VinFast launches $7,100 EV to capture Vietnam's growing car market

Key facts

• VinFast launched its most affordable EV, the VF2, at $7,148.
• The company aims to increase car ownership in Vietnam with this new model.
• VinFast led Vietnam's EV market in the first nine months of 2025, selling over 100,000 electric cars.
• In 2025, VinFast delivered 175,099 electric vehicles, capturing nearly 30% of the Vietnamese auto market.
• VinFast's strategy involves affiliate companies purchasing its vehicles and investing in charging infrastructure.

VinFast, the electric vehicle manufacturer founded by Vietnam's richest man Pham Nhat Vuong, has launched its most affordable model to date, the VF2, priced at $7,148. This move is part of a strategy to increase car ownership in Vietnam, a market experiencing rapid EV adoption.

Vietnam has emerged as a significant success story in green transportation, with domestic brands like VinFast leading the charge. In the first nine months of 2025, VinFast sold over 100,000 electric cars, accounting for approximately 27% of the total four-wheeler sales in the country. This performance places Vietnam ahead of other Southeast Asian nations in EV adoption, with electric cars making up 17% of all car sales in 2024.

VinFast's strategy, described as 'I buy first, you buy later,' involves its affiliate companies purchasing and utilizing its vehicles, alongside substantial investment in charging infrastructure. The company has installed 150,000 charging ports nationwide, exclusive to VinFast vehicles, with plans to expand significantly. This approach has helped VinFast dominate the domestic market, with its models consistently ranking among the top sellers.

In 2025, VinFast delivered a total of 175,099 electric vehicles, capturing nearly 30% of Vietnam's auto market and surpassing combined sales of major foreign manufacturers like Toyota, Hyundai, and Ford. The company's diverse portfolio, including models like the Limo Green MPV and the VF 5 and VF 6 SUVs, caters to various market segments and has contributed to its market share growth, while competitors have ceded ground.