Vietnamese maker of electric vehicles, a subsidiary of Vingroup, the conglomerate controlled by Pham Nhat Vuong, Vietnam's richest man. VinFast dominates its home market and is South-East Asia's biggest homegrown EV maker.
Finances
VinFast has lost some $11bn since it launched its first electric car in late 2021. Although it receives some subsidies from the Vietnamese government, it is bankrolled primarily by Vingroup and by Mr Vuong himself. As of June 2025 he had pitched in $2bn of his personal wealth to cover VinFast's losses and pledged billions more. The company loses money on each vehicle it sells: in 2025 it delivered over 120,000 electric cars and 230,000 electric two-wheelers, generating about $2bn in revenue against nearly $3bn in production costs alone.
Domestic operations
VinFast sells some 90% of its vehicles at home. A new factory in central Vietnam capable of making 200,000 vehicles was opened in June 2025.
International expansion
VinFast tried to break into the American market after expanding there in 2022, but sold just a few thousand cars. The push has been delayed until 2028. The company is now targeting markets closer to home, including India, Indonesia and the Philippines, and expects to have a sixth of its production capacity outside Vietnam.
Its effort in India is furthest along. It has set up a distribution network of some two dozen dealerships, backed by a factory in Tamil Nadu capable of churning out 50,000 cars a year. In December 2025 the company announced it would expand the site to produce electric scooters and buses as well. Monthly electric-car sales in India remain modest—more than Tesla but less than half of BYD's. Tata Group's Tata Motors, Mahindra, MG Motor and Hyundai together account for over 90% of electric-car sales in India.
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