VinFast Auto Ltd. (Nasdaq: VFS), a dedicated force in the electric vehicle industry, driven by the vision of making EVs attainable for all, has unveiled its preliminary financial performance for the first quarter of 2025, ending March 31.
EV deliveries were 36,330 in the first quarter of 2025, representing an increase of 296% from the first quarter of 2024.
Despite the typically slow first quarter for the automotive market, VinFast delivered more vehicles in Q1 2025 than in the entire first half of 2024.
E-scooter deliveries were 44,904 in the first quarter of 2025, representing an increase of 473% from the first quarter of 2024.
Strong Revenue Growth, Significantly Improved Margins
Total revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024.
VinFast recorded gross and net losses of VND5,736.5 billion (US$231.0 million) and VND17,693.8 billion (US$712.4 million), respectively.
Significantly, gross profit margin improved substantially to negative 35.2%, a notable improvement compared to both Q1 2024 (negative 58.7%) and Q4 2024 (negative 79.1%). This improvement in gross margin indicates its increased operational efficiency driven by revenue growth and cost optimization.
To support VinFast’s continued growth, Vingroup intends to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of May 31, 2025, Vingroup has disbursed VND30,571.3 billion (US$1.2 billion) in loans to VinFast.
Pursuant to a grant agreement dated November 12, 2024, VinFast’s Founder and CEO, Mr. Pham Nhat Vuong (“Mr. Pham”) has committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants to VinFast and its subsidiaries. A total of VND20,500.0 billion (US$825.4 million) has been disbursed pursuant to the grant agreement as of May 31, 2025.
Leading Vietnam’s Green Transformation with a Diverse Product Ecosystem
To drive the green revolution in cargo transport, VinFast officially launched its EC Van, a compact electric cargo vehicle. With a payload capacity exceeding 600 kg and a compact design, the EC Van offers agile operation, making it an ideal solution for short-distance deliveries for businesses and a suitable livelihood vehicle for households.
The EC Van features a two-seat cabin and a rear cargo compartment with a storage volume of up to 2,600 liters. Its 17kWh usable battery capacity provides a range of 150 km per full charge. Deliveries are expected to begin in November 2025, with a starting MSRP of VND285 million (US$11,500).
VinFast also announced the third addition to its portfolio of electric buses – the EB 6, a 6-meter electric bus platform with a battery capacity of 179.5kWh. The 30-occupant city bus model is expected to be available on the market in September 2025, followed by a 20-occupant shuttle/school bus model in the fourth quarter of 2025.
Furthermore, VinFast plans to introduce its next-generation platforms and new Electrical/Electronic (“E/E”) architecture starting with the Limo Green model in the third quarter of 2025, and extending to various existing EV models starting in 2026.
Progress on Overseas Markets
Indonesia: VinFast is significantly expanding its presence with a growing product lineup and a widespread sales and service network. The Company has launched sales of the VF 6, its fourth model in the market, following the VF 3, VF 5, and VF e34. The first VF 6 deliveries to customers are expected to begin in Q2 2025.
To further facilitate customers’ transition to green mobility, VinFast is continuously expanding its network of dealerships and service workshops through partnerships with leading reputable partners such as Amarta, Otoklix, and BOS.
The Philippines: The Company signed collaboration agreements with Goodyear Philippines, Tire King and Rubber Products, Power Tread Services, and Marcjan Cavite to establish and operate service centers across the Philippines. The partnerships are expected to add over 70 authorized service workshops in 2025.
India: VinFast officially launched its brand at the Bharat Mobility Global Expo 2025, introducing two electric SUV models, the VF 6 and VF 7. VinFast’s CKD facility in Tamil Nadu, India, is slated to start operations in July 2025.
Ongoing Operational Optimization Strategy
North America and Europe: VinFast is adhering to its strategy of optimizing business operations. In Canada, the Company will close five direct-to-consumer (DTC) stores located in shopping malls and suburban areas. This decision aims to reallocate resources and enhance long-term operational efficiency. VinFast will continue to operate key showrooms in British Columbia, Ontario, and Quebec, as well as partner with reputable aftermarket service providers to ensure an excellent customer experience.
In Germany and the Netherlands, the Company has started transitioning to dealers’ showrooms and closed its DTC showrooms. The Company currently has two dealerships in Germany, namely Schachtschneider Automobile and Autohaus Hübsch, and has also signed an agreement with its first dealership in France, ASTRADA SIMVA.
Customers in Europe can also access a network of authorized service workshops provided by VinFast partners, including ATU (Germany), Norauto (France), and LKQ (Netherlands).
As of April 30, 2025, the Company had 388 showrooms globally for EVs, including VinFast’s showrooms and dealer showrooms.
Madam Thuy Le, Chairwoman of VinFast, said: “Despite Q1 typically being our slowest quarter, deliveries for the first quarter of 2025 exceeded our total deliveries for the first half of last year—an encouraging start to 2025 amid ongoing global uncertainties. We are beginning to see improved operating leverage as volume growth and a streamlined footprint translate into a more efficient cost structure. Looking ahead, our next-generation EV platform and E/E architecture is intended to further BOM cost optimization, enhancing product quality, performance, and affordability across our lineup.”
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Our business is at an inflection point, with economies of scale beginning to drive stronger operating leverage. We have made progress in reducing both costs of vehicles sold (COGS) and operating expenses, and continue to streamline our footprint while identifying further cost-saving opportunities.”
Business Outlook
In 2025, VinFast remains steadfast in its goal to at least double global vehicle deliveries. The Company will continue to closely monitor the evolving macroeconomic landscape to adapt its strategies accordingly.
Its focus remains on key markets including Vietnam, Indonesia, the Philippines, India, North America, and Europe. Simultaneously, VinFast is actively evaluating potential new markets across Europe, Asia, the Middle East, and Africa.
Beyond its diverse range of SUVs, from compact to E-SUV segments, VinFast is continuously assessing the potential for other vehicle types. This commitment underscores its mission to make electric mobility more accessible to everyone.
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About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, e-bikes, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across Asia, North America and Europe. Learn more at www.vinfastauto.us