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, VinFast’s 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 launch the VF 3 in more global markets, including the US and Europe, but no official launch date has been set.

Although most of its deliveries were in its home market last year, the EV maker did see sales pick up toward the end of the year. VinFast delivered 53,139 EVs in the final three months of 2024, representing 143% growth from Q3 and a massive 342% surge from Q4 2023.

As it expands into new global markets, VinFast expects momentum to pick up this year. The company aims to at least double global deliveries this year, which would suggest in the ballpark of around 200,000.

For those who don’t remember, after it went public in 2023, VinFast’s market value surged to over $85 billion, topping both Ford and GM (nearly combined). Since then, share prices have dropped over 95%. VinFast’s stock 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.