VinFast debuted in the micro-EV market with their new vehicle, the Minio Green, despite slow sales abroad. VinFast hails from Vietnam, where it leads the auto and ride-hailing markets.
MINIO GOES GREEN
The Minio Green is a two-door, one trunk electric vehicle set to become a four-wheel replacement for motorcycles, which comprise up to 95 per cent of the country’s vehicles. The EV ‘s range starts at 120km and can go up to 190km when fully-charged. Its design is similar to other micro-EVs by Chinese automakers but it is intended to be a mass market model. Images and details of the vehicle’s interiors have not yet been published by VinFast.
According to CleanTechnica, Vietnam’s ride-hailing industry is taking large steps to go green. In the country’s ride-hailing fleet, mini- EVs offer cheaper fares, up to 50 per cent of what passengers would pay for traditional taxis. For most of Vietnam’s auto fleets, the Wuling Mini EV is a popular choice.
VinFast currently supplies vehicles to Green SM (GSM), Vietnam’s prime electric taxi operator. With the entry of Minio Green as a mass market model, it may be possible for it to overtake the Wuling Mini EV.
VINFAST ABROAD
While VinFast thrives in its home country, the same can’t be said for its performance abroad. The automaker delivered 97,000 units in 2024, beating its target of 80,00 units. However, almost half of these sales were within Vietnam.
“VinFast’s 2024 results exceeded expectations, demonstrating resilience in the face of market fluctuations and macroeconomic volatility,” said Thuy Le, a Chairwoman of the company. The company hopes to double its overseas sales in the coming year, motivated by its result of 53,000 units sold abroad in 2024.
Despite this, 2024 still saw major losses for VinFast, as they posted a 2 billion US dollar loss (3.1 billion AUD). The company continues to struggle in its expansion abroad, abandoning a plan to establish a plant in the US for plants in Southeast Asia and India. In Indonesia, the company began to offer free charging for its customers. The promotion includes a partnership with V-GREEN and the establishment of 30,000 charging ports throughout the country.
VinFast has also established itself in Thailand and the Philippines, following an “aggressive” approach in capturing the Southeast Asian market. Last November 2024, the company announced that it would raise more capital to aid its regional expansion. VinFast has yet to publish its yearly breakdown this coming April 2025.
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