VinFast Reports Unaudited Third Quarter 2025 Financial Results

Rhea-AI Summary

VinFast (Nasdaq: VFS) reported unaudited Q3 2025 results on November 21, 2025: revenue of US$718.6 million (VND 18,100.2 billion), up 46.8% YoY and 9.0% QoQ. Q3 EV deliveries were 38,195 (+74% YoY; +7% QoQ) and nine-month EV deliveries totaled 110,362 (+149% YoY). E-scooter/e-bike deliveries in Q3 were 120,052 (+535% YoY) and 9M deliveries were 234,536 (+489% YoY). Available liquidity was US$3.7 billion. The company secured a US$100M loan from MUFG and a US$150M three-year loan from Barclays, set a target to at least double 2025 global vehicle deliveries, and appointed Pham Nhat Quan Anh to the board.

Positive

• Revenue US$718.6M in Q3 2025 (+46.8% YoY)
• Q3 EV deliveries 38,195 (+74% YoY)
• 9M EV deliveries 110,362 (+149% YoY)
• Q3 e-scooter/e-bike deliveries 120,052 (+535% YoY)
• Available liquidity US$3.7B as of Sept 30, 2025
• Secured US$100M MUFG loan and US$150M Barclays loan

Negative

• None.

Insights

Automotive Growth Analyst

Strong top-line and volume growth with sizable liquidity and new credit lines, but limited financial detail leaves near-term impact unclear.

VinFast shows material operational expansion: third quarter revenue of USD 718.6 million (an increase of 46.8% year‑over‑year) and EV deliveries of 38,195 in Q3 2025 (up 74% year‑over‑year and 7% quarter‑over‑quarter). Nine‑month EV deliveries reached 110,362 (up 149%) while e‑scooter/e‑bike deliveries hit 120,052 in Q3 (up 535%). The company reports available liquidity of USD 3.7 billion and secured a USD 100 million loan from MUFG and a USD 150 million three‑year loan from Barclays.

The business mechanism is clear: volume expansion across passenger EVs and two‑wheelers is driving revenue growth and supporting geographical rollout in India, Indonesia, the Philippines, the U.S., Europe and the Middle East. Dependencies and risks remain visible in the text: no profitability, margin, or cash‑flow figures are disclosed here, and the outlook relies on continued demand and execution of regional expansion and financing plans. Watchables include the company target to at least double global vehicle deliveries in 2025, the stated order backlog that underpins near‑term visibility, and upcoming disclosures from the earnings call on November 21, 2025, which should provide margin, cash‑flow and working capital detail within the next quarter.

SINGAPORE, Nov. 21, 2025 /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 unaudited financial results for the third quarter ended September 30, 2025.

Driven by Strong Top-line Focus, VinFast Reports USD 719 Million in Revenue, Up 47% Year-over-Year

Driven by Strong Top-line Focus, VinFast Reports USD 719 Million in Revenue, Up 47% Year-over-Year

EV deliveries were 38,195 in the third quarter of 2025, representing an increase of 74% year-over-year and 7% quarter-over-quarter. Cumulatively, in the first nine months of 2025, the Company delivered 110,362 EVs to customers globally, representing a 149% increase year-over-year.

E-scooter and e-bike deliveries were 120,052 in the third quarter of 2025, representing an increase of 535% year-over-year and 73% quarter-over-quarter. Cumulatively, in the first nine months of 2025, the Company delivered 234,536 e-scooters and e-bikes, representing a 489% increase year-over-year.

Total revenues were VND 18,100.2 billion (US$718.6 million) in the third quarter of 2025, representing an increase of 46.8% from the third quarter of 2024 and an increase of 9.0% from the second quarter of 2025.

Madame Thuy Le, Chairwoman of VinFast, said: "This quarter, VinFast became the first automobile brand to surpass 100,000 vehicles sold in Vietnam within the first three quarters of a single year, following thirteen consecutive months as the nation's best-selling carmaker. Our sustained market leadership at home, combined with continued progress across Asia, including being ranked among the top 8 for EV registrations in India in October 2025 and among the top 5 BEV brands in Indonesia for the first nine months of 2025, demonstrates the growing strength of our brand and the effectiveness of our regional expansion strategy."

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "Reaching 100,000 vehicles is a proud milestone for us and reflects our strategic investments. In the third quarter of 2025, VinFast continued to deliver solid revenue growth and operational momentum, driven by strong Green Series performance and healthy demand across our broader product portfolio. We enter the fourth quarter with a robust order backlog, providing clear visibility into near-term performance and reinforcing our confidence in continued growth."

Technology Investments to Strengthen Competitiveness

To better serve diverse customer segments and mobility needs, VinFast EVs will be marketed under three distinct brands, each with a clear market focus and identity.

VinFast – VinFast offers a smart and reliable range of mid- to high-end electric vehicles that excel in meeting users' daily mobility needs, with a strong emphasis on safety, durability, advanced technology, and an affordable total cost of ownership. The product lineup distinguishes itself with high-quality vehicles, competitive pricing, and outstanding after-sales service.

Green Series – EV solutions for commercial purposes and raise utilization for fleets.

Lac Hong – Designed and catered to the ultra-luxury market that embodies Vietnamese hospitality, featuring premium materials and quality craftsmanship.

VinFast is investing in the latest technologies to enhance customer experience and strengthen its competitiveness. The Company is evolving its technology stack around three pillars: Vehicle platform, Electric-Electronic (EE) architecture, and ADAS (Advanced Driver-Assistance Systems)/Autonomous Driving.

VinFast is also re-engineering its EE system into a zonal architecture. Core software is now developed in-house by VinFast, while suppliers provide standardized hardware. The centralized computing hub enables rapid OTA updates, faster feature deployment, and enhanced system stability.

VinFast is taking a two-step approach to its ADAS and autonomous driving roadmap, combining collaboration with external partners and the strengthening of its in-house capabilities.

VinFast's vision is to become a multi-brand, full-line EV manufacturer covering passenger, commercial, and autonomous mobility. The Company aims to evolve from producing EVs to building a comprehensive mobility ecosystem for everyone, everywhere.

Robust international momentum complementing Vietnam market leadership
India:
VinFast strengthened its brand presence in India through active showroom launches, operating 20 dealer stores as of September 30, 2025, while securing financing partnerships with leading banks, including State Bank of India, Central Bank of India, HDFC Bank, Axis Bank and ICICI Bank, and establishing third-party aftersales service networks.

According to data available on the Ministry of Road Transport and Highways' VAHAN vehicle information system, VinFast was ranked in the Top 8 for EV registrations in October 2025.

Indonesia:
VinFast expanded its dealer network to 33 locations. According to data from The Association of Indonesia Automotive Industries, VinFast captured approximately 5% of Indonesia's battery electric vehicle ("BEV") market and ranked among the Top 5 BEV brands in terms of BEV whole sales year-to-date.

The Philippines:
VinFast has expanded its dealer network to nine showrooms nationwide.

Rest of the World:
In the U.S., the Company opened its first dealership in California and aim to strengthen brand visibility across the U.S. by partnering with its dealer network.

In Europe, VinFast unveiled its EB 8 and EB 12 electric bus models at Busworld Europe 2025 in Brussels, marking its official entry into the region's commercial vehicle market. The EB 12, a 12-meter city bus, is now available for order and complies with UNECE and CE standards, while the more compact EB 8 will follow at a later stage.

In the Middle East, VinFast announced a strategic partnership with the Arabian Automobile Association to launch comprehensive roadside assistance across six countries, the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman, as part of efforts to strengthen aftersales service quality in the region.

Continued Financial Support for Expansion

During the quarter, VinFast signed a loan facility of US$100 million with MUFG Bank, marking the start of a long-term partnership to support VinFast's international expansion and reinforce both parties' commitment to advancing the global green transition. The Company also secured a US$150 million three-year loan from Barclays Bank with proceeds designated to support working capital needs and investment purpose. As of 30 September, 2025, VinFast's available liquidity is USD 3.7 billion.

Business Outlook
Building on a foundation of steady growth and established fundamentals, VinFast has set a target of at least doubling its global vehicle deliveries in 2025. The Company expects the growth momentum in the e-scooter business to continue in the coming months, driven by favorable government policies to support two-wheeler (2W) electrification in Vietnam and the Company's ongoing efforts to support such transition.

Going forward, the Company will continue to prioritize top-line growth through targeted strategic investments, while viewing cost rationalization as a disciplined, medium-term priority. This balanced approach enables VinFast to sustain rapid market expansion today while building a more efficient and resilient operating model for the future.

Appointment of New Director
VinFast announced that effective as of November 20, Mr. Pham Nhat Quan Anh has been appointed to the Company's Board of Directors.

Mr. Anh serves as a senior executive officer at VinFast. Since joining VinFast in February 2019, he has held several leadership positions at VinFast Trading and Production Joint Stock Company, a subsidiary of the Company, including Vice Chairman, Executive Deputy General Director responsible for Global Aftersales Services, and Director of the Planning, Program Coordination and Quality Inspection Division. In these roles, Mr. Anh has been instrumental in supporting VinFast's rapid development and expansion from its initial localization phase to its global strategy.

Prior to joining VinFast, Mr. Anh served as Deputy General Director and Deputy Chief Operating Officer of Vinpearl Joint Stock Company from 2017 to 2019, where he gained extensive experience in operational management and strategic planning across the hospitality and services industries. Mr. Anh holds a Bachelor's degree in business management from Singapore Management University.

Following this appointment, the Company's Board of Directors is comprised of seven members, including two independent directors.

Conference Call

The Company's management will host its third quarter 2025 earnings conference call at 8:00 AM U.S. Eastern Time on November 21, 2025. Live Webcast: https://edge.media-server.com/mmc/p/arwzbg6d/ 

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 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 VND25,187 to US$1.00, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of September 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 

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

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SOURCE VinFast

FAQ

What were VinFast (VFS) Q3 2025 revenues and how did they change year-over-year?

VinFast reported Q3 2025 revenue of US$718.6 million (VND 18,100.2 billion), up 46.8% YoY.

How many EVs did VinFast (VFS) deliver in Q3 2025 and through 9M 2025?

VinFast delivered 38,195 EVs in Q3 2025 and 110,362 EVs in the first nine months of 2025.

What growth did VinFast report for e-scooter and e-bike deliveries in Q3 2025?

E-scooter and e-bike deliveries were 120,052 in Q3 2025, a 535% YoY increase.

How much liquidity did VinFast (VFS) have as of September 30, 2025?

VinFast reported available liquidity of US$3.7 billion as of September 30, 2025.

What recent financing did VinFast (VFS) secure to support expansion?

VinFast signed a US$100 million loan facility with MUFG Bank and a US$150 million three-year loan from Barclays.

What is VinFast's 2025 delivery target and what governance change occurred in Nov 2025?

VinFast set a target to at least double global vehicle deliveries in 2025 and appointed Pham Nhat Quan Anh to its board effective Nov 20, 2025.