Vietnam automaker VinFast seeks breakthrough in South-east Asia’s EV market

[HO CHI MINH CITY] Having already made a big push into the United States and Europe to varying degrees of success, Vietnam automaker VinFast has signalled its intent to spread its wings closer to home – in South-east Asia’s fast-growing electric mobility sector.

The planned regional expansion comes as the company says it could break even by the end of 2024 and be profitable the year after if – in the words of its founder Pham Nhat Vuong, the richest man in Vietnam – “things go as planned”.

As things stand, VinFast – a member of Vietnam’s largest private conglomerate, Vingroup – expects to sell up to 50,000 electric vehicles (EVs) in 2023, almost seven times more that what it managed last year.