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By 2025, VinFast had introduced a diversified EV portfolio spanning multiple
segments, including VF e34, VF 3, VF 5, VF 6, VF 7, VF 8, VF 9, Lạc Hồng 900 LX, and the
Limo Green series tailored for commercial transport services. Beyond product expansion,
the firm invested heavily in ecosystem development, deploying more than 150,000
charging ports nationwide, operating approximately 400 service workshops, and offering
an industry-leading 10-year warranty for vehicles and batteries. This ecosystem-oriented
approach reflects a platform-based strategic logic, extending value creation beyond
vehicle sales to infrastructure and after-sales services. Financially, VinFast’s revenue
increased from VND 9,201 billion in 2019 to VND 91,515 billion in 2025. In 2025 alone, the
company delivered 175,099 electric vehicles, positioning itself among the leading
domestic market players. Concurrently, manufacturing activities became the second-
largest revenue contributor within Vingroup’s portfolio, following real estate transfers,
signaling structural transformation at the conglomerate level.
Despite rapid revenue growth, VinFast has not yet reached profitability during its
expansion phase. The firm maintains substantial financial leverage, with outstanding
loans approaching VND 200,000 billion—representing approximately 60% of Vingroup’s
total debt—primarily financing factory construction, charging infrastructure, and
domestic and international distribution networks. Persistent negative cash flows and
rising debt-to-equity ratios highlight the capital-intensive nature of its expansion strategy.
VinFast’s business model thus embodies an “investment-first, profit-later” strategy,
similar to global EV pioneers. While financial sustainability remains a challenge, the rapid
increase in sales volume and domestic market share suggests progress toward achieving
economies of scale. If the firm successfully manages debt exposure and transitions
toward operational profitability, it may shift from investment-driven expansion to
efficiency-based growth, thereby establishing a sustainable competitive position in the
global EV industry.
4. Business model innovation practices in Vietnamese enterprises
4.1. Enhancing access to finance and incentivizing R&D investment
Successful business model innovation requires a solid financial foundation. However,
the majority of Vietnamese enterprises continue to face significant constraints in
accessing long-term capital for technology adoption, research, and development (R&D)
activities. Financial limitations often restrict firms’ ability to experiment with new
business models or scale innovation initiatives effectively. To address these constraints,
policymakers should strengthen credit guarantee mechanisms for SMEs and design
targeted concessional loan programs dedicated to digital transformation and innovation-
driven projects. Expanding preferential financing schemes tailored to innovation-intensive
sectors would help mitigate risk perceptions among financial institutions and facilitate
greater capital flows toward productive transformation. In parallel, the development of
venture capital funds, innovation funds, and public–private partnership (PPP) models
should be encouraged to mobilize private-sector resources for R&D activities.
4.2. Developing digital human capital and innovation management capacity
A critical solution to promoting business model innovation lies in strengthening
digital human capital and enhancing innovation management capabilities within
enterprises. Vietnam currently faces a significant shortage of skilled professionals in
digital technologies, big data analytics, artificial intelligence, and innovation governance.
Addressing this gap requires a coordinated strategy that aligns educational institutions
with industry demands. Universities and vocational training centers should modernize

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