The Vingroup/VinFast ecosystem

A key takeaway from our time in Hanoi, beyond the visit to VinFast’s Hai Phong manufacturing facility, was seeing first-hand the scale of the wider Vingroup ecosystem in Vietnam. This helped illustrate how VinFast’s vertical integration fits within the broader Vingroup, and why these internal synergies are relevant to VinFast’s equity story. In our view, these synergies are likely to play an important role not only in VinFast’s growth trajectory, but also in Vietnam’s broader economic development. Vingroup positions itself as a one-stop shop for customers across day-to-day needs, while VinFast provides both affordable and premium access to a developing transport market that is increasingly being shaped by battery electric vehicles (BEVs). Vingroup and VinFast are integral parts of Vietnam’s broader economic development and are well positioned to benefit from this rapidly growing economy, as well as replicate this strategy in neighbouring countries including India, Indonesia and the Philippines, all with an emphasis on doing so in a sustainable way.

2025 delivery highlights and 2026 guidance

VinFast’s preliminary 2025 deliveries (reported on 10 February 2026) consisted of 196,919 EVs and 406,498 two-wheelers during the year. VinFast also provided guidance on the number of vehicles it anticipates delivering throughout 2026, at 300,000 EVs, with two-wheeler deliveries expected to be at least 2.5x higher than in 2025.

Valuation: $8.0/share (c 139% upside)

In our initiation report we value VinFast primarily using a 10-year discounted cash flow (DCF) model, cross-checked against EV/sales multiples for global and regional EV peers, which indicates an equity value of $8.0 per share. Our base case assumes a delivery ramp led by the VF 3, VF 6 and VF 7, gradual gross margin improvement as scale and localisation increase, and continued but tapering sponsor support for capex and working capital. Key sensitivities include the speed of regional execution, competition from other original equipment manufacturers, and the availability and cost of external funding.

Hai Phong manufacturing facility

Our trip included a visit to VinFast’s primary manufacturing facility in Hai Phong (a roughly two-hour drive north of Hanoi), an 828 acre site with designed capacity for about 300,000 passenger vehicles and 500,000 e-scooters per year. This is a major production site responsible for the majority of VinFast’s output. During 2025, VinFast’s preliminary delivery figures show that the company delivered 196,919 EVs, representing a c 40% market share of the Vietnamese car market, as well as over 400,000 two-wheelers.

The Hai Phong plant produces most current models and is highly automated, with over 1,400 robots and around 90–95% automation in press and paint shops. In addition to final assembly, the facility manufactures key components in-house, including battery packs, e-motors, power distribution units and selected body parts, supported by a localised supplier park and a broad network of global tier-one suppliers. The Hai Phong site was built in only 21 months at an initial investment of c $1.5bn. Hai Phong currently operates at a c 75% localisation rate and VinFast is targeting to reach at least 80% localisation at its manufacturing operations in both Vietnam and its international markets.

Our tour included the press shop, where large automated presses (capable of running 24 hours a day) form raw materials into the components required for vehicle build, including doors and chassis sections. Quality control is evident throughout the facility, with continuous checks from start to finish. The press shop produces parts for much of VinFast’s electric range, including e-buses and e-scooters. Once pressed, components are stored in the body shop using a colour-coded system by vehicle type, before being transferred to general assembly.

General assembly is the largest building on site. At first, the operation appears complex given the breadth of models produced, but closer inspection shows a well-organised layout, with space utilisation geared to efficiency. The line is segmented by vehicle type (eg VF 5, VF 7 and others). Automation supports the bulk of higher-scale welding and assembly, while employees complete the finer-detail work (eg wiring and glazing). One of the final steps in the assembly process is battery-pack installation, with vehicles lifted on an industrial conveyor to enable the pack to be attached to the underside. Each vehicle undergoes a multi-stage quality inspection to confirm completeness and readiness for delivery.

While parts movement through the production process relies on automated routes (eg conveyor systems), one of the more distinctive features we observed is the use of VinFast EVs to transport components around the site. This reduces the need for heavier internal logistics vehicles and also serves as a practical demonstration of the vehicles’ towing capability, while reinforcing the vertical integration approach that VinFast and Vingroup seek to apply across the wider business.

Test-driving VinFast’s EVs

We had the opportunity to test-drive several VinFast EVs on the company’s on-site test track. We were shown the full VinFast range (Exhibit 2), including the VF 3, VF 5, VF 6, VF 7, VF 8, VF 9 and the Herio Green models.

We first drove the VF 7, which costs around US$30.6k, sits in the C-class segment and has a sportier design. VinFast positions it as targeting ‘tech-savvy millennials & small families’. On the track, the car drove smoothly and the cabin felt premium, particularly the central control panel, augmented reality speedometer and main infotainment screen. We then drove the VF 9, VinFast’s most premium/luxury vehicle (Exhibits 2 and 4). The VF 9 costs around US$57.4k, sits in the E-class segment and is positioned for ‘mid-to-upper-class families and luxury EV buyers’. As expected for the larger format, it felt notably more spacious while remaining easy to drive. The rear-seat space stood out, as did the premium seating with massage functionality. While the VF 9 and VF 7 were our preferred models on the day, the VF 3 (Exhibit 3) also merits mention given the distinctiveness of its design and its affordability.

For the entry-level VF 3 (c US$11.4k), a key selling point beyond pricing and the breadth of charging infrastructure around Hanoi/Vietnam is customisability. In our time in Hanoi, it was rare to see two VF 3s configured the same. This includes factory colour options (including dual-colour body/roof combinations) and owner-added stickers and liveries. VinFast delivered c 31,000 VF 3 units in the first nine months of 2025, making it Vietnam’s best-selling vehicle in that period. In Q325, the VF 3 and VF 5 (VinFast’s entry-level models) accounted for 47% of VinFast’s deliveries. This was consistent with our on-the-ground observations in Hanoi, where VF 3s were highly visible on the road.

E-scooter and e-bus manufacturing

E-scooters

The Hai Phong site also manufactures all six models in VinFast’s e-scooter range. Deliveries have increased materially, from c 70,000 in 2024 to over 400,000 in 2025. Part of this reflects supportive policy, with Hanoi set to ban petrol and diesel scooters from July 2026, affecting c 450,000 petrol motorbikes as of July 2025. More broadly, given low car penetration in Vietnam (car penetration of 6.4%, EV penetration of c 30%) as well the other markets VinFast sells into, including India (car: 2.6%, EV: 2.0%), the Philippines (car: 4.8, EV: 4.0%) and Indonesia (car: 8.2%, EV: 5.0%), e-scooters represent an entry point into motorised transport for many customers. Combined with straightforward charging and affordable price points, this helps explain the step-up in delivery volumes.

Operationally, the production line is comparable in structure to the EV line, with a high degree of automation complemented by employees performing ongoing quality checks. Staff operate on a shift pattern to maintain continuous output. The line can produce up to c 60 e-scooters per hour across three conveyor belts, equivalent to c 500,000 units per year.

E-buses

VinFast’s e-bus activity remains its smallest segment and, given relatively low volumes versus EVs and e-scooters, the process is currently more manual at Hai Phong. Even so, the line can complete around eight buses per day. VinFast produces three e-bus variants (6m, 8m and 10m), which are built concurrently within the same building. The e-buses support an average range of c 300–400km and require around 2–3 hours to charge from 0% to 100%.

Across Hanoi, VinFast’s e-buses currently operate on a non-profit basis, supporting the city’s efforts to reduce emissions. However, potential routes to profitability in the segment may emerge over time, with VinFast expected to deliver a fleet of its e-buses internationally to Brussels in the near term.

EV charging infrastructure

VinFast and its partners provide access to more than 1m charging points globally. In Vietnam, the group operates its own charging-station network, integrated with V-Green. V-Green is also developing charging networks in Indonesia and the Philippines. In North America and Europe, charging access is provided primarily through third-party partnerships. In the US, VinFast customers have access to more than 100,000 charging points under existing agreements, and the company is in discussions regarding potential adoption of the North American Charging Standard. VinFast is continuing to expand the number of fast-charging stations available in Vietnam through its partnership with V-Green, targeting c 600,000 fast-charging points by the end-2026.

A notable feature in Hanoi is the density of EV charging points. Supported by VinFast’s partnership with V-Green and the wider Vingroup ecosystem, we observed infrastructure that appears positioned to support a growing adoption of EVs in Vietnam. This matters, given VinFast’s portfolio is entirely BEV, and it underpins a practical advantage: the group is not only promoting EV adoption in Vietnam, but also investing in the infrastructure required to make day-to-day charging more convenient for customers.

In e-scooters, VinFast has recently announced a battery-swap option (Exhibit 7). This is notable in that it allows customers to quickly add another battery pack to extend range. The model remains relatively differentiated and, in our view, supports simpler charging logistics while aligning with Vietnam’s broader shift towards lower-emission transport.

Port for international deliveries

After the manufacturing tour, we visited the nearby port used by VinFast to ship vehicles internationally, via its own vessel. The port is c 20 minutes from the Hai Phong facility, which simplifies logistics for moving finished vehicles off-site. The port has capacity to store c 3,000–4,000 vehicles at any one time and, to date, VinFast has shipped c 12–14 cargo vessels internationally from the port (equivalent to c 40,000 vehicles).

Overview of Vingroup

Vingroup Joint Stock Company (Vingroup JSC) is a Vietnam-based, multi-sector conglomerate and the ultimate parent within the broader ‘Vin’ ecosystem that underpins the VinFast equity story. The company is listed in Vietnam under the ticker VIC on the Ho Chi Minh Stock Exchange and has a market capitalisation of c US$38bn (as at 9 February 2026).

The group traces its roots to Technocom, founded in Ukraine in 1993, before expanding into Vietnam in the early 2000s through two cornerstone brands: Vincom (property and associated services) and Vinpearl (hospitality). In January 2012, Vinpearl JSC merged with Vincom JSC to form Vingroup JSC. Today, Vingroup is positioned around six core pillars: Industrials & Technology, Real Estate & Services, Infrastructure, Green Energy, Culture and Social Enterprises. Within this structure, VinFast sits alongside a broader portfolio of consumer and asset-backed businesses that can, in principle, extend brand reach, add domestic scale and provide operational support.

Vingroup and VinFast synergies

Vingroup is one of Vietnam’s largest private-sector groups and is often viewed by investors as a proxy for domestic growth, reflecting its scale and breadth of activities. Management highlighted that the group’s economic footprint is meaningful (c 2% of Vietnam’s GDP per year), with the real estate arm described as the backbone of the business and, importantly, a source of funding flexibility. The model is characterised as self-funded, supported by the ability to pre-sell housing ahead of development. Against that backdrop, Vingroup continues to build out a broad ‘life ecosystem’ offering (housing, healthcare, education, transport etc), which management argues supports brand stickiness and creates cross-selling opportunities across the group.

With regard to VinFast, the key point is the degree of integration and adjacency support. In Industrials, Vingroup management cited Vinmetal as a steel-production platform that supports VinFast. In energy and infrastructure, Vingroup’s stated ambition is to develop a broader ‘green capability’, including offshore wind opportunities and battery energy storage systems (BESS), which management referenced in our meeting as being built by VinFast. Management also referenced longer-dated rail infrastructure ambitions (Hanoi–Ho Chi Minh City) to improve connectivity across the ecosystem. It also pointed to what it sees as a supportive macroeconomic/policy backdrop, with the Vietnamese government increasing its focus on private-sector expansion (including a stated ambition for 10% GDP growth in 2030), which management views as constructive given Vingroup’s embedded position in the domestic economy. Over the next three to five years, Vingroup is targeting top-line growth of c 15–20%.

The wider ‘Vin’ ecosystem

While in Hanoi, we were able to see the scale of the wider ‘Vin’ ecosystem and the degree of vertical integration across the Vingroup portfolio. In our view, this integration directly benefits VinFast and remains an important element of the VinFast equity story.

At a practical level, Vingroup has the capability to offer customers a one-stop shop for day-to-day needs. This includes schools (via Vinschool), hospitals (via Vinmec), retail shopping malls, offices and large residential developments (eg Ocean Park and Vinhomes). Across these assets, VinFast charging points are widely available, allowing VinFast customers to integrate into the wider ecosystem.

Regarding vehicle distribution and customer sales, as at 30 September 2025, VinFast had 391 showrooms globally with 99% run by dealer-led platforms, with a significant portion of these situated throughout Vietnam (279).

AI and robotics

VinFast recently announced a partnership with Autobrain to continue developing its driverless cars. Testing is ongoing throughout the Vingroup ecosystem (ie Vinhomes, Ocean Park etc) as this provides an ideal controlled environment in which VinFast can perfect the technology.

We also briefly note Vingroup’s activity in humanoid robotics. As shown in Exhibit 9, Vinmec is considering the integration of humanoid robots within hospitals to improve operational efficiency. If successful, the breadth of the wider Vingroup ecosystem provides scope for AI and robotics applications to be extended into other areas of the group.

Innovation

We met VinFast’s head and deputy head of the Module Development Institute. The discussion covered a range of topics, including how future developments in EV battery technology could affect VinFast. It is clear the team is focused on continual improvement of its own battery capabilities, while recognising that third-party integration may also play a role over time. We also discussed how VinFast has supported BEV adoption and penetration in Vietnam, and the role the wider Vingroup ecosystem has played in enabling this, including the importance of accessible charging infrastructure.

A further point worth highlighting is VinFast’s after-sales service offering, which management emphasised as best-in-class. Finally, we discussed the company’s intention to replicate elements of its Vietnam strategy in international markets, where low EV penetration rates imply a sizeable addressable opportunity.

Executive interview

While we were in Vietnam, we interviewed Anne Pham, deputy CEO of investments, and Lan Anh, CFO, which can be seen below.

VinFast executive interview

Source: Edison Investment Research