VinFast reported strong growth in vehicle deliveries and revenues for the fourth quarter and full year of 2024, supported by ongoing expansion efforts beyond its home market of Vietnam.
The company shipped 53,139 electric vehicles in the fourth quarter, a 143% increase compared to the previous three months.
For the full year, VinFast delivered 97,399 EVs, nearly tripling its 2023 figures with a 192% rise. Meanwhile, sales of electric scooters remained relatively stable, with 31,170 units delivered in the fourth quarter and 70,977 units for the year, reflecting a modest 1% increase over 2023.
Quarterly revenues reached $677.9 million, representing a 69.8% increase over the same period a year earlier and a 33.8% rise compared to the third quarter. Full-year revenues climbed 57.9% to $1.81 billion.
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The company’s performance coincides with its strategic expansion into North America and Europe. After completing a billion-euro financing round, VinFast commenced shipments of its flagship VF 9 SUV to North America in November 2024.
In December, the company announced plans to open a new production facility in Ha Tinh province, Vietnam, aimed at manufacturing its smaller VF 3 and VF 5 models. VinFast also began deliveries of the VF 6 in Germany, broadening its presence in Europe.
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VinFast maintained its 2025 guidance, signaling confidence in its ongoing growth strategy despite evolving macroeconomic conditions. The company continues to prioritize innovation, affordability, and expanding its product offerings as it strengthens its position in the global electric vehicle market.