VINFAST
From a young Vietnamese automaker, VinFast has risen to become a global EV manufacturer, challenging the biggest names in the automotive industry.
Q4 2025: Record-Breaking Quarter
Photo: Reuters — VinFast EV manufacturing factory in Hai Phong, Vietnam
Q4 2025 marked a historic milestone for VinFast as the company delivered 86,557 EVs, a 127% increase quarter-over-quarter and 63% year-over-year. This was the company's highest-ever quarterly delivery figure.
For the full year 2025, VinFast delivered over 189,000 vehicles, exceeding its own targets. The VF 5 and VF 3 models were the best sellers, accounting for over 70% of total deliveries. The domestic Vietnamese market remained the primary growth driver.
6 Models for Every Segment
From urban mini EVs to premium full-size SUVs, VinFast covers every market segment with fully electric technology.
Market Expansion Map
Photo: Reuters — VinFast EV charging station — largest charging network in Southeast Asia
VinFast currently operates in over 10 markets worldwide, including Vietnam, the US, Canada, France, Germany, the Netherlands, Indonesia, the Philippines, and India. The company aims to expand to 50 markets by 2028, with a focus on Southeast Asia, the Middle East, and Africa.
Pham Nhat Vuong: The EV Visionary
"I want to prove that Vietnamese people can achieve things the world thought were reserved for industrial superpowers."
— Phạm Nhật Vượng, Chairman of VingroupPham Nhat Vuong, Vietnam's wealthiest person, began his business career in Ukraine with the Mivina instant noodle brand. He built the Vingroup empire spanning real estate (Vinhomes), retail (VinMart), technology (VinAI, VinBrain), and now electric vehicles.
With VinFast, Vuong placed a massive bet on the EV future. He committed billions from his personal fortune, transitioning entirely to electric vehicle production from 2022. His vision is to put Vietnam on the global automotive map — not as a cheap manufacturing hub, but as an innovation center.
Financial Performance
2025 Financial Highlights
- Revenue up 62% year-over-year, reaching approximately $2.8 billion
- Net losses narrowed significantly through scale and cost optimization
- Operating cash flow improved substantially, approaching breakeven
- Issued $500M convertible bonds to fund global expansion
- VFS stock price recovered strongly from early 2025 on delivery results
VinFast in the EV Race
Comparing VinFast with major competitors in the mid-range electric SUV segment.
VinFast advantages: significantly more competitive pricing in emerging markets, 10-year battery warranty, and extensive domestic charging ecosystem across Vietnam.
Vietnam's EV Ecosystem
Photo: Reuters — VinFast electric vehicle on city streets — the future of green transportation in Vietnam
Charging Infrastructure
VinFast has built over 150,000 charging ports nationwide, including DC fast chargers and AC chargers at shopping centers, apartments, and gas stations. This is the largest charging network in Southeast Asia.
Government Incentives
Vietnam's government applies registration tax exemptions for EVs through 2027, 50% registration fee reduction, and interest rate subsidies for green vehicle buyers. These are among the best incentive policies in the region.
Domestic Adoption Rate
EVs accounted for approximately 15% of total new car sales in Vietnam in 2025, up from just 3% in 2022. VinFast holds over 90% of the domestic EV market share. At this growth rate, Vietnam is becoming one of the world's fastest EV adoption markets.
Hai Phong Mega Factory
The VinFast factory in Hai Phong, spanning 335 hectares, is one of the largest automotive manufacturing facilities in Southeast Asia. The factory is equipped with fully automated humanoid robots in manufacturing assembly lines from Germany and Italy, meeting international production standards.
VinFast is expanding capacity to 750,000 vehicles per year by 2028 through new production lines and process optimization. Additionally, the company is evaluating factory construction in Indonesia and India to serve local markets and reduce shipping costs.
The Road Ahead
Challenges
- ⚠Low brand awareness in Western markets
- ⚠Fierce price competition with BYD and Chinese brands
- ⚠Quality and reliability need long-term proof
- ⚠Continued net losses, breakeven needed
- ⚠Thin dealer and after-sales network abroad
Opportunities
- Southeast Asian EV market is booming
- Competitive pricing — major advantage in developing nations
- 10-year battery warranty — best in industry
- Strong Vietnamese government support
- Expanding into electric buses, electric taxis (GSM)
VinFast & Vietnam's Economy
National Pride
VinFast is more than an automaker — it is a symbol of Vietnamese ambition. For the first time in history, a Vietnamese brand competes directly with the world's leading automotive corporations. From the Hai Phong factory, vehicles bearing the V logo now drive the streets of Los Angeles, Paris, and Jakarta.
VinFast has created over 14,000 direct jobs and 50,000 indirect jobs, helping to build Vietnam's first automotive industrial ecosystem. The company also invests heavily in training engineers and technology experts, with over 2,000 R&D engineers in Vietnam, the US, and Australia. VinFast's growth is driving the entire supporting industry, from battery manufacturing to electronic components, laying the foundation for Vietnam — including the Da Nang Lien Chieu port — to become the region's EV technology hub.
▸ The VinFast VF 5 starts at 458M VND — 30% cheaper than comparable gas cars when factoring in fuel savings over 5 years.
▸ Home charging a VinFast costs about 400-600 VND/km — vs 1,500-2,000 VND/km for gas cars, saving 2-3M VND/month for someone driving 50km/day.
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