VinFast Reports Unaudited Second Quarter 2025 Financial Results

Rhea-AI Summary

VinFast (NASDAQ: VFS) reported strong Q2 2025 results with revenue reaching VND16,609.3 billion (US$663.0 million), up 91.6% year-over-year. The company delivered 35,837 EVs, a 172% YoY increase, and 69,580 e-scooters and e-bikes, up 432% YoY. Despite growth, VinFast posted a net loss of US$812.0 million with a negative gross margin of 41.1%, though improved from -62.7% in Q2 2024.

The company expanded globally with significant developments in India, Indonesia, and the Philippines, including a new 400-acre plant in Thoothukudi and the inauguration of the Ha Tinh plant with 200,000 vehicle annual capacity. VinFast maintains its target to at least double global deliveries in 2025, focusing on key markets in Asia, North America, Europe, and the Middle East.

Positive

• Revenue growth of 91.6% year-over-year to US$663.0 million
• EV deliveries increased 172% YoY with 35,837 units in Q2
• E-scooter and e-bike deliveries surged 432% YoY to 69,580 units
• Gross margin improved from -62.7% to -41.1% YoY
• Expanded global presence with new plants in India (50,000 units/year) and Ha Tinh (200,000 units/year)
• Secured 25% EV market share in Philippines during H1 2025
• B2C customers represented over 70% of deliveries for four consecutive quarters

Negative

• Net loss of US$812.0 million in Q2 2025
• Gross loss of US$272.4 million
• Negative gross margin of 41.1% despite improvement
• Heavy reliance on promotions to build brand awareness affecting profitability
• Material weaknesses in financial controls mentioned in risk factors

Insights

Financial Analyst

VinFast reports 92% YoY revenue growth but continues operating at significant losses despite delivery volume increases and margin improvements.

VinFast's Q2 2025 results demonstrate robust topline growth with revenue reaching $663 million, up 91.6% year-over-year, driven by significant increases in EV and e-scooter deliveries. The company delivered 35,837 EVs (up 172% YoY) and 69,580 e-scooters/e-bikes (up 432% YoY).

However, beneath the impressive volume growth lie concerning profitability metrics. VinFast posted a gross loss of $272.4 million and a net loss of $812 million. While the gross margin improved to -41.1% from -62.7% in Q2 2024, these losses remain substantial. For context, the company is losing approximately $22,600 per vehicle delivered when looking at net losses relative to total EV volume.

The company's expansion strategy focuses on both vertical integration and market diversification. The new Ha Tinh plant adds 200,000 units of annual capacity, while market entries in India, Indonesia, and the Philippines show early traction. VinFast's transition from direct-to-consumer to dealer-led distribution in North America indicates a strategy shift to accelerate growth.

VinFast's lower-priced models (VF 3 and VF 5) constitute 61% of deliveries, suggesting the company is prioritizing volume over margin - a common strategy for scaling EV manufacturers seeking to achieve economies of scale. The shift to B2C customers (now 70% of deliveries) from fleet sales indicates improving consumer acceptance.

The reaffirmation of guidance to double deliveries in 2025 is positive, but the company faces a significant challenge in balancing growth investments against the need to improve financial sustainability. The cash burn rate remains a critical concern that will likely require additional capital infusions from parent company Vingroup JSC if profitability doesn't materially improve.

SINGAPORE, Sept. 4, 2025 /PRNewswire/ -- VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS) announced its unaudited financial results for the second quarter ended June 30, 2025.

Robust revenue growth, up 92% year-over-year

VinFast's EV deliveries were 35,837 in the second quarter of 2025, holding steady quarter-over-quarter and representing a 172% increase year-over-year.

Cumulatively, in the first half of 2025, the Company delivered 72,167 EVs to customers globally, a 223% increase year-over-year.

E-scooter and e-bike deliveries were 69,580 in the second quarter of 2025, a 55% increase quarter-over-quarter and a 432% increase year-over-year.

Cumulatively, in the first half of 2025, the Company delivered 114,484 e-scooters and e-bikes, a 447% increase year-over-year.

As of June 30, 2025, the Company had 394 showrooms globally.

VinFast's total revenues were VND16,609.3 billion (US$663.0 million) in the second quarter of 2025, an increase of 91.6% from the second quarter of 2024 and 1.9% higher than the first quarter of 2025.

The Company's gross loss was VND6,824.9 billion (US$272.4 million), net loss was VND20,341.6 billion (US$812.0 million), and gross margin was negative 41.1% in the second quarter of 2025, compared to negative 62.7% in the second quarter of 2024. The improvement in gross margin reflects enhanced operational efficiency, driven by strong revenue growth and effective cost optimization. 

Consolidating the leadership position in green transition in Vietnam

VinFast solidifies its leadership in Vietnam's domestic auto market while pioneering the country's green transformation.

The VF 3 and VF 5 continued to drive sales in the second quarter, accounting for 61% of VinFast's total deliveries. The VF 6 also performed strongly, contributing 12% to the total. This momentum helped secure spots in the top five best-selling vehicles in Vietnam for the three models, the VF 3, VF 5, and VF 6, during the first half of 2025. 

Notably, as of the second quarter of 2025, the number of vehicles delivered to B2C customers has accounted for over 70% of total deliveries for four consecutive quarters, demonstrating strong market demand.

The Company continues to play an active role in Vietnam's green transition, supporting the national goal of having electric cars and bikes account for 30% and 22% respectively of all vehicles in circulation by 2030. VinFast is rapidly expanding its e-bike production capacity to align with the government's policies for promoting transport electrification.

The Ha Tinh plant was inaugurated in June 2025. In its initial phase, the plant has a design capacity of up to 200,000 vehicles per year.

The presence of VinFast Ha Tinh is expected to attract auxiliary partners to set up operations in the industrial zone, creating a synchronized supply chain and advancing the goal of increasing localization in EV production over time.

The first model built on VinFast's zonal Electrical-Electronic architecture platform (Limo Green [MPV]) successfully commenced commercial production and deliveries in August 2025. The VF 6 and VF 7 are scheduled to be upgraded to this new platform in 2026.

VinFast's strong domestic growth provides a solid foundation for rapid expansion into promising international markets.

Advancements in overseas markets

VinFast is expanding its presence in key Asian markets, leveraging its comprehensive and integrated electric vehicle ecosystem with strategic partners with the all-electric taxi company GSM and the global charging station developer V-Green.

India: VinFast has signed nationwide dealer partner agreements, with initial dealerships opening in Surat and Chennai.

Each dealership will include showrooms, service workshops, and spare parts availability to provide a comprehensive customer experience. The Company is also expanding its ecosystem through partnerships with: (1) Global Assure for 24/7 roadside assistance, (2) myTVS for call center and mobile service, (3) RoadGrid for a pan-India charging solution, and (4) BatX Energies for sustainable high-voltage battery recycling. On July 15, VinFast opened bookings for the VF 6 and VF 7 models, which are being assembled at the newly inaugurated 400-acre Thoothukudi plant in Tamil Nadu (August 4). This plant has a designed capacity of 50,000 vehicles annually in its first phase and will host an on-site cluster for auxiliary local suppliers.

Indonesia: Indonesia deliveries contributed approximately 5% of the Company's total volume in the quarter. VinFast launched the VF 7, its fifth model in the market after the VF 3, VF 5, VF e34, and VF 6. Deliveries are expected within 2025.

The Company also strengthened its dealership and service workshop network and confirmed that its Subang CKD facility remains on track for technical SOP by year-end 2025.

Philippines: EV sales from VinFast Philippines accounted for 25% of the country's EV market in the first six months of 2025, according to industry data.

North America: As part of its transition from direct-to-consumer to a dealer-led distribution model, VinFast signed its first authorized dealership in California with Sunroad Automotive Group. The San Diego showroom opened on August 19, 2025.

Madame Thuy Le, Chairwoman of VinFast, said: "VinFast delivered another strong quarter with robust y/y growth, underscoring the continued momentum behind our growth and the global shift to electric mobility, also keeping us on track to at least double our deliveries in 2025. While evolving macro conditions and shifting regulatory landscapes are creating new challenges for the EV industry, our long-term vision to become a global leader in electric mobility remains the same and we are committed to delivering high-quality, accessible EVs that meet the needs of customers around the world. We are maintaining our 2025 delivery guidance, and our go-to-market strategy is being refined to stay agile in the face of evolving macro and regulatory developments."

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "We see tremendous opportunity in our core Asian markets, and stepping up promotions is a necessary investment to build long-term brand awareness. Our path to profitability is driven by scaling volumes while being disciplined on costs - that hasn't changed. Our business is now at an inflection point where we expect economies of scale to drive greater operating leverage going forward."

Positive Momentum and Outlook

The Company reaffirms its target to at least double global deliveries in 2025 and will continue to closely monitor the evolving macro-economic environment.

VinFast's focus remains on key markets including Vietnam, Indonesia, the Philippines, India, North America, Europe, and the Middle East.

In addition to its diverse SUV lineup, ranging from compact to E-SUV segments, the Company is actively evaluating opportunities in other vehicle types, reinforcing its mission to make electric mobility more accessible to everyone.

The Company also expects the strong growth momentum in its e-scooter business to continue in the coming months, supported by favorable government policies for two-wheeler electrification in Vietnam and by VinFast's proactive efforts to accelerate this transition. 

This outlook reflects the Company's current and preliminary view of the business and prevailing market conditions, which remain subject to change.

The Company's management will host its second quarter 2025 earnings conference call at 8:00 AM U.S. Eastern Time on September 4, 2025.

Live Webcast: https://edge.media-server.com/mmc/p/gemgfiq2 

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 VND25,052 to US$1.00, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of June 30, 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.

https://www.linkedin.com/company/vinfast-ir/ 

https://x.com/VinFastIR 

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, and Europe. Learn more at www.vinfastauto.us.

Industry and Market Data
This press release contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including but not limited to information regarding the Company's market position and its performance compared to historical performance of other industry players. VinFast has not independently verified such third-party information and makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent limitations and uncertainties.

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 our 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, our 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 our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our 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 our reports filed or furnished to the SEC.

All forward-looking statements attributable to us or people acting on our 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.

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SOURCE VinFast

FAQ

What were VinFast's (VFS) Q2 2025 financial results?

VinFast reported revenue of US$663.0 million, up 91.6% YoY, with a net loss of US$812.0 million. The company delivered 35,837 EVs and 69,580 e-scooters and e-bikes.

How many vehicles did VinFast deliver in H1 2025?

VinFast delivered 72,167 EVs and 114,484 e-scooters and e-bikes in H1 2025, representing increases of 223% and 447% year-over-year respectively.

What is VinFast's global expansion strategy for 2025?

VinFast is expanding in key markets including Vietnam, Indonesia, Philippines, India, North America, Europe, and Middle East. The company opened new manufacturing plants in India and Ha Tinh, with capacities of 50,000 and 200,000 vehicles annually.

How has VinFast's gross margin improved in Q2 2025?

VinFast's gross margin improved to negative 41.1% from negative 62.7% in Q2 2024, driven by strong revenue growth and cost optimization efforts.

What is VinFast's market position in Vietnam?

VinFast maintains leadership in Vietnam's EV market with VF 3, VF 5, and VF 6 models ranking in the top five best-selling vehicles during H1 2025. B2C customers represent over 70% of total deliveries.