VinFast Adds 12 New U.S. Retailers As Expansion Continues

The company is also moving forward with its planned $4 billion plant in North Carolina

VinFast has yet to sell more than 1,000 vehicles in the United States but has announced a major expansion of its retail market in the country.

In its most recent financial report, the Vietnamese company said it was adding 12 leased businesses in the United States, bringing its total locations to 18 in seven states. Five new locations will open in Florida, four will open in Texas, and the first VinFast locations in Kentucky and Connecticut will also open soon.

Read: Can Pint-Size VF3 Make VinFast a Success in the US?

“Using the network of stores, market experience, and capabilities of leading US dealers, VinFast will rapidly deliver high-quality, competitively priced electric vehicles,” said the company’s vice president of sales, David Duncan. “This lays a solid foundation for strong growth for VinFast.”

The company has not found entering the US market easy. Only 265 types of VinFast were registered nationwide last year. Sales have increased this year and 448 units were registered in January and February together. VinFast believes that its franchised dealers will contribute to significant sales growth in the second half of this year.

VinFast’s only American model is the VF 8 crossover but the brand will launch the three-layer VF 9 this quarter and also plans to add the VF 7 to its range. While its sales have been slow, VinFast remains ambitious. Last year it said it hoped to have more than 100 U.S. dealers by the end of 2024. It is also building a $4 billion plant near Raleigh, North Carolina, with plans to begin production by the end of 2025.

Cars built at the company’s local factory can qualify for a full $7,500 state EV tax credit, broadening their appeal. As it stands, the VF 8 is only eligible for the tax credit if it is leased. In January, the VF 8 was available to lease for as low as $249 per month with $0 down for 36 months, but the current cheapest lease is now $429 per month.