VinFast, the electric vehicle (EV) manufacturer of Vietnam’s conglomerate Vingroup, aims to raise its localization rate from 60 percent to 80 percent in 2026.

Le Khac Hiep, a representative of Vingroup, made the statement at the “40 years of reform: The leading role of economic groups” conference in Hanoi on Monday. VinFast’s localization target reflects a broader push to strengthen Vietnam’s industrial base, he added.

VinFast’s planned increase to 80% is expected to be supported by the domestic production of battery cells, a key component in EV manufacturing.

Hiep highlighted VinFast has invested in a highly automated, integrated production system, instead of focusing on assembly. Its manufacturing complex includes stages from research and development to stamping, welding, painting, and engine production, with an emphasis on gradually mastering core technologies.

Despite this progress, challenges remain. Domestic suppliers vary in capability, particularly in high-technology segments, and investment in research and development continues to require significant resources. At the same time, competition from international suppliers is increasing as Vietnam deepens its global economic integration, the representative stressed.

VinFast posted a net loss of $1.4 billion in the fourth quarter of 2025, totaling $3.9 billion for the whole year.

According to its preliminary and unaudited financial results, for the full year 2025, VinFast’s revenue totaled VND 90,427.6 billion ($3.6 billion), representing 105.4 percent growth compared with 2024.

For the full year 2025, global EV deliveries reached 196,919 vehicles, a 102 percent increase compared with 2024.

Vietnam’s EV manufacturer VinFast reports $3.9B net loss in 2025