- VinFast achieved record EV deliveries in 2025 with strong year-over-year growth
- Revenue surged significantly while gross margins improved due to scale efficiencies
On March 16, 2026, VinFast Auto Ltd. released its preliminary and unaudited financial performance for the fourth quarter and full fiscal year ending December 31, 2025. The announcement reflects a year of accelerated growth driven by increasing electric vehicle adoption, expanded global presence, and scaling of production capabilities. The company reported strong momentum across both electric cars and two-wheeler segments, supported by rising international contributions and operational improvements aimed at long-term profitability.
Record EV Deliveries and Global Expansion
During Q4 2025, the company delivered 86,557 electric vehicles globally, representing a sharp increase of 127% quarter-over-quarter and 63% year-over-year. Notably, nearly half of these deliveries came from Green brand models and the EC Van, highlighting diversification within the product portfolio. International markets accounted for approximately 18% of quarterly deliveries, marking a milestone in global expansion efforts. Over the full year, total EV deliveries reached 196,919 units, more than doubling compared to the previous year and surpassing internal targets set for 2025.
Growth in Electric Two-Wheelers
Beyond passenger vehicles, the company recorded substantial growth in its electric two-wheeler segment. E-scooter and e-bike deliveries reached 171,962 units in Q4 alone, reflecting a 43% increase from the previous quarter and a remarkable 452% rise year-over-year. For the full year, total two-wheeler deliveries stood at 406,498 units, demonstrating a 473% annual growth rate. This segment continues to play a critical role in expanding mobility solutions across urban and emerging markets.
Revenue Surge Backed by Delivery Volumes
The financial performance mirrored the strong delivery growth. Total revenue for Q4 reached VND 39,411.7 billion (USD 1,568.9 million), showing a 138.9% increase year-over-year and a 117.7% rise sequentially. For the full year 2025, revenue climbed to VND 90,427.6 billion (USD 3,599.7 million), marking a 105.4% increase compared to 2024. This growth was primarily driven by higher vehicle volumes, improved product mix, and expanding market penetration.
| Metric | Q4 2025 | FY 2025 |
|---|---|---|
| EV Deliveries | 86,557 | 196,919 |
| E-Scooter & E-Bike Deliveries | 171,962 | 406,498 |
| Revenue (VND billion) | 39,411.7 | 90,427.6 |
Margin Improvement Through Scale Efficiency
The company reported notable improvement in gross margins, although they remain negative. In Q4 2025, gross margin improved to -39.9%, compared to -79.1% in the same quarter of the previous year and -56.2% in Q3 2025. For the full year, gross margin stood at -42.5%, an improvement from -57.4% in 2024. These gains indicate progress in cost control, operational efficiency, and supply chain optimization as production volumes increase.
Strategic Focus on Cost Optimization
Management continues to emphasize scaling production and optimizing costs as core strategies to achieve profitability. Investments in advanced technologies, manufacturing capabilities, and global infrastructure are being prioritized to strengthen competitiveness. The company is also accelerating the commercialization of next-generation electric vehicles, aiming to enhance product appeal while maintaining cost discipline across operations.
Outlook Driven by Technology and Expansion
Looking ahead, sustained growth is expected to be driven by ongoing international expansion, broader product offerings, and continued innovation in electric mobility. With increasing contributions from global markets and improved operational efficiency, the company is positioning itself to transition from rapid growth to sustainable financial performance. The focus remains on leveraging scale advantages while enhancing technological capabilities to support long-term value creation.
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