VinFast plans U.S. dealer network with 125 sales points in first phase

Vietnamese electric vehicle startup VinFast detailed plans for a nationwide dealer network, saying it expects 125 sales points in the initial phase and "hundreds" by the end of 2024, selling multiple models.

VinFast said Friday that it's received 70 dealer applications following its strategic shift in August from direct sales to a mixed model with third-party retailers outside of California, VinFast's first market in the U.S.

"Updates on dealer agreements are expected to be announced in the coming months, which should allow VinFast to start distributing its EVs through 125 points of sales nationwide," the automaker said.

VinFast began selling its VF 8 crossover early this year through its direct-to-consumer model in California. It currently has 13 showrooms in the state, mostly in Southern California.

According to Experian, VinFast had 237 VF 8 registrations through September, the most recent data available. The first VF 8 was registered in February.

VinFast said it expects to expand its dealership network across the U.S. in phases.

"The company is planning to distribute its electric vehicle models at hundreds of points of sales by the end of 2024, including its existing showrooms," VinFast said.

"In 2023, VinFast expects to distribute VF 8 models through its distribution network and will continue its offerings with the VF 9, VF 6 and VF 7 when these models launch in the market," the company said.

The VF 9 is a three-row crossover that was originally scheduled to arrive in the U.S. this year. The VF 6 is a subcompact that launched in Vietnam this year, and the VF 7 is a compact launching next year.

VinFast told Automotive News last month that it's also considering the VF 3 minicar for the U.S. The two-door is scheduled to launch in Vietnam next year as a low-price entry EV for the domestic market.

The automaker has outlined a global plan to expand from its base in Vietnam to international markets in the U.S., Canada, Europe and parts of Asia, the company has said.

VinFast started making combustion vehicles in 2019, added its first EV in 2021 and shifted to an all-EV lineup last year.

The automaker's U.S. retail expansion comes after VinFast Auto Ltd. became a publicly traded company Aug. 15, listed on the Nasdaq. Its stock price surged in the first weeks of trading before falling steadily.

By turning to U.S. dealers, VinFast can grow faster than sticking to the direct-sales model, the company said in its third-quarter earnings report in October. VinFast also said it may consider transferring some of its global showrooms to dealers, but it was unclear whether that would include its 13 stores in California.

"Our mission is to make EVs accessible to everyone. That is why VinFast always strives to expand its business network, and to provide consumers with premium quality electric vehicles, attainable prices, and outstanding aftersales services," said Steve Tran, CEO of VinFast North America, in the Friday statement.