A Marketing Audit of VinFast’s Electric Vehicle Strategy in Vietnam: From Rapid Scale-Up to Trust-Based and Disciplined Growth
Executive Summary
This report engages in a marketing audit of VinFast Auto Ltd., covering its policy and strategy for EV in Vietnam, as well as the effects of its overseas expansion in 2026. VinFast has made a remarkable progress in terms of scaling up domestically. The total revenue in full-year 2025 amounted to VND 90,427.6 billion (VinFast Auto Ltd., 2026), which is 105.4% higher than in 2024. Growth has not yet translated to financial sustainability, though, as gross margin was negative at -42.5%, compared with -57.4% in 2024. VinFast aims for 300,000 EV deliveries globally in 2026, growing from some 197,000 vehicles shipped last year, according to the report on Wednesday (2026b).
This audit reveals three main findings. First, Vietnam’s political and regulatory environment is conducive. EV tax incentives are intended to be extended to 2030, and the standards for charging infrastructure have been formalised (TradingView, 2026; VnEconomy, 2024). Second, Chinese EV manufacturers are gaining market share with their scale and cost benefits and legacy manufacturers have trusted brands and service networks. Third, consumer confidence in battery performance, after-sales support and ownership experience continues to be a key barrier to adoption, both domestically and globally (Deloitte, 2024).
Three strategic imperatives are identified. Firstly, VinFast should move away from innovation-driven messaging towards trust-creating proof, highlighting the transparency of warranties, service reliability and proof of ownership. Second, it should not only defend its home leadership by strengthening the ownership ecology (charging, maintenance, app support and loyalty building) but also by playing the contestation game with price. Third, be mindful of international expansion that demands a product-market fit and service readiness/unit economics over volume.
Contents Page
1. Introduction
This report provides a marketing audit of VinFast Auto Ltd. with a particular emphasis on the company’s strategy to sell their electric vehicles in the Vietnamese local market and the risks of their international expansion. The audit is based on secondary research and based on marketing and strategy frameworks to identify VinFast’s current situation and propose strategic priorities that are evidence-based.
VinFast is a timeless and relevant case study for 2026. VinFast is the first fully-fledged, pure-play EV maker in Vietnam, and the company has developed rapidly from a market entrant to a big local brand. At the end of 2025, it has estimated revenues of about US$3.6 billion, representing an increase of 105.4% compared to the previous year (VinFast Auto Ltd., 2026). Meanwhile, the brand remains under pressure to earn profits, as its gross margin of -42.5% indicates, and is aiming for 300,000 worldwide deliveries for EVs by 2026 (Reuters, 2026b). The conditions are also particularly interesting, in the sense that the rapid growth of a brand like VinFast is a crucial point to study in order to understand how a brand goes from being outsized to trusted and sustainable.
This audit is based on three research goals:
RO1: Assess the macro-environmental conditions of VinFast is heading towards in Vietnam EV market in 2026.
RO2: To evaluate the competitive position of VinFast based on customer value proposition and micro-environmental pressures when compared with the other automotive competitors who are EV-native and Chinese players as well as legacy automotive players.
RO3: Determine the strategic issues that VinFast must address to build the consumers’ trust, level of service, unit economics, and selective internationalization.
This report is based entirely on the secondary data. Primary sources can be VinFast’s investor relations documents, financial releases, and financial data disclosed by the U.S. Securities and Exchange Commission (SEC) (SEC, 2026). They are checked against independent business reporting from Reuters and industry sources like VnEconomy and TradingView that provide well-rounded business performance, policy changes and competitive landscape coverage. The theoretical bases of brand equity and service marketing and competitive strategy analysis are provided by the academic literature. Sources are used from the company and are recognised for being potentially promotional, and in the case of public companies, verified against SEC disclosures or independent media, where possible.
2. Background
2.1 Company Overview
VinFast Auto Ltd. is a part of Vietnam’s largest conglomerate, Vingroup. Founded in 2017 and listed on NASDAQ stock exchange with a vision to contribute to the transition toward green mobility, VinFast is a pure-play electric vehicle maker. In addition to passenger EVs, VinFast has a wide range of electric mobility offerings such as e-scooters, e-bikes, electric fleet solutions, and has established a substantial domestic charging network with its VinFast Auto Ltd. V-GREEN infrastructure (VinFast, 2026; SEC, 2026).
2.2 Current Market Position and 2025 Performance
The total revenue for VinFast’s operations in 2025 was VND 90,427.6 billion (US$3.6 billion) which increased by 105.4% compared to 2024, with 90.5% of this revenue being derived from vehicle sales, including VND 84,810.1 billion from VinFast Auto Ltd. (VinFast, 2026; SEC, 2026). Vietnam is still the leading revenue market but those from overseas are growing, particularly from India, Indonesia, the Philippines, Europe and the Middle East. As of 31 December 2025, the company had 424 showrooms located in 36 countries worldwide (VinFast Auto Ltd., 2026). Internally, VinFast’s deliveries have nearly doubled in 2025, fueled by price incentives, convenience of charging stations and government tax support (Reuters, 2026a).
VinFast’s financials show the pressures that are common with an EV brand scaling quickly despite all the positive developments. Gross margin was still negative at -42.5% in 2025, up from -57.4% in 2024, and the net loss for Q4 2025 was VND 35.2 trillion (US$1.34 billion), partly because of impairment charges on the North Carolina plant (Reuters, 2026c). In May 2026, VinFast announced a restructuring process to move towards an asset-light business model, which includes the divestment of manufacturing facilities in Vietnam and the continued development of R&D, IP management, sales and after-sales services in Vietnam. (Reuters, 2026d) This restructuring is a strategic move to lower capex investment and maintain brand and market capability.
In 2026, VinFast plans to deliver 300,000 electric vehicles globally through international market entry in India, Indonesia, Malaysia, Thailand and the Philippines (Reuters, 2026b; Reuters, 2026c). The brand is also planning on rolling out range-extended electric vehicles (REEVs) in Vietnam in 2027 as a bridging product for Vietnam’s less developed charging infrastructure (Reuters, 2026c).
2.3 Why VinFast is a Marketing Audit Case
VinFast’s growth story is not just that, but one of marketing audit as well because the bigger challenges the company is facing in 2026 are essentially marketing challenges. Due to profitability pressure, brands find themselves with limited promotional budgets and have to work hard to gain consumers’ trust, rather than relying on incentives. This loss increased in the fourth quarter of 2025, in part because of VinFast’s promotional and expansion strategy, indicating that growth on promotion alone isn’t going to be financially sustainable (Reuters, 2025a). Consumer EV adoption is influenced by brand trust, as there is a high perceived functional and financial risk for consumers to buy EVs in a category so new that they are not yet familiar with the market.In a new and fast-growing category with a high perceived functional and financial risk in the eyes of consumers – as in EVs – brand trust plays an important role in shaping purchasing decisions. The extent that the ownership experience-charging availability, service response, clarity of warranties-is good or bad is directly related to whether the customer becomes a loyal advocate or not. The two dimensional issues are merely marketing problems and the strategic direction for VinFast in 2026.
3. Situational Analysis
3.1 STP Analysis
Segmentation
It could be understood that VinFast has four segments of customers. Indeed, middle and upper-middle incomes are the people who are more interested in affordable EV mobility, reduced running costs and convenience of charging, thus, the first group, being consumers in urban areas. Second, commercial and fleet users-ride hailing, taxi and logistics companies that are facilitated by VinFast’s GSM taxi system to become normal EV users in cities. Third, electric two-wheeler users: urban commuters and students (for whom buying an e-scooter or an e-bike is a more affordable vehicle for electric mobility). However, according to the data from VinFast Auto Ltd., since 2025, the firm has sold 406,498 e-scooters and e-bikes, marking an annual growth of 473%, thereby reaffirming that this is not a trendy segment but one of the key growth drivers in the company’s business. Fourth, international value-seeking EV buyers in Southeast and South Asian markets are VinFast’s market expansion goal in the international market.
Targeting
VinFast adopts a multi-segment targeting strategy to welcome both domestic masses, commercial fleet buyers as well as international users who use two-wheelers. The wide span presents diversification opportunities, but may also result in reduced marketing resources and service investment. As Hanoi planned to ban petrol-powered motorbikes in the next three years, VinFast’s sales of e-scooters and e-bikes in Q3 2025 surged, reinforcing the power of policy shifts to quickly unlock segment demand, and the multi-segment portfolio enables the company to capture these trends (Reuters, 2025b).
Positioning
VinFast sees itself as an ecosystem brand with charges convenience and national green mobility advantage on the domestic market. The positioning is evolving towards the global accessibility, making VinFast an EV brand with a strong service model and value for customers. According to Reuters, however, VinFast has struggled in the North American market and other competitive markets because of the competition and lack of consumer demand (Reuters, 2026b). This implies that the positioning of the business are fairly consistent internally, but inconsistent internationally without the trust indicators – warranty transparency, service track record, reliability proving – needed by customers in more competitive markets.
3.2 Marketing Mix (7Ps)
Product
VinFast’s product line includes passenger vehicles, e-scooters, e-bikes and fleet adapted vehicles. Planned 2027 launch of REEVs in Vietnam highlights conscious market portfolio strategy to charging infrastructure gap challenges (Reuters, 2026c). The product strategy of layers will allow VinFast to shift the identity of an EV brand to an electric mobility system with various adoption barriers.
Price
In Vietnam and Southeast Asia, product price is still a major concern when considering EV adoption by consumers.The price of the products is still an important factor to consider when looking for EV adoption in Vietnam and in the Southeast Asian Region (SEAR). VinFast’s free-charging programme has also helped to lower the perceived total cost of ownership, leading to sustained negative gross margins (Reuters, 2026c). Vietnamese consumers’ perception of price and support from the government are also found to be important factors in the intention to purchase EVs (Hieu et al., 2022). The price strategy need to change from incentive-based to value-based that highlights total cost of ownership, battery life and/or service savings, instead of simply pushing promotional subsidies.
Place
With 424 showrooms worldwide and an EV charging infrastructure comprising more than 150,000 charging ports in Vietnam, VinFast is the leading provider of charging stations in its home market (VinFast Auto Ltd., 2026; Reuters, 2024). This integrated distribution and infrastructure approach will minimize ownership problems among domestic customers, but will be difficult to accomplish internationally unless a considerable capital investment or service partnerships can be made.
Promotion
VinFast’s marketing toys focus on innovation, national pride, and sustainability. As the EV market grows and the competition increases, however, reassurance-based messaging, where the battery performance, service quality and long-term reliability is evidenced, is more convincing than aspiration-based messaging alone. According to Keller (1993), it is not enough for strong brand equity to exist with awareness and good associations, it must also have perceived quality as well as consumer loyalty, which is developed by consistent delivery.
People, Process and Physical Evidence
As EV can be a service-intensive vehicle, the extended version of 7Ps applies. The study by Booms and Bitner 1981 states that services marketing needs a focus on people (the competence of those providing the service), process (the delivery of warranties, maintenance and charging support), and physical evidence (the clues, signs and physical elements that convey quality, including the showroom experience, the reliability of charging stations and the usability of the app). For VinFast, after-sales service, charging reliability, digital support and warranty management are not support functions, but integral parts of the brand proposition.After-sales service, charging reliability, digital support and warranty management are not support functions, but a part of the brand proposition for VinFast.
4. Macro Environment Analysis
4.1 Political
The overall regulatory environment in Vietnam is favorable for EV adoption. The government has announced plans to extend special consumption tax incentives for EVs to the end of 2030 (2026). This is a policy tailwind for VinFast as it significantly reduces the premium paid for EVs compared to internal combustion engine vehicles, which will help the company’s sales in the medium term. The government also has plans to offer electricity subsidies to EV charging stations, in tandem with its energy transition goals (Reuters, 2024). These policies help lower consumers’ adoption barriers and enable VinFast’s investment in charging ecosystem.
But policy advantage should not be thought of as a constant competitive edge. It is time-limited and subject to budget constraints. The marketing strategy of VinFast therefore needs to create a preference and trust of customers that will last beyond the time of subsidy. Political incentives promote early adoption, while quality of service and trust drives long-term retention.
4.2 Economic
Growth in Vietnam’s urban middle class and their incomes drives the aspirations to own a vehicle.Progress of household incomes and urban middle class drives the desire to own a vehicle in Vietnam. Consumers are still price-sensitive, though, and total cost of ownership – which includes battery replacement and resale value, maintenance costs and charging costs – will be an important consideration for them. VinFast’s 2025 revenue growth of 105.4%, coupled with the continued -42.5% gross margin, suggests significant momentum in the demand side of the business, but at the same time, the challenge of converting volume into value is present (VinFast Auto Ltd., 2026). The Deloitte Global Automotive Consumer Study (2024) reveals that purchase price and operating cost are front-of-mind concerns for EV consumers around the world, further highlighting the need for affordable and transparent ownership models.
While a positive scale trend has given VinFast a better margin trajectory, the continued negative gross margin suggests that marketing strategy needs to focus on value creation, rather than just speeding up.
4.3 Social
Social attitudes are changing thanks to the government’s messages, as well as the issue of air quality in urban areas, and the growing visibility of EVs thanks to the company’s fleet.In Vietnam, the government’s message, as well as concern over air quality in cities, and VinFast’s increased visibility through the company’s fleet, are all helping to change social attitudes. Recently, VinFast’s e-scooter and e-bike sales accelerated from 2023 to 2024 following the announcement of the Hanoi petrol motorbike restriction, which sparked a sharp increase in the latent demand for the products in just a short period. (Reuters, 2025b). The study of Vietnamese EV customers points to three key factors influencing purchase intentions: environmental concern, government support, and the perception of price and performance (Hieu et al., 2022).
There are also high perceived risks for EV adoption for consumers. There are also uncertainties around battery life, resale value, service and charging availability that can dampen purchase intent for environmentally driven buyers (Deloitte, 2024). So, VinFast’s social marketing dilemma is not just informing people about EVs, but convincing them that they are not riskier than conventional vehicles based on their evidence-based reassurance.
4.4 Technological and Infrastructure
The EV charging infrastructure in Vietnam has been taking meaningful steps towards formalisation. Vietnam has issued eleven national standards for EV charging stations in 2024, each of which focuses on different aspects related to charging station equipment and battery-swapping systems (VnEconomy, 2024). In 2025, a draft national technical regulation for EV conductive supply equipment was also published with regards to the EV charging equipment manufacturer, importer and distributor in Vietnam (IGARR, 2025). The formalisation of the charging ecosystem and the uncertainty surrounding adoption will be mitigated by these developments.
The company owns the majority of Vietnam’s charging stations, and currently has more than 150,000 charging ports across the country (Reuters, 2024). Limited charging infrastructure has historically been a key factor in hampering the growth of EVs, and infrastructure density is recently identified as a key enabler of EV adoption (Nguyen et al., 2024). VinFast’s charging network is indeed a competitive advantage.
4.5 Legal
VinFast is dealing with an increasingly complex legal framework in relation to EV charging regulations, battery safety requirements, product liability laws and warranty commitments, both at home and abroad. Among the material risk factors disclosed in the SEC 20-F annual filing, the risks of regulatory compliance and product liability, and international operational risks are identified.The risks of regulatory compliance and product liability, and international operational risks, are highlighted as material risk factors in the SEC 20-F annual filing. The situation is not the same as in international markets where consumer protection frameworks are well established, in which legal and regulatory competence is not just an operational necessity but a signal of trust. Safety certifications, warranty enforceability and clear after-sales accountability are desired by buyers in these markets. The ability to prove that the Company is competent in regulatory matters on an international level is therefore part of the Company’s proposition of brand equity.
4.6 Environmental
With its green mobility positioning, VinFast is contributing to Vietnam’s goals for carbon neutrality and the broader global trend of decarbonisation. Government EV charging subsidies are clearly defined as Vietnam’s energy transition plan (Reuters, 2024). But it’s not enough to just say it’s sustainable, sustainable claims must be backed up with credible evidence. Green claims can be challenged on various dimensions, including lifecycle emissions, sourcing of battery materials, recycling systems and carbon intensity of the national electricity grid. VinFast should present environmental communication with sustainable disclosures supported by evidence, instead of relying on the national “green mobility” narrative.
5. Micro Environment Analysis
The Five Forces Model by Michael Porter (1979, 2008) is a structured model for examining the competition in VinFast’s industry environment. Competitor benchmarking is included as an add-on to this analysis, to allow specific competitive pressures to be identified at each layer of the market.
5.1 Industry Rivalry – High
There’s increased competition on three levels for EVs in Vietnam. Players, such as those of EV-native companies like BYD and Chinese EV brands, are racing on scale, battery tech, cost effectiveness, and rapid product iteration. ByD’s vertical integration in battery manufacturing, powertrain assembly and vehicle production provides great cost and innovation benefits, which, in the short term, are hard for VinFast to match. Legacy manufacturers are upping their EV and hybrid offerings, with built-in dealer networks, trust and after-sales service. For consumers who are not ready to buy an EV, there are substitute modes of transportation, such as ICE vehicles, hybrids, motorbikes and ride-hailing, that offer familiar and less-risky alternatives (Deloitte, 2024).
Inside the home market, VinFast’s scale and system shield it to a certain degree. According to Reuters, competition from established brands and sluggish demand from consumers have hindered VinFast’s market share in North America and developed markets globally (Reuters, 2026b). Competition is particularly fierce in VinFast’s chosen overseas expansion markets.
5.2 Threat of New Entrants – Medium to High
The policy support and increasing demand for EVs in Vietnam is an appealing market for new companies. Large-scale manufacturing obstacles are important, but there are ways for Chinese and legacy car companies to gain access, such as import contracts, assembly tie-ups and dealer networks, which significantly lower the barriers to entry. It is true that VinFast has the first-mover advantage for ecosystem and charging infrastructure, but this might reduce as the charging system is standardized and other brands gain access to the distribution and servicing network.
5.3 Buyer Power – Increasing
As more options for EV solutions become available for Vietnamese and Southeast Asian consumers, buyer power is also increasing. Now buyers can compare vehicles by price, battery range, charging compatibility, warranty terms, and service response and resale value. Research showed that price perception, infrastructure accessibility and vehicle performance attributes are the criteria being used for evaluation by potential EV buyers in Vietnam (Hieu et al., 2022). Charging time, range anxiety and vehicle quality are also cited as the main purchase barriers globally in the Deloitte Global Automotive Consumer Study (2024). The more the customer is empowered, the more VinFast cannot rely on price incentives as a key competitive advantage.The more empowered the customer, the less the company can rely on price incentives as a key competitive advantage. Trust and reliability in service transparency and in the ownership experience are emerging as key conversion drivers.
5.4 Supplier Power – Moderate
However, battery technology and semiconductor chips, EV parts and logistics etc. are all significant components of the supply chain, with significant dependence on suppliers from other countries which are not easily replaced on short-term basis. Supply chain concentration and component availability and manufacturing dependencies are cited by the SEC 20-F risk disclosures as material operational risks. Battery supply issues, chip availability issues, availability of critical parts and any disruption to it can cause increased delivery and repair lead times, impacted customer satisfaction, and loss of brand trust. Some Supply Side risks may be mitigated with VinFast’s domestic manufacturing facility and its planned asset-light business model.
5.5 Threat of Substitutes – High
Substitutes create “a long-term strategic problem”. The motorbike is still the primary mode of transport for many in Vietnam, and has many advantages such as low initial investment, familiarity of maintenance services, and ease of urban manoeuvrability. The resale value predictability and wider service availability for ICE cars and hybrids. Ride-hailing companies provide urban consumers with a less pressing need to own a car. The substitution threat will force VinFast to make EV adoption seem significantly more convenient, affordable, and less risky than its established competitors.
Table 1. Competitor Benchmarking
| Competitive Layer | Key Players | Pressure on VinFast | Marketing Implication |
| Chinese EV scale players | BYD, other Chinese EV brands | Price, battery, innovation speed, scale | Compete on ecosystem and service, not price |
| Global aspirational EV brand | Tesla | Technology image, software, brand desirability | Build innovation credibility and reliability evidence |
| Legacy automakers | Toyota, Hyundai, Kia | Trust, dealer network, durability, resale value | Invest in after-sales quality and warranty transparency |
| Substitutes | ICE, hybrids, motorbikes, ride-hailing | Familiarity, lower risk, resale value | Reduce perceived switching risk through TCO and ownership education |
6. SWOT Analysis
6.1 Strengths
S1: Good national scale and brand awareness.
VinFast’s predicted sales of US$3.6 billion in 2025, a 105.4% increase, and about 170,000 domestic sales of vehicles in 2026 illustrate significant scale in its domestic market (VinFast Auto Ltd., 2026; Reuters, 2026a). Everyday brand presence is reinforced through fleet visibility via GSM taxis and showroom network.
S2: Ecosystem and charging infrastructure advantage.
VinFast currently has more than 150,000 charging stations across the country, further mitigating consumer reservations around electric vehicle adoption and providing a clear ownership convenience edge that isn’t yet matched by competitors.
S3: Wide range of electric mobility solutions.
VinFast cars is expected to serve several mobility sectors and leveraging policy-induced demand shifts, including the motorbike ban in Hanoi (VinFast Auto Ltd., 2026; Reuters, 2025b), the company has delivered 406,498 e-scooters and e-bikes in 2025, marking a massive 473% YOY growth.
6.2 Weaknesses
W1: negative gross margin for long term.
VinFast’s gross margin in 2025 is -42.5%, indicating that its growth is still not economically viable (VinFast Auto Ltd., 2026). Promotional-based marketing and free charging and acceleration of volume accelerate the pressure.
W2: Gap in trust between countries.
Despite facing robust competition and sluggish demand from consumers, VinFast has struggled in other markets, including North America (Reuters, 2026b). The brand does not have those trust signals (warranty, reputation, reliability track record, service evidence) that customers in these markets are looking for.
W3: Must be long term reliable.
The studies on EV adoption consistently cite battery life, service quality and resale value as consumer uncertainties (Hieu et al, 2022; Deloitte, 2024). VinFast needs to systematically develop and share evidence of ownership to tackle these concerns.
W4: Reliance on ecosystem support. Existing policy incentives, free charging programmes and integration with the Vingroup ecosystem encourage the existing use but are not permanent competitive advantages and are not automatically transferable to other markets.
6.3 Opportunities
O1: Policy support extended to 2030.
The future policy tailwind of the planned extension of EV special consumption tax incentives until 2030 supports the sustained demand and purchase affordability of EVs (TradingView, 2026).
O2: Standardisation of charging infrastructure formalisation.
The Ministry of Information and Technology (MOI) has recently released its 11 EV charging standards, followed by the national technical regulation on charging equipment in 2025, which indicate a strong government support for the development of EV charging infrastructure in Vietnam in the long run (VnEconomy, 2024; IGARR, 2025).
O3: Selective spreading in South East and South Asia.
The report highlights that India, Indonesia, Malaysia, Thailand and the Philippines are priority EV market expansion territories, with expansion of EV demand and emerging policy frameworks (Reuters, 2026b; Reuters, 2026c).
6.4 Threats
T1: China EV scale and price competition.
Chinese EV brands like BYD exert continuous pressure on both costs and battery technology, as well as on the volume of EV sales, which makes pure price competition unprofitable for VinFast.
T2: Trust advantage in legacy auto makers.
Toyota, Hyundai and Kia have decades of trusted brand reputation, dealer networks and proven after-sales service that VinFast has yet to achieve.
T3: Promotion and free charging costs.
The free-charging program helped drive sales, but also helped to keep losses high (Reuters, 2026c). Sustaining incentive-based demand creation is not cost-effective.
T4: Execution risk – international.
The restructuring was done after the North Carolina plant incurred impairment charges in the Q4 2025 net loss, which was driven by the financial impacts of its asset-heavy international expansion (Reuters, 2026c; Reuters, 2026d).
7. Strategic Imperatives
7.1 Build Proof-Based Trust and Reliability
For 2026, the biggest marketing challenge for VinFast is not creating awareness but converting the trust. VinFast has gained widespread recognition through its scale, presence in the fleet and showrooms. In categories with high involvement like EVs, however, brand equity relies on lowering perceived functional, financial and performance risk (Keller, 1993). Consumers will consider EVs as much as the features as they consider the credibility of the claims around them: Will the battery last? Will the warranty be fulfilled? Will service be available and responsive? Is there any value in the vehicle when it comes to selling?
Deloitte’s Global Automotive Consumer Study (2024) identifies purchase price, driving range, charging time and vehicle quality as the primary concerns of EV buyers globally. The study results also showed that pricing perception, infrastructure availability, government support, and performance attributes are all significant factors influencing EV purchase intention, which is validated by the study on Vietnamese consumers. These are not issues that can be solved with advertising alone – they need proof.
So, VinFast should now switch from promising innovation to reassuring with proof. In markets where VinFast has not yet built a trust capital, this is particularly important. A lack of demand from abroad and competition from other brands have curtailed VinFast’s overseas growth, indicating that trust, not awareness, is the conversion hurdle (Reuters, 2026b).
7.2 Defend Vietnam Leadership Through Ecosystem and Service Experience
Vietnam is VinFast’s key market and must be strategically treated as such. But, domestic leadership would not be possible if it were only on the basis of first-mover advantage and policy support. The things that set VinFast apart from other EV brands will become more experiential than structural as charging infrastructure standards are standardised and more EV brands become available.
Ownership of an EV is a service-based experience, as indicated by the extended marketing mix suggested by Booms and Bitner (1981). The quality of the after-sales process-maintenance booking, warranty claims, roadside assistance, software updates and charging support is as important to customer satisfaction and loyalty as the vehicle itself. Zeithaml, Berry and Parasuraman (1996) maintain that in a service context, functional quality (what is offered) and relational quality (how it is offered) are both important to customer retention for the long run. VinFast’s showroom experience, charging station reliability, app functionality and service response consistency are not by-products of its business, but rather key brand equity assets.
VinFast must take action to improve the ownership experience as a loyalty building element. This involves creating a structured customer loyalty plans for current owners, making the charging app more reliable and accessible to users nationwide, ensuring consistent quality of service across all service centres and normalising the use of EVs in urban areas by continuously normalising the behaviour of EVs and taxi fleets. Sustainable competitive advantage is based on Porter’s (1980) differentiation strategy, which is creating a unique, valued experience that is hard for others to duplicate. In Vietnam, VinFast’s ecosystem is that differentiator when it is always great.
7.3 Pursue Selective International Expansion with Unit Economics and Service Readiness
VinFast has announced its goal of delivering 300,000 EVs worldwide by 2026, reflecting its ambitious growth plans (Reuters, 2026b). But with the Q4 2025 impairment charges and corporate restructuring announcement, as an example, it’s apparent that asset-heavy international expansion comes with a heavy price tag and brand execution risk (Reuters, 2026c; Reuters, 2026d). Barney (1991) states that sustainable competitive advantage can be achieved only when resources are valuable, rare, inimitable and non-substitutable. Expanding too quickly into markets where VinFast is not ready to serve or has a product-market fit or viable unit economics is not a way to create these resources, it is a way to consume them.
VinFast’s announcement of an asset-light model, that is selling manufacturing assets while keeping R&D, IP, sales and after-sales services, is a strategic shift that is supported by this audit. Hollensen (2020) believes that understanding market attractiveness, competitive position and the amount of resources committed will be crucial for successful international market entry. Four criteria should be used to prioritize markets: EV policy support, product-market fit of VinFast’s portfolio and local mobility needs, service and after-sales readiness and unit economic viability at realistic price points.
The Indian market offers a broad alignment of product and pricing with VinFast’s profile, as does the markets in Indonesia, the Philippines, Malaysia and Thailand, where EV demand is growing in cities, emerging policy frameworks parallel VinFast’s and price sensitivity is high (Reuters, 2026b; SEC, 2026). Before expanding volume, however, credible service infrastructure (owned, partnered or dealer-led) should be established for each market. The credibility is weak and hard to rebuild when lost internationally. So, the extent to which VinFast can expand internationally should be assessed not by how many markets it enters but by how good it does in each market by providing an ownership experience to the customers.
The present audit has focused on examining VinFast’s marketing place in the Vietnamese EV industry and evaluating strategic issues related to VinFast’s international expansion in 2026.
The macro environment analysis in answering RO1 shows that the political and regulatory environment in Vietnam is generally conducive to the growth of EVs, with tax incentives planned to stay in place until 2030 and charging infrastructure standards increasingly formalised (TradingView, 2026; VnEconomy, 2024; IGARR, 2025). This policy assistance will, however, be temporary and does not give it a competitive edge, but merely acts as a temporary ‘accelerant’. The economic situation highlights a crucial paradox, as the revenue growth of VinFast is robust, whereas its gross margin at -42.5% indicates a lack of financial sustainability, especially when achieving scale (VinFast Auto Ltd., 2026). Non-price barriers, per the social and environmental analysis, are the most significant factor hindering the sustained uptake of EVs, including consumer trust, especially regarding battery performance, service quality and resale value (Deloitte, 2024; Hieu et al., 2022).
When answering RO2, the micro environment analysis shows that there are growing competitive pressures, on a number of fronts. Chinese EV makers implement cost and battery pressure; legacy automotive companies question the credibility of the service; and other mobility solutions, such as motorbikes, hybrid vehicles and ride-hailing options provide familiar mobility alternatives with a lower risk factor. Trust and service experiences are becoming more critical conversion drivers than price as an increasing number of products are offered to buyers (Porter, 1979; Deloitte, 2024).
Three strategic imperatives are identified when considering RO3. For this, the first thing VinFast needs to do is to change the focus of its communication from innovative innovation to demonstrating trust through operations. Firstly, it is necessary for VinFast to switch from the communication of innovation to the construction of trust through operations by providing proof (Keller, 1993). Second, it should expand its domestic ownership portfolio, using charging reliability, the quality of maintenance and digital support as brand equity elements instead of support functions (Booms and Bitner, 1981; Zeithaml, Berry and Parasuraman, 1996). Thirdly, expansion must be carefully considered and must not simply be done on a geographical basis but with reference to the degree of product-market fit, service readiness and unit economics (Barney, 1991; Hollensen, 2020).
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Appendices
Appendix A. Source Credibility Evaluation
| Source Type | Example | Strength | Limitation |
| Company source | VinFast investor release | Direct financial and delivery data | Promotional bias possible |
| Regulatory/filing source | SEC 20-F filing | Official disclosure, high credibility | May be technical/complex |
| News source | Reuters | Independent, timely reporting | Short-form coverage |
| Industry/regulatory source | VnEconomy / IGARR | Relevant Vietnam regulatory context | Some are secondary summaries |
| Academic source | Keller (1993); Booms and Bitner (1981) | Theoretical and empirical grounding | May not be VinFast-specific |
| Industry reports | Deloitte (2024) | Broad, credible datasets | May be less brand-specific |
Appendix B. PESTLE Summary Table
| Factor | Key Finding | Implication for VinFast |
| Political | EV tax incentives extended to 2030; charging subsidies planned | Favourable short- to medium-term tailwind; not a permanent advantage |
| Economic | Revenue +105.4% YoY; gross margin -42.5% | Growth strong but financial sustainability requires value, not just volume |
| Social | Rising EV interest; persistent risk concerns around battery, service, resale | Trust and ownership reassurance are core marketing tasks |
| Technological | 150,000+ charging ports; 11 national charging standards issued | Infrastructure is a competitive asset but standards reduce exclusivity over time |
| Legal | SEC risk disclosures; charging safety regulations | Legal compliance is a trust signal, especially internationally |
| Environmental | EV aligns with carbon neutrality goals; scrutiny of green claims rising | Sustainability messaging must be evidence-based, not superficial |
Appendix C. Porter’s Five Forces Summary
| Force | Intensity | Key Driver |
| Industry Rivalry | High | BYD scale, Tesla aspiration, legacy automaker trust, substitutes |
| Threat of New Entrants | Medium-High | Policy support attracts entrants; import-led entry reduces manufacturing barriers |
| Buyer Power | Increasing | Growing choice; buyers compare TCO, warranty, charging, resale value |
| Supplier Power | Moderate | Battery, chip and component dependencies; some localisation reduces risk |
| Threat of Substitutes | High | ICE, hybrid, motorbike, ride-hailing all remain viable alternatives |
Appendix D. AI Use Acknowledgement
Generative AI was used to support early-stage brainstorming, outline development and language refinement. However, all source selection, interpretation of secondary data, theoretical application and final strategic judgement were reviewed and developed by the author. AI outputs were critically evaluated against credible secondary sources to avoid unsupported claims, descriptive analysis and referencing inaccuracies.
