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VinFast posts 63% jump in EV deliveries in 2025
Vietnamese electric vehicle maker VinFast reported preliminary unaudited Q4 and full-year 2025 results with 86,557 EV deliveries in Q4 and 196,919 for 2025, the company said.
Q4 deliveries rose 127% quarter-over-quarter and 63% year-on-year, with Green commercial models and the EC Van making up about 49% of deliveries and international markets about 18%.
E-scooter and e-bike deliveries were 171,962 in Q4 and 406,498 for 2025, up 452% and 473% year-on-year respectively.
VinFast reported revenue of 39,411.7 billion dong (US$1.6 billion) in Q4 and 90,427.6 billion dong (US$3.6 billion) for 2025, and said gross margin improved to negative 39.9% in Q4.
The company said it operated 424 showrooms, its four plants have combined annual EV capacity of about 600,000, and Hai Phong marked the 200,000th EV on December 31, 2025.
VinFast said it holds top-five battery electric vehicle (BEV) positions in several Asian markets and plans to start production for next-gen VF 6 and VF 7 in H2 2026.
VinFast’s chairwoman Thuy Le also said the company will focus on scale and unit cost optimization.
🔗 Source: VinFast
🧠 Food for thought
Implications, context, and why it matters.
The cost of growth is missing from the official results
- Official results tout record revenue, yet skip the cash burn needed to reach it.
- During the first nine months of 2025, VinFast recorded an operating cash outflow of US$1.5 billion and a gross loss of US$0.9 billion 1.
- To keep scaling, VinFast relies on borrowings plus support from major shareholders and affiliates, rather than operating profits 2.
- As of September 30, 2025, total debt stood at US$3.2 billion while cash was US$349 million 1.
VinFast’s strategy raises the bar for competitors in emerging markets
- VinFast is spending heavily to win market share in developing Asian EV markets such as India and Indonesia, before global rivals gain a foothold 1.
- This “growth at all costs” push is backed by Vingroup JSC (VinFast’s controlling shareholder) and it increases pressure on publicly traded competitors that face investor demands for profitability 1.
- That plan also depends on the company’s financial runway (how long it can fund operations before needing additional capital).
- VinFast targets 300,000 electric vehicle deliveries in 2026, yet one analyst model expects positive free cash flow (cash generated after operating and capital expenses) only in FY27e (2027) 1.
