founder Pham Nhat Vuong said during a Hanoi shareholders’ meeting for parent Vingroup.
VinFast has no current plans to boost sales in North America and Europe due to high logistic fees and will instead focus on India, Indonesia and the Philippines, as well as the Vietnam market, said Vuong, who is also the company’s chief executive officer.
VinFast expects to open its India manufacturing plant Jun 30, followed by an Indonesia plant in October, he said.
The strategy shift follows the delayed the opening of a factory in North Carolina by three years to 2028.
VinFast expects to deliver over 200,000 vehicles in Vietnam this year, Vuong said. He said the company will be close to reaching a break-even point in the Vietnam market in 2025.
The company has been bleeding cash since it shipped its first vehicles to the US in late 2022.
VinFast’s billionaire founder poured about 27.3 trillion dong (S$1.4 billion) into the company in 2023 and 2024 from his personal wealth, according to Vingroup’s audited financial report released late last month.
In November, he committed to give about US$2 billion from his personal wealth to the company through 2026 and said last year that he was willing to bet all his money on the company’s growth.
Meanwhile, Vingroup said in November it would loan VinFast as much as US$1.38 billion. BLOOMBERG
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