VinFast eyes EV sales jump of five times in overseas market; taxi arm seen as key growth lever

[HANOI] Vietnam’s electric-vehicle (EV) maker VinFast is targeting a roughly five-time surge in overseas sales this year, while positioning its taxi and ride-hailing arm Green SM as an “important instrument” in its push beyond the domestic market.

Vingroup chairman and founder Pham Nhat Vuong said at the group’s annual shareholder meeting in Hanoi on Wednesday (Apr 22) that its unit VinFast aims to sell about 300,000 vehicles globally in 2026, including roughly 200,000 units in Vietnam.

That implies about 100,000 units in international markets, marking a sharp acceleration in overseas deliveries from 21,820 units in 2025.

The success of this expansion plan appears to play a key role in VinFast’s path towards profitability. The company expects its earnings before interest, taxes, depreciation and amortisation (Ebitda) to break even by 2027, with its Vietnam business turning profitable as early as this year, Vuong said.

“Thanks to Green SM, VinFast has become the No 1 player in Vietnam, and (it) is expected to reach the top position in other markets in the near future,” he added.

VinFast’s growth today remains heavily dependent on its home market, which accounted for about 89 per cent of total deliveries last year. The company delivered 196,919 EVs globally in 2025, more than double the 97,399 units from a year earlier.

Its overseas expansion over the past year has focused on India, Indonesia and the Philippines, supported by new manufacturing facilities launched in 2025 in Tamil Nadu and Subang, alongside its new domestic plant in Ha Tinh.

VinFast reported revenue of US$3.6 billion in 2025, up 105 per cent from a year earlier, but posted a net loss of US$3.9 billion, bringing cumulative losses to US$14.5 billion – underscoring the capital-intensive nature of its EV production and global expansion.

“We have completed capital-raising for VinFast; no obstacles,” Vuong noted. “We have a clear and detailed funding plan to ensure VinFast has sufficient capital for its operations and expansion.”

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Strategic driver of growth

Founded in 2023 by Vuong, Green SM is operated by Green and Smart Mobility (GSM), using an all-electric fleet of VinFast vehicles. It has long been positioned as a strategic driver of VinFast’s EV sales across markets, supporting built-in demand and boosting brand visibility.

Within about three years of operations, the taxi and ride-hailing arm has established a presence across four South-east Asian countries – Vietnam, Laos, Indonesia and the Philippines – with more than 186,000 electric cars and e-scooters in operation.

VinFast’s EV deliveries to GSM and other related parties eased earlier in 2025, but picked up again in the fourth quarter. About one-third of the 86,557 vehicles delivered during the period were sold to related parties, up from 26 per cent in the previous quarter.

The increase was driven by higher shipments to GSM operations in Indonesia and the Philippines, where the company has been scaling up its fleet ahead of a broader regional roll-out in 2026, VinFast said in its earnings report released in March.

The trend mirrors VinFast’s strategy in its domestic market. In the first year of rolling out its taxi arm in Vietnam, about 72 per cent of VinFast’s vehicles were delivered to related parties. That share fell to 27 per cent in 2025 as the domestic market matured following a rapid expansion phase.

Vuong said GSM is preparing for an initial public offering (IPO) in 2028, with a pre-IPO fundraising round expected within the next two to three months.

Earlier this year, GSM said advisers had suggested a potential valuation of about US$20 billion. By comparison, its rival, Singapore-based Grab, has a market capitalisation of about US$16.7 billion on Nasdaq at close on Tuesday.