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  • VinFast Vietnam Doubles Capital to $388M, Streamlining Global Auto Design and Sales

    VinFast Vietnam Doubles Capital to $388M, Streamlining Global Auto Design and Sales

    VinFast Vietnam, a budding organization specializing in the design and sale of VinFast vehicles, recently increased its capital funds substantially. The company doubled its capital from VND5.18 trillion to VND10.18 trillion, equivalent to US$388 million, by issuing 500 million preference shares. This significant financial move was announced on July 13 via the National Business Registration Portal. Alongside this, it was revealed that foreign ownership within the company has seen a decline from 10.4% to 5.3%.

    Company Restructuring and Roles

    The creation of VinFast Vietnam was initiated on June 19, following the sale of the automaker’s manufacturing operations, VFTP, to Tuong Lai Company. This company is financially backed by billionaire Pham Nhat Vuong along with a group of investors. VinFast Vietnam has been assigned the responsibilities of global research and development, managing after-sales services, and overseeing sales operations.

    The managerial roles within VinFast Vietnam have been clearly delineated. Pham Nhat Vuong, the founder of the parent organization, serves as the company’s CEO. On the other hand, Thai Thi Thanh Hai, a seasoned executive from Vingroup, has been appointed as the chairwoman.

    Questions & Answers

    What led to the creation of VinFast Vietnam?
    The company was established after the sale of automaker manufacturing operations, VFTP, to Tuong Lai Company.

    What are the primary responsibilities of VinFast Vietnam?
    The company is in charge of global research and development, after-sales services, and sales operations.

    Who are the key executives of VinFast Vietnam?
    Pham Nhat Vuong serves as the company’s CEO, while Thai Thi Thanh Hai is the chairwoman.

  • VinFast Shatters Records with Over 115,000 EVs Sold in H1 2026: Dominates Vietnamese Auto Market

    VinFast Shatters Records with Over 115,000 EVs Sold in H1 2026: Dominates Vietnamese Auto Market

    In the first six months of 2026, Vietnamese electric vehicle manufacturer VinFast marked significant growth in the domestic market, reporting a 72% year-on-year increase with a record preliminary domestic delivery of 115,916 electric vehicles (EVs). This impressive performance positions VinFast as the first automotive brand in Vietnam to exceed 100,000 vehicle deliveries within the first half of the year.

    VinFast’s Strong Market Presence

    The month of June alone saw the delivery of 17,955 units, maintaining VinFast’s status as the country’s top automobile brand for the 21st consecutive month. With the Limo Green leading in sales with 3,868 vehicles delivered in June, closely followed by the VF 3 model which saw 3,550 units moving into the hands of customers.

    The success of the VF 5 and its derivative model, the Herio Green, continued with combined deliveries reaching 3,364 units. This was ahead of the VF 6’s total of 2,988 units. The VF 7 and the VF MPV 7 models also had a steady sales performance with 1,437 and 1,254 units delivered respectively.

    Over the span of six months, the Limo Green and the VF 3 emerged as VinFast’s leading models in the Vietnamese market with cumulative deliveries of 27,927 and 23,781 units respectively. Furthermore, the VF 5 and the Herio Green saw a combined delivery of 20,167 vehicles. Other models such as the VF 6, VF MPV 7, and VF 7 also maintained a steady performance with 14,045, 9,177, and 6,849 units delivered respectively.

    New Arrival in the Product Line

    VinFast is not just resting on its laurels. The automaker recently unveiled the VF 2, a compact urban EV, and has opened pre-orders in Vietnam with a price tag of VND188 million (US$7,200). Deliveries to customers are scheduled to begin as early as September.

    Questions & Answers

    What milestone did VinFast achieve in the first half of 2026?
    VinFast became the first automotive brand in Vietnam to surpass 100,000 vehicle deliveries within the first half of the year.

    What are the top-selling models of VinFast in Vietnam?
    The Limo Green and the VF 3 are the top-selling models of VinFast in Vietnam, with cumulative deliveries of 27,927 and 23,781 units respectively in the first half of 2026.

    What is the latest model introduced by VinFast?
    VinFast recently introduced the VF 2, a compact urban EV, which is currently available for pre-orders in Vietnam.

  • VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast, a prominent electric car manufacturer, has unveiled a bold strategy to supply one million electric vehicles (EVs) to Green SM, a rising ride-hailing service, by 2030. In addition to this, the deal stipulates the addition of four million electric motorcycles to Green SM’s fleet. The announcement was made in VinFast’s first quarter financial report.

    Strategic Collaboration for Global Impact

    The venture is viewed as a strategic collaboration between the two companies, with anticipated benefits for both parties. For VinFast, this partnership signifies a promising opportunity to broaden its international distribution network and augment its brand recognition. Concurrently, it bolsters Green SM’s ambitions to expand its global reach.

    Green SM has recently initiated taxi services in India, marking its fourth international market entry, following Laos, Indonesia, and the Philippines. Pham Nhat Vuong, recognised as Southeast Asia’s wealthiest individual, controls both companies. Green SM was launched in 2023 with a starting capital of $113.9 million, which has since grown exponentially to $1.94 billion.

    Initially, Green SM focused on taxi services and technology-based ride-hailing services, exclusively using VinFast vehicles. However, the company has expanded its offerings to include services such as food and parcel delivery, as well as car and motorcycle rentals.

    Positive Outlook for VinFast

    VinFast experienced substantial financial success in the first quarter, reporting a revenue increase of 42% to $1.04 billion. This surge was primarily attributable to a marked increase in electric vehicle sales both within Vietnam and in international markets, including Indonesia and the Philippines.

    Within the first quarter, VinFast sold 58,600 electric cars, reflecting a year-on-year increase of 61%. Moreover, the company sold 143,000 electric motorcycles and bicycles in the same period. Despite this success, VinFast reported a loss exceeding $1.26 billion, an increase from the previous figure of $798 million.

    In 2023, Vuong anticipated that the company would experience losses for several years. However, there is now a more optimistic outlook, as the company expects to break even next year following the decision to spin off its manufacturing operations to a separate company owned by a consortium of private investors.

    Questions & Answers

    What is VinFast’s strategy for its collaboration with Green SM?
    VinFast plans to supply one million electric vehicles and four million electric motorcycles to Green SM by 2030, expanding its international distribution network and enhancing brand recognition.

    What services does Green SM offer?
    Green SM provides taxi services and technology-based ride-hailing services. The company has also expanded to offer food and parcel delivery, as well as car and motorcycle rentals.

    What is the financial outlook for VinFast?
    Despite experiencing losses, the company anticipates breaking even next year. This follows a decision to spin off manufacturing operations to a separate company owned by private investors.

  • VinFast Shatters Records: Skyrocketing EV Sales and Revenue Propel Vietnamese Automaker into Global Spotlight

    VinFast Shatters Records: Skyrocketing EV Sales and Revenue Propel Vietnamese Automaker into Global Spotlight

    Vietnamese electric vehicle manufacturer, VinFast, achieved record-breaking figures in both revenue and EV deliveries during 2025. The impressive results, which saw a 102% increase in electric cars delivered compared to 2024, were fueled by a global surge in demand for the company’s products and swift expansion into significant markets.

    VinFast’s unaudited financial results, released on Monday, revealed that the company generated VND90.43 trillion (US$3.6 billion) last year, a year-on-year increase of 105.4%. These results surpassed the company’s goal to double deliveries from the preceding year, marking the highest annual delivery volume in the company’s history.

    Final Quarter Analysis

    In the final quarter of 2025 alone, VinFast delivered 86,557 electric cars, an increase of 127% from the previous quarter and 63% year-on-year. The company’s Green brand and EC Van vehicles accounted for approximately 49% of deliveries during this quarter.

    International markets also saw considerable growth, contributing to about 18% of total global deliveries.

    Growth in Electric Motorbike and E-bike Segment

    VinFast also reported a substantial growth in its electric motorbike and e-bike segment. According to the released data, 171,962 units were delivered in the final quarter of 2025, a 43% increase from the previous quarter and a staggering 452% year-on-year increase. Throughout the entire year of 2025, the segment’s total deliveries reached 406,498 units, marking a 473% hike compared to 2024.

    Robust Revenue Growth

    VinFast’s revenue growth remained robust throughout the year. In the fourth quarter alone, the company’s revenue reached VND39.41 trillion, a 138.9% year-on-year increase and an increase of 117.7% from the previous quarter.

    By the end of 2025, VinFast had grown its global retail network to 424 showrooms worldwide, making its EVs more accessible to customers in various markets.

    Questions & Answers

    What was the year-on-year increase in VinFast’s electric vehicle deliveries in 2025?
    The increase in electric vehicle deliveries in 2025 compared to 2024 was 102%.

    What percentage of VinFast’s deliveries in the final quarter of 2025 were made up of its Green brand and EC Van vehicles?
    Approximately 49% of the deliveries in this period were VinFast’s Green brand and EC Van vehicles.

    How much did VinFast’s electric motorbike and e-bike segment grow in 2025 compared to the previous year?
    VinFast’s electric motorbike and e-bike segment grew by a striking 473% in 2025 compared to the previous year.

  • VinFast Smashes Sales Record in November with Unprecedented Delivery of Electric Vehicles

    VinFast Smashes Sales Record in November with Unprecedented Delivery of Electric Vehicles

    VinFast, a leading automaker, reported a record-breaking delivery of 23,186 electric vehicles in November. This figure contributes to the company’s impressive tally of 147,450 units supplied since the start of the year, reinforcing its dominant position in the market.

    Driving Success:

    VinFast’s Green line, particularly the Limo Green model, spurred the company’s sales in November. The Limo Green model alone achieved the highest monthly sales for any single VinFast model, with 9,642 units delivered.

    After-Sales Service Expansion:

    Alongside its escalating sales, VinFast is also expanding its service network. By November, the company had inaugurated its 350th service workshop and is ambitiously aiming for a total of 400 by the end of the year. This progress solidifies VinFast’s status as the automaker with the most extensive after-sales network in Vietnam.

    December Deliveries:

    VinFast has significant plans for December. The company is set to commence deliveries of the mini EC Van and the four-seat Minio Green, indicating its ambition to fortify its presence in the rapidly expanding Vietnamese electric vehicle market.

    Questions & Answers

    What was a significant contributor to VinFast’s sales record in November?
    The Green line, particularly the Limo Green model, significantly contributed to VinFast’s sales record in November.

    How is VinFast expanding its after-sales service?
    VinFast is expanding its after-sales service by increasing the number of its service workshops. The company had inaugurated 350 service workshops by November and aims to reach 400 by the end of the year.

    What are VinFast’s plans for December?
    In December, VinFast plans to begin deliveries of the mini EC Van and the four-seat Minio Green to strengthen its presence in the electric vehicle market.

  • VinFast Set to Revolutionize Transport with Hybrid Vehicles in 2023: A Game Changer in the EV Market?

    VinFast Set to Revolutionize Transport with Hybrid Vehicles in 2023: A Game Changer in the EV Market?

    VinFast, a Vietnamese automaker, is reportedly planning to tap into the hybrid vehicle market by next year. The company will reportedly add gasoline-powered generators to its existing electric vehicle models, easing the transition for consumers into the electric vehicle market.

    VinFast’s Hybrid Vehicle Plans

    Informed sources have revealed that VinFast is gearing up to roll out hybrid versions of its VF 8 and VF 9 models. However, the automaker has yet to officially confirm these plans. The recent buzz surrounding VinFast’s entry into the hybrid market was stoked when Sailun, a Chinese tire manufacturer with operations in Vietnam, used images of a car resembling a VinFast model in their promotional materials for an upcoming line of hybrid vehicle tires.

    According to insiders, the VinFast hybrid vehicles will likely fall under the extended-range electric vehicle (EREV) category. These vehicles are fully powered by an electric engine, but feature a gasoline-fueled generator to recharge the battery. This specific type of hybrid vehicle could broaden the customer base for electric vehicles by addressing common concerns about long-distance travel and the availability of charging stations.

    Global Shift Towards Hybrid Vehicles

    VinFast’s move towards hybrid vehicles mirrors a broader global trend among automakers. Several leading companies, including Honda, Mercedes, and Volvo, initially committed to exclusively manufacturing electric vehicles. However, they later modified or abandoned these plans, incorporating hybrid vehicles into their lineups. BYD, currently the top-selling new-energy vehicle brand worldwide, also heavily relies on hybrid vehicle sales.

    In recent years, hybrid vehicle sales in Vietnam have seen consistent growth, with a variety of options available from manufacturers like Toyota, Honda, Nissan, Suzuki, and Subaru. Chinese brands like BYD, Jaecoo, and Lynk & Co are further expanding the hybrid vehicle segment. Depending on the design, the interaction between the gasoline engine and the electric motor produces diverse hybrid formats.

    Extended-range electric vehicles are relatively rare in the Vietnamese market. The Nissan Kicks was the only model in this category, but it is no longer available for sale.

    Questions & Answers

    What are VinFast’s plans for entering the hybrid vehicle market?
    VinFast is reportedly planning to introduce hybrid versions of its VF 8 and VF 9 models by next year.

    What is an extended-range electric vehicle (EREV)?
    An EREV is a vehicle that is entirely powered by an electric engine but also has a gasoline-fueled generator to recharge the battery.

    How does VinFast’s shift towards hybrid vehicles fit into global automotive trends?
    VinFast’s move aligns with a broader international trend, with many automakers initially committing to electric vehicles but later incorporating hybrid vehicles into their lineups.

  • VinFast VF 5 Dominates Market, Outselling Rivals Fourfold in City Car Segment

    VinFast VF 5 Dominates Market, Outselling Rivals Fourfold in City Car Segment

    Vietnamese electric automaker VinFast’s VF 5 exemplifies a remarkable shift in the automotive landscape, dominating the A+ crossover utility vehicle segment with over 27,000 units sold. The VF 5 emerged as the uncontested leader in the A+ crossover utility vehicle category, an area increasingly characterized by low-cost city cars. During this same period, traditional competitors such as the Kia Sonet, Toyota Raize, and Hyundai Venue experienced steep sales declines, each facing a double-digit percentage drop. In total, these gasoline models collectively managed to sell only 6,700 units, with the Sonet down 26% year-on-year, the Raize declining by 15%, and the Venue plunging by a staggering 41%.

    A Shift in Consumer Preferences

    Interestingly, the overall demand for gasoline vehicles in this segment has tumbled by around 26% in the past eight months. In August alone, the VF 5 boasted sales exceeding 2,700 units, surpassing the total eight-month sales figures for both the Raize and Venue. It seems the allure of electric mobility is casting a strong shadow over traditional auto offerings, showing that consumers are more than ready to embrace change.

    Popularity Fuels VinFast’s Growth

    The VF 5’s appeal can be attributed to its practical design and low operating costs, which resonate well with both individual buyers and service operators alike. Its pricing positions it in the mid-range of the segment, yet it remains competitive due to supportive government initiatives, such as waiving registration fees for electric vehicles. This combination of factors has undoubtedly propelled its market success.

    The Landscape Ahead

    While the Raize is currently the only model in its segment being imported from Indonesia, others, including the Kia and Hyundai offerings, are assembled domestically. The upcoming arrival of the Suzuki Fronx in October—also imported from Indonesia and available with either a gasoline or mild-hybrid engine—promises to shake things up further. This model employs a small electric motor and battery to complement the traditional internal combustion engine, potentially adding another layer of competition to an already dynamic market.

    Questions & Answers

    What factors contribute to the VF 5’s impressive sales performance?
    The VF 5’s success can largely be attributed to its practical design, low operating costs, and favorable government policies, including waived registration fees for electric vehicles.

    How does the VF 5 compare to its gasoline-powered competitors?
    The VF 5’s sales have outpaced its gasoline rivals significantly, achieving over 27,000 units sold compared to a meager 6,700 for combined competitors such as the Kia Sonet, Toyota Raize, and Hyundai Venue.

    What can we expect from the automotive market in the coming months?
    The introduction of new models like the Suzuki Fronx, along with ongoing shifts in consumer preference towards electric vehicles, suggests a rapidly changing automotive landscape ahead.

  • VinFast Achieves Impressive $1.3B Revenue Milestone in First Half of 2023

    VinFast Achieves Impressive $1.3B Revenue Milestone in First Half of 2023

    Vietnam’s Nasdaq-listed electric vehicle pioneer, VinFast, has reported impressive revenues of VND32.92 trillion (US$1.3 billion) for the first half of 2025, marking a remarkable 92% increase compared to the same period last year.

    This surge in revenue can be attributed to a staggering threefold increase in electric vehicle deliveries, totaling 72,167 units as highlighted in its latest financial report. However, much like a rollercoaster, the ride isn’t without its dips; VinFast also reported significant losses of VND37.99 trillion during this timeframe, bringing its accumulated losses to a staggering VND305.78 trillion by June’s end.

    June saw the grand opening of VinFast’s second factory in Vietnam, located in the central province of Ha Tinh. With an annual capacity of 200,000 EVs, this facility is set to enhance the company’s production capabilities. Additionally, last month the company initiated operations at its first overseas factory in India, which is designed to manufacture 50,000 vehicles annually.

    Pham Nhat Vuong, the CEO and largest shareholder of VinFast, made waves earlier this year when he shared that the company might not achieve breakeven for several years. Yet, in a statement filled with determination, he expressed a commitment to never give up on VinFast, vowing to continue investing until every last dollar is spent.

    Vuong has already poured VND50 trillion of his personal wealth into VinFast since 2023. The ambitious CEO has set a target of selling 200,000 vehicles this year, a feat that would set a record for vehicle sales by a single company in Vietnam. “If we reach this target, breakeven could be within our grasp this year,” he declared at Vingroup’s annual general meeting in April.

    Questions & Answers

    What factors contributed to VinFast’s significant revenue increase in H1 2025?
    The remarkable 92% revenue increase was largely driven by a threefold rise in electric vehicle deliveries, totaling 72,167 units.

    How has VinFast’s recent financial performance impacted its overall outlook?
    Despite the substantial revenue growth, VinFast reported significant losses of VND37.99 trillion, with accumulated losses hitting VND305.78 trillion, indicating ongoing financial challenges amid expansion efforts.

    What are VinFast’s plans for future growth?
    VinFast aims to sell 200,000 vehicles this year and has opened new factories in Vietnam and India to bolster production capacity, potentially leading it to breakeven as early as this year if targets are met.

  • VinFast Unveils Exclusive Armored Limousine Designed for Elite Leaders and VIPs

    VinFast Unveils Exclusive Armored Limousine Designed for Elite Leaders and VIPs

    Vietnamese automaker VinFast has unveiled its latest offering, the Lac Hong 900 LX—an armored limousine tailored for transporting political figures. This opulent vehicle made its debut at the “80 Years of Independence – Freedom – Happiness” exhibition held at the Vietnam Exposition Center, just in time for the upcoming National Day celebrations in Hanoi on September 2.

    A Tribute to Tradition and Luxury

    The Lac Hong 900 LX is more than just a luxurious vehicle; it’s a symbol of Vietnam’s heritage. Its name pays homage to a mythical bird in Vietnamese tradition that represents the nation’s enduring history. The vehicle’s design showcases elements inspired by the country’s iconic Dong Son bronze drum, while its vertical-slat front grille evokes images of Vietnam’s lush bamboo groves. Because who doesn’t want their ride to double as a cultural landmark?

    A Fortress on Wheels

    Designed to cater to high-profile global leaders, the Lac Hong LX series includes bulletproof and standard versions. VinFast has already provided two armored models and ten standard versions for government use. The bulletproof variant weighs a hefty 5,049 kg due to its reinforced construction, while delivering a driving range of 450 kilometers per charge—certainly a small price to pay for peace of mind.

    Specifications and Craftsmanship

    With a generous wheelbase of 3,349 mm, this luxurious model is larger than the standard VinFast VF 9, boasting a sophisticated black exterior adorned with hand-crafted gold-plated details. Inside, premium materials such as real gold, Nappa leather, and golden nanmu wood elevate its status, offering an opulent atmosphere fit for dignitaries. The leather-wrapped steering wheel, complete with gold-plated accents, is just one of the many thoughtful details that add to the luxurious experience.

    An Experience Beyond Driving

    Stepping inside, one is welcomed by an interior designed for comfort and functionality. The cabin, reminiscent of a first-class aircraft, features heated and cooled seats equipped with ten adjustment modes. Each seat is upholstered in leather with gold stitching, boasting embroidered gold “V” logos on the headrests. If that doesn’t scream “luxury,” we don’t know what does. As for entertainment, the vehicle houses an Audison audio system featuring 13 satellite speakers and a subwoofer, ensuring that any ride feels like an exclusive concert.

    VinFast aims to establish the Lac Hong brand as a luxury segment similar to Toyota’s Lexus and Honda’s Acura, indicating a strategic move to elevate Vietnam’s automotive presence on the global stage. As part of this initiative, the company is likely to explore the production of a smaller model for commercial distribution—perhaps something for the masses that still nods to the opulence of its larger counterpart.

    Exhibition Details

    The “80 Years of Independence – Freedom – Happiness” exhibition runs daily from August 28 to September 5, offering the public a glimpse of this remarkable vehicle and celebrating a pivotal moment in Vietnam’s history. Perhaps while admiring the Lac Hong’s sleek lines and formidable presence, attendees will also be reminded of the long journey this nation has undertaken—one luxury vehicle at a time.

    Questions & Answers

    What is the purpose of the Lac Hong 900 LX limousine?
    The Lac Hong 900 LX is designed primarily for transporting political guests, particularly during significant events like Vietnam’s National Day celebrations.

    What features distinguish the bulletproof version from the standard model?
    The bulletproof version is heavier, weighing 5,049 kg, while the standard model is lighter at 3,035 kg. Additionally, the bulletproof version has a driving range of 450 kilometers compared to the standard’s 595 kilometers.

    How does VinFast plan to position the Lac Hong brand?
    VinFast aims to establish the Lac Hong brand as a luxury segment akin to Toyota’s Lexus and Honda’s Acura, focusing on high-quality, premium vehicles that symbolically reflect Vietnam’s culture and heritage.

  • VinFast Dominates Small Crossover Utility Market with Innovative Offerings and Exceptional Performance

    VinFast Dominates Small Crossover Utility Market with Innovative Offerings and Exceptional Performance


    VinFast is dominating the small crossover utility vehicle (CUV) market in Vietnam, capturing more than 64% of sales in the first half of 2025, leaving competitors like Toyota far behind.     In a remarkable surge, the VinFast VF 3 model emerged as the star performer, racking up sales of over 23,000 units. This impressive figure represents 28% of the total 83,100 small CUVs sold in Vietnam during this period. Not far behind, the VF 5 sold 21,800 vehicles, while the VF 6 claimed third place with 8,500 units.

    In stark contrast, Toyota managed to secure only a 12.8% share of the market, with its Yaris Cross and Corolla Cross models ranking fourth and sixth, respectively, having sold 5,400 and 3,600 vehicles. Mitsubishi’s Xforce followed closely in fifth place with 4,500 sales, while other contenders like Hyundai Creta, Kia Seltos, Honda HR-V, and Kia Sonet rounded out the competitive landscape.

    Once a formidable force in the small CUV sector, Kia has found itself facing increasing challenges. The brand, which led the market in 2023-2024 with its Sonet and Seltos models, has seen its sales dwindle to just above 5,000 vehicles for a market share of 6.1%. Competing Japanese brands and the rising trend of affordable electric vehicles have contributed to this shift.

    Mitsubishi and Hyundai are closely matched, each holding just over 5% of the market share, while Honda and Mazda account for 3% apiece. In a market where electric vehicles are becoming the new black, will Kia find a way to revitalize its appeal, or is it merely a case of letting the ‘bigger fish’ swim ahead?

    Questions & Answers

    What percentage of the small CUV market did VinFast capture in the first half of 2025?
    VinFast captured over 64% of the small CUV market in Vietnam.

    Which VinFast model topped the sales, and how many units were sold?
    The VinFast VF 3 topped the sales charts with over 23,000 units sold, accounting for 28% of the small CUVs sold in the country.

    How are Toyota’s models performing in comparison to VinFast’s?
    Toyota’s top models, the Yaris Cross and Corolla Cross, ranked fourth and sixth, respectively, but combined, they only secured a 12.8% share of the market.

  • VinFast Takes Charge: Covering Registration Fees for Electric Bikes in Hanoi!

    VinFast Takes Charge: Covering Registration Fees for Electric Bikes in Hanoi!

    As Hanoi gears up to ban gasoline-powered motorbikes from next July, Vingroup, Vietnam’s leading conglomerate, is stepping in with an enticing offer for those ready to embrace the electric future with VinFast bikes.

    According to a proposal submitted by the company to local authorities on Tuesday, all VinFast electric motorcycles purchased in the capital from July 24 to October 24 will have their registration fees fully subsidized. Currently, this fee amounts to approximately 5% of an electric motorbike’s price, a cost that many consumers will now find evaporated.

    Additionally, buyers in Hanoi can enjoy a 10% discount when opting to pay in installments over three years, starting with a 10% down payment, along with complimentary charging services until May 2027. This means incentives for a VND30 million (US$1,150) bike could reach as high as VND4.5 million. That’s a little more than what most people leave behind on a Saturday night out—just saying!

    Prime Minister Pham Minh Chinh’s directive on July 12 initiated significant changes, indicating that from July 1 next year, motorcycles and scooters powered by fossil fuels will be prohibited within Hanoi’s circular Ring Road 1, covering most of the downtown area. The rules will later extend to personal vehicles within Ring Roads 1 and 2 by early 2028, followed by Ring Road 3 in 2030.

    In alignment with this green initiative, Vingroup has further proposed incentives for VinFast electric cars. Collaborating with banks, the company plans to provide individual buyers loans at just 3% interest for the first three years. Commercial buyers can expect slightly higher rates of 4%.

    A 2022 study by the International Council on Clean Transportation revealed that two-wheeled vehicles fulfill nearly 73% of transportation needs for Hanoi residents. As the phased-out ban on gasoline-powered motorbikes rolls out, it’s anticipated that this will fundamentally transform the two-wheeler market and accelerate the switch to fully electric vehicles as residents reconsider their transport options.

    Questions & Answers

    What financial incentives is VinFast offering to customers in Hanoi?
    VinFast is subsidizing the registration fees of its electric bikes, which currently stand at about 5% of the vehicle price. Additionally, there’s a 10% discount for those paying in installments over three years and complimentary charging until May 2027.

    What new restrictions is Hanoi implementing regarding motorbikes?
    Starting July 1 next year, Hanoi will prohibit fossil fuel-powered motorcycles and scooters within the city’s circular Ring Road 1, with plans to expand these restrictions to personal cars by 2028 and to Ring Road 3 by 2030.

    How is Vingroup planning to support electric car buyers?
    Vingroup is teaming up with banks to offer loans at a competitive rate of 3% interest for individual buyers for the first three years, while commercial buyers will enjoy a rate of 4%.

  • Pham Nhat Vuong, Vietnam’s richest man, donates $800M to boost automaker VinFast’s ambitions

    Pham Nhat Vuong, Vietnam’s richest man, donates $800M to boost automaker VinFast’s ambitions

    Billionaire Pham Nhat Vuong, the chairman of the private conglomerate Vingroup and recognized as Vietnam’s wealthiest individual, has injected a staggering VND20.5 trillion (approximately US$790 million) into the automaker VinFast between November and May. This generous contribution is part of his promise of VND50 trillion made last year, as disclosed by the company on Monday.

    Financial Support Fuels Expansion

    In the past six months, VinFast has also secured a loan of VND30.57 trillion from its parent company, reinforcing its financial backbone. Vingroup remains committed to supporting VinFast, pledging a maximum of VND35 trillion to ensure the company’s sustained growth. Vuong, who wears multiple hats as CEO and founder of VinFast, experienced a remarkable surge in his wealth—an increase of $3 billion over the last two months—bringing his total fortune to over $10 billion, according to Forbes.

    Impressive Growth Amid Losses

    VinFast reported exceptional growth for the first quarter, showcasing a 150% increase in revenues year-on-year, reaching VND16.31 trillion. The company delivered a remarkable 36,330 electric cars and an astonishing 44,904 motorcycles and bicycles during this period, translating to impressive increases of 296% and 473% respectively. However, despite these successes, VinFast also reported a loss of VND17.69 trillion, which marks a 20% rise in losses compared to the previous period. To respond to the challenges and capitalize on its momentum, the company plans to adjust its sales target for the year from 200,000 to 280,000 units, as shared by deputy CEO Thai Thi Thanh Hai.

    Who knew the complex world of electric vehicles could be this exhilarating?

    Questions & Answers

    How much has Pham Nhat Vuong invested in VinFast?
    Pham Nhat Vuong has gifted VinFast VND20.5 trillion (around US$790 million) over the past six months.

    What has been VinFast’s recent sales performance?
    VinFast delivered 36,330 electric cars and 44,904 motorcycles and bicycles in the first quarter, marking significant increases in both categories.

    What loss did VinFast report despite impressive growth?
    The company reported a loss of VND17.69 trillion, a 20% increase compared to the previous period, even amid record revenue growth.

  • VinFast Plans to Launch 100+ Electric Vehicle Service Centers Across the Philippines

    VinFast Plans to Launch 100+ Electric Vehicle Service Centers Across the Philippines

    VinFast, Vietnam’s rising star in electric vehicle (EV) manufacturing, is gearing up to revolutionize the automotive landscape in the Philippines. In an exciting announcement, the company revealed a partnership with four key Philippine firms to roll out over 100 authorized service centers throughout the country in 2025.

    Forging Strategic Partnerships

    The collaboration features prominent names like Goodyear Philippines, Tire King and Rubber Products, Power Tread Services, and Marcjan Cavite. These partners will manage VinFast service centers, ensuring that maintenance, repairs, and customer support for EVs meet global standards—something that has become a hallmark of the VinFast brand.

    Excitingly, VinFast and Goodyear plan to kick off their endeavor with the launch of 50 authorized service centers this year, while Marcjan Cavite will launch eight, and Tire King and Power Tread will each establish seven. These centers aren’t just ordinary workshops; they must adhere to stringent regulations regarding facilities, equipment, and technician qualifications. Genuine parts and exceptional service will be prioritized for VinFast vehicle owners.

    Supporting the Network Expansion

    To assist in this ambitious rollout, VinFast is committed to providing extensive support to its partners. This includes personnel training, technical consulting, and operational expertise, ensuring a smooth and rapid expansion of their service network.

    This latest initiative builds on previously signed memoranda of understanding with Philippine partners JIGA and Motech, firmly positioning VinFast to enhance after-sales services while expanding its footprint in the burgeoning EV market.

    Just shy of a year since VinFast made its debut in the Philippines, the company is already making waves with its innovative smart EV models, competitive sales strategies, and an expanding after-sales network.

    Charting a Path for Sustainable Future

    In its quest for a greener tomorrow, VinFast is dedicated to cultivating a comprehensive “For a Green Future” ecosystem in Southeast Asia. This ambitious vision focuses on developing robust charging infrastructure and service centers—an operational model that has already proven effective in Vietnam and is now being replicated in dynamic markets like the Philippines.

    For those wondering if the EV boom will take off as swiftly as a VinFast model off the assembly line, one might find it hard to resist a ride in one of their electric beauties!

    Questions & Answers

    What are the partnerships VinFast has formed in the Philippines?
    VinFast has partnered with Goodyear Philippines, Tire King and Rubber Products, Power Tread Services, and Marcjan Cavite to establish over 100 authorized service centers.

    When will the service centers be operational?
    The first wave of 50 service centers is expected to launch in 2025, with additional centers rolling out throughout the year.

    How does VinFast support its service partners?
    VinFast provides comprehensive support, including training for personnel, technical consulting, and operational expertise, to facilitate the rapid establishment of its service network.

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  • VinFast Anticipates 2024 Sales Surge, Aiming for Double Deliveries by 2025

    VinFast Anticipates 2024 Sales Surge, Aiming for Double Deliveries by 2025

    VinFast Sees Strong Revenue Growth Amid Global Market Challenges

    Company Reports Significant Increases in Deliveries and Revenue

    VinFast, the Vietnamese electric vehicle (EV) manufacturer, has demonstrated impressive revenue growth in its unaudited financial statements for Q4 and the full year of 2024, despite facing uncertainties in the global market. The company posted a remarkable quarterly revenue of VND 16.5 trillion (approximately US$678 million), marking a 70% increase compared to the previous year. Total revenue for 2024 reached VND 44 trillion, a 58% year-on-year growth.

    Surge in Electric Vehicle Deliveries

    In an outstanding performance, VinFast delivered over 53,000 EVs in Q4 alone, a staggering 143% increase from Q3 and more than 20 times higher than the same period last year. The total number of vehicles delivered throughout 2024 approached 97,400 units, representing a 192% surge over 2023. Moreover, the company’s electric motorcycle sales remained robust, with nearly 71,000 units sold during the year.

    Robust Financial Backing from Parent Group Vingroup

    VinFast continues to benefit from strong financial support from its parent company, Vingroup, and founder Pham Nhat Vuong. As of the end of Q1 2025, Vuong has infused $411 million in non-refundable assistance as part of a larger $2.1 billion commitment. Additionally, Vingroup has pledged up to $1.4 billion in further funding to support VinFast’s growth trajectory.

    Strategic Expansion into International Markets

    VinFast is aggressively expanding its presence in international markets. In Indonesia, the company exported nearly 2,500 vehicles in Q1 2025 and established 22 dealerships. The Philippines has also welcomed five model offerings, following the successful launch of the VF 6, with plans to expand to 60 stores across the country.

    In North America, VinFast has transitioned from a direct-to-consumer model to a dealer-based sales approach, successfully setting up 38 dealerships across 16 U.S. states. In Europe, deliveries of the VF 6 have commenced, and the company is ramping up its distribution network.

    Innovations in Domestic Market Offerings

    On the domestic front, VinFast has introduced a new “Green” EV lineup designed for transport services, with plans to initiate deliveries for two models in Q2 and two additional models by August. This move aligns with the company’s commitment to enhancing sustainable mobility solutions.

    Commitment to Growing Market Share in 2025

    Looking ahead, VinFast aims to double its global vehicle deliveries in 2025, focusing on flexibility in its strategies while reinforcing its dedication to green mobility initiatives.

    As consumer trends continue to gravitate towards sustainable mobility, VinFast’s aggressive expansion and innovative offerings not only signify the company’s resilience but may also reshape the retail landscape in the automotive sector. This strategic growth could potentially enhance consumer options and accelerate the transition to electric vehicles globally.

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  • VinFast VF 5 Vietnam’s most popular car by wide margin

    VinFast VF 5 Vietnam’s most popular car by wide margin

    VinFast sold 13,000 units of its VF 5 electric car in Vietnam in the first half of the year, making it the top seller in the market.

    A person familiar with the matter said that 20,000 VF 5s were sold globally.

    Mitsubishi Xpander was the second most popular car in Vietnam with 7,773 units, followed by the Ford Ranger, which sold almost exactly the same number.

    But analysts said it is still early to decide if VinFast has won over Vietnamese consumers with the crossover VF 5 as a large number were bought to be used as taxis and ride-hailing vehicles.

    “Eventually all car manufacturers want to sell to retailers, not taxi companies,” an analyst who asked not to be identified said.

    We are making efforts to convince retail consumers to buy the VF 5 by offering personalized color choices and other incentives.

    Many ride-hailing drivers buy the VF 5 for its affordable price and the fact that electricity is cheaper than gasoline.

    Overall, 154,265 cars were sold in the first six months, down 7% year-on-year, according to data from the Vietnam Automobile Manufacturers Association and Hyundai Thanh Cong, which sells Hyundai cars.

    VinFast does not release data by market but said it delivered 21,800 units globally, down 8% year-on-year.