Vietnamese electric car manufacturer VinFast announces impressive financial results and plans to expand globally

According to news on February 23, Vietnamese electric vehicle manufacturer VinFast recently announced its fourth quarter and full-year financial results as of December 31, 2023. According to the report, the company achieved revenue of US$437 million in the fourth quarter, a 26% month-on-month increase, and a year-on-year increase of 133%. For the entire fiscal year 2023, VinFast's annual revenue also reached US$1.198 billion, a year-on-year increase of 91%, and its performance was outstanding.

Looking to the future, VinFast has set more ambitious goals. They plan to establish approximately 400 sales points worldwide by the end of this year to further enhance the brand's competitiveness in the global market. Especially in neighboring markets such as Indonesia and India, VinFast will increase investment in order to achieve larger-scale expansion. In addition, for fiscal year 2024, VinFast's vehicle delivery target has been set at 100,000 vehicles.

According to the editor’s understanding, in September last year, VinFast submitted a document to the U.S. Securities and Exchange Commission, announcing that it would invest US$200 million to build an assembly plant in Indonesia, which is expected to be Produce 30,000-50,000 cars. VinFast said in a statement that it plans to deliver electric vehicles in Indonesia starting in 2024, including the right-hand drive model VF e34 and VF 5, and will be followed by VF 6 and VF 7 models.

Although VinFast originally planned to start operating a U.S. electric vehicle factory in 2025, last September, the U.S. government confirmed that the company was still actively advancing the construction of a $4 billion electric vehicle production facility in North Carolina. construction. This latest development injects new impetus into VinFast’s global expansion strategy.

VinFast had planned to be listed on Nasdaq in the United States in 2022 to raise funds for factory expansion. By the second half of 2023, the company successfully launched its first car sales outside Vietnam, delivering the first batch of 45 cars on the first day in California alone. This important event not only marks VinFast's formal entry into the international market, but also lays a solid foundation for its future global development.

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