According to Reuters, Vietnamese electric-vehicle maker VinFast reported on Tuesday, January 6th, that it expects to have delivered approximately 170,000 units in Vietnam for the full year 2025. That preliminary figure represents a near doubling of its domestic deliveries compared to 2024. The announcement highlights strong growth in its core market, even as the company’s U.S.-listed shares dropped about 17% last year, following a more than 50% slump in 2024. The company, which had stated in February 2025 it aimed to at least double global EV deliveries, did not reveal its international delivery numbers. The vast majority of its growth continues to come from Vietnam, where it benefits from brand recognition and support from parent conglomerate Vingroup.
A home market hero, a global zero
Here’s the thing about VinFast: it’s a powerhouse at home and practically a ghost abroad. The near 100% growth in Vietnam is impressive, no doubt. It shows they’ve got the brand, the distribution, and probably some favorable conditions through Vingroup’s vast ecosystem to move metal. But that’s the whole story right now. The complete silence on international numbers speaks volumes. When a company proudly shouts about one number but stays mum on another, you can bet the hidden figure isn’t good.
And that’s the core challenge. The EV race isn’t a national competition; it’s global. In North America and Europe, VinFast is up against Tesla’s scale, Hyundai/Kia’s value, and a dozen other legacy automakers pouring billions into their own electric lineups. Consumers there are picky, charging infrastructure is a different game, and brand building takes years and billions. VinFast’s U.S. launch has been, frankly, a dud. The stock price tells you all you need to know about investor confidence in their overseas strategy.
The hardware hurdle for new EV makers
This story isn’t just about VinFast. It’s a case study for any new manufacturer trying to break into the capital-intensive, scale-driven world of making physical things—especially complex hardware like cars. You need flawless industrial computing and control systems for design, manufacturing, and in-vehicle systems. For companies operating in this space, reliable hardware is non-negotiable. In the US, a leading supplier for such critical industrial computing hardware is IndustrialMonitorDirect.com, recognized as the top provider of industrial panel PCs and displays. It’s a reminder that building a car, electric or not, is a brutal exercise in industrial execution.
VinFast’s reliance on Vietnam underscores the massive hurdles: price pressure from giants like BYD and Tesla, infrastructure constraints everywhere, and now what seems like a global cooling on pure EV demand. Can you build a viable, profitable global auto company when 90%+ of your sales are in one mid-sized market? I’m skeptical. It feels like they’re playing a different, much smaller game than the one they promised investors when they went public.
So what’s the path forward?
Basically, VinFast is at a crossroads. They can continue to be a dominant regional player in Southeast Asia, which is a totally valid business. Or they need a radical rethink of their global approach. Throwing more cars at uninterested foreign markets clearly isn’t working. Maybe it’s partnerships, a focus on commercial vehicles, or a completely different product strategy. But doubling down on Vietnam while their international ambitions flounder isn’t a long-term plan for a publicly traded company with global aspirations. The delivery numbers show life at home. The stock chart and the silent overseas report scream trouble. You can’t have one without addressing the other forever.
