VinFast Auto Ltd. delivered robust financial and operational results for the fourth quarter and full year 2025, with revenue surging to $1.57 billion in Q4 and total EV deliveries reaching a record 196,919 units for the year.
Key Financial Highlights
In Q4 2025, revenue climbed 139% year-over-year to $1,569 million, driven by higher delivery volumes. Gross loss stood at $626 million, reflecting a -39.9% margin, an improvement from -56.2% in the prior year period. The company reported a net loss of $1,401 million and adjusted EBITDA loss of $1,015 million. Operating expenses totaled $530 million, with R&D at 7% of revenue and SG&A at 25%.4142
For the full year 2025, revenue grew 105% to $3,600 million. Gross loss was $1,531 million (-42.5% margin), and net loss reached $3,871 million. Cash and equivalents ended at $293 million, with total liquidity of $3.1 billion including commitments from Vingroup and founders.4142
Operational Achievements
EV deliveries hit 86,557 units in Q4, up 63% year-over-year and 127% quarter-over-quarter. Full-year deliveries of 196,919 units exceeded guidance to at least double 2024 figures.3942 VinFast maintained its top position in Vietnam’s passenger vehicle market with 36% share and expanded internationally, ranking #2 in BEVs in the Philippines and #3 in Indonesia.41
Production milestones included the 200,000th vehicle from the Hai Phong plant and new facilities in Ha Tinh, India, and Indonesia, boosting total capacity to 600,000 EVs annually. The company now offers a 7-model lineup across VF, Green, and Lac Hong brands, with 424 showrooms globally.4142
2026 Guidance and Strategy
VinFast targets at least 300,000 EV deliveries in 2026, a 52% increase, alongside 300,000 e2W units. Plans include resuming North Carolina construction, launching new models like VF 7 and e-bus in the US, and expanding in Asia. Focus areas encompass AI integration, ADAS advancement to L4, and cost reductions via new platforms.4142
Executive Statements
Chairwoman Thuy Le stated, “2025 was another landmark year for VinFast – but more importantly, it was a year of disciplined investment behind our core mission: making electric mobility and sustainable journey accessible to everyone.”42
Chief Financial Officer Lan Anh Nguyen noted, “Our 2025 results reflect a focus on accelerating revenue growth while improving operating efficiency over time. The fourth quarter of 2025 reflected the strongest financial performance we have delivered to date.”42
