Target delivery of 300,000 vehicles! Which Chinese listed companies are supplying the Vietnamese "Tesla"? | Spring Festival Observation

Caixin News Agency, February 23rd (Reporter Guo Songqiao) In Vietnam’s largest city, Ho Chi Minh City, the Lunar New Year is not only a traditional family reunion festival but also an important window to observe its economic vitality.

Ho Chi Minh City Celebrates the New Year During the holiday, Caixin reporters found that a local electric vehicle brand is now visible everywhere on the streets of Ho Chi Minh City — this is VinFast, known as the “Vietnam Tesla.”

From the bustling business district of District 1 to the Chinese community area in District 5, whether it’s the VF e34 electric sedan weaving through motorcycle traffic or the VF 9 luxury SUV parked outside high-end hotels, this locally renowned brand, dubbed the “Vietnam Tesla,” is rapidly capturing the Vietnamese market.

According to VinFast’s official data, VinFast plans to deliver 175,099 electric vehicles in Vietnam by 2025, including 27,600 units in December alone, setting a record for monthly sales by a single Vietnamese auto brand, and maintaining the top market share for 15 consecutive months.

Recently, VinFast publicly disclosed that its global electric vehicle delivery target for this year is 300,000 units. Moreover, VinFast announced it will accelerate its global expansion of electric motorcycles, with the first phase targeting the Philippines, Indonesia, India, Thailand, and Malaysia, launching multiple swap-battery electric motorcycle models and continuously adding new models.

Behind this “Vietnam-made” banner is strong support from the Chinese supply chain.

Caixin reporters reviewed announcements from several Chinese listed companies and found that Chinese companies already play a significant role in VinFast’s core component supply chain.

Jingu Co., Ltd. previously announced that it received a designated supplier notice from VinFast, a leading new energy vehicle manufacturer in Vietnam, becoming its primary supplier of key parts, developing and supplying passenger car wheel products. This designated project will help Jingu further expand into the Southeast Asian market, accelerate its strategic layout in Southeast Asia and globally, with mass production expected in September this year, impacting the company’s revenue and profit levels for the year.

Feilong Co., Ltd. stated in response to investor inquiries that its electronic pump series mainly serves over 130 clients, including Chery, Li Auto, Topu, Vietnam VinFast, Leapmotor, and Seres.

Guoxuan High-Tech previously responded to investor questions, affirming that the company adheres to a globalization strategy, continuously expanding markets, and establishing deep cooperation with overseas clients such as VinFast, Rivian, PowerCo, and NextEra. With ongoing deepening of cooperation and the continuous development of new customers, combined with the company’s overseas bases and localized production efforts, the company is confident in further increasing its overseas market share.

Hongfa Co., Ltd. previously announced that its controlling subsidiary, Xiamen Hongfa Electric Sound Co., Ltd., plans to jointly invest with VinFast Trading and Manufacturing Co., Ltd. to establish Hongfa VinFast Electronics Co., Ltd. in Vietnam, with a total investment of 135 billion VND (approximately 37.665 million RMB). Xiamen Hongfa Electric Sound will contribute 108 billion VND, accounting for 80% of the total investment.

A Chinese businessman engaged in auto parts trade in Ho Chi Minh City told reporters, “Vietnam’s auto supply chain is relatively underdeveloped, and most parts for VinFast rely on imports. Chinese supply chains have significant advantages in cost, technology, and capacity. Even Vietnamese domestic auto brands find it difficult to develop independently outside the Chinese supply chain system.”