VinFast's Q1 revenue rises by 149.9%, net loss up 15%

Nasdaq-listed electric vehicle manufacturer VinFast has released its unaudited financial results for the first quarter of 2025.

Total revenue for Q1 2025 was 16,306.4 billion dong (US$656.5 million), reflecting a 149.9% increase from Q1 2024.

Despite this growth, VinFast reported a net loss of 17,693.8 billion dong (US$712.4 million) and a gross loss of 5,736.5 billion dong (US$231 million). Its net loss was 15% higher than Q1 2024.

The company improved its gross profit margin, reducing the negative margin to 35.2% compared to negative 58.7% in Q1 2024 and negative 79.1% in Q4 2024.

In the same quarter, its EV deliveries reached 36,330 units, a 296% increase compared to the same period last year. E-scooter deliveries surged by 473% year-on-year, totaling 44,904 units.

Meanwhile, VinFast plans to double its global vehicle deliveries in 2025 and is exploring new markets across Europe, Asia, the Middle East, and Africa.

The company currently operates 388 global showrooms for EVs, including dealer locations.

🔗 Source: VinFast

🧠 Food for thought

1️⃣ Vietnam’s homegrown champion navigates the capital-intensive EV transition with heavy financial backing

VinFast’s rapid growth comes with substantial financial support that differentiates it from many EV startups that struggle to secure funding during their early growth phases.

The company continues to receive massive financial backing from both Vingroup (its parent company) and founder Pham Nhat Vuong, who has committed up to $2 billion in free grants while Vingroup is providing additional loans of up to $1.4 billion through 2026 1.

This level of consistent capital support is particularly crucial in the EV industry, where economies of scale are essential for profitability. VinFast’s improving gross margins (from -58.7% to -35.2% year-over-year) demonstrate the potential benefits of scaling, but also highlight how far the company still needs to go to reach profitability 2.

The continued heavy funding raises important questions about the company’s timeline to self-sustainability, especially given its enterprise value of $13.45 billion alongside a levered free cash flow of -52.11 trillion VND 3.

VinFast’s path mirrors early Tesla, which required years of substantial capital infusion before achieving consistent profitability. This suggests the Vietnamese automaker is following a proven but challenging roadmap in the EV sector.