VinFast Auto reported revenues of VND 16.61 trillion (US$663 million) for the second quarter of 2025, up 91.6 percent year-on-year and 1.9 percent from the previous quarter, driven by steady electric vehicle sales and growth in overseas markets.
However, the company also posted a gross loss of VND 6.82 trillion (US$272.4 million) and a net loss of VND 20.34 trillion (US$812 million), 8.4 percent worse than a year earlier and 15 percent higher than the prior quarter, according to the firm’s Unaudited Second Quarter 2025 Financial Results → view source.
The report notes that:
- The company delivered 35,837 EVs, flat compared to Q1 but 172 percent higher than a year earlier, alongside 69,580 e-scooters and e-bikes, marking a 432 percent annual increase;
- Gross margin remained negative at 41.1 percent, though improved from minus 62.7 percent in Q2 2024. Operating losses also widened quarter-on-quarter to VND 13.12 trillion (US$523.7 million).
- Business expansion continued with the inauguration of VinFast’s Ha Tinh EV plant in Vietnam and the rollout of new models and dealer partnerships across India, Indonesia, and the Philippines.
- In North America, VinFast opened its first California dealership in August. Management reaffirmed its 2025 target to at least double EV deliveries compared to 2024.
Funding support remains central to VinFast’s operations.
As of June 30, borrowings from Vingroup reached VND 29.42 trillion (US$1.2 billion), while founder Pham Nhat Vuong has disbursed VND 28 trillion (US$1.1 billion) of a planned US$2 billion grant.
A planned spin-off of R&D assets to Novatech, valued at VND 39.8 trillion (US$1.6 billion), is expected to close later this year.
Management reiterated its long-term commitment to scaling volumes and improving cost efficiency, while acknowledging challenges from warranty provisions, financing costs, and market competition.