VinFast failed to achieve 2023 sales target

VinFast North Carolina Factory Rendering

Throughout 2023, Vinfast has successfully sold nearly 35,000 units of electric vehicles (EV). A new record was also set in the fourth quarter (Q4) of 2023, where Vinfast managed to sell a total of 13,512 units.

However, despite the impressive figure of 34,855 units compared to previous achievements, the annual sales volume still falls short of the set target of 40,000 units.

The Vietnamese manufacturer claims that this figure is due to the slow acceptance rate of EVs in some regions, as well as intense competition.

A Reuters report mentioned that the majority of Vinfast’s sales come from the Vietnamese market, where 60 percent of distribution in the second and third quarters was contributed by the Green SM taxi operator and the vehicle leasing company owned by VinFast’s CEO.

According to Vinfast’s Deputy CEO of Sales and Marketing, Tran Mai Hoa, “We have seen a significant increase in vehicle distribution in the fourth quarter of 2023 compared to the previous quarter. However, the slow adoption rate of EVs in some regions, as well as intense competition, have led to a smaller distribution volume than we expected.”

VinFast is now preparing to establish battery production and assembly facilities in India, along with exploring new markets in the Middle East, Latin America, and Asia, including Indonesia.

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