VinFast PH launches Residual Value Guarantee Program

VinFast Philippines just launched a new program that guarantees EV customers will get the resale value they deserve. This comes after the company recently revealed the Residual Value Guarantee (RVG) program for the Philippine market. With it, the RVG takes out the guesswork when it comes to estimating the depreciation of VinFast EVs that the company will buy back.

The RVG guarantees up to 90% of residual value for an EV with six months of ownership. An EV with one-year ownership can get up to 86% of its residual value. On the other hand, an EV with two years of ownership is guaranteed to give customers up to 83% of its residual value. Last but not least, an EV with three years of ownership can still get up to 70% of its original value.

VinFast clarified that vehicles with up to 25,000 km on the clock are eligible for the Residual Value Guarantee Program. A PHP 900 inspection fee is required for the automaker to inspect the vehicle for wear & tear. Once inspection is complete and the automaker buys back the car, customers can expect to get the residual value in cash within 1 to 3 weeks.

When asked if the program will be sustainable in the long run, VinFast Southeast Asia CEO Toti Zara said that it is sustainable because the math works.

“We think it's sustainable because the math works. We're beyond just a car company. This can be sustained from car ownership to mobility services. We're pushing it into action since we believe that is the direction we're headed,” said Zara.

Regarding the possibility of the program being abused, Zara mentioned that the Residual Value Guarantee Program will only be available to retail customers, not to fleet customers. However, the executive did mention that in the long run, they have to review the program or make adjustments in the future.

What happens to the vehicles that were bought back by VinFast? The automaker says that they can either be used for taxis or for TNVS purposes.

For those who are not sure of the resale value of their VinFast EV in the long run, the company's Residual Value Guarantee ensures customers get the percentage they deserve.