VinFast, the electric vehicle manufacturer founded by billionaire Phạm Nhật Vượng, has announced its ambitious plan to achieve profitability in Vietnam by 2027, with the goal of becoming profitable globally shortly thereafter. This announcement was made by Anne Pham, VinFast's Vice President of Investment, during the Bloomberg Sustainable Business Summit held recently in Singapore.

The company has introduced a low-cost electric vehicle model, the VF 2, priced at 188 million VND (including battery), which has already garnered approximately 29,000 orders within just three days of its launch earlier this month. Despite this promising start, VinFast faces significant challenges as it strives to establish itself as a global automotive brand and compete with industry giants.

Currently, VinFast has operational factories in India and Indonesia, and representatives have stated that the business strategy for North America is progressing as planned. Anne Pham also mentioned that the company remains open to potential mergers and acquisitions (M&A) and strategic partnerships as it expands into new markets. While the next target market has not been disclosed, it is noted that VinFast plans to increase local production rates in India and Indonesia.

Earlier this year, VinFast approved a plan to transfer its factories in Vietnam to a separate legal entity to alleviate debt burdens, a move expected to generate around 13.3 trillion VND. The ongoing conflict in the Middle East has led to rising fuel prices, which Pham believes has accelerated the shift towards electric vehicles in recent months.

In Vietnam, VinFast's sales remain robust, with the company delivering 115,916 vehicles in the first half of the year, marking a 72% increase compared to the same period last year. On a global scale, VinFast aims to deliver at least 300,000 electric vehicles this year, following a target of approximately 200,000 vehicles sold in 2025.

Recently, VinFast exported its 38th batch of vehicles, with over 5,000 electric cars shipped to European markets aboard the international cargo ships Sea Patris and Silver Queen.