The Nasdaq-listed company admits that the window of opportunity will not last long as investors are no longer patient with past losses. Therefore, the ambitious target for the Vietnamese electric car company, VinFast, is to attract customers in 50 markets, from the US to India, where people are still unfamiliar with VinFast.
“To be honest, this is an opportunity for a Vietnamese company like us to become a global company as the automobile industry undergoes structural changes,” said VinFast Chairman Le Thi Thu Thuy at the Asia Green Technology Conference.
 VinFast Chairman Le Thi Thu Thuy
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At the event, Thuy also revealed a lot of information, including the plan to break even by 2025.
Currently, a series of companies are entering the global electric vehicle market as the demand for gasoline cars weakens. However, even giants like Tesla and Toyota have to prove themselves in this new field. And VinFast, a newcomer since 2021, is trying to establish itself in the global automotive industry.
When asked how VinFast gains customer trust, Thuy said VinFast focuses on the Vietnamese market. Here, 80% of VinFast customers rent batteries, making electric cars competitively priced with gasoline cars.
“At this time, clear profit potential is very important,” Thuy said, adding that VinFast will break even in 2025. “The stage where investors poured money into electric car companies just because you have a beautiful concept car is over. I think electric car stocks have fallen a lot.”
Thuy stated that VinFast has stable income from battery leasing, which also has great potential in boosting car sales in new markets.
Another priority of VinFast is to “reduce raw material costs by about 40% within 2 years after launching the car, half through technology and half through lower raw material prices.”
“If you believe that electric cars are the future of the automotive industry, now is a great time to invest,” Thuy said.
For 2024, VinFast aims to deliver 100,000 cars through an expanding distribution network and strive to balance revenue growth and cost optimization based on a production and material cost optimization platform, while strategically investing in potential markets within the region.
After laying the foundation in markets like the US, Canada, and some European countries, VinFast’s global expansion plan this year will focus on other global markets, including potential markets near Vietnam such as Indonesia and India. This step aligns with the strategic capital cost optimization, including production and material cost optimization targets.
