February 13, 2025 – VinFast Auto Ltd. (“VinFast” or the “Company”) today announced global deliveries of 53,139 electric vehicles (“EVs”) in 4Q24, representing a 143% increase quarter-over-quarter and a 342% increase year-over-year. VinFast has surpassed its 2024 global sales target and achieved outstanding growth. This achievement solidifies its market-leading position in Vietnam and lays a strong cornerstone for its global expansion.
Driven by growing demand for affordable models and the Company’s strength in the Vietnamese market, VinFast set new delivery records for three consecutive months during the fourth quarter, culminating in total deliveries of 97,399 EVs globally for the full year 2024. This represents a 192% increase year-over-year, exceeding management’s revised guidance of 80,000 vehicles globally for the full year 2024.
The Company targets to at least double its global deliveries for the full year 2025 compared to 2024 as it expects to continue this strong momentum.
In January 2025, VinFast’s domestic EV deliveries alone reached over 10,000, with the VF 3 being the best-selling model at over 4,000 units, followed by the VF 5 with 3,300 units.
VinFast also announced it delivered 31,170 e-scooters and e-bikes in the fourth quarter of 2024, representing a 65% increase quarter-over-quarter and a 41% increase year-over-year. On a full year 2024 basis, the Company delivered 70,977 e-scooters and e-bikes, representing a 1% increase year-over-year.
Madam Thuy Le, Chairwoman of VinFast, said: "VinFasts 2024 results exceeded expectations, demonstrating resilience in the face of market fluctuations and macroeconomic volatility. The record-breaking achievement underscores our strength and confirms the unstoppable momentum of electric vehicle adoption. As we look toward 2025, VinFast remains committed to leading the green transportation revolution with our innovative, diverse all-electric lineup. While market challenges remain, we are confident that electrification is the path to a sustainable future, and VinFast is dedicated to being at the forefront of this transformation.”
In 2024, the Vietnamese market continued to significantly contribute to VinFast’s revenue growth. With a mission to lead the green transition in Vietnam, VinFast implemented attractive incentive policies and partnered with numerous local governments, organizations, and major enterprises to drive campaigns such as “Fierce Vietnamese Spirit - For a Green Future” and “For a Green Capital”.
These strategic initiatives propelled VinFast to become the first all-electric automaker to lead the market in Vietnam, surpassing all domestic and overseas competitors in the country. Notably, Vietnam is now one of the few markets in the world in which an EV pure player leads the sales chart.
In 2024, VinFast also made significant strides in its global expansion. VinFast’s adoption of the dealership distribution model besides its direct-to-customer approach has shown promising results. The Company aggressively expanded into new, high-potential markets, including the Middle East, India, and the Philippines, while building a comprehensive “For a Green Future” ecosystem in Indonesia. Simultaneously, the Company also strengthened its presence in the existing, key markets in North America and Europe. These strategic steps in 2024 will provide strong momentum and a solid launchpad for the Company to continue its breakthrough in 2025.
The Company also announced that it will release its 4Q24 and full-year 2024 financial results before the market opens on April 24, 2025. On the same day, VinFast’s management will hold a live webcast to discuss the Company’s business performance and strategy. Details for the call are below:
- What: VinFast Q4 and Full Year 2024 Financial Results and Q&A Webcast
- When: Thursday, April 24, 2025
- Time: 8:00 a.m. Eastern Standard Time
- Live webcast: https://edge.media-server.com/mmc/p/5725mupo
A replay of the webcast will also be made available on the Company’s website.
For additional information, please visit ir.vinfastauto.us.
Investor Relations Email: [email protected]
Media Relations Email: [email protected]
Market and industry statements in this document are based on data from the Vietnam Automobile Manufacturers Association, Thanh Cong Group and Company internal data (for VinFast only).
About VinFast
VinFast – a subsidiary of Vingroup JSC – is Vietnam’s leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures a portfolio of electric SUVs, e-scooters and e-buses in Vietnam and exports to the United States and Europe. Learn more at www.vinfastauto.us.
