VinFast Hits Stride: Q1 Deliveries Exceed Last Year's First Half Mark
As reported in VinFast's Q1 2025 financial results and conference call, the electric vehicle (EV) manufacturer has achieved significant milestones in deliveries performance and EV adoption. Chairwoman of the Board, Madam Thuy Le, presented a positive outlook for the company during the call.
The Q1 '25 deliveries figure has exceeded VinFast's total for the first half of last year, with 36,330 electric vehicles delivered, representing a 296% increase year-over-year and a 32% decline quarter-over-quarter. This achievement is notable given ongoing global macroeconomic and trade uncertainties.
The company's 2-wheeler business also showed impressive growth, with 44,904 units delivered in Q1 2025, marking a 473% year-over-year increase and a 44% rise quarter-over-quarter. Deliveries to related parties accounted for 21% of total deliveries, highlighting the importance of VinFast's ecosystem approach.
The B2C (business-to-consumer) segment has consistently accounted for over 70% of total sales for three consecutive quarters through Q1 '25. VinFast anticipates continued vehicle deliveries in support of GSM's (the EV taxi platform owned by VinFast's founder) fleet growth in Indonesia and the Philippines.
Madam Thuy also discussed the pace of EV adoption in key markets, noting that while Vietnam has seen a high level of EV penetration (nearly 40% in Q1), other regional markets are still developing. In Indonesia, BEV (battery electric vehicle) adoption increased to 7% of total auto sales in Q1, up from 3% the previous year.
The VinFast team has focused on establishing a strong foundation for long-term growth in Indonesia, launching the VF 3 for sale and beginning deliveries in March. The company has four models available in the country, with the VF 7 and Green series expected to launch soon. This expansion of product offerings is aimed at differentiating VinFast in the competitive market.
The charging infrastructure remains a significant challenge to EV adoption globally, but VinFast's partner, V-GREEN, is actively working to address this issue by rolling out exclusive charging networks for VinFast customers. GSM and V-GREEN together have normalized EV usage in Vietnam, and their international expansion is expected to drive similar consumer adoption trends in other markets.
Madam Thuy emphasized the importance of VinFast's future R&D (research and development) roadmap, which was mentioned last quarter. The company is committed to continued innovation and progress in its key fronts: deliveries performance, EV adoption, and product offerings.
