Remember VinFast? The Vietnamese automaker entered the U.S. market somewhat quietly a few years ago, but we haven’t heard much about it since we learned that some dealers backed out of agreements with the company. It’s not over for VinFast until it’s over, however, as industry publication Automotive News recently reported that the automaker is planning a U.S. revival with a refreshed model, new franchise dealers, and a certified pre-owned push.
VinFast wasn’t selling many vehicles before the end of federal electric vehicle (EV) tax credits, and its outlook has only grown cloudier since. The automaker’s incentives averaged $20,000 for the VF 9 SUV, but it still hasn’t found much traction, according to Automotive News. VinFast sells just two vehicles in the U.S. — the 2-row VF 8 and 3-row VF 9 electric SUVs.
Also see: What Is VinFast? All About the Vietnamese Automaker
As part of its turnaround plan, VinFast is updating the VF 8 SUV for 2027, giving it new driver-assistance features. The vehicle is also available with 0% financing for up to 84 months. Certified pre-owned (CPO) models will be available with 2.99% financing for up to 72 months.
Three new dealers will join the VinFast network, including two in California and one in Pennsylvania. That’s a reversal of earlier trends, as the company’s dealer count fell below two dozen last year.
VinFast is also locked in a legal battle with the state of North Carolina over its planned factory construction there, with state officials claiming VinFast failed to meet deadlines set under its tax incentive agreements. VinFast is fighting back, but the state said the company had not shown it would be able to complete its factory, even on the extended 2028 schedule, according to AN.
The automaker’s turnaround plan may sound reasonable, but it might be too little, too late. Electric vehicle sales and market share are down for all brands, even those with more established names and a U.S. manufacturing presence. Companies like Lucid and Rivian are losing money each year, and that’s with stronger name recognition than VinFast has here, AN notes.
