VinFast's Financial Performance#
VinFast Auto Ltd., a Vietnamese electric vehicle manufacturer, has reported a significant net loss of 35.2 trillion dong (approximately $1.3 billion) for the fourth quarter. This marks a 15% increase in losses compared to the same period last year. Despite this, the company's revenue surged by 138.9% year-on-year to reach 39.4 trillion dong. However, the cost of sales also rose sharply, increasing by 86.6% to 55.14 trillion dong.
Expansion Plans and Vehicle Deliveries#
In the fourth quarter, VinFast delivered 86,557 vehicles, reflecting a remarkable 127% increase from the previous quarter and a 63% rise year-on-year. In total, the company sold 196,919 vehicles last year, more than doubling its sales compared to 2024. VinFast aims to deliver at least 300,000 electric vehicles globally by 2026, focusing on markets in Vietnam, Indonesia, India, and the Philippines.
Future Outlook#
VinFast Chairwoman Le Thi Thu Thuy indicated that the company does not expect to reach profitability, measured as earnings before interest, taxes, depreciation, and amortization (EBITDA), within this year. She mentioned that while financial metrics are improving, the company is still working towards breaking even in the medium term. Thuy emphasized that scaling operations and optimizing costs will be key to achieving profitability.
North Carolina Factory Resumption#
VinFast plans to resume construction on its North Carolina factory this year, with operations expected to begin in 2028. This factory will follow the opening of plants in India and Indonesia. The company had previously delayed the North Carolina factory's opening by three years. Additionally, VinFast has signed agreements to supply 20,000 vehicles in Indonesia by 2028, further solidifying its expansion strategy.