VinFast Báo cáo kết quả tài chính quý 2 năm 2025 chưa kiểm toán

VinFast Reports Unaudited Second Quarter 2025 Financial Results

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

EX-99.1 2 vfsex99-1.htm EXHIBIT 99.1 Exhibit 99.1

VinFast Reports Unaudited Second Quarter 2025 Financial Results

Quarterly Revenues reached VND16,609.3 billion (US$663.0 million) Quarterly EV Deliveries were 35,837 units

Singapore, September 4, 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 second quarter ended June 30, 2025.

Operating Highlights for the Second Quarter of 2025

EV Deliveries ( 1 ) 35,837 36,330 13,172

E-scooter & E-bike Deliveries 69,580 44,904 13,076

● EV deliveries were 35,837 in the second quarter of 2025, maintaining a steady delivery rate quarter-over-quarter and representing a 172% increase year-over-year. Cumulatively, in the first half of 2025, the Company delivered 72,167 EVs to customers globally, representing a 223% increase year-over-year.

● E-scooter and e-bike deliveries were 69,580 in the second quarter of 2025, representing a 55% increase quarter-over-quarter and a 432% increase year-over-year. Cumulatively, in the first half of 2025, the Company delivered 114,484 e-scooters and e-bikes, representing a 447% increase year-over-year.

● As of June 30, 2025, the Company had 394 EV showrooms globally, comprising both VinFast-owned showrooms and those owned by its dealers.

Financial Highlights for the Second Quarter of 2025

● Vehicle sales were VND14,984.0 billion (US$598.1 million) in the second quarter of 2025, representing an increase of 94.6% from the second quarter of 2024 and a decrease of 1.5% from the first quarter of 2025.

● Total revenues were VND16,609.3 billion (US$663.0 million) in the second quarter of 2025, representing an increase of 91.6% from the second quarter of 2024 and an increase of 1.9% from the first quarter of 2025. Total revenues were primarily comprised of revenue from EV sales.

● Gross loss was VND6,824.9 billion (US$272.4 million) in the second quarter of 2025, representing an increase of 25.5% from the second quarter of 2024 and an increase of 19.0% from the first quarter of 2025.

● Gross margin was negative 41.1% in the second quarter of 2025, compared to negative 62.7% in the second quarter of 2024 and negative 35.2% in the first quarter of 2025.

● Loss from operations was VND13,120.1 billion (US$523.7 million) in the second quarter of 2025 representing a decrease of 2.1% from the second quarter of 2024 and an increase of 8.8% from the first quarter of 2025.

● Net loss was VND20,341.6 billion (US$812.0 million) in the second quarter of 2025, representing an increase of 8.4% from the second quarter of 2024 and an increase of 15.0% from the first quarter of 2025.

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

Key Financial Results for the Second Quarter of 2025

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

Inauguration of EV plant in Ha Tinh

● The Ha Tinh plant was inaugurated in June 2025. In its initial phase, the plant has a design capacity of up to 200,000 vehicles per year. It will prioritize the production of compact urban EV models such as the VF 3, Minio Green and EC Van.

● The presence of VinFast’s Ha Tinh plant is expected to attract auxiliary partners to establish operations in the industrial zone, creating a synchronized supply chain and advancing the goal of increasing localization in EV production over time.

Progress in overseas markets

§ VinFast signed dealer partner agreements for dealerships nationwide. The initial dealerships will be established in key urban and emerging EV markets, each featuring showrooms, service workshops and spare parts availability, offering comprehensive customer experience. The first two showrooms were opened in Piplod, Surat, and Chennai, Tamil Nadu.

§ VinFast also ramped up its ecosystem expansion through several key strategic partnerships: (1) Global Assure for 24/7 roadside assistance, (2) myTVS for call center support and mobile service, (3) RoadGrid for a pan-India EV charging solution and service network, and (4) BatX Energies for sustainable high-voltage battery recycling and repurposing solutions.

§ On July 15, VinFast opened reservations for its VF 6 and VF 7 models in India. The vehicles are being assembled at VinFast’s new 400-acre factory in Thoothukudi, Tamil Nadu, which was inaugurated on August 4, 2025. The Thoothukudi plant is equipped with advanced automated production lines and key facilities. The plant will initially focus on the assembly of VF 6 and VF 7 models and has a designed capacity of 50,000 vehicles annually in phase 1. An on-site cluster for auxiliary local suppliers is also planned for future expansion.

§ Vehicle deliveries contributed approximately 5% of the Company’s total deliveries in the quarter. The VF 7 was launched in July 2025 as the fifth model available in Indonesia, following the VF 3, VF 5, VF e34 and VF 6. The VF 7 has a starting MSRP of IDR499 million (approximately US$30,600) and IDR599 million (approximately US$36,700) for the Eco and Plus trims, respectively. Deliveries are expected to begin within this year.

§ VinFast continued to strengthen its dealership and service workshop network through new partnerships. Its CKD facility in Subang remains on track for technical start of production (“SOP”) by the end of 2025.

§ EV sales from VinFast Philippines accounted for approximately 25% of the country’s battery EV market in the first six months of 2025, according to data from the Chamber of Automotive Manufacturers of the Philippines, Incorporated (CAMPI), the Truck Manufacturers Association (TMA), and the Company’s internal data (for VinFast only).

§ As part of VinFast’s strategic transition from direct-to-consumer to a dealer-led distribution model, VinFast signed its first authorized dealership in California with Sunroad Automotive Group, located in San Diego. The showroom opened on August 19, 2025.

Next-generation platforms

● VinFast’s first model built on the zonal electrical/electronic architecture platform, the Limo Green, successfully completed SOP and began deliveries in August 2025. The VF 6 and VF 7 are scheduled to be upgraded to this new platform in 2026.

● As previously disclosed, Vingroup announced in late 2024 its intention to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 to 2026 to support VinFast’s continued growth. As of June 30, 2025, VinFast’s outstanding borrowings from Vingroup under this commitment were VND29,423.3 billion (US$1.2 billion).

● Pursuant to a grant agreement dated November 12, 2024, VinFast’s Founder and CEO, Mr. Pham Nhat Vuong (“Mr. Pham”) committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants to VinFast and its subsidiaries. As of June 30, 2025, a total of VND28,000.0 billion (US$1.1 billion) has been disbursed pursuant to the grant agreement.

● In August 2025, VinFast Trading and Production JSC, a subsidiary of the VinFast, spun off certain assets related to investment costs of completed research and development projects into a new entity, Novatech, which Mr. Pham plans to acquire from the Company for approximately VND39.8 trillion (US$1.6 billion) in cash, representing the fair value of the transferred shares of VND17.25 trillion (approximately US$679 million) based on an independent third party valuation plus an agreed premium. The transaction is expected to close in the second half of 2025.

Related Party Transactions

● Out of 35,837 EVs delivered in the second quarter of 2025, 22% were to related parties of the Company.

● Out of 69,580 e-scooters and e-bikes delivered in the second quarter of 2025, 13% were to related parties of the Company.

Madame Thuy Le, Chairwoman of VinFast, said: “ VinFast delivered another strong quarter with robust year-on-year growth, underscoring the continued momentum behind our growth and the global shift to electric mobility, also keeping us on track to at least double our deliveries in 2025. While evolving macro conditions and shifting regulatory landscapes are creating new challenges for the EV industry, our long-term vision to become a global leader in electric mobility remains the same and we are committed to delivering high-quality, accessible EVs that meet the needs of customers around the world. We are maintaining our 2025 delivery guidance, and our go-to-market strategy is being refined to stay agile in the face of evolving macro and regulatory developments.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “We see tremendous opportunity in our core Asian markets, and stepping up promotions is a necessary investment to build long-term brand awareness. Our path to profitability is driven by scaling volumes while being disciplined on costs — that hasn’t changed. Our business is now at an inflection point where we expect economies of scale to drive greater operating leverage going forward.”

Financial Results for the Second Quarter of 2025

● Vehicle sales were VND14,984.0 billion (US$598.1 million) in the second quarter of 2025, representing an increase of 94.6% from the second quarter of 2024 and a decrease of 1.5% from the first quarter of 2025. VinFast maintained its revenue growth from the first quarter of 2025, driven by stable EV sales volumes in the Vietnam market and increasing contributions from new overseas markets.

Cost of Sales and Gross Margin

● Cost of sales was VND23,434.2 billion (US$935.4 million) in the second quarter of 2025, representing an increase of 66.1% from the second quarter of 2024 and an increase of 6.3% from the first quarter of 2025. The increase compared to the second 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 second quarter of 2025. The increase compared to the first quarter of 2025 was attributed to higher warranty provision rates, and an increase in cost of vehicles sold for which revenue has been deferred.

● Gross margin was negative 41.1% in the second quarter of 2025, compared to negative 62.7% in the second quarter of 2024 and negative 35.2% in the first quarter of 2025. The improvement in gross margin compared to the second quarter of 2024 was attributed to increased sales and improved costs. The decrease in gross margin compared to the first quarter of 2025 was primarily driven by higher warranty provision rates and an increase in the cost of vehicles sold for which revenue has been deferred.

● Research and development (R&D) costs were VND2,335.1 billion (US$93.2 million) in the second quarter of 2025, representing a decrease of 12.3% from the second quarter of 2024 and an increase of 15.9% from the first quarter of 2025. The decrease in R&D costs compared to the second quarter of 2024 was primarily due to a reduction in engineering and development costs, as VinFast had completed the product development work on multiple models in the previous year. The increase in R&D costs compared to the first quarter of 2025 was attributable to R&D costs in relation to its new models, such as the Green series and EC van.

● Selling, general and administrative expenses were VND3,400.5 billion (US$135.7 million) in the second quarter of 2025, representing a decrease of 11.4% from the second quarter of 2024 and a decrease of 9.3% from the first quarter of 2025. The decrease compared to the second quarter of 2024 was driven by no additional impairment charge being required for battery production lines. The decrease compared to the first quarter of 2025 was due to lower impairment charge for battery leasing activities.

● Net other operating expenses were VND559.6 billion (US$22.3 million) in the second quarter of 2025, representing a decrease of 61.7% from net operating expenses in the second quarter of 2024 and were relatively flat compared to the first quarter of 2025. The decrease in net expense compared to the second quarter of 2024 was primarily driven by an increase in foreign exchange gain, despite foreign exchange loss recognized in the second quarter of 2024.

● Loss from operations was VND13,120.1 billion (US$523.7 million) in the second quarter of 2025 representing a decrease of 2.1% from the second quarter of 2024 and an increase of 8.8% from the first quarter of 2025, 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 VND1,298.5 billion (US$51.8 million) in the second quarter of 2025, representing an increase of 36.4% from the second quarter of 2024 and an increase of 100.6% from the first quarter of 2025. The increase in net loss on financial instruments at fair value through profit or loss was mainly attributable to changes in the fair value of currency interest rate swaps contracts, financial liabilities in respect of dividend preference shares and warrants.

● Net loss attributable to controlling interest was VND20,316.1 billion (US$811.0 million) in the second quarter of 2025, representing an increase of 8.4% from the second quarter of 2024 and an increase of 15.0% from the first quarter of 2025.

● Basic and diluted net loss per ordinary share were both VND8,686 (US$0.35) in the second quarter of 2025, compared with VND8,015 (US$0.32) in the second quarter of 2024 and VND7,556 (US$0.30) in the first quarter of 2025.

● Cash and cash equivalents were VND13,772.6 billion (US$549.8 million) as of June 30, 2025.

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

● The Company expects the growth momentum in the e-scooter business to continue in the coming months, driven by favorable government policies to support two-wheeler (2W) electrification in Vietnam and the Company’s ongoing efforts to support such transition.

● 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, grants, and transactions with 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 second quarter 2025 earnings conference call at 8:00 AM U.S. Eastern Time on September 4, 2025.

Live Webcast: https://edge.media-server.com/mmc/p/gemgfiq2

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

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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.