VinFast Auto Ltd. (NASDAQ: VFS)

VinFast Auto Ltd. is an innovative mobility company that designs, manufactures and sells electric vehicles, e‑scooters and electric buses. The company focuses on producing a full range of EVs, from compact cars to multi‑purpose vehicles, alongside two‑wheelers and public‑transport solutions, to support a shift toward sustainable transportation.

VinFast generates revenue primarily from the sale of its electric vehicles, e‑scooters and electric buses to retail and commercial customers. In addition, the company earns income from after‑sales services, warranty programs and its charging network, which includes home chargers, public stations and battery‑swapping solutions.

The company operates through the following segments: VF, Green and Lac Hong.

• VF: This segment offers smart, reliable electric vehicles for everyday life, targeting mainstream consumers with models such as the VF 3, VF 5, VF 6, VF 7, VF 8, VF 9 and the VF MPV 7, emphasizing safety, technology and affordable ownership.

• Green: This segment provides electric‑vehicle solutions for commercial applications, including fleet‑oriented models like the Limo Green, Herio Green, Nerio Green and Minio Green, designed to improve operational efficiency and lower total‑cost‑of‑ownership for business customers.

• Lac Hong: This segment delivers ultra‑luxury electric vehicles that reflect Vietnamese design and craftsmanship, featuring models such as the Lac Hong 900 LX, 800S and 900S, aimed at high‑end buyers seeking premium performance and exclusive amenities.

VinFast holds a leading position in Vietnam’s electric‑vehicle market, having achieved the top market share in several vehicle categories, and it competes with established global automakers by leveraging its vertically integrated manufacturing, cost‑effective production in Vietnam and strong backing from the Vingroup conglomerate. The company’s competitive advantages include its advanced technology platform, extensive warranty offerings and a growing network of sales and service locations across Asia, North America and Europe.

The company serves a diverse customer base that includes individual consumers purchasing personal vehicles, ride‑hailing and taxi operators, corporate fleets and government agencies. An example of a commercial customer is GSM, an affiliate that provides electric‑vehicle rental and ride‑hailing services using VinFast fleets.