Vietnamese electric vehicle manufacturer VinFast plans to open a car assembly plant in India by the end of June, 2025, followed by another facility in Indonesia in October, 2025, according to the company's chairperson. The move signals a shift towards the Asian market.

The company, which has yet to achieve profitability, had initially intended to focus on the United States for its international expansion. However, slow progress in that market - coupled with uncertainty arising from new U.S. tariffs - led to a change in strategy.

"In the near future, apart from the Vietnamese market, we will focus more on the Indonesian, Indian, and Philippine markets," said Pham Nhat Vuong, Chairperson of VinFast's parent company, Vingroup, during a shareholders' meeting.

"At present, VinFast does not plan to increase sales in the United States, Canada, or the European Union due to high logistics costs," he added.

VinFast, founded in 2017 by Pham Nhat Vuong, transitioned to the production of fully electric vehicles in 2022. The company had originally planned to construct a US$ 4 billion manufacturing plant in North Carolina, United States. However, the project has been postponed until 2028.

"The plant in the United States is currently on hold, as we wait for appropriate timing and market signals," Vuong stated during the meeting.

Last year, VinFast and the southern Indian state of Tamil Nadu reached an agreement to pursue an investment of up to US$ 2 billion, including an initial commitment of US$ 500 million over the first five years. The proposed plant is expected to have an annual production capacity of up to 150,000 vehicles.

In July last year, VinFast began construction of an assembly facility in Indonesia. Vuong confirmed on 24th April, 2025 that the plant is expected to become operational in October, in line with previously announced plans.

The company aims to sell approximately 200,000 units in Vietnam in 2025, up from around 97,000 units sold in 2024.

VinFast did not disclose a detailed sales breakdown by market. However, overseas sales accounted for approximately 10% of total volume last year, according to a previous company filing.

Since its founding in 2017 and up to November 2024, VinFast has received capital injections amounting to approximately US$ 17 billion from Vingroup, its affiliates, and founder Pham Nhat Vuong.

During the meeting on 24th April, 2025, Vuong, who also serves as Chairperson of Vingroup, stated that the listing of the group's hospitality arm, Vinpearl, is expected to be completed by next month.

Vuong also announced plans to develop renewable energy and liquefied natural gas (LNG) power projects with a total capacity of 25.5 gigawatts. This includes a 4.8-gigawatt LNG plant in northern Vietnam.

Vingroup, originally a real estate and retail conglomerate, has since expanded into a large corporation with a market capitalisation of US$ 8.62 billion.