In a milestone for the Vietnamese automotive industry, VinFast has established itself as the best-selling car brand in Vietnam for October and throughout the first ten months of 2024. With a total of over 51,000 electric vehicles (EVs) sold since January, VinFast’s rapid rise marks a significant shift in consumer preferences toward electric mobility in the domestic market.
The company reported a record 11,000 EV deliveries in October alone, representing a 21% increase from September’s sales figures. The VF 3 and VF 5 models led the charge, with sales figures nearing 5,000 and 2,600 units, respectively. These strong performances have helped VinFast build a substantial lead over traditional gasoline-powered car brands, making it the first Vietnamese EV manufacturer to claim the top market position in the country.
Key Factors Driving VinFast’s Market Dominance
VinFast’s sales growth can be attributed to a combination of strategic factors. These include a robust production capacity, a growing network of dealerships, and the widespread rollout of charging stations across the country. VinFast’s extensive pre-orders indicate strong consumer demand, allowing the company to maintain and potentially increase its market share. The company’s transition to exclusively electric vehicle production two years ago also helped it carve out a unique space in a market traditionally dominated by gasoline-powered vehicles.
A Breakthrough for Vietnam’s Auto Industry
In just over five years, the company has not only built a firm foundation but also surpassed established international brands to become Vietnam’s best-selling automotive company. This growth highlights the Vietnamese market’s increasing interest in sustainable transportation and aligns with global trends favoring eco-friendly vehicles.
According to Pham Nhat Vuong, Chairman of Vingroup and CEO of VinFast Global, customer support has been a critical factor in VinFast’s success. Vuong expressed gratitude to VinFast customers who have provided feedback that has helped the company improve its products and services. Vuong also praised the resilience of the VinFast team, emphasizing the company’s commitment to continual improvement in product quality and customer satisfaction.
Expanding EV Options for Vietnamese Consumers
Currently, VinFast offers seven electric vehicle models in Vietnam, ranging from compact mini-SUVs to full-size E-SUVs, catering to diverse consumer needs. These models are competitively priced against gasoline vehicles in similar segments, making EVs an accessible option for more buyers. This range, coupled with an expanding infrastructure to support EV ownership, has positioned VinFast as a leader in the country’s green transition.
Beyond the domestic market, VinFast is pursuing international growth, with plans to extend its presence to multiple countries and contribute to the global shift toward electric mobility.
Coming to India?
VinFast’s VF8 electric SUV, a flagship model for the company, has been seen undergoing testing in India. Meanwhile, the compact VF3, tailored specifically for emerging markets, is anticipated to launch in India next year. Through this range of models, VinFast aims to cater to diverse segments of the Indian EV market—from cost-sensitive consumers to premium buyers—positioning itself alongside established EV brands.
The company’s entry into India is also part of its larger global expansion strategy, which includes North American and European markets. By establishing India as a key production and export base for right-hand-drive vehicles, VinFast seeks to reinforce its global presence in the EV sector while capitalizing on India’s growing demand for electric vehicles