VinFast Philippines projects EV sales to top 8,000 units as fuel costs lift demand

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VinFast Philippines EV sales outlook

Highlights

VinFast Philippines projects EV sales to exceed 8,000 units in 2024, with September year-to-date sales at 5,417 units versus 115 last year.
The VF3 all-electric SUV accounts for 70% of VinFast's local sales, and the VF8 electric SUV will launch in November alongside three to four new models in six months.
Vingroup plans to invest 32 billion pesos in a production facility, expand dealerships from 40 to 60, and is seeking tax incentives for local manufacturing.

Sales target and model rollout

As reported by BusinessWorld Online, VinFast Deputy Chief Executive Officer Victor Jose Vela told reporters on Monday that the company expects sales to exceed 8,000 units this year, with about 1,000 vehicles a month projected from October to December.

At the end of September, VinFast's sales reached 5,417 units, up from 115 a year earlier. It is the top-selling battery electric vehicle brand in the first nine months of the year, according to the Chamber of Automotive Manufacturers of the Philippines, Inc.

Vela says demand is benefiting from consumer interest in more energy-efficient transport as fuel prices remain volatile after the Middle East fighting. In the Philippines, the VF3 all-electric sport utility vehicle accounts for 70% of VinFast's sales.

VinFast is launching the VF8 electric SUV in November, adding a D-segment model to its local lineup. The company also plans to introduce another three to four models in the next six months.

Distribution expansion and local investment plans

VinFast also launches an online-to-offline platform in the Philippines that allows customers to explore and order vehicles online, book test drives, and arrange deliveries. VinFast O2O Platform Deputy Chief Executive Officer Roxildes Lacerna says the platform is intended to add convenience, transparent pricing, and a more personalized buying experience.

The company says the digital channel will complement rather than compete with dealerships, as some buyers still prefer in-person transactions. VinFast currently has about 40 dealerships in the Philippines, mostly in Metro Manila, and aims to expand that network to 60 by the end of the year.

Beyond retail expansion, parent company Vingroup has announced plans for a 32 billion peso production facility in the Philippines. It has also expressed interest in securing tax incentives tied to local vehicle manufacturing, pointing to a broader push to deepen its presence in the country's automotive sector.

In our earlier article on the Philippines’ planned sovereign bond pricing reform and expected inclusion in J.P. Morgan’s Government Bond Index-Emerging Markets, we explained how these steps could broaden the investor base and improve liquidity for government securities. We also noted that cheaper funding and bigger capital inflows are not automatic, and that stronger investment outcomes depend on fiscal credibility and wider structural reforms that improve productivity and business financing conditions.

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