VinFast Reports Preliminary and Unaudited Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

VinFast (Nasdaq: VFS) reported preliminary, unaudited Q4 and full‑year 2025 results showing rapid scale-up: 196,919 EVs delivered in 2025 (+102% YoY) and Q4 deliveries of 86,557 (+63% YoY). Total 2025 revenue was VND 90,427.6 billion (US$3,599.7 million) (+105.4% YoY).

Margins improved but remained negative: 2025 gross margin -42.5% versus -57.4% in 2024. International deliveries reached ~18% of quarterly volume. Results are preliminary and unaudited and may change after audit completion.

Positive

• Full‑year EV deliveries +102% to 196,919 units
• Revenue +105.4% to VND 90,427.6 billion (US$3,599.7m)
• Q4 EV deliveries 86,557 units (+63% YoY)
• Manufacturing capacity combined ~600,000 EVs p.a. globally
• Vietnam market share estimated 36% at year end 2025

Negative

• 2025 gross margin still negative at -42.5%
• Q4 gross margin negative 39.9%
• Preliminary results unaudited and may change materially after close

SINGAPORE, March 16, 2026 /PRNewswire/ -- VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone, today announced its preliminary and unaudited financial results for the fourth quarter and full year ended December 31, 2025. 

EV deliveries were 86,557 in the fourth quarter of 2025, representing a 127% increase quarter-over-quarter and a 63% increase year-over-year. Among those, the commercial models under the Green brand and the EC Van model accounted for approximately 49% of total deliveries during the period. International markets maintained strong growth momentum, contributing for the first time approximately 18% of the total vehicle deliveries in a quarter.

For the full year 2025, the Company delivered 196,919 EVs globally, representing a 102% increase year-over-year. The full year delivery result exceeded management's 2025 delivery guidance of at least doubling full year 2024 deliveries of 97,399 EVs and marked VinFast's highest annual deliveries since its inception.

E-scooter and e-bike deliveries were 171,962 in the fourth quarter of 2025, representing a 43% increase quarter-over-quarter and a 452% increase year-over-year. For the full year 2025, the Company delivered 406,498 e-scooters and e-bikes, representing a 473% increase year-over-year.

Revenue Maintains Strong Growth Momentum, Profit Margins Improve Significantly

As a result, total revenues were VND 39,411.7 billion (US$1,568.9 million) in the fourth quarter of 2025, representing an increase of 138.9% from the fourth quarter of 2024 and an increase of 117.7% from the third quarter of 2025.

Total revenues were VND 90,427.6 billion (US$3,599.7 million) in 2025, representing an increase of 105.4% from 2024.

Gross margin was negative 39.9% in the fourth quarter of 2025, compared to negative 79.1% in the fourth quarter of 2024 and negative 56.2% in the third quarter of 2025. The improvement in gross margin compared to the fourth quarter of 2024 and the third quarter of 2025 reflects the benefits of scale and a more optimized cost structure.

Gross margin was negative 42.5% in 2025, compared to negative 57.4% in 2024.

As of December 31, 2025, customers can purchase VinFast EVs from 424 showrooms globally.

Madame Thuy Le, Chairwoman of VinFast, said: "2025 was another landmark year for VinFast – but more importantly, it was a year of disciplined investment behind our core mission: making electric mobility and sustainable journey accessible to everyone. Every strategic decision we make is anchored to that objective, including investing in technology, industrial capabilities, and global expansion. For 2026 and beyond, scale and unit cost optimization remain the primary levers in our path to profitability. These will be supported by strategic investments to expand overseas capacity, the commercialization of our next-gen vehicles, and collaboration with partners from within Vingroup's ecosystem and other established players to further integrate the use of Artificial Intelligence inside our EVs and factories to ultimately lower the total cost of ownership for our customers."

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "Our 2025 results reflect a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance while only operating our flagship factory at roughly two-thirds capacity during the year, we have demonstrated our ability to scale more efficiently. The fourth quarter of 2025 reflected the strongest financial performance we have delivered to date, with several key metrics reaching new highs as we begin to see early benefits of scale." 

Product Expansion and Progress Across Markets

Product Expansion:

VinFast has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity:

• VF - Mid- to high-end EVs designed to meet everyday mobility needs, delivering safety, durability, and advanced technology for customers. The brand is built on three core pillars: high-quality products, inclusive pricing, and outstanding after-sales policies. The VF lineup features a diverse range of models spanning from VF 3 to VF 9, including the seven-seat MPV, VF MPV 7.
• Green - EV solutions for commercial applications focused on optimizing fleet utilization and operational efficiency, featuring models such as Limo Green, Herio Green, Nerio Green, and Minio Green.
• Lac Hong - An ultra-luxury EV brand reflecting Vietnamese design, hospitality and craftsmanship. The collection includes Lac Hong 900 LX introduced in 2025, and two new models - the Lac Hong 800S and Lac Hong 900S - both unveiled in March 2026 and expected to launch in 2027.

Two seven-seat MPV models have been launched to address distinct customer segments. Limo Green, launched in early 2025, targets B2B and corporate fleet operators, while the VF MPV 7, launched in January 2026, is designed for individual consumers and families. Both models are planned for rollout across VinFast's key Asian markets.

The next generation of the VF 6 and VF 7 is expected to commence start of production ("SOP") in the second half of this year.

The Limo Green, VF MPV 7, and the next generation of the VF 6 and VF 7 are designed to deliver lower bill-of-materials costs through reduced component count and simplified system design enabled by VinFast's new vehicle platform and next-generation electrical and electronic ("E/E") architecture. 

Achieved Top-5 BEV Market Positions Across Key Markets:

In Vietnam, VinFast maintained a leading position in the automotive market, ending 2025 with an estimated 36% market share compared to approximately 22% in 2024. VinFast also ended the year as the leading e-scooter brand in Vietnam.

In other key Asian markets such as India, Indonesia, and the Philippines, VinFast continues to expand its market share and strengthen its market position through a diverse product lineup, a comprehensive ecosystem, and an ever-growing network of dealerships, service workshops, and partners.

In India, VinFast made steady progress, based on Vahan registrations among battery EV brands, climbing from No.8 in October 2025 to No.4 in December 2025 despite only beginning vehicle sales in September 2025, and has maintained its position since then through February 2026.

In Indonesia, VinFast ended 2025 as the No.3 BEV brand according to the Association of Indonesia Automotive Industries (GAIKINDO).

In the Philippines, VinFast ended 2025 as the No.2 BEV brand according to the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).

Manufacturing Milestones:

The Company's manufacturing utilization and operational efficiency continued to improve at its largest plant in Hai Phong, Vietnam. The facility celebrated the 200,000th EV of the year rolling off the assembly line on December 31, 2025, and produced nearly 26,000 EVs in December 2025 alone.

In June 2025, VinFast officially inaugurated the VinFast Ha Tinh electric vehicle manufacturing plant in the Vung Ang Economic Zone, less than seven months after the project was initiated.

In August 2025, VinFast inaugurated its first overseas factory with the opening of its Tamil Nadu plant in India. In December 2025, VinFast opened its second overseas factory in Subang, Indonesia.

As of Dec 31, 2025, VinFast operates four facilities globally with a combined maximum annual capacity of approximately 600,000 EVs, consisting of 300,000 EVs p.a. in Hai Phong and 200,000 EVs p.a. in Ha Tinh (Vietnam), 50,000 EVs p.a. in Indonesia, and 50,000 EVs p.a. in India. The Company also manufactures e-scooters in Hai Phong with an annual capacity of approximately 500,000 units.

Smart manufacturing is central to the Company's longer-term profitability. Within the Vingroup ecosystem, VinFast is working closely with an affiliated company, VinRobotics, which focuses on the development of intelligent robotics, automation systems and physical AI technologies for industrial applications. VinRobotics' platform includes industrial humanoid robots and AI-enabled automation layers designed to operate in complex factory environments, enabling higher levels of automation and productivity. VinFast's collaboration with VinRobotics focuses on improving factory productivity, quality control and operational efficiency, supporting higher utilization and increased automation as production volumes scale, and contributing to structural improvements in the Company's cost base.

Advanced Driver Assistance Systems ("ADAS") progress:

Following VinFast's roadmap from ADAS Level 2+ ("L2+") and Level 2++ ("L2++") toward Level 4 ("L4"), the Company plans to expand robocar trials to major cities and selected international markets. VinFast views L4 as strategic optionality, while remaining disciplined on capital deployment in the near term. VinFast is pursuing a capital-efficient approach through an in-house ADAS research institute while working with select external partners for L4.

VinFast is collaborating with Tensor, a pioneering AI company developing personally owned L4 autonomous robocars, as the manufacturing and industrialization partner for Tensor's robocar program. Fully functional prototypes for the program have already been tested by Tensor in multiple regions. The program is currently in the pre-production phase and is being advanced toward commercialization. VinFast is also engaged in discussions with various technology and mobility companies on robotaxi development.

The Company will continue to make strategic investments aimed at developing core technologies across its vertically integrated technology stack including a roadmap for ADAS L2+ to L4, smart services software and domain/zonal architecture. At the same time, we will continue to collaborate with strategic technology partners, both externally and within the broader Vingroup R&D ecosystem. 

Conference Call

The Company's management will host its fourth quarter 2025 earnings conference call at 8:00 AM U.S. Eastern Time on March 16, 2025. Live Webcast: https://edge.media-server.com/mmc/p/54bgr8np 

Preliminary and Unaudited Financial Information

The Company's consolidated financial statements for the year ended December 31, 2025 are not yet complete. The preliminary financial information included in this announcement has been prepared by, and is the responsibility of, the Company's management based on currently available information. The preliminary financial information is subject to revision as the Company completes its financial statements and disclosure for the year ended December 31, 2025. In connection with the Company's customary financial closing procedures and audit process with the Company's independent auditors, certain accounting matters remain subject to finalization, and the Company may be required to make adjustments to the preliminary financial information for the year ended December 31, 2025 contained in this announcement. Accordingly, the Company's final results, audited consolidated financial statements and other disclosures for the year ended December 31, 2025 may differ materially from this preliminary financial information. This preliminary financial information should not be viewed as a substitute for the Company's audited consolidated financial statements prepared in accordance with U.S. GAAP. No independent accountant has audited, reviewed, compiled, or performed agreed-upon procedures with respect to the preliminary unaudited financial information for the year ended December 31, 2025 and accordingly no independent accountant has expressed an opinion or any other form of assurance with respect thereto. You should not place undue reliance on this preliminary financial information.

Forward Looking Statements

Forward-looking statements contained herein, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding VinFast's future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, VinFast's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue" or the negative of these words or other similar terms or expressions that concern VinFast's expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by VinFast's and VinFast's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the risk associated with being a growth-stage company in the EV industry; (ii) the unavailability, reduction or elimination of government and economic incentives or government policies that are favorable for EV manufacturers and buyers; (iii) Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries; (iv) the Company's ability to adequately control the costs associated with its operations; (v) the risks of the Company's brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity; (vi) competition in the automotive industry; (vii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes from its suppliers; (viii) the demand for, and consumers' willingness to adopt, EVs; (ix) the availability and accessibility of EV charging stations or related infrastructure; (x) failure to remediate the Company's material weaknesses and produce timely and accurate financial statements; (xi) the ability of the Company to achieve profitability, positive cash flows from operating activities, and a net working capital surplus; (xii) the Company's ability to obtain commercially reasonable capital to support its business growth; (xiii) the risk of future restatements to the Company's Financial Statements; (xiv) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates; (xv) the Company's reliance on its affiliates for its EV deliveries; (xvi) the ability of the Company's controlling shareholder to control and exert significant influence on the Company; and (xvii) other risks discussed in VinFast's reports filed or furnished to the SEC.

All forward-looking statements attributable to VinFast's or people acting on VinFast's behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.

Exchange Rates

This announcement contains translations of certain Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Vietnam Dong to U.S. dollars were made at the rate of VND25,121 to US$1.00, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of December 31, 2025. The Company makes no representation that the Vietnam Dong or U.S. dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all.

VinFast Investor Relations and Media Contacts

For more information, please visit: http://ir.vinfastauto.us. 

Investor Relations
ir@vinfastauto.com 

About VinFast Auto Ltd.

VinFast (NASDAQ: VFS) – a subsidiary of Vingroup JSC – is Vietnam's leading automotive manufacturer, committed to its mission of creating a green future for everyone. VinFast produces a range of electric SUVs, e-scooters, e-bikes, and e-buses in Vietnam and exports to key markets across Asia, North America, Europe and the Middle East. Learn more at www.vinfastauto.us. 

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SOURCE Vinfast Auto LLC

FAQ

How many EVs did VinFast (VFS) deliver in full year 2025?

VinFast delivered 196,919 EVs in 2025, a 102% increase year-over-year. According to the company, this exceeded management's guidance to at least double 2024 deliveries and marked its highest annual deliveries since inception.

What were VinFast's (VFS) reported revenues for 2025 and how did they change?

VinFast reported 2025 revenue of VND 90,427.6 billion (US$3,599.7m), a 105.4% increase versus 2024. According to the company, revenue growth reflects higher vehicle and e-scooter volumes and scale benefits.

Did VinFast (VFS) improve profit margins in 2025 and what were the results?

Margins improved but remained negative: 2025 gross margin -42.5% versus -57.4% in 2024. According to the company, the improvement reflects scale and a more optimized cost structure, though margins are still below breakeven.

How significant were international deliveries for VinFast (VFS) in Q4 2025?

International markets accounted for approximately 18% of total Q4 2025 vehicle deliveries. According to the company, this marks the first quarter international demand contributed meaningfully to overall volumes.

What manufacturing capacity and factory expansion did VinFast (VFS) report at Dec 31, 2025?

VinFast operates four EV facilities with combined maximum capacity of approximately 600,000 EVs per year. According to the company, facilities include Hai Phong, Ha Tinh, Indonesia, and India plants plus e-scooter capacity in Hai Phong.