Vietnam’s Vingroup chairman says EV unit VinFast to break even in 2027

Vietnamese electric vehicle maker VinFast will break even next year, the chairman of its parent Vingroup said on Wednesday, confirming a Reuters ‌report earlier this ⁠month.

VinFast ⁠is expected to deliver 300,000 EVs this year, two-thirds of which would be for the domestic market, according to a Vingroup document.

Vingroup Chairman Pham Nhat Vuong, speaking ⁠at a shareholder ‌meeting, said VinFast would not return to producing internal ⁠combustion engine cars.

He also said the company was preparing for an initial public offering of its taxi service unit Green SM in 2028.

Vingroup is also planning to switch a planned ‌LNG power plant project in Haiphong to one running on renewable energy, he ⁠said.

Vingroup is seeking approval from its shareholders for a net profit target of 35 trillion dong this year, up from 11.1 trillion dong last year, according to a Vingroup document.