Selling nearly 60,000 cars in 5 months, VinFast leaves competitors in the dust: Toyota and Hyundai’s combined sales fall short, but how far is the goal set by Chairman Phạm Nhật Vượng?

VinFast, a domestic electric vehicle brand, continued its impressive growth trajectory in May 2025, outpacing all other brands in terms of sales. This remarkable performance not only solidifies the company’s domestic leadership but also reflects a significant shift in Vietnamese consumer preferences towards electric vehicles.

VinFast Surges Ahead in Sales, Outperforming Japanese and Korean Competitors

VinFast delivered an impressive 11,496 electric vehicles in the Vietnamese market during May 2025, bringing its total sales for the year to 56,187 units, capturing nearly 42.5% of the country’s total automotive market share. This figure is more than double that of established brands such as Toyota (23,061 units), Hyundai (20,007 units), and Ford (17,533 units), among others.

Not only does VinFast lead the overall market, but it also dominates segments that were once dominated by gasoline-powered vehicles. In May, the VF 5 (compact SUV) was the best-selling model with 4,232 units sold, capturing over 80% market share in its segment. Cumulatively, 18,752 VF 5s have been sold in the first five months of the year.

While competitors like the Toyota Raize, Kia Sonet, and Hyundai Venue are seeing their market share shrink, the VF 5’s approach to winning over customers is what sets it apart. With its low operating costs, the VinFast model is becoming the go-to choice for individuals and businesses in the transportation services industry (taxis).

The VF 3 also made its mark with 3,950 units sold in May, bringing its year-to-date total to 19,416 units, making it the best-selling model in the overall market for the first five months. The VF 6 and VF 7, positioned in higher segments, also delivered impressive performances with 1,393 and 773 units sold in May, respectively.

Vietnamese Consumers Embrace Electric Vehicles

A few years ago, the top three automotive companies in Vietnam were Thaco, Toyota Vietnam, and TC Motor. Today, VinFast (electric vehicle brand) has emerged as a leading player, followed by Thaco (with five brands: Mazda, Kia, Peugeot, BMW, and MINI) and TC Motor (Hyundai brand). VinFast’s rapid rise to the top and its consistent high-growth trajectory testify to the ascendance of electric vehicles in Vietnam.

VinFast offers a diverse range of products, from the VF 3 (mini SUV) and VF 5 (compact SUV) to larger SUVs like the VF 6, VF 7, VF 8, and VF 9. With prices ranging from approximately VND 240 million to over VND 1 billion, VinFast caters to a wide range of budgets for Vietnamese consumers looking to purchase electric vehicles.

VinFast’s vehicles are highly regarded for their modern designs, spacious interiors, advanced smart features, and safety technologies. This aligns with the evolving demands of consumers who view their vehicles not just as a means of transportation but also as a second living space.

One of VinFast’s most significant advantages is its extensive charging network, which covers all provinces and cities, from metropolitan areas to national highways and towns. The company recently announced the operation of over 150,000 charging ports nationwide, making it the largest charging network in Vietnam. Additionally, VinFast offers two years of free charging to new car buyers, addressing the “range anxiety” that has been a significant barrier for Vietnamese consumers considering electric vehicles.

Are the Ambitions of 280,000 Vehicles Achievable?

At the beginning of the year, VinFast set a target of delivering 200,000 electric vehicles in 2025, doubling its volume from the previous year. However, on June 9, Ms. Thai Thi Thanh Hai, Vice President of VinFast, announced an adjusted goal of potentially reaching 280,000 units. Considering the domestic market alone, VinFast has already achieved approximately 20% of this target with nearly 60,000 units sold in the first five months.

The remaining six months look even more promising for VinFast, with the upcoming deliveries of the Minio Green and Limo Green, two models specifically designed for ride-hailing services (expected in August), along with the EC Van, a small cargo truck scheduled for delivery in November.

In Indonesia, VinFast is expanding its presence with a diverse product range and a growing network of retail and service outlets. The company has launched the VF 6, its fourth model in the market, following the VF 3, VF 5, and VF e34. The first VF 6 vehicles are expected to be delivered to customers in Q2 2025.

In the Philippines, VinFast is strengthening its presence by partnering with four reputable service workshop partners, including Goodyear Philippines, Tire King and Rubber Products, Power Tread Services, and Marcjan Cavite. These agreements are projected to add over 70 authorized VinFast service workshops in the Philippines by 2025.

In India, VinFast made its official debut at the Bharat Mobility Global Expo 2025, introducing its VF 6 and VF 7 electric SUVs. The company’s production facility in Tamil Nadu is expected to commence operations in July 2025.

In North America and Europe, VinFast is optimizing its business strategy. In Canada, the company plans to close five DTC stores in malls and suburbs to reallocate resources and improve long-term operational efficiency. VinFast will continue to maintain a presence in key showrooms in British Columbia, Ontario, and Quebec, while partnering with reputable after-sales service providers to ensure an excellent customer experience.

In Germany and the Netherlands, VinFast is transitioning from a direct-to-consumer (DTC) model to a dealership network. The company has already partnered with two dealers in Germany, Schachtschneider Automobile and Autohaus Hübsch, and signed its first dealer in France, ASTRADA SIMVA.

With these notable developments, VinFast is well-positioned to achieve a sales volume of 300,000 vehicles. With a target of 300,000 units for 2025, VinFast is entering a pivotal phase, where the market will witness not just a shift in consumer trends but also a transformation in the competitiveness of Vietnam’s automotive industry.