HANOI, VIETNAM – VinFast is aggressively expanding its presence in Asia, focusing on making electric vehicles (EVs) accessible and building a comprehensive green ecosystem to support the shift towards electric mobility. The company is simultaneously expanding its manufacturing footprint and introducing affordable EVs to meet the increasing demand for sustainable transportation.
Asia’s growing industries and population are making it a crucial player in the global energy transition. While some countries are initiating green projects, a widespread adoption of clean energy technology remains essential to reduce reliance on fossil fuels. Electric vehicles are identified as a key technology to help achieve climate goals across the region.
VinFast is addressing this challenge by introducing a diverse range of affordable EVs, catering to varied consumer needs and budgets. This strategic focus is complemented by the development of a robust charging infrastructure, facilitating a smoother transition to electric mobility for consumers in Asia.
According to the Economist Intelligence Unit, Asia is projected to dominate the global EV market within the next five years, accounting for 63% of global EV sales. By 2028, EVs are expected to comprise 39% of all new car sales in the region, indicating a major shift towards electric vehicles. VinFast is strategically expanding its reach, moving beyond Europe and North America, and has recently entered the Philippines and broken ground on a new facility in India.
The new Indian manufacturing facility will complement VinFast’s existing production in Vietnam, aiming to capitalize on India’s rapid market growth. Beyond production, VinFast is committed to offering premium products, inclusive pricing, and exceptional after-sales support in the Indian market. The company is also expanding into Indonesia, with deliveries of EVs, implementation of sales and warranty policies, expansion of their dealer network, and breaking ground on a new assembly plant.
VinFast's innovative battery subscription policy is recognized in Indonesia for their role in driving the country’s green goals. Partnering with Prime Group, a major conglomerate, V-GREEN is establishing a vast charging network across Indonesia, with plans to install 100,000 charging stations in the next three years. Complementing this, Xanh SM, a ride-hailing service powered by EVs, offers a convenient way for people to participate in the green transition without personal vehicle ownership.
VinFast’s customer-centric approach emphasizes product diversity, attractive pricing, and exceptional value, including market-leading warranty policies. The company offers a range of EVs, including eight cars, one bus, nine motorbikes, and one bicycle, meeting a wide range of needs. This strategy has been successful in the Vietnamese market, with VinFast leading in car deliveries for the first ten months of 2024.
The introduction of the affordable and stylish VF 3 SUV has been a key driver of success, quickly gaining popularity. Furthermore, the VF 5 is attracting both individual and commercial customers, with traditional taxi operators seeing the economic advantages of EVs. These developments demonstrate VinFast’s ability to not only create new market demand but also drive the adoption of electric mobility.
VinFast's success in Vietnam has transformed the country's automotive market, with EVs now outpacing gasoline-powered vehicles. This underscores the potential for significant EV growth across Asia. VinFast is addressing key areas like affordability, infrastructure, and diverse transportation options, solidifying its position as a leader in Asia’s electric future.
