VinFast Targets 200,000 Electric Vehicle Sales in Vietnam by 2025

At the Annual General Meeting, Chairman of the Board of Directors, Pham Nhat Vuong, emphasized VinFast’s confidence in competing globally with major electric vehicle manufacturers, based on three pillars: quality products, reasonable prices, and excellent after-sales service.

Addressing shareholders’ concerns about competitive pressure, Mr. Vuong affirmed: “VinFast can compete head-to-head with global electric vehicle manufacturers on price.” Accordingly, the company is continuously optimizing every stage, from research and production to business operations, to reduce costs and create more competitive products in terms of pricing.

In addition, Mr. Vuong believes that VinFast’s biggest differentiator lies in its after-sales policy. “It can take a few months to repair an electric vehicle worldwide. VinFast aims to repair vehicles within eight hours,” he said. Every day, Mr. Vuong personally monitors the list of vehicles that have exceeded the standard repair time to take timely corrective actions.

According to the business plan, VinFast aims to sell more than 200,000 electric vehicles in Vietnam this year, capturing approximately 40% of the domestic automobile market share. If achieved, this will be the largest market share ever recorded in this market and help the company reach the breakeven point in the domestic market.

As part of its global strategy, Mr. Vuong shared that VinFast is focusing on two directions: building its brand image in markets such as the US, Europe, and Canada; and simultaneously growing sales in potential markets like India, Indonesia, and the Philippines. The company plans to inaugurate its factory in India by June 30 and in Indonesia by October.

“The Vietnamese market consumes only about 500,000 vehicles annually, while the global market is 70-80 million. VinFast’s significant revenue in the future must come from overseas,” Mr. Vuong asserted.

VinFast will also invest significantly in charging stations in strategic markets. “No competitor dares to do this, but VinFast will, to conquer users,” he added.

At the meeting, the group also announced its 2025 consolidated revenue target of VND 300,000 billion and a profit after tax of approximately VND 10,000 billion, an increase of 60% and 90%, respectively, compared to 2024. This is the most ambitious business plan that Vingroup has ever set.

To achieve this goal, Vingroup will continue to develop its three main pillars: electric vehicles (VinFast), real estate (Vinhomes), and tourism and entertainment (Vinpearl). VinFast expects to deliver twice as many vehicles as last year, expand into the service vehicle segment, and boost exports.

In the real estate sector, Vinhomes will develop additional large-scale urban areas in strategic locations. Meanwhile, Vinpearl will focus on expanding into international markets such as India, the Middle East, and Southeast Asia, while solidifying its domestic market share.

The group’s management also announced that it would retain all after-tax profits for 2024 (over VND 44,468 billion) for reinvestment and would not pay dividends in 2025.

TH (Tuoitrethudo)