VinFast's Global EV Sales Surge, But U.S. Figures Remain Elusive

VinFast Auto Ltd. (VFS), the Vietnamese electric vehicle (EV) manufacturer, reported a significant increase in global EV sales in 2024, with a 192% year-over-year increase to 97,399 units. However, the company's U.S. sales figures remain unclear due to a lack of geographical breakdown in its delivery reports.

VinFast's impressive global sales growth can be attributed to several factors, including:

1. Growing demand for affordable models: VinFast's focus on affordable EVs resonated with consumers, leading to increased sales. The company's VF 3 and VF 5 models were the best-selling models in Vietnam, with over 4,000 and 3,300 units delivered in January 2025, respectively.
2. Strength in the Vietnamese market: VinFast's home market contributed significantly to its revenue growth. The company implemented attractive incentive policies and partnered with local governments, organizations, and major enterprises to drive campaigns like "Fierce Vietnamese Spirit - For a Green Future" and "For a Green Capital." These initiatives helped VinFast become the first all-electric automaker to lead the market in Vietnam, surpassing all domestic and overseas competitors.
3. Expansion into new markets: VinFast aggressively expanded into new, high-potential markets such as the Middle East, India, and the Philippines, while strengthening its presence in existing key markets like North America and Europe. This strategic move helped the company tap into new customer bases and drive sales growth.
4. Adoption of the dealership distribution model: In addition to its direct-to-customer approach, VinFast adopted the dealership distribution model, which showed promising results and contributed to increased sales.



Despite the overall increase in deliveries, it is challenging to ascertain the number of EVs sold in the U.S. due to VinFast's lack of geographical breakdown in its delivery reports. To improve transparency in its U.S. sales figures, VinFast can consider the following strategies:

1. Provide regional or country-specific sales data: VinFast can start releasing quarterly or annual sales figures for specific regions or countries, including the U.S. This will help investors and analysts better understand the company's performance in different markets and make more informed decisions.
2. Disclose sales by model: VinFast can provide sales data for each of its EV models, allowing investors to analyze the demand for specific products in the U.S. market. This information can help identify which models are resonating with American consumers and where improvements may be needed.
3. Share market share data: VinFast can release its market share in the U.S. EV market, which will help investors understand its competitive position compared to other EV manufacturers operating in the country.
4. Improve communication with investors and analysts: VinFast can engage more actively with investors and analysts by hosting conference calls, webinars, or other events to discuss its financial performance and strategic initiatives. This will provide an opportunity for the company to address questions and concerns related to its U.S. sales figures and overall business strategy.

In conclusion, VinFast's global EV sales surged in 2024, driven by factors such as growing demand for affordable models, strength in the Vietnamese market, expansion into new markets, and the adoption of the dealership distribution model. However, the company's U.S. sales figures remain unclear due to a lack of geographical breakdown in its delivery reports. To improve transparency in its U.S. sales figures, VinFast can consider providing regional or country-specific sales data, disclosing sales by model, sharing market share data, and improving communication with investors and analysts.