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VinFast Reports Unaudited First Quarter 2025 Financial Results

As set forth herein, VinFast Auto Ltd. (the “Company”) has announced its unaudited financial results for the first quarter of 2025.

EX-99.1 2 vinfastex99-1.htm EXHIBIT 99.1 Exhibit 99.1

VinFast Reports Unaudited First Quarter 2025 Financial Results

Quarterly Revenues reached VND16,306.4 billion (US$656.5 million) Quarterly EV Deliveries were 36,330 units

Singapore, June 9, 2025 – VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the first quarter ended March 31, 2025.

Operating Highlights for the First Quarter of 2025

EV Deliveries ( 1 ) 36,330 53,139 9,176

E-scooter Deliveries ( 2 ) 44,904 31,170 7,837

● EV deliveries were 36,330 in the first quarter of 2025, representing a decrease of 32% from the fourth quarter of 2024 and an increase of 296% from the first quarter of 2024.

● E-scooter deliveries were 44,904 in the first quarter of 2025, representing an increase of 44% from the fourth quarter of 2024 and an increase of 473% from the first quarter of 2024.

● As of April 30, 2025, the Company had 388 showrooms globally for EVs and 357 showrooms and service workshops for e-scooters, including VinFast’s showrooms and dealer showrooms.

Financial Highlights for the First Quarter of 2025

● Vehicle sales were VND15,215.5 billion (US$612.6 million) in the first quarter of 2025, representing an increase of 164.4% from the first quarter of 2024 and a decrease of 1.5% from the fourth quarter of 2024.

● Total revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024 and a decrease of 1.2% from the fourth quarter of 2024. Total revenues were primarily comprised of revenue from EV sales.

● Gross loss was VND5,736.5 billion (US$231.0 million) in the first quarter of 2025, representing an increase of 49.8% from the first quarter of 2024 and a decrease of 56.1% from the fourth quarter of 2024.

● Gross margin was negative 35.2% in the first quarter of 2025, compared to negative 58.7% in the first quarter of 2024 and negative 79.1% in the fourth quarter of 2024.

● Loss from operations was VND12,060.2 billion (US$485.6 million) in the first quarter of 2025 representing an increase of 20.3% from the first quarter of 2024 and a decrease of 49.4% from the fourth quarter of 2024.

● Net loss was VND17,693.8 billion (US$712.4 million) in the first quarter of 2025, representing an increase of 20.0% from the first quarter of 2024 and a decrease of 42.2% from the fourth quarter of 2024.

Key Financial Results for the First Quarter of 2025

(in VND millions, except for percentages and basis points (“bps”))

1 Includes VF 3, VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus

2 Includes electric bikes

Launch of the EC Van and new electric bus model in domestic Vietnam market

● The EC Van is a compact electric cargo vehicle with a cargo capacity of up to 2,600L and a payload of over 600 kg, powered by a battery capacity of 17kWh that allows 150km range per full charge. Deliveries are expected to begin in November 2025, with a starting MSRP of VND285 million (approx. US$11,500).

● VinFast also announced the third addition to its portfolio of electric buses - the EB 6, a 6-meter electric bus platform with a battery capacity of 179.5kWh. The 30-occupant city bus model is expected to be available on the market in September 2025, followed by a 20-occupant shuttle/school bus model in the fourth quarter of 2025.

Progress on overseas markets

● Europe and North America: As part of VinFast’s ongoing strategic initiative to optimize its footprint, VinFast will close three short-term shopping center stores and two direct-to customer (“DTC”) showrooms in Canada to refocus resources to its best performing showrooms. The Company will also close its DTC showrooms in Germany and the Netherlands, and has started transitioning to dealers’ showrooms. The Company signed a dealership agreement with ASTRADA SIMVA, its first dealer partner in France, and Schachtschneider Automobile, its second dealer in Germany. Customers in Europe can also access a network of authorized service workshops provided by VinFast partners, including ATU (Germany), Norauto (France), and LKQ (Netherlands).

● Indonesia : VinFast announced the launch of the VF 6, the fourth model available in Indonesia following the VF 3, VF 5, and VF e34, with a starting MSRP of IDR385 million (approx. US$23,700) and IDR440 million (approx. US$27,100) for the Eco and Plus trims, respectively. Deliveries are expected to begin in the second quarter of 2025.

● The Philippines : The Company signed collaboration agreements with Goodyear Philippines, Tire King and Rubber Products, Power Tread Services, and Marcjan Cavite to establish and operate service centers across the Philippines. The partnerships are expected to add over 70 authorized service workshops in 2025.

● India: VinFast’s CKD facility in Tamil Nadu, India, is slated to start operations in July 2025.

Shareholder funding disbursements

● To support VinFast’s continued growth, Vingroup intends to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of May 31, 2025, Vingroup has disbursed VND30,571.3 billion (US$1.2 billion) in loans to VinFast.

● Pursuant to a grant agreement dated November 12, 2024, VinFast’s Founder and CEO, Mr. Pham Nhat Vuong (“Mr. Pham”) has committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants to VinFast and its subsidiaries. A total of VND20,500.0 billion (US$825.4 million) has been disbursed pursuant to the grant agreement as of May 31, 2025.

Next-generation platforms

● VinFast plans to introduce its next-generation platforms and new Electrical/Electronic (“E/E”) architecture starting with the Limo Green model in the third quarter of 2025, and extending to various existing EV models starting in 2026.

Related Party Transactions

● Out of 36,330 EVs delivered in the first quarter of 2025, 21% were to related parties of the Company.

● Out of 44,904 e-scooters delivered in the first quarter of 2025, 3% were to related parties of the Company.

Madam Thuy Le, Chairwoman of VinFast, said: “I am pleased with the progress we’ve made over the past year. Despite Q1 typically being our slowest quarter, deliveries for the first quarter of 2025 exceeded our total deliveries for the first half of last year—an encouraging start to 2025 amid ongoing global uncertainties. 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 optimization, enhancing product quality, performance, and affordability across our lineup.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Our business is at an inflection point, with economies of scale beginning to drive stronger operating leverage. We have made progress in reducing both costs of vehicles sold (COGS) and operating expenses, and continue to streamline our footprint while identifying further cost-saving opportunities.”

Financial Results for the First Quarter of 2025

● Total revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024 and a decrease of 1.2% from the fourth quarter of 2024. Total revenues were primarily comprised of revenue from EV sales

Revenue growth from the first quarter of 2025 was driven by an increase in EVs sale volumes due to growth in the Vietnam market and contributions from new overseas markets. The decrease compared to the fourth quarter of 2024 was attributed to a decrease in EVs sales volumes due to seasonality and the Lunar New Year in Vietnam.

Cost of Sales and Gross Margin

● Cost of sales was VND22,042.9 billion (US$887.5 million) in the first quarter of 2025, representing an increase of 112.9% from the first quarter of 2024 and a decrease of 25.4% from the fourth quarter of 2024. The increase compared to the first quarter of 2024 was primarily attributable to an increase in the cost of vehicles sold as the Company delivered more EVs to customers in the first quarter of 2025. The decrease compared to the fourth quarter of 2024 was attributed to a decrease in the cost of EVs sold due to a decrease in sale volumes during the low season.

● Gross margin was negative (35.2%) in the first quarter of 2025, compared to negative (58.7%) in the first quarter of 2024 and negative (79.1%) in the fourth quarter of 2024. The improvement of gross margin over the first quarter of 2024 was attributed to increased sales and improved costs. The improvement in gross margin compared to the fourth quarter of 2024 was primarily driven by the low base resulted from the recognition of a one-time expense of VND5,900 billion related to VinFast’s free charging program 3 , which was recorded as a deduction from revenue in the fourth quarter of 2024.

● Research and development (R&D) costs were VND2,015.6 billion (US$81.2 million) in the first quarter of 2025, representing a decrease of 22.3% from the first quarter of 2024 and a decrease of 24.7% from the fourth quarter of 2024. The decrease was primarily due to a reduction in engineering and development costs, as VinFast completed the majority of product development work on its existing models in the previous year

● Selling, general and administrative expenses were VND3,750.6 billion (US$151.0 million) in the first quarter of 2025, representing an increase of 22.7% from the first quarter of 2024 and a decrease of 42.6% from the fourth quarter of 2024. The increase compared to the first quarter of 2024 was due to the increase in impairment charges related to the closure of existing D2C showrooms in California and impairment charges related to battery leasing activities. The decrease over the fourth quarter of 2024 was driven by no additional impairment charge being required for battery production lines, and lower impairment charge for battery leasing activities. Additionally, marketing and headcount expenses declined in line with VinFast’s strategic transition into a dealership model.

● Net other operating expenses were VND557.5 billion (US$22.4 million) in the first quarter of 2025, relatively flat compared to the first quarter of 2024 and representing a decrease of 64.9% from net operating expenses in the fourth quarter of 2024. The decrease in net expense over the fourth quarter of 2024 was mainly due to a decrease in foreign exchange losses and lower expenses related to the discontinued projects as part of VinFast’s ongoing efforts to optimize its operations.

3 In connection with the free charging program in Vietnam that continues until June 30, 2027 or until December 31, 2027 if customer purchase EVs with battery before March 01, 2025, Mr. Pham is responsible for paying the costs to implement the program for all applicable sales under the program until December 31, 2024. The estimated amount to be paid directly by Mr. Pham for the entire free charging period is approximately VND5,900 billion (US$237.5 million). This amount is recognized as a revenue deduction and deemed contribution from the owner in VinFast’s financial statements for fiscal year 2024.

● Loss from operations was VND12,060.2 billion (US$485.6 million) in the first quarter of 2025 representing an increase of 20.3% from the first quarter of 2024 and a decrease of 49.4% from the fourth quarter of 2024, as a result of the foregoing.

Net Loss and Net Loss Per Share

● Net loss on financial instruments at fair value through profit or loss was VND647.3 billion (US$26.1 million) in the first quarter of 2025, representing an increase of 6.1% from a net loss in the first quarter of 2024 and a decrease of 52.8% from net loss of the fourth quarter of 2024. The increase in net loss compared to the first quarter of 2024 and the decrease compared to the fourth quarter of 2024 were mainly attributable to changes in the fair value of currency interest rate swaps contracts, financial liabilities in respect of dividend preference shares, convertible debenture and warrants.

● Net loss attributable to controlling interest was VND17,671.8 billion (US$711.5 million) in the first quarter of 2025, representing an increase of 20.0% from the first quarter of 2024 and a decrease of 42.2% from the fourth quarter of 2024.

● Basic and diluted net loss per ordinary share were both VND7,556 (US$0.30) in the first quarter of 2025, compared with VND6,297 (US$0.25) in the first quarter of 2024 and VND13,074 (US$0.53) in the fourth quarter of 2024.

● Cash and cash equivalents were VND2,398.6 billion (US$96.6 million) as of March 31, 2025.

● FY2025 Delivery Target: The Company maintains its target to at least double its global deliveries in 2025, and will continue to monitor the evolving macro-economic situation.

● This outlook reflects the Company’s current and preliminary view of the business and existing market conditions, which are subject to change.

VinFast’s target markets are Vietnam, Indonesia, the Philippines, India, North America and Europe, and it is regularly evaluating opportunities to enter new countries and regions in Europe, Asia, the Middle East and Africa. VinFast’s aim is to grow its global footprint in areas where it may identify high potential for EVs. VinFast may establish or enlarge its presence in existing and new markets through different distribution models, with dealerships being the predominant approach in the recent past. To ensure that VinFast continues to have sufficient production capacity to support its current and future operations, it will, from time to time, endeavor to add manufacturing, assembly and distribution capacity across its markets through the expansion of existing infrastructure and new brownfield and greenfield projects. While VinFast remains focused on the mini- through E-segments of the electric SUV market, it is also evaluating the full spectrum of vehicle types for future product development. VinFast continuously monitors its global expansion strategy and has the ability to accelerate, moderate or otherwise deviate from its existing distribution, manufacturing, assembly, marketing and other plans for any market at any time.

VinFast’s funding sources for its capital requirements to implement its growth strategy may include loans and grants from its major shareholders and affiliates, the public and private debt and equity capital markets, existing and new third-party loans and borrowings and cash from operations. VinFast is prepared to opportunistically access the debt and equity capital markets, subject to market conditions. VinFast also seeks to capture available tax and other incentives and subsidies to reduce its costs of investment and operations.

The Company’s management will host its first quarter of 2025 earnings conference call at 8:00 AM U.S. Eastern Time on June 09, 2025.

Live Webcast: https://edge.media-server.com/mmc/p/adpow94b

Unaudited Interim Condensed Consolidated Balance Sheets

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Unaudited Interim Condensed Consolidated Statements of Operations

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss

Unaudited Interim Condensed Consolidated Statements of Cash Flows

Unaudited Interim Condensed Consolidated Statements of Cash Flows (continued)

This press release contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including but not limited to information regarding the Company’s market position and its performance compared to historical performance of other industry players. VinFast has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent limitations and uncertainties.