Pham Nhat Vuong: VinFast will never again produce gasoline-powered cars

Pham Nhat Vuong: VinFast will never again produce gasoline-powered cars. At the 2026 annual general meeting of Vingroup on April 22, shareholders discussed the group's expanding businesses as VinFast's results remain a focus, with VIC shares up many times over the past year and the conglomerate pursuing new fields like steel, power, rail, and ports. Yet VinFast's operations remained the topic of most concern among investors. 'Over the last five years, the global EV market has grown strongly, but recently some automakers have shifted back to producing hybrids (gasoline-electric). Will VinFast pursue this?' a shareholder asked. In response, Pham Nhat Vuong said VinFast would study new models that could offer longer range if customers forget to charge. He also stated that the company 'will never again produce gasoline-powered cars.' VinFast, founded in 2017, stopped producing gasoline cars four years later and switched to electric vehicles. In 2025, the company reported revenue of VND 90,427 billion, up 139% from 2024 and the highest on record. However, it posted net losses of over VND 97,000 billion. By December 31, 2025, cumulative losses reached about VND 171,600 billion, with negative equity of more than VND 90,000 billion. This year, VinFast aims to deliver 300,000 electric cars worldwide and about 1–1.5 million electric motorcycles, expanding in Vietnam, Southeast Asia (Indonesia, the Philippines) and India. The company led Vietnam's passenger-car market in 2025 with roughly 36% share. On battery self-sufficiency, Vuong said VinFast currently has partial control over the supply. However, the overall strategy is not to produce batteries entirely in-house, but to maintain three options in parallel: external purchasing, partnerships, and self-production. This approach aims to reduce investment pressure for R&D, plants, and infrastructure, while optimizing costs and boosting competitiveness in price and product quality. Beyond VinFast, investors also asked about Green SM, a ride-hailing subsidiary. 'Will the group IPO this company?' Vuong responded that Green SM has led the four-wheeled ride-hailing sector in Vietnam and aims to remain number one in international markets. 'We plan to take Green SM public,' he said, adding that pre-listing would begin in a few months. Green SM was established in 2023 with charter capital over VND 43,000 billion. Initially, it operated taxi and ride-hailing services using VinFast products. It later expanded into food delivery, parcel delivery, local transport, and car rental. According to Mordor Intelligence, Green SM surpassed Grab and Be to lead Vietnam's four-wheeled ride-hailing market in Q4 2025, capturing 51.5% of GMV. This year, the group expects revenue of VND 485,000 billion and a net profit after tax of roughly VND 35,000 billion, nearly triple 2025.