VinFast Báo cáo kết quả tài chính quý 3 năm 2025 chưa kiểm toán

VinFast Reports Unaudited Third Quarter 2025 Financial Results

As set forth herein, VinFast Auto Ltd. (the “Company”) has announced its unaudited financial results for the third quarter of 2025 and the appointment of a new member to its Board of Director.

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

VinFast Reports Unaudited Third Quarter 2025 Financial Results

Quarterly Revenues reached VND18,100.2 billion (US$718.6 million) Quarterly EV Deliveries were 38,195 units

Singapore, November 21, 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 third quarter ended September 30, 2025.

Operating Highlights for the Third Quarter of 2025

EV Deliveries ( 1 ) 38,195 35,837 21,912

E-scooter & E-bike Deliveries 120,052 69,580 18,894

● EV deliveries were 38,195 in the third quarter of 2025, representing a 7% increase quarter-over-quarter and a 74% increase year-over-year. Cumulatively, in the first nine months of 2025, the Company delivered 110,362 EVs to customers globally, representing a 149% increase year-over-year.

● E-scooter and e-bike deliveries were 120,052 in the third quarter of 2025, representing a 73% increase quarter-over-quarter and a 535% increase year-over-year. Cumulatively, in the first nine months of 2025, the Company delivered 234,536 e-scooters and e-bikes, representing a 489% increase year-over-year.

● As of September 30, 2025, customers can purchase VinFast EVs from 381 showrooms globally.

Key Financial Growth Metrics for the Third Quarter of 2025 (See full details of the Financial Results below)

(in VND millions, except for percentages)

3Q2025 2Q2025 3Q2024 QoQ YoY

Vehicle Sales 16,695,205 14,983,978 11,251,190 11.4 % 48.4 %

Total Revenues 18,100,218 16,609,309 12,326,537 9.0 % 46.8 %

● Vehicle sales were VND 16,695.2 billion (US$662.9 million) in the third quarter of 2025, representing an increase of 48.4% from the third quarter of 2024 and an increase of 11.4% from the second quarter of 2025.

● Total revenues were VND 18,100.2 billion (US$718.6 million) in the third quarter of 2025, representing an increase of 46.8% from the third quarter of 2024 and an increase of 9.0% from the second quarter of 2025. Total revenues were primarily comprised of revenue from EV sales.

Introduction of Three Distinct Brands

● To better serve diverse customer segments and mobility needs, VinFast EVs will be marketed under three distinct brands, each with a clear market focus and identity:

■ VinFast – Smart, reliable EVs for everyday life, designed to bring reliability, safety and technology to mainstream consumers at an appealing cost of ownership with flexible pricing schemes.

■ Green Series 2 – EV solutions for commercial purposes and raise utilization for fleets.

■ Lac Hong – Designed and catered to the ultra-luxury market that embodies Vietnamese hospitality, featuring premium materials and quality craftmanship.

1 Includes VF 3, VF e34, VF 5, VF 6, VF 7, VF 8, VF 9, Lac Hong 900 LX, Green series models, and e-buses.

2 Official branding will be revealed in the future.

■ This quarter marked a significant milestone for VinFast – it became the first automobile brand to surpass 100,000 vehicles sold in Vietnam in the first three quarters of a single year 3 .

■ Additionally, in October 2025, the Company delivered 20,380 EVs 4 in Vietnam, representing an increase of 79% year-over-year based on the Company’s preliminary data. This is the first time an automaker in Vietnam has delivered more than 20,000 vehicles in a single month, further reinforcing VinFast’s leadership in the market 3 . Cumulatively, during the first ten months of 2025, the Company delivered a total of 124,264 EVs 4 to customers in Vietnam.

■ VinFast strengthened its brand presence in India through active showroom launches, operating 20 dealer stores as of September 30, 2025, while securing financing partnerships with leading banks, including State Bank of India, Central Bank of India, HDFC Bank, Axis Bank and ICICI Bank, and establishing third-party aftersales service networks.

■ VinFast ranked in the top 8 for EV registrations in October 2025, based on data available on the Ministry of Road Transport and Highways’ VAHAN vehicle information system.

■ VinFast expanded its dealer network to 33 locations. VinFast captured an approximate 5% market share for battery electric vehicles (“BEV”) market and ranked among the top 5 BEV brands in terms of BEV whole sales, according to the Association of Indonesia Automotive Industries.

■ The VF 3 was named “Best Newcomer Electric Car” at the Carvaganza Editor's Choice Awards.

■ The Company also introduced a battery subscription program in August, making VinFast vehicles more competitively priced through a number of flexible ownership options.

■ VinFast launched a residual value guarantee program while expanding its battery subscription program and operating nine showrooms nationwide.

■ In the U.S., VinFast opened its first dealership in California and aim to strengthen brand visibility across the U.S. by partnering with its dealer network.

■ In Europe, VinFast unveiled its EB 8 and EB 12 electric bus models at Busworld Europe 2025 in Brussels, marking its official entry into the region’s commercial vehicle market. The EB 12, a 12-meter city bus, is now available for order and complies with UNECE and CE standards, while the more compact EB 8 will follow at a later stage.

■ In the Middle East, VinFast announced a strategic partnership with the Arabian Automobile Association to launch comprehensive roadside assistance across six countries — the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman — as part of its efforts to strengthen aftersales service quality in the region.

3 Based on data from the Vietnam Automobile Manufacturers’ Association.

4 Preliminary delivery results are subject to change and may differ from the final number of deliveries that will be recognized as vehicle sales revenue for the period as a result of the year end audit.

● 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) between November 12, 2024 and November 12, 2026 to support VinFast’s continued growth. As of September 30, 2025, VinFast’s outstanding borrowings from Vingroup under this commitment were VND11,580.0 billion (US$459.8 million).

● 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 September 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 VinFast, spun off certain assets related to investment costs of completed research and development projects into a new entity, Novatech, which Mr. Pham subsequently acquired from the Company for approximately VND39.8 trillion (US$1.6 billion) in cash. As of September 30, 2025, a total of VND 25,782.0 billion (US$ 1.0 billion) had been paid. The remaining payments are expected to be made by the end of the year.

● In August 2025, VinFast signed a loan facility of US$100 million with MUFG Bank, marking the start of a long-term partnership to support VinFast’s international expansion and reinforce both parties’ commitment to advancing the global green transition.

● In September 2025, VinFast also secured a US$150 million three-year loan from Barclays Bank with proceeds designated to support working capital needs and investment purpose of the Company.

Related Party Transactions

● Out of 38,195 EVs delivered in the third quarter of 2025, approximately 26% were to related parties of the Company.

● Out of 120,052 e-scooters and e-bikes delivered in the third quarter of 2025, less than 1% were to related parties of the Company.

Madame Thuy Le, Chairwoman of VinFast, said: “ This quarter, VinFast became the first automobile brand to surpass 100,000 vehicles sold in Vietnam within the first three quarters of a single year, following thirteen consecutive months as the nation’s best-selling carmaker. Our sustained market leadership at home, combined with continued progress across Asia, including being ranked among the top 8 for EV registrations in India in October 2025 and among the top 5 BEV brands in Indonesia for the first nine months of 2025, demonstrates the growing strength of our brand and the effectiveness of our regional expansion strategy.

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Reaching 100,000 vehicles is a proud milestone for us and reflects our strategic investments such as free charging and attractive financing to support customers’ transition to EVs. These initiatives remain important in accelerating adoption in our early-stage Asian markets, where we expect to maintain our near-term promotional efforts. In the third quarter of 2025, VinFast continued to deliver solid revenue growth and operational momentum, driven by strong Green Series performance and healthy demand across our broader product portfolio. We enter the fourth quarter with a robust order backlog, providing clear visibility into near-term performance and reinforcing our confidence in continued growth.”

Financial Results for the Third Quarter of 2025

● Vehicle sales were VND 16,695.2 billion (US$662.9 million) in the third quarter of 2025, representing an increase of 48.4% from the third quarter of 2024 and an increase of 11.4% from the second quarter of 2025. VinFast maintained its revenue growth, driven increasing contributions from Vietnam and new oversea markets such as India.

Cost of Sales and Gross Margin

● Cost of sales was VND 28,267.8 billion (US$1,122.3 million) in the third quarter of 2025, representing an increase of 84.9% from the third quarter of 2024 and an increase of 20.6% from the second quarter of 2025. The increase compared to the third quarter of 2024 and the second quarter of 2025 was primarily attributable to an increase in the cost of vehicles sold as the Company delivered more EVs to customers, higher warranty provision rates, and an increase in cost of vehicles sold for which revenue has been deferred.

● Gross loss was VND 10,167.6 billion (US$403.7 million) in the third quarter of 2025, representing an increase of 243.7% from the third quarter of 2024 and an increase of 49.0% from the second quarter of 2025.

● Gross margin was negative 56.2% in the third quarter of 2025, compared to negative 24.0% in the third quarter of 2024 and negative 41.1% in the second quarter of 2025. The decrease in gross margin compared to the third quarter of 2024 and the second 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 VND 2,679.1 billion (US$106.4 million) in the third quarter of 2025, representing an increase of 28.1% from the third quarter of 2024 and an increase of 14.7% from the second quarter of 2025. The increase in R&D costs compared to the third quarter of 2024 and second quarter of 2025 was attributable to R&D costs for the Green series, Lac Hong, EC Van and for models that VinFast plans to launch on its new vehicle platforms in 2026.

● Selling, general and administrative expenses were VND4,332.0 billion (US$172.0 million) in the third quarter of 2025, representing an increase of 25.2% from the third quarter of 2024 and an increase of 27.4% from the second quarter of 2025. The increase compared to the third quarter of 2024 and the second quarter of 2025 was driven by impairment charge related to the battery production line as a result of changes in the business plan.

● Net other operating expenses were VND208.3 billion (US$8.3 million) in the third quarter of 2025, representing an increase in net operating expenses of 153.5% from net operating gain in the third quarter of 2024 and a decrease of 62.8% from the second quarter of 2025. The increase in net expense compared to the third quarter of 2024 was primarily driven by an increase in foreign exchange loss, despite foreign exchange gain recognized in the third quarter of 2024. The decrease in net expenses compared to the second quarter of 2025 was primarily attributable to lower expenses related to VinFast showrooms in certain overseas markets, where it has completed the conversion to dealership models.

● Loss from operations was VND 17,387.1 billion (US$690.3 million) in the third quarter of 2025 representing an increase of 114.1% from the third quarter of 2024 and an increase of 32.5% from the second 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 VND503.4 billion (US$20.0 million) in the third quarter of 2025, representing an increase of 100.5% from the third quarter of 2024 and a decrease of 61.2% from the second quarter of 2025. The change 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 was VND24,011.1 billion (US$953.3 million) in the third quarter of 2025, representing an increase of 81.2% from the third quarter of 2024 and an increase of 18.0% from the second quarter of 2025.

● Net loss attributable to controlling interest was VND23,952.8 billion (US$951.0 million) in the third quarter of 2025, representing an increase of 81.1% from the third quarter of 2024 and an increase of 17.9% from the second quarter of 2025.

● Basic and diluted net loss per ordinary share were both VND10,239 (US$0.41) in the third quarter of 2025, compared with VND5,656 (US$0.22) in the third quarter of 2024 and VND8,686 (US$0.34) in the second quarter of 2025.

● Cash and cash equivalents were VND 8,800.1 billion (US$349.4 million) as of September 30, 2025.

● FY2025 Delivery Target: The Company maintains its target to at least double its global EV deliveries in 2025.

● The Company expects the growth momentum in the e-scooter business to strengthen in the coming months, driven by favorable government policies promoting two-wheeler (2W) electrification in Vietnam and the Company’s ongoing efforts to accelerate this 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, Middle East, 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 third quarter 2025 earnings conference call at 8:00 AM U.S. Eastern Time on November 21, 2025. Live Webcast: https://edge.media-server.com/mmc/p/arwzbg6d/

Unaudited Interim Condensed Consolidated Balance Sheets

Unaudited Interim Condensed Consolidated Balance Sheets (continued)

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.

EX-99.2 3 vfsex99-2.htm EXHIBIT 99.2 Exhibit 99.2

Appointment of New Director

Singapore, November 21, 2025 – VinFast Auto Ltd. (“VinFast” or the “Company”) today announced that effective as of November 20, 2025, Mr. Pham Nhat Quan Anh (“Mr. Quan Anh”) has been appointed to the Company’s Board of Directors.