The company is leaning harder into Asian markets with new factories in India and Indonesia and fresh backing from founder Pham Nhat Vuong.
VinFast Auto said its delayed North Carolina plant is now expected to open in 2028 as the Vietnamese electric vehicle maker shifts focus to Asia and looks for new funding.
The company last month opened its first overseas factory in Tamil Nadu, India, with an annual capacity of 50,000 vehicles, and plans to start production at another plant in Indonesia’s West Java by October.
VinFast will soon announce a $200 million loan from Indian state-owned banks, while also continuing to seek equity investors “at the price that is acceptable to us,” according to a Bloomberg report, which cited Chairwoman Le Thi Thu Thuy.
To bolster its finances, VinFast plans to raise $1.5 billion by selling research and development assets to founder Pham Nhat Vuong in a deal closing later this year. Vuong has already invested over $2 billion and pledged to keep supporting the company.
VinFast posted a second-quarter net loss of 20.34 trillion dong ($770 million), widening 15% from the previous quarter. Vuong has said the company will prioritize Asia, including India, Indonesia and the Philippines, over North America and Europe due to high logistics costs.
Parent Vingroup JSC is also weighing expanding its ecosystem of cities, schools and hospitals to India. Alongside manufacturing, VinFast plans to establish EV infrastructure there, including a taxi firm, Green & Smart Mobility JSC, owned by Vuong.
On Stocktwits, retail sentiment for VinFast was ‘extremely bullish’ amid ‘high’ message volume.
VinFast’s stock has declined 20.1% so far in 2025.
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