VinFast CEO Pham Nhat Vuong appears at Vingroup’s annual general meeting on April 24, 2025. (Vingroup)
HANOI, April 24, 2025 – At Vingroup’s annual general meeting, Pham Nhat Vuong, Chairman and CEO of VinFast, the electric vehicle company listed on Nasdaq, announced that he would prioritize developing Asian markets instead of focusing on the US market, where the company is suffering heavy losses.
“Entering the US market now leads to heavy losses. We are not in a hurry,” Vuong affirmed, adding that higher logistics, tax and fee costs caused by geopolitical tensions were the main reasons.
Vuong also announced that the plan to inaugurate the factory in North Carolina, US, would be postponed from 2025 to 2028, as previously announced in July 2024. Citing the late Chinese leader Deng Xiaoping’s saying—“Hide your strength and bide your time”—the Vietnamese billionaire emphasized a cautious strategy as VinFast has continuously recorded losses since its Nasdaq listing in 2023.
Strong growth in the domestic market
Despite difficulties in international markets, VinFast made significant progress from the fourth quarter of 2024 thanks to a strong recovery in Vietnam. Sales grew on the back of affordable electric vehicle models, an extended free-charging program and improved insurance processing.
In 2024, the Vietnamese market contributed 90% of VinFast’s global sales, with 97,399 vehicles sold. In 2025, the company aims to sell 200,000 vehicles in Vietnam, capturing 40% of the domestic market.
“If we achieve this target, VinFast will break even,” Vuong emphasized.
Conquering Asia from 2026
From 2026, VinFast expects sales in Asia to grow sharply when its factories in Indonesia and India begin operations in the second half of 2025.
“Indonesia, India and the Philippines will be key markets with outstanding sales,” Vuong said.
Vingroup expands into infrastructure and green energy
At the meeting, Vuong also announced that Vingroup would add two strategic fields: infrastructure and energy. The company plans to invest in high-speed rail, potentially expand into seaports, and develop renewable energy and LNG, targeting 25.5 gigawatts by 2030 and 52.5 gigawatts by 2035.
“Vietnam is short of green electricity. We make electric vehicles, but want them to be truly green from production to use, so we will invest heavily in renewable energy,” Vuong shared.
He also affirmed Vingroup’s role in responding to the call from the General Secretary and senior leaders, joining major enterprises such as Hoa Phat in implementing strategic projects and contributing to national development.
Economic context and national strategy
Vietnam targets GDP growth of 8% in 2025 and 10% in subsequent years. However, exports and foreign direct investment—the two main drivers—are under pressure from global trade conflicts.
To achieve the target, Vietnamese leaders have called on domestic enterprises to increase infrastructure investment and improve the business environment in order to attract more foreign investment.
With a strategy focused on domestic and Asian markets, together with plans to expand into infrastructure and energy, VinFast and Vingroup are gradually affirming their pioneering role in Vietnam’s sustainable development journey.
Source: Nikkei Asia