VinFast to Open India Factory June 30, Indonesia Plant in October

Vietnamese electric car maker VinFast Auto is pushing to expand into the Asian market instead of North America and Europe, founder Pham Nhat Vuong told parent company Vingroup JSC’s Hanoi shareholder meeting.

VinFast CEO Vuong said that due to high logistics costs, VinFast currently has no plans to increase sales in North America and Europe, but will focus on the markets of India, Indonesia, the Philippines, and Vietnam.

VinFast expects to open its India manufacturing facility on June 30, followed by its Indonesian facility in October, he said.

The shift in strategy comes after the opening of a North Carolina plant was delayed by three years to 2028.

Vuong said VinFast expects to deliver more than 200,000 vehicles in Vietnam this year. He said that the company will be close to reaching a break-even point in the Vietnamese market in 2025.

VinFast has been losing money since shipping its first vehicles to the United States in late 2022.

VinFast’s billionaire founder injected about VND27.257 trillion ($1 billion, approximately Rs. 855.3 crore) from his personal wealth into the company in 2023 and 2024, according to Vingroup’s audited financial report released late last month.

In November, he pledged to donate about $2 billion (about Rs 17,109 crore) from his personal wealth to the company by 2026, and said in an interview with Bloomberg TV last year that he was willing to bet all his money on the company’s growth. Meanwhile, Vingroup said in November it would provide a loan of up to $1.38 billion (approximately Rs. 11,805 crore) to VinFast.

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