VinFast achieves $159 billion in revenue in the US for full-year 2023

 Meanwhile, revenue in the Vietnamese market reached nearly 28,000 billion VND.

According to the detailed prospectus that VinFast just submitted to the US Securities Commission, in 2023, VinFast will achieve revenue of more than 28,700 billion VND, an increase of 92% compared to 2022.

Vietnam continues to be VinFast's main market with revenue accounting for 97.4%, reaching nearly 28,000 billion VND.

Notably, the prospectus details the revenue of each company's market. Accordingly, the US market only brings revenue of 159 billion VND for VinFast in 2023. Canada - the market where VinFast has just launched in 2023, records higher revenue, reaching 578 billion VND.

In the US market, in addition to selling cars, VinFast is also building its first manufacturing plant in the North American market. The project has an investment of up to 2 billion USD in phase 1 and will create thousands of jobs for local workers.

VinFast said the factory in the US will be similar to the factory in Vietnam, with a high rate of automation and targeting suppliers in the region to maintain flexibility. In addition, customers who buy VinFast cars made in the US can enjoy an electric car tax incentive of 7,500 USD.

In the US market, VinFast is positioned as a high-end car company. The VF 8 City Edition model has a starting price of nearly 50,000 USD. The company has opened 13 showrooms in California and plans to continue opening 3 more showrooms.

To date, this electric vehicle company has 13 stores in California and 6 dealers in 5 states: North Carolina, New York, Texas, Florida and Kansas, with 75 dealers registered to join the network. The company expects to reach about 130 sales points in North America and 400 sales points globally by the end of 2024. Of which, sales through agents will contribute significantly to sales in the second half. 2024.

Plan 2024

In fiscal 2024, VinFast aims to balance revenue growth and cost optimization, based on optimizing production and material costs, and making strategic investments in potential markets. capacity in the area.

To promote electric vehicle sales, VinFast will expand distribution channels by taking advantage of the network and experience of dealers in each market.

Success in key markets such as the US will strengthen the Company's ability to compete effectively in other markets to increase sales scale, especially in untapped and potential Asian markets. big.

At the Indonesia International Motor Show (IIMS), VinFast announced its entry into the Indonesian market with a right-hand drive electric car ecosystem, including the VF 5, VF e34, VF 6 and VF 7 models. The design of the models and the unique battery rental option received very positive feedback.

The company has also officially signed a Letter of Intent to cooperate with the first 5 dealers in Indonesia and plans to establish a CKD production facility in the country. In the latest step, right after signing a Letter of Intent with 5 Indonesian dealers, the Vietnamese electric vehicle company officially signed a Memorandum of Understanding on providing 600 electric vehicles to 3 Indonesian businesses.

In India, just over a month from the date of announcing the signing of the Memorandum of Understanding with the Tamil Nadu State Government, VinFast announced the groundbreaking ceremony of the Integrated Electric Vehicle Manufacturing Facility Project in Thoothukudi City in this state. With the vision of becoming the region's leading electric vehicle manufacturing center, the factory project has a capacity of up to 150,000 electric vehicles per year when officially put into operation.

VinFast's unique battery leasing policy could significantly boost sales in new markets. This mechanism helps reduce the initial selling price and monthly operating costs of VinFast cars to be on par with, or even more competitive than, some gasoline car models on the market.

The second key goal for 2024 is cost optimization. VinFast is implementing initiatives to reduce material costs by 40% within two years after the launch of each model; partly through engineering efforts such as parts redesign and platform optimization, and the rest through sourcing and procurement initiatives such as in-house and supplier switching. In addition, VinFast will continue to optimize production costs and other costs.

VinFast aims to deliver 100,000 vehicles in 2024 thanks to its increasingly expanding distribution network. Brighter macroeconomic prospects also support the implementation of the Company's development strategies.

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