Vietnamese electric vehicles (EV) maker VinFast has remained in the red despite increased revenue in the second quarter ended June 30, 2025.
The firm said in a statement on Thursday that its total revenues were VND 16,609.3 billion ($663 million) in the second quarter of 2025, an increase of 91.6 percent from the second quarter of 2024 and 1.9 percent higher than the first quarter of 2025.
The company’s gross loss was VND 6,824.9 billion ($272.4 million), net loss was VND 20,341.6 billion ($812 million), and gross margin was negative 41.1 percent in the second quarter of 2025, compared to negative 62.7 percent in the second quarter of 2024.
The improvement in gross margin reflects enhanced operational efficiency, driven by strong revenue growth and effective cost optimization.
The firm’s EV deliveries were 35,837 in the second quarter of 2025, holding steady quarter-over-quarter and representing a 172 percent increase year-over-year.
Cumulatively, in the first half of 2025, the company delivered 72,167 EVs to customers globally, a 223 percent increase year-over-year.
E-scooter and e-bike deliveries were 69,580 in the second quarter of 2025, a 55 percent increase quarter-over-quarter and a 432 percent jump year-over-year.
Cumulatively, in the first half of 2025, the company delivered 114,484 e-scooters and e-bikes, a 447 percent surge year-over-year.
As of June 30, 2025, the company had 394 showrooms globally.
The company reaffirms its target to at least double global deliveries in 2025 and will continue to closely monitor the evolving macro-economic environment.
It said the firm’s focus remains on key markets including Vietnam, Indonesia, the Philippines, India, North America, Europe, and the Middle East.
In addition to its diverse sports utility vehicle (SUV) lineup, ranging from compact to E-SUV segments, the company is actively evaluating opportunities in other vehicle types, reinforcing its mission to make electric mobility more accessible to the market.
The company 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.
This outlook reflects the company’s current and preliminary view of the business and prevailing market conditions, which remain subject to change.
“VinFast delivered another strong quarter with robust yearon 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 and we are committed to delivering high-quality, accessible EVs that meet the needs of customers around the world,” said Thuy Le, Chairwoman of VinFast.
She said the firm is maintaining its 2025 delivery guidance, and its go-to-market strategy is being refined to stay agile in the face of evolving macro and regulatory developments.
Lan Anh Nguyen, Chief Financial Officer of VinFast, added the firm sees tremendous opportunity in its 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,” she added.
VinFast solidifies its leadership in Vietnam’s domestic auto market with VF 3 and VF 5 continued to drive sales in the second quarter, accounting for 61 percent of VinFast’s total deliveries.
The presence of VinFast Ha Tinh in Vietnam 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 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.
Meanwhile, 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.
VinFast’s strong domestic growth provides a solid foundation for rapid expansion into promising international markets, said the statement.
The firm is expanding its presence in key Asian markets, leveraging its comprehensive and integrated electric vehicle ecosystem with strategic partners with the all-electric taxi company GSM and the global charging station developer V-Green.
Indonesia deliveries contributed approximately 5 percent 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 company 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.
Meanwhile, EV sales from VinFast Philippines accounted for 25 percent of the country’s EV market in the first six months of 2025.
In India, VinFast has also signed nationwide dealer partner agreements, with initial dealerships opening in Surat and Chennai.
As part of its transition from direct-to-consumer to a dealer-led distribution model, VinFast has also signed its first authorized dealership in California with Sunroad Automotive Group. The San Diego showroom opened on August 19, 2025.