VinFast Targets 5x Surge in International EV Sales by 2026

VinFast, a Vietnam-based electric vehicle maker, is targeting a roughly 5x surge in overseas sales this year, with Pham Nhat Vuong, Vingroup’s chairman and founder, announcing at the group’s annual shareholder meeting in Hanoi on April 22 that VinFast aims to sell about 300,000 vehicles globally in 2026, including roughly 200,000 units in Vietnam. This implies sales of about 100,000 units in international markets, marking a sharp acceleration in overseas deliveries from 21,820 units in 2025. The company expects its earnings before EBITDA to break even by 2027, with its Vietnam business turning profitable as early as this year, according to Vuong.

Current Market Position and Financial Performance

VinFast’s growth today remains heavily dependent on its home market, which accounted for about 89% of total deliveries last year. The company shipped roughly 197,000 EVs globally in 2025, more than double the 97,400 units from a year earlier. VinFast reported revenue of US$3.6 billion in 2025, up 105% 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 efforts.

International Expansion Strategy

The company’s overseas expansion over the past year has focused on India, Indonesia, and the Philippines. It also receives support from new manufacturing facilities launched in 2025 in the Indian state of Tamil Nadu and Malaysia’s Subang, alongside its new domestic plant in the city of Ha Tinh in Vietnam. This comes as the company is positioning its taxi and ride-hailing arm, Green SM, as an “important instrument” in its push beyond the domestic market.

Green SM’s Role as Expansion Lever

Founded in 2023 by Vuong, Green SM is operated by Green and Smart Mobility (GSM) and uses an all-electric fleet of VinFast vehicles. Within about three years of operations, the group’s taxi and ride-hailing arm has established a presence across four Southeast 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 86,500 vehicles delivered during the period were sold to related parties, up from 26% 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, according to VinFast’s 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% of VinFast’s vehicles were delivered to related parties. That share fell to 27% in 2025 as the domestic market matured following a rapid expansion phase.

GSM IPO Plans and Valuation

Vuong said GSM is preparing for an 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. In comparison, its rival, Singapore-based Grab, has a market capitalization of about US$16.7 billion on the Nasdaq at close on Tuesday.