VinFast Projects Break-Even by Next Year, Plans 300,000 EV Deliveries in 2026

VinFast, the Vietnamese electric vehicle manufacturer, expects to break even by next year. The chairman of its parent company, Vingroup, confirmed this projection during a shareholder meeting on Wednesday. This statement aligns with a Reuters report published earlier in the month.

Key Highlights

• VinFast expects to break even by next year, according to its parent company's chairman
• The company plans to deliver 300000 electric vehicles in 2026, with two-thirds for the domestic market
• Vingroup targets a net profit of 35 trillion dong in 2026, up from 11.1 trillion dong last year
• Green SM taxi service unit IPO planned for 2028 and LNG plant to shift to renewable energy

EV Production and Market Focus

VinFast aims to deliver 300,000 electric vehicles in 2026. Of these, two-thirds are intended for the domestic Vietnamese market. The company has shifted its focus entirely to electric vehicles and will not return to producing internal combustion engine cars, according to the chairman.

Business Expansion and Strategic Shifts

Vingroup is preparing for an initial public offering (IPO) of its taxi service unit, Green SM, in 2028. In addition, the company plans to convert a planned liquefied natural gas (LNG) power plant project in Haiphong to one that runs on renewable energy. This move reflects a broader commitment to sustainable operations.

Financial Targets and Shareholder Approval

Vingroup is seeking approval from shareholders for a net profit target of 35 trillion dong in 2026. This target marks a significant increase from the 11.1 trillion dong net profit reported last year. The company outlined these financial goals in a document shared with shareholders.

The chairman's statements and the company's strategic plans highlight VinFast's commitment to electric vehicles and sustainable energy. The company continues to expand its operations and set ambitious financial targets for the coming years