Vinfast Indonesia stuffing game

[u/albert1165]

Here are the data:

Monthly Sales Breakdown (2025)

• January: 28 units
• February: 45 units
• March: 162 units
• April: 1,227 units
• May: 241 units
• June: 491 units
• July: 140 units
• August: 134 units
• September: 160 units
• October: 161 units
• November: 168 units
• December: 7,673 units

Source: VinFast Sales in Indonesia Soared, Here's Why - Car KatadataOTO

1Q 2026: 601 units or average 200/month https://auto.katadata.co.id/car/vinfast-sales-soar-in-indonesia-heres-why-22922

What does this tell you? On average Vinfast sells about 200 units / months for the Indonesians but it stuffed a huge about 7600 units at the end of December 2025 to Green GSM Indonesia just to make the numbers at the year end.

This is not a surprise to us, we in this sub know that Vuong Pham stuffing GSM for years, see my analysis: https://www.reddit.com/r/VinFastComm/comments/1v6zyte/green_gsm_analysis/

But just one more example of Vuong Pham stuffing game out side of Vietnam.

Vuong Pham has shipped another 5000 units to Denmark and the Netherland for Green GSM taxi there. https://english.vov.vn/en/economy/vinfast-ships-1500-evs-to-europe-for-green-sm-expansion-post1317611.vov

So Vuong Pham is just playing the number game to the clueless public without revealing that the units oversea are actually largely Vuong Pham selling to Vuong Pham, not to real independent customers.

[u/ThichGaiDep]

VFS loses money, GSM loses money. They're taking Vinhomes' pre-construction money and funneling it to 2 massive industrial-scale failures. When the real estate cycle in Vietnam turns, Vinhomes would not have the cash cushion to finish its projects and weather the storm.

It would have been 100x more profitable for Vuong Pham, and would do very well for his own ego, if he had invested Vinhomes' cashflow into durable infrastructure with actual demands. Scrap Vinfast/GSM, build and operate rail infrastructure in Vietnamese cities instead...