VinFast Reports Preliminary and Unaudited Fourth Quarter and Full Year 2025 Financial Results

Core Insights - VinFast reported a significant increase in electric vehicle (EV) deliveries, with 86,557 units delivered in Q4 2025, marking a 127% increase quarter-over-quarter and a 63% increase year-over-year [2][3] - The company delivered a total of 196,919 EVs globally in 2025, representing a 102% increase year-over-year, exceeding its delivery guidance [4] - Revenue for Q4 2025 reached VND 39,411.7 billion (approximately US$1,568.9 million), a 138.9% increase from Q4 2024 [5] - The gross margin improved significantly, moving from negative 79.1% in Q4 2024 to negative 39.9% in Q4 2025 [6] Delivery Performance - In Q4 2025, commercial models and the EC Van model accounted for about 49% of total EV deliveries [3] - International markets contributed approximately 18% of total vehicle deliveries for the first time in a quarter [3] - E-scooter and e-bike deliveries reached 171,962 in Q4 2025, a 43% increase quarter-over-quarter and a 452% increase year-over-year [5] Financial Performance - Total revenues for 2025 were VND 90,427.6 billion (approximately US$3,599.7 million), reflecting a 105.4% increase from 2024 [6] - The gross margin for the full year 2025 was negative 42.5%, an improvement from negative 57.4% in 2024 [7] Strategic Initiatives - VinFast is focused on disciplined investment in technology and global expansion to enhance electric mobility accessibility [8] - The company plans to optimize unit costs and scale production to achieve profitability [8] - VinFast has launched its EV portfolio under three distinct brands, targeting different market segments [9] Market Position - VinFast ended 2025 with an estimated 36% market share in Vietnam, up from approximately 22% in 2024, and maintained its position as the leading e-scooter brand [10] - The company made significant progress in international markets, ranking No.4 in India and No.3 in Indonesia for battery electric vehicles (BEVs) [12][13] Manufacturing and Technology - The Hai Phong plant celebrated the production of its 200,000th EV in 2025, with nearly 26,000 EVs produced in December alone [13] - VinFast inaugurated its first overseas factory in Tamil Nadu, India, and a second in Subang, Indonesia, expanding its global manufacturing footprint [16] Future Developments - The next generation of the VF 6 and VF 7 is expected to start production in the second half of 2026 [10] - VinFast is collaborating with AI companies to develop advanced driver assistance systems (ADAS) and autonomous vehicles [19][20]