VinFast Auto Ltd., the Vietnam-based electric vehicle (EV) manufacturer, said its total revenues jumped 149.9 percent year on year to $656.5 million in the first quarter of 2025.
The firm said in a statement on Monday that its EV deliveries were 36,330 in the first quarter, representing an increase of 296 percent from the first quarter of 2024.
Despite the typically slow first quarter for the automotive market, the firm delivered more vehicles in the first quarter of 2025 than in the entire first half of 2024.
Meanwhile, its e-scooter deliveries were 44,904 in the first quarter of 2025, representing a surge of 473 percent from the first quarter of 2024.
VinFast, however, recorded gross and net losses of $231 million and $712.4 million, respectively.
The firm’s gross profit margin improved substantially to negative 35.2 percent, a notable improvement compared to both first quarter of 2024 (negative 58.7 percent) and the fourth quarter of 2024 (negative 79.1 percent).
This improvement in gross margin indicates its increased operational efficiency driven by revenue growth and cost optimization.
In 2025, VinFast said it remains steadfast in its goal to at least double global vehicle deliveries.
It noted the company will continue to closely monitor the evolving macroeconomic landscape to adapt its strategies accordingly.
The firm’s focus remains on key markets including Vietnam, Indonesia, the Philippines, India, North America, and Europe.
Simultaneously, it is actively evaluating potential new markets across Europe, Asia, the Middle East, and Africa.
To support VinFast’s continued growth, Vingroup intends to provide VinFast with additional borrowings of up to $1.4 billion during a period from November 12, 2024 until 2026.
As of May 31, 2025, Vingroup has disbursed $1.2 billion in loans to VinFast.
Pursuant to a grant agreement dated November 12, 2024, VinFast’s Founder and Chief Executive Officer Pham Nhat Vuong has committed to provide up to $2 billion in free grants to VinFast and its subsidiaries.
A total of $825.4 million has been disbursed pursuant to the grant agreement as of May 31, 2025.
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.
Its deliveries are expected to begin in November 2025, with a starting manufacturer’s suggested retail price (MSRP) of $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.
In 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 the second quarter of 2025.
To further facilitate customers’ transition to green mobility, the firm is continuously expanding its network of dealerships and service workshops through partnerships with leading reputable partners such as Amarta, Otoklix, and BOS.
As for 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.
In India, VinFast officially launched its brand at the Bharat Mobility Global Expo 2025, introducing two electric SUV models, the VF 6 and VF 7.
The firm’s completely knocked down (CKD) facility in Tamil Nadu, India, is slated to start operations in July 2025.
As for 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.
The firm 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).
“Despite the first quarter 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,” said Thuy Le, Chairwoman of VinFast.
Looking ahead, she said the firm’s next-generation EV platform and E/E architecture is intended to further BOM cost optimization, enhancing product quality, performance, and affordability across its lineup.
“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，” said Lan Anh Nguyen, Chief Financial Officer of VinFast.
Vietnam’s VinFast collaborates with four Philippine partners for service network expansion