VinFast, the Vietnamese electric vehicle (EV) manufacturer, has set an ambitious target of selling 100,000 EVs in 2024, following the announcement of its Q4/2023 financial statements in mid-February. This announcement was made by VinFast’s chairwoman of the Board of Directors Le Thi Thu Thuy.
Thuy highlighted that VinFast is the only EV manufacturer in the world with a complete range of vehicles from the A-segment to the E-segment. Additionally, the company has begun supplying vehicles to markets with right-hand drive, such as Indonesia.
“We currently have a full range of vehicles in all segments for all different markets. However, the Vietnamese market will still be our largest market and may contribute half of the company’s sales in the coming year,” Thuy said.
Furthermore, Thuy mentioned that VinFast’s vehicles are already present in North America, Europe, the Middle East, Asia, and Southeast Asia. Therefore, she believes that with the current range of vehicles, VinFast can access many different markets and achieve its goal of selling 100,000 EVs.
Thuy also underscored the global surge in EV adoption, stating, “The use of EVs is on the rise worldwide.”
She pointed to notable sales increases of 12–17 per cent in the United States and Europe, respectively, last year. However, she emphasised that the growth in EV sales was even more pronounced, soaring by 40–45 per cent.
“This underscores the continued increase in global demand for EVs,” she added.
VinFast has projected that the US could see sales of between two and four million EVs in the coming year. Despite VinFast’s ambition to bolster its market share in the US and Europe, which are the company’s initial foreign markets, Thuy remained convinced that the Asian market will remain the primary revenue driver for the company.
“We are committed to expanding our presence in the US and Europe, but we recognise the immense potential of the Asian market,” she said.
“For example, India, with 1.5 billion people, is the most populous country in the world, but the adoption rate of EVs is still low. Or Indonesia, the third most populous country in the world and a member of ASEAN, also has a very low adoption rate of EV. Therefore, we believe that in the long run, VinFast can also gain a large market share from these two markets.”
Regarding the Q4/2023 and full-year financial results, Thuy said that the company was still losing money, but the loss had begun to decrease. She also emphasised that VinFast’s revenue was continuously increasing, evidence that the company is moving in the right direction.
For the full year of 2023, the group brought in approximately $1.2 billion, a 91 per cent increase from the previous year. However, the company had a net loss of over $2.3 billion. In 2023, VinFast delivered a total of 34,855 electric cars, a 48 per cent increase from the previous year, and sold an additional 72,468 electric motorcycles.
In the 2024 financial year, in addition to selling 100,000 EVs, VinFast aims to balance revenue growth and cost optimisation. This will be based on optimising production and material costs, as well as strategic investments in potential markets in the region.
