VinFast is an electric vehicle manufacturer under Vietnam's largest private conglomerate, Vingroup. It was established in 2017, headquartered in Hanoi, Vietnam, and is Vietnam's first domestic car brand. In 2023, VinFast listed on the US NASDAQ through a merger with Black Spade Acquisition, under the stock code "VFS." The brand's vision is the "Pride of the National Industry," and it is often referred to by outsiders as the "Vietnamese Tesla."
VinFast was founded in 2017 by Vietnam's wealthiest person, Phạm Nhật Vượng. In its early years, it relied on General Motors' technology platforms to produce fuel-powered vehicles, officially going into production in 2019 and becoming Vietnam's first independent car brand. In 2021, VinFast stopped fuel vehicle production, fully transitioning to the pure electric field, and delivered its first batch of electric vehicles to Vietnamese users at the end of the year. In 2022, the company announced an investment of $4 billion USD to build a factory in North Carolina, USA, once seen as a symbol of its entry into the global market. In 2023, VinFast listed on the US NASDAQ, with its market capitalization once exceeding $100 billion USD. In 2025, the company established overseas factories in India and Indonesia. In 2026, the brand completed planning for three major strategic brand series and announced targets for overseas markets.
In 2026, VinFast reorganized its automotive products into three independent brands.
VF Brand: Targets the mass-market personal passenger vehicle segment, covering the full range of electric SUVs from VF 3 to VF 9, as well as the 7-seater VF MPV 7.
Green Brand: Targets the commercial transport market, launching pure electric commercial vehicle models such as the Limo Green and Herio Green.
Lohong Brand: Positioned as the ultra-luxury series, currently offering the Lohong 900 LX, 900S, and 800S models.
In addition, VinFast also produces electric motorcycles, with sales exceeding 400,000 units in 2025.
VinFast holds a dominant position in the Vietnamese domestic market. In 2025, the company delivered 175,099 units within Vietnam, accounting for one-third of the country's car market, and has been the champion of the Vietnamese market for 16 consecutive months. Globally, VinFast's full-year electric vehicle deliveries in 2025 reached 196,919 units, a year-on-year growth of 102%; revenue reached $3.59 billion, a year-on-year growth of 105.4%. Among these, full-year overseas deliveries were 21,820 units. Despite the significant increase in sales, the company's net loss in 2025 was as high as $3.9 billion, with cumulative losses reaching $14.5 billion.
VinFast's pure electric models are equipped with lithium iron phosphate (LFP) and ternary lithium battery packs, supporting the CCS2 fast charging standard. Advanced Driver Assistance Systems (ADAS) cover highway assist (L2 semi-autonomous driving), adaptive cruise control, lane centering, and other functions. In 2026, VinFast reached a cooperation agreement with Israeli company Autobrains to explore autonomous driving solutions based on an "Agentic AI" architecture, aiming to replace expensive LiDAR hardware solutions. In terms of battery strategy, VinFast adheres to three parallel paths: outsourcing, cooperation, and in-house production, without pursuing complete self-sufficiency.
VinFast has "paused" its previous EU and US expansion plans, with its focus shifted entirely to Asia. Currently, its overseas strategy focuses on three major markets: India, Indonesia, and the Philippines. In August 2025, the company's first overseas factory in Tamil Nadu, India, went into production, with an initial annual capacity of 50,000 units. Later that year, the assembly plant in West Java, Indonesia, went into production. Regarding Europe and the US, VinFast's originally planned North Carolina, USA factory, scheduled for production in 2025, has been postponed to become operational in 2028. The taxi company GSM, under the founder, also entered markets such as Indonesia and the Philippines simultaneously, directly driving VinFast's wholesale demand.
Phạm Nhật Vượng has clearly stated, "VinFast will never produce fuel-powered vehicles again." In 2026, the brand set a goal to deliver 300,000 complete vehicles globally, with an overseas market target sales volume of 100,000 units. At the same time, the electric motorcycle plan is to sell between 1 and 1.5 million units. The parent company expects VinFast to achieve break-even at the EBITDA level in 2027 and to push for a GSM IPO in 2028. Under the continuous intensification of cost pressures and international competition, VinFast is attempting to use a "shared mobility plus overseas manufacturing" dual-engine strategy to break free from its reliance on a single market.
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