‘VinFast will never produce gasoline cars again’: Southeast Asia’s richest man Pham Nhat Vuong

“VinFast will never produce gasoline cars again,” but the new models will have features to assist customers who “forget to charge” their electric cars, he said Wednesday at the annual general meeting of conglomerate Vingroup, the parent company of VinFast.

Vuong was responding to a shareholder’s question about VinFast’s plans to make hybrid vehicles.

VinFast was founded by Vuong in 2017 and initially produced only gasoline cars and motorbikes. But four years later the company ceased production of internal combustion engine vehicles and transitioned entirely to EVs.

In 2025 it posted record revenues of VND90.43 trillion (US$3.4 billion), up 139% from 2024, though it remained in the red to the tune of VND97 trillion. It led the Vietnamese car market with a 36% share.

This year VinFast targets deliveries of 300,000 electric cars globally, up from 197,000 in 2025, and 1–1.5 million electric motorbikes, by expanding its presence also in Southeast Asia (Indonesia, the Philippines) and India.

Regarding battery production autonomy, Vuong said VinFast currently secures part of its supply independently, but its overall strategy is not to fully self-produce, but to maintain three parallel approaches: outsourcing, partnerships and in-house production. He said this approach is intended to reduce pressure to invest in research, factories and infrastructure.

Green SM, a ride-hailing company he founded that exclusively uses VinFast vehicles, has become the leader in Vietnam and aims to expand in other markets, he said.

“We are planning an initial public offering for Green SM.” Pre-listing activities would begin in the coming months, he added.

VinFast Limo Green. Photo by Read/Thanh Nhan

Green SM, established 2023, has a charter capital of more than VND43 trillion. After starting with taxis and ride-hailing services, the company has expanded into food and parcel delivery, urban transport and car rental.

It surpassed Singapore’s Grab and domestic player Be to lead Vietnam’s four-wheel ride-hailing segment in the fourth quarter of 2025 with a 51.5% market share by gross merchandise value, according to India-based market research firm Mordor Intelligence.

This year Vingroup eyes revenues of VND485 trillion, up nearly 46% from 2025, and a tripling of net profit to VND35 trillion.

Vuong earlier this month overtook Indonesian tycoon Prajogo Pangestu to become Southeast Asia’s richest person. Vuong now has a net worth of $34.8 billion, compared to Pangestu’s $24.4 billion, according to U.S. magazine Forbes.