Vingroup’s Q4 2025 Financial Report: Higher Revenue, Higher Leverage

Vingroup’s latest financial statements reveal more of the same — significant growth but powered by taking on a lot of new debt. This is nothing really new per se; however, some of the underlying balance-sheet pressures are reaching levels that are becoming harder to ignore.

The Vietnamese press is reporting that Vingroup’s latest financial disclosures show a profit after tax of VND 11.15 trillion (US$429.68 million).

But whereas this might be true, there are a lot more interesting things happening in those financial statements.

Here are a few key takeaways from the group’s latest financial statements.

Revenue and profits were both up.

Vingroup’s 2025 revenue reached VND 332.7 trillion (US$12.83 billion), which was up about VND 143.7 trillion (US$5.54 billion).

Per the aforementioned media reports, the company also recorded an after-tax profit of VND 11.15 trillion (US$429.68 million). 

This was VND 5.87 trillion (US$226.3 million) more than in 2024.

Liabilities increased faster than assets.

Vingroup also added VND 287.23 trillion (US$11.07 billion) in liabilities, bringing its total liabilities to VND 970 trillion (US$37.4 billion).

Conversely, the firm gained just VND 284.85 trillion (US$10.98 billion) in assets, bringing its total assets to VND 1.12 quadrillion (US$43.2 billion).

This saw equity fall, from VND 153.8 (US$5.93 billion) to VND 151.458 trillion (US$5.84 billion) by the end of the year.

This comes despite a “sponsorship to a subsidiary” disclosed as part of the firm’s related party transactions, from the group’s founder, Pham Nhat Vuong, in the fourth quarter of the year, of VND 23 trillion (US$886.67).

Loans and borrowings increased by almost 60 percent.

Vingroup’s loans and borrowings went from VND 224.2 trillion (US$8.64 billion) in 2024 to VND 355.39 trillion (US$13.7 billion) by the end of 2025.

This represents an increase of VND 131.16 trillion (US$5.05 billion).

This will likely push already high financing costs even higher in 2026.

Debt is now 6.4 times equity.

With liabilities increasing at speed and equity actually falling a little, Vingroup’s total liabilities have now reached 6.4 times equity.

Note that Vingroup in the past has disputed that debt-to-equity is calculated on total equity, preferring a financial debt-to-equity calculation.

With this in mind, financial debt is sitting at approximately VND 355.39 trillion (US$13.7 billion), which is about 2.3 times equity.

Either way, these are both significant increases (up from 4.4 and 1.45, respectively) compared to 2024.

Finance expenses increased by 53.25 percent.

Average borrowing costs came down slightly from an average of about 11.1 percent to 10.6 percent.

However, financing costs increased from VND 31.2 trillion (US$1.2 billion) to VND 47.82 trillion (US$1.84 billion). 

Real estate is still carrying the team.

In its earnings presentation, its Real estate arm recorded a gross profit of VND 75.51 trillion (US$2.87 billion). This was significantly more than the VND 10,059 billion (US$381.75 million) of the Hospitality, Education, and Healthcare sectors combined.

It also worked to offset the Industrials sector’s loss.

Industrials’ gross loss went further into the negative.

Whereas gross profits in four out of five of Vingroup’s core business sectors recorded increases in 2025, Industrials, to which its electric car-making subsidiary VinFast belongs, saw a gross loss of VND 31.41 trillion (US$1.84 billion).

This was also part of an ongoing deterioration — in 2022 it saw a gross loss of VND 13.89 trillion (US$535.7 million), 2023 a gross loss of VND 18.18 trillion (US$701 million), and in 2024 a gross loss of VND 21.13 trillion (US$1.21 billion).

It’s worth noting that VinFast sold about 196,919 cars globally, with Vietnam accounting for the lion’s share with 175,099 units delivered. 

With respect to the remaining 21,820, it has not been disclosed where they went; however, it’s noteworthy that Vingroup reported sales to its related parties, taxi firms GSM Philippines and GSM Indonesia, of VND 1.68 trillion (US$64.85 million) and VND 3.38 trillion (US$130.16 million), respectively.

The data

Vingroup income statement (VND millions)

Vingroup balance sheet (VND millions)

Vingroup finance data (VND millions)