As part of the event, ‘Conference on Enhancing Localization and Developing Supplier Systems for VinFast’ on June 9th, Ms. Thai Thi Thanh Hai, Vice President of Vingroup and Deputy General Director of VinFast, updated the latest sales growth plan of VinFast.
Specifically, the company aims to sell 280,000 vehicles this year, an increase of about 80,000 vehicles from the previous plan.
It is unclear what VinFast’s specific sales targets are for the Indonesian and Indian markets, but if the focus remains on the Vietnamese market, this sales volume is likely to account for over 50% of the total market share. In what was considered the “most brilliant” year for the Vietnamese automobile market (2022), the total market volume only reached the milestone of 510,000 vehicles.
In the following years, VinFast aims to achieve sales of 400,000 vehicles in 2026, 530,000 vehicles in 2027, and towards 1 million vehicles by 2030. “This plan is completely grounded. Internally, we are coming up with even stronger plans,” said Ms. Hai.
Explaining her confidence, Ms. Hai used Indonesia as an example, one of the markets in which VinFast is investing and setting ambitions. This market currently has about 150,000 electric vehicles in circulation, a figure almost identical to that of Vietnam. The Indonesian government has set a target of 2 million electric vehicles by 2030, corresponding to a growth rate of 60% per year from now until 2030.
Another market, India, also aims to sell 2 million electric vehicles per year before 2030.
“That’s why VinFast will shift its focus to the Asian market in the coming years. In fact, we have been ‘anticipating’ this trend by opening 2 factories in Indonesia and India,” shared Ms. Hai.
VinFast’s factory in India will officially operate in the third quarter of 2025 with a phase 1 capacity of 50,000 vehicles per year, while the factory in Indonesia has a similar capacity. “Both of these factories are designed to quickly expand capacity if market demand increases,” said Ms. Hai.
Thus, the total designed capacity of VinFast’s 4 factories (including the factories in Hai Phong – 500,000 vehicles/year and Ha Tinh – 200,000 vehicles/year), India, and Indonesia will be 800,000 vehicles/year.
In addition, according to Ms. Hai’s update, in 2024, the total sales volume of the Vietnamese automobile market was about 400,000 vehicles, of which electric vehicles accounted for about 18% of the market share, mainly VinFast vehicles. However, after the first four months, this market share surged to 37% thanks to the breakthrough of the Vietnamese electric vehicle brand. Specifically, after four months, VinFast delivered more than 44,600 electric vehicles, averaging more than 11,000 vehicles per month.
The main orientation of VinFast will be to build a domestic supply chain with the extremely challenging goal of achieving an 80% localization rate by 2026. Currently, this rate is about 60%.
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