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VinFast losses widen 26% in 2025 amid push to double EV sales
Nikkei Asia, 17 March '26Headlines 17 March '26
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Electric vehicle manufacturer VinFast reported deeper losses in 2025 as the Vietnamese company accelerated efforts towards the end of the year to double EV deliveries.
VinFast reported a net loss of US$ 3.87 billion for 2025, representing a 26% increase compared with the previous year, driven by higher sales-related and operating expenses. The Nasdaq-listed carmaker generated US$ 3.59 billion in revenue during the year, marking a 105% increase, according to unaudited results.
The cost of sales, its largest expense category, rose to US$ 5.13 billion. In addition, the company recorded a US$ 236 million impairment charge related to a delayed factory project in the U.S. state of North Carolina.
The company outlined plans to introduce a hybrid vehicle, expand into additional electric scooter markets, and resume construction of its U.S. facility in 2026, with the objective of commencing operations in 2028. These updates were provided during a call with analysts.
Its taxi affiliate, GSM, is evaluating potential expansion into Europe and the United States and reported an increase in ridership following American and Israeli strikes on Iran, which led to a surge in oil prices. Amid the widening Middle East conflict, VinFast reduced EV prices by 3% to attract drivers seeking to transition from petrol-powered vehicles.
VinFast significantly increased sales in the final quarter, which accounted for 44% of the annual total. This rise, including sales to GSM, enabled the company to achieve its target of doubling unit sales compared with 2024.
Related-party transactions accounted for 33% of fourth-quarter sales, compared with 27% for the full year. These sales were primarily directed towards Indonesia and the Philippines, where GSM plans to expand in 2026. Both VinFast and GSM were founded by Vietnam's richest individual, Pham Nhat Vuong, under the Vingroup conglomerate.
VinFast stated that it has utilised US$ 1.1 billion of the US$ 2 billion personally committed by Vuong. As of December 31st, the company had drawn US$ 413 million from the US$ 1.4 billion facility made available by Vingroup between November 2024 and November 2026. The manufacturer has reported losses since its establishment in 2017 and aims to reach break-even this year.
"We expect the path to profitability [to be] increasingly visible over the medium term," Chief Financial Officer Lan Anh Nguyen stated in response to a question regarding the potential for gross margins to turn positive in 2026 or 2027.
The company attributed its performance in part to Vietnam's policy efforts to restrict petrol-powered vehicles in certain areas of Hanoi and Ho Chi Minh City. Thailand, Malaysia, Indonesia, the Philippines, and India have been identified as the next target markets for its electric scooters, according to Chairwoman Thuy Le during the call.
In response to speculation regarding a hybrid model, a segment the company had previously avoided, VinFast confirmed that it is evaluating the introduction of such a vehicle as part of a transition strategy towards fully electric mobility.
The company emphasised that automation will play a critical role in achieving profitability. It is working with its affiliate VinRobotics to enhance factory productivity, quality control, and operational efficiency, supporting higher utilisation rates and increased automation as production volumes grow. VinFast is also collaborating with its sister company VinMotion, which introduced a humanoid factory robot in partnership with Qualcomm at the CES technology exhibition in Las Vegas in January.
VinFast has set a sales target for 2026, representing a 50% increase compared with 2025. The company currently has production capacity across facilities in Hai Phong and Ha Tinh in Vietnam, as well as in India and Indonesia.
Following an initial focus on North America and Europe, the company has shifted its strategic emphasis closer to its core markets, including India and Southeast Asia. In 2025, 89% of its total vehicle sales were recorded in Vietnam.
VinFast reported a net loss of US$ 3.87 billion for 2025, representing a 26% increase compared with the previous year, driven by higher sales-related and operating expenses. The Nasdaq-listed carmaker generated US$ 3.59 billion in revenue during the year, marking a 105% increase, according to unaudited results.
The cost of sales, its largest expense category, rose to US$ 5.13 billion. In addition, the company recorded a US$ 236 million impairment charge related to a delayed factory project in the U.S. state of North Carolina.
The company outlined plans to introduce a hybrid vehicle, expand into additional electric scooter markets, and resume construction of its U.S. facility in 2026, with the objective of commencing operations in 2028. These updates were provided during a call with analysts.
Its taxi affiliate, GSM, is evaluating potential expansion into Europe and the United States and reported an increase in ridership following American and Israeli strikes on Iran, which led to a surge in oil prices. Amid the widening Middle East conflict, VinFast reduced EV prices by 3% to attract drivers seeking to transition from petrol-powered vehicles.
VinFast significantly increased sales in the final quarter, which accounted for 44% of the annual total. This rise, including sales to GSM, enabled the company to achieve its target of doubling unit sales compared with 2024.
Related-party transactions accounted for 33% of fourth-quarter sales, compared with 27% for the full year. These sales were primarily directed towards Indonesia and the Philippines, where GSM plans to expand in 2026. Both VinFast and GSM were founded by Vietnam's richest individual, Pham Nhat Vuong, under the Vingroup conglomerate.
VinFast stated that it has utilised US$ 1.1 billion of the US$ 2 billion personally committed by Vuong. As of December 31st, the company had drawn US$ 413 million from the US$ 1.4 billion facility made available by Vingroup between November 2024 and November 2026. The manufacturer has reported losses since its establishment in 2017 and aims to reach break-even this year.
"We expect the path to profitability [to be] increasingly visible over the medium term," Chief Financial Officer Lan Anh Nguyen stated in response to a question regarding the potential for gross margins to turn positive in 2026 or 2027.
The company attributed its performance in part to Vietnam's policy efforts to restrict petrol-powered vehicles in certain areas of Hanoi and Ho Chi Minh City. Thailand, Malaysia, Indonesia, the Philippines, and India have been identified as the next target markets for its electric scooters, according to Chairwoman Thuy Le during the call.
In response to speculation regarding a hybrid model, a segment the company had previously avoided, VinFast confirmed that it is evaluating the introduction of such a vehicle as part of a transition strategy towards fully electric mobility.
The company emphasised that automation will play a critical role in achieving profitability. It is working with its affiliate VinRobotics to enhance factory productivity, quality control, and operational efficiency, supporting higher utilisation rates and increased automation as production volumes grow. VinFast is also collaborating with its sister company VinMotion, which introduced a humanoid factory robot in partnership with Qualcomm at the CES technology exhibition in Las Vegas in January.
VinFast has set a sales target for 2026, representing a 50% increase compared with 2025. The company currently has production capacity across facilities in Hai Phong and Ha Tinh in Vietnam, as well as in India and Indonesia.
Following an initial focus on North America and Europe, the company has shifted its strategic emphasis closer to its core markets, including India and Southeast Asia. In 2025, 89% of its total vehicle sales were recorded in Vietnam.