Vietnamese battery electric vehicle (BEV) manufacturer VinFast Auto Ltd reported a 92% increase in global revenues to VND 16,609 billion (US$ 663 million) in the second quarter of 2025. Compared with the first quarter, revenues increased by just under 2%, however.
The Nasdaq-listed automaker reported a gross loss of VND 6,825 billion (US$ 272 million) in the second quarter of 2025, equivalent to a negative gross margin of just over 41% compared with a negative 63% in the same period a year earlier. Its net loss came to VND 20,342 billion (US$ 812 million) in the second quarter of 2025.
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The company said the lower negative gross margin in the second quarter reflected “enhanced operational efficiency, driven by strong revenue growth and effective cost optimization.”
VinFast confirmed it delivered 35,837 BEVs globally in the second quarter of 2025, little changed from the first quarter but 172% higher year-on-year. First-half global sales increased by 223% year-on-year to 72,167 units.
The company said its deliveries of battery-powered scooters and motorbikes rose by 55% quarter-on-quarter to 69,580 in the second quarter of 2025 and by 432% year-on-year. First-half deliveries rose by 447% to 114,484 units.
Vehicle sales this year have been driven by strong demand for the VF3 and VF5 small and compact BEV models, which accounted for 61% of total vehicle deliveries, while the VF6 accounted for a further 12% of the total. In Vietnam, private customers (B2C) accounted for over 70% of total deliveries in the last four quarters, which the company pointed out as an indication of strong market demand.
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By GlobalDataVinFast said it “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.”
The company confirmed it is rapidly expanding its e-bike production capacity to align with the Vietnamese government’s electrification policies. Its second plant in Vietnam, in Ha Tinh, became operational in June 2025 with an initial production capacity of 200,000 vehicles per year.
VinFast’s chairwoman, Thuy Le,said in a statement: “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, while 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. We are maintaining our 2025 delivery guidance, and our go-to-market strategy is being refined to stay agile in the face of evolving macro and regulatory developments.”
VinFast’s Chief Financial Officer, Lan Anh Nguyen, pointed out: “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 has not changed. Our business is now at an inflection point where we expect economies of scale to drive greater operating leverage going forward.”
