As a cornerstone of Vingroup’s ecosystem, which spans multiple industries across Vietnam and employs thousands, VinFast’s performance carries wide-reaching implications. Here’s what that looked like at the end of 2025.
VinFast released its Preliminary and Unaudited Fourth Quarter 2025 Financial Results on Monday.
A core pillar of one of Vietnam’s biggest conglomerates, Vingroup, the electric car maker’s performance has the potential to have wide-reaching implications.
In this context, this article looks at the car maker’s most recent press release with respect to its performance in 2025 and adds some nuance from the accompanying SEC filing.
Vehicle sales
Firstly, EV deliveries reached 86,557 units in the fourth quarter of 2025, up 127 percent quarter-over-quarter and 63 percent year-over-year, with 18 percent of deliveries going to overseas markets.
However, of the total deliveries, it’s important to note that 33 percent went to related parties, particularly ride-hailing firm Green Smart Mobility (GSM).
Though it doesn’t specify which GSM purchases went where, in Vingroup’s 2025 financial statements, it reported sales to its related parties, GSM Philippines and GSM Indonesia, of VND 1.68 trillion (US$64.85 million) and VND 3.38 trillion (US$130.16 million), respectively.
VinFast also notes in its most recent release that sales of its commercial Green models and the EC Van accounted for 49 percent of deliveries.
This would suggest a reliance on fleet and B2B demand rather than consumer uptake, aligning with GSM’s expansion strategy and potentially inflating headline delivery growth relative to underlying retail demand.
Motorbike / e-scooter sales
E-scooter and e-bike deliveries reached 171,962 units in the fourth quarter of 2025, up 43 percent quarter-over-quarter and 452 percent year-over-year. For the full year, it recorded deliveries of 406,498 units, up 473 percent year-over-year.
Of note, unlike EVs, less than 1 percent of e-scooter and e-bike deliveries went to related parties, which would imply more genuine end-market demand.
These sales, however, only account for a fraction of the company’s revenue.
Even assuming an average selling price of US$1,000 per unit, which is on the more expensive side, they would still only account for about US$406 million or about 11 percent of the company’s total revenue of US$3.6 billion.
That is to say, though the segment shows promise, it will be challenging to scale to a level that can make a significant impact on VinFast’s losses.
Revenue
Revenue reached VND39,411.7 billion (US$1.57 billion) in the fourth quarter of 2025, up 138.9 percent year-over-year.
This contributed to full-year revenue of VND90,427.6 billion (US$3.6 billion), up 105.4 percent.
However, the filing also shows a loss from operations reaching VND29,042.5 billion (US$1,156.1 million) in the fourth quarter and VND71,609.8 billion (US$2.85 billion) for the year.
Moreover, the net loss for the year stood at VND97,245.7 billion (US$3.87 billion), up 25.7 percent year-over-year, mitigating the upside of that increased revenue.
Margins improved but remained negative.
Gross margins improved from negative 79.1 percent in the fourth quarter of 2024 to negative 39.9 percent in the fourth quarter of 2025.
On a year-on-year basis, it also showed an improvement from negative 57.4 percent to negative 42.5 percent.
Almost ten years in, however, and still showing negative gross margins is not a promising sign.
Whereas Tesla, with which VinFast is often compared, ran annual losses for the first 17 years it was in operation, its gross margin turned positive relatively early in its scaling phase, well before reaching sustained profitability.
Incidentally, its first quarterly profit was recorded in Q1 2013, in which it recorded sales of 4,900 vehicles and revenue of US$562 million.
Funding
VinFast’s funding structure remains heavily reliant on support from Vingroup and its founder, including a combination of loans, grants, and related-party transactions.
While the company has access to some international bank financing, these facilities remain modest relative to its capital requirements and ongoing losses.
Its financial statements list just two external capital sources, a US$100 million loan facility from MUFG and US$150 million from Barclays.
For contrast, returning to Tesla, early investors in the project, well before it turned its first profit, included Google co-founders Larry Page and Sergey Brin, former eBay president Jeff Skoll, and, of course, Elon Musk — some of the richest people in the world.
That is, there was a strong and broad capital base from which to raise funds.
VinFast, conversely, needs a lot more capital than Tesla did, but appears to rely on a far more concentrated funding base.
Why does it matter?
The press release VinFast put out earlier today was laced with optimism; however, the SEC filing that went with it paints a much starker picture for the company.
As a cornerstone of Vingroup’s ecosystem, which has extensive operations in a range of industries all over Vietnam, employing thousands of people, VinFast’s performance can have wide-reaching implications.
That is to say, a negative outcome for the firm could leak into Vietnam’s economy more broadly.