Key facts
- Green SM, Vingroup's EV taxi operator, plans to expand into 10 countries by year-end.
- VinFast aims to increase overseas EV sales five-fold this year, targeting 100,000 units.
- VinFast expects to achieve Ebitda breakeven by 2027.
- In 2025, VinFast delivered 196,919 EVs globally, with 89% of sales in Vietnam.
- VinFast reported a $3.9 billion net loss in 2025 on $3.6 billion in revenue.
Green SM, an electric vehicle taxi operator affiliated with Vietnam's Vingroup, is strategically expanding its operations internationally with the goal of entering 10 countries by the end of the year. This move is designed to support the overseas market penetration of Vingroup's electric vehicle subsidiary, VinFast.
VinFast is targeting a substantial increase in global sales, aiming for a five-fold rise this year and projecting approximately 100,000 units to be sold in international markets in 2026, a significant jump from 21,820 units in 2025. The company anticipates achieving earnings before interest, taxes, depreciation and amortisation (Ebitda) breakeven by 2027. In 2025, VinFast delivered 196,919 EVs worldwide, with the majority of sales still concentrated in its domestic market.
Despite reporting a revenue of $3.6 billion in 2025, VinFast incurred a net loss of $3.9 billion, contributing to cumulative losses of $14.5 billion by the end of 2025. The company's growth strategy heavily relies on its taxi arm, Green SM, which utilizes an all-electric fleet of VinFast vehicles. Green SM has already established a presence in four Southeast Asian countries and is preparing for an Initial Public Offering (IPO) in 2028.
Beyond its EV ventures, Vingroup is also pursuing diverse global projects, including real estate developments in Uzbekistan, India, and Congo, as it seeks new avenues for growth amidst a cooling domestic property market and the capital-intensive nature of its EV business.