Vietnamese vehicle manufacturer, VinFast Manufacturing and Trading Company Ltd, reported a 150% year-on-year revenue increase in the first quarter of 2025, following a sharp rise in battery-powered vehicle deliveries.
First-quarter revenues rose to VND 16.31 trillion (US$ 627 million), while operating losses amounted to VND 5.74 trillion and net losses reached VND 17.69 trillion. The company delivered a total of 36,330 battery electric vehicles (BEVs) globally in the first quarter, up almost threefold on the same period last year – helped by the recent launch of the VF3 and VF5 models. Deliveries of electric scooters and bicycles rose almost fivefold to 44,904 units in this period.
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Most of VinFast’s vehicle sales so far have been in Vietnam. The company is increasing its focus on overseas markets in Asia, particularly Indonesia, the Philippines and India, as well as Europe, while delaying construction of its US plant to help manage capital expenditure. The company confirmed that as of the end of April, it had a global network of 388 stores, including wholly owned outlets and authorized dealers. VinFast’s chairperson, Le Thi Thu Thuy, said in a statement: “We are beginning to see improved operating leverage as volume growth and a streamlined footprint translate into a more efficient cost structure. Looking ahead, our next-generation EV platform and E/E architecture is intended to further BOM-cost optimisation, enhancing product quality, performance, and affordability across our lineup.”
