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.
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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.