VinFast (VFS) delivered nearly 100,000 EVs last year, but here’s the catch

VinFast’s (VFS) deliveries surged last year, nearly tripling from 2023. Although VinFast delivered almost 100,000 EVs in 2024, nearly 90% were in its home market.

VinFast delivered 97,399 EVs in 2024, over 50K in Q4

VinFast announced on Thursday that it delivered 97,399 EVs in total last year, up an impressive 192% from the roughly 35,000 sold in 2023.

The growth was enough to top its revised 80,000 target, but VinFast initially planned to sell around 100,000 vehicles in 2024.

The Vietnamese EV maker said the sales surge was driven by demand for affordable models in its domestic market, like its VF 3 model.

VinFast is already Vietnam’s largest pure-play EV maker and claims to be a “Top 2 leading BEV player” in Southeast Asia. With over 87,000 EVs delivered in Vietnam, It domestic market accounted for about 90% of its total deliveries last year.

The company has a wide range of EVs rolling out from lower-cost (VF 3, VF 5) to mid-range (VF 6, VF 7) to more premium options (VF 8, VF 9). It also sells electric scooters, bikes, buses, and MPVs.

VinFast delivered 70,977 electric scooters and bikes last year, about flat (+0.1%) from 2023. However, nearly 31,200 were delivered in the final three months of the year, up 65% from the third quarter.

After opening the VF 3 pre-orders in Vietnam last year, starting at just 235 million VND, or around $9,500, Vinfast delivered 25,000 models in just five months. The VF 3 is now rolling out in other SEA markets, including Indonesia and the Philippines.

VinFast plans to expand its presence by launching the VF 3 in additional global markets, including the US and Europe, although an official launch date is yet to be announced.

While the majority of its deliveries were within its home market last year, VinFast saw a notable increase in sales toward the end of the year. In the final quarter of 2024, VinFast delivered 53,139 EVs, marking a 143% growth from Q3 and an impressive 342% rise compared to Q4 2023.

As it continues to enter new global markets, the company expects to maintain its momentum this year. With plans to double global deliveries, the company is targeting approximately 200,000 units in 2025.

For those who don’t remember, after it went public in 2023, VinFast market value surged to over $85 billion, topping both Ford and GM (nearly combined). Since then, share prices have dropped over 95% which is down almost 30% over the past 12 months and 11% YTD in 2025.

VinFast will release Q4 and full-year 2024 earnings before the market opens on April 24, 2025. Check back for a breakdown of its financials.