Vietnamese electric vehicle (EV) maker VinFast reported a US$1.26 billion loss in Q4 2024, an 81 percent increase year-on-year. The company will deprioritise North America and Europe, turning instead to Asia, including India, Indonesia, the Philippines, and Vietnam, Bloomberg has reported.
Key points:
- Q4 2024 loss: US$1.26 billion, up 131% from Q3 and 81% year-on-year
- Full-year loss 2024: US$3.18 billion, up 28.4% from 2023
- Full-year revenue: US$1.8 billion, up 57.9%
- Q4 global deliveries: 53,139 EVs, up 143% from Q3
- 2024 global deliveries: 97,399 EVs, up 192%
- New factories: India (June 2025), Indonesia (October 2025), Ha Tinh (Vietnam, July 2025)
- US North Carolina plant delayed to 2028
- Founder Pham Nhat Vuong committed US$2 billion in personal funds through 2026
- Over VND 27 trillion (US$1 billion) already disbursed in grants and loans
VinFast’s pivot away from Western markets to Asia marks a major strategy shift as it battles soaring costs and logistics barriers. Despite massive injections of personal and group capital by Pham Nhat Vuong, VinFast remains deeply loss-making. As a major player in Vietnam’s automotive industry, if it continues down this path it could have sizable implications for Vietnam’s economy more broadly.