Vietnam's EV maker VinFast posts 92% revenue growth in Q2

VinFast, a Vietnamese electric vehicle manufacturer (Nasdaq: VFS), reported total revenue of over VND16,609 billion ($663 million) for Q2/2025, an increase of 91.6% year-on-year and 1.9% higher than Q1.

The company posted gross loss of VND6,825 billion ($272.4 million), net loss of nearly VND20,342 billion ($812 million), and gross margin at negative 41.1% in the quarter, compared to negative 62.7% in Q2/2024.

"The improvement in gross margin reflects enhanced operational efficiency, driven by strong revenue growth and effective cost optimization," the firm stated in a release on Friday.

VinFast’s EV deliveries were 35,837 in Q2/2025, holding steady quarter-over-quarter and representing a 172% rise year-over-year.

Cumulatively, in H1/2025, the company delivered 72,167 EVs to customers globally, up 223% year-over-year.

E-scooter and e-bike deliveries were 69,580, a 55% increase quarter-over-quarter and a 432% rise year-over-year.

Cumulatively, in H1/2025, the firm 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.

Leading 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 Q2, 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 Q2/2025, 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.

Expanding overseas markets

VinFast is expanding its presence in key Asian markets, leveraging its comprehensive and integrated EV ecosystem with strategic partners with the all-electric taxi company GSM and the global charging station developer V-Green.

In India, VinFast has signed nationwide dealer partner agreements, with initial dealerships opening in Surat and Chennai.

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 firm 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.

In the 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.

In 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.

Thuy Le, chairwoman of VinFast, said: “VinFast delivered another strong quarter with robust year-on-year 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.”

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.”

Business outlook

VinFast reaffirms its target to at least double global deliveries in 2025 and will continue to closely monitor the evolving macro-economic environment.

The auto maker'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.

It 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.