VinFast Báo cáo kết quả tài chính quý 4 và cả năm 2024 chưa kiểm toán

VinFast Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

As set forth herein, VinFast Auto Ltd. has announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

VinFast Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

Quarterly Revenues reached VND16,496.4 billion (US$677.9 million)

Quarterly EV Deliveries were 53,139 units

Full year Revenues reached VND44,019.0 billion (US$ 1,808.9 million)

Full Year EV Deliveries were 97,399 units

Singapore, April 24, 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 fourth quarter and fiscal year ended December 31, 2024.

Operating Highlights for the Fourth Quarter and Full Year of 2024

EV Deliveries (1) 97,399 53,139 21,912

E-scooter Deliveries 70,977 31,170 18,894

· EV deliveries were 53,139 in the fourth quarter of 2024, representing an increase of 143% from the third quarter of 2024. For the full year 2024, EV deliveries were 97,399, representing an increase of approximately 192% from 2023. Of these deliveries, 87,890 vehicles were delivered to customers in Vietnam, representing an increase of approximately 171% from 2023.

· E-scooter deliveries were 31,170 in the fourth quarter of 2024, representing an increase of 65% from the third quarter of 2024. For the full year 2024, e-scooter deliveries were 70,977, representing an increase of approximately 1% from 2023.

· A s of March 31, 2025, the Company had 322 showrooms globally for EVs and, separately, 322 showrooms and service workshops for e-scooters, including VinFast’s showrooms and dealer showrooms.

Financial Highlights for the Fourth Quarter of 2024

· Vehicle sales were VND15,441.5 billion (US$634.5 million) in the fourth quarter of 2024, representing an increase of 77.8% from the fourth quarter of 2023 and an increase of 37.2% from the third quarter of 2024.

· Total revenues were VND16,496.4 billion (US$677.9 million) in the fourth quarter of 2024, representing an increase of 69.8% from the fourth quarter of 2023 and an increase of 33.8% from the third quarter of 2024. Total revenues were primarily comprised of revenue from EV sales.

· Gross loss was VND13,054.4 billion (US$536.4 million) in the fourth quarter of 2024, representing an increase of 176.0% from the fourth quarter of 2023 and an increase of 341.3% from the third quarter of 2024.

· Gross margin was negative 79.1% in the fourth quarter of 2024, compared to negative 48.7% in the fourth quarter of 2023 and negative 24.0% in the third quarter of 2024.

· Loss from operations was VND23,852.1 billion (US$980.2 million) in the fourth quarter of 2024, representing an increase of 98.9% from the fourth quarter of 2023 and an increase of 193.7% from the third quarter of 2024.

· Net loss was VND30,594.8 billion (US$1,257.2 million) in the fourth quarter of 2024, representing an increase of 80.7% from the fourth quarter of 2023 and an increase of 130.9% from the third quarter of 2024.

Key Financial Results for the Fourth Quarter of 2024

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

1 Includes VF3, VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus.

2 As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

Financial Highlights for the Fiscal Year Ended December 31, 2024

· Vehicle sales were VND40,145.5 billion (US$1,649.7 million) in 2024, representing an increase of 58.1% from 2023.

· Total revenues were VND44,019.6 billion (US$1,808.9 million) in 2024, representing an increase of 57.9% from 2023. Total revenues were primarily comprised of revenue from EV sales.

· Gross loss was VND25,277.6 billion (US$1,038.7 million) in 2024, representing an increase of 84.4% from 2023.

· Gross margin was negative 57.4% in 2024, compared to negative 49.2% in 2023.

· Loss from operations was VND55,399.2 billion (US$2,276.5 million) in 2024, representing an increase of 32.0% from 2023.

· Net loss was VND77,354.9 billion (US$3,178.8 million) in 2024, representing an increase of 28.4% from 2023.

Key Financial Results for the Fiscal Year Ended December 31, 2024

Launch of the new “Green” series

· The “Green” lineup, which are specifically tailored for transportation services, includes four models in four segments: Minio Green (minicar), Herio Green (A-SUV), Nerio Green (C-SUV) and Limo Green (MPV), with starting MSRPs ranging from VND269 million (approx. US$11,100) to VND749 million (approx. US$30,800).

· Deliveries are expected to start in Q2 2025 for the Herio Green and Nerio Green, with Minio Green and Limo Green following in August of this year.

Phasing out battery-leasing model

· A pioneering strategy first implemented three years ago, VinFast’s battery-leasing program successfully reduced total initial payments for consumers when VinFast first began its EV journey. As battery technology has improved and customer familiarity has increased, demand has shifted towards battery-inclusive option. To align with customer preferences, VinFast announced the suspension of the battery leasing option for new electric vehicles and e-scooters purchases starting from March 1, 2025.

· Current customers with battery subscriptions can either continue leasing under the existing policy or opt to buy out the battery at a preferential price.

Progress on overseas markets

· U.S.: VinFast introduced a dealership model to complement the Company’s direct-to-consumer (“D2C”) approach in international markets, aiming to optimize operations while broadening its distribution network. To further capture these benefits, VinFast intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in California by the end of June 2025. As of March 31, 2025, VinFast had developed a network of 38 operational and soon-to-be operational independent dealers across 16 states in the U.S., including California.

· Europe: Similar to VinFast’s approach for North America, the Company is initiating plans to develop a widespread dealer network across major cities in Europe. The Company has signed a cooperation agreement with Autohaus Hübsch to operate showrooms in Germany. As of March 31, 2025, VinFast had 12 self-operated showrooms and two dealer stores in Europe. In addition, the Company has launched and commenced deliveries of the VF 6, its second model introduced in Europe following the VF 8.

· Indonesia : Following initial deliveries of the VF e34, VF 5 in 2024 and VF 3 in early 2025, VinFast continues to penetrate the Indonesian market with its fourth shipment to the country in early March, consisting of nearly 2,500 vehicles including the VF 3, VF 5, VF e34 and Nerio Green. As of March 31, 2025, VinFast had 22 dealer stores in Indonesia.

· The Philippines: At the 2025 Manila International Auto Show (MIAS), VinFast launched sales of the VF 6, making it the fifth VinFast model available in the Philippines after the VF 3, VF 5, VF 7 and VF 9. The Company also announced partnerships with six local dealers to establish over 60 dealer stores in the country by the end of 2025. As of March 31, 2025, VinFast had six dealer stores in the Philippines.

Shareholder funding disbursements

· To support VinFast’s continued growth, Vingroup intends to provide VinFast additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of March 31, 2025, Vingroup has disbursed VND27,469.2 billion (US$1.1 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$2.1 billion) in free grants to VinFast and its subsidiaries. A total of VND10,000.0 billion (US$410.9 million) had been disbursed pursuant to the grant agreement as of March 31, 2025.

Related Party Transactions

· Out of 53,139 EVs delivered in the fourth quarter of 2024, 19% were delivered to related parties of the Company.

· Out of 31,170 e-scooters delivered in the fourth quarter of 2024, 10% were delivered to related parties of the Company.

Madam Thuy Le, Chairwoman of VinFast, said: “VinFast had an outstanding Q4 and full year 2024, reflecting the Company’s ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “VinFast concluded 2024 with solid momentum, setting the foundation for sustained volume growth in 2025—an important milestone on our path toward profitability. As a young and innovative company, we remain committed to investing in R&D and capital expenditure to build better-quality, better-performing electric vehicles for our customers. These investments will be strategically balanced by continued efficiencies across other areas of the business thanks to top line growth and further cost savings. ”

Financial Results for the Fourth Quarter of 2024

· Vehicle sales were VND15,441.5 billion (US$634.5 million) in the fourth quarter of 2024, representing an increase of 77.8% from the fourth quarter of 2023 and an increase of 37.2% from the third quarter of 2024. The revenue growth from the fourth quarter of 2024 was primarily due to an increase in the vehicle sales volume across all markets, particularly Vietnam.

Cost of Sales and Gross Margin

· Cost of sales was VND29,550.8 billion (US$1,214.3 million) in the fourth quarter of 2024, representing an increase of 104.6% from the fourth quarter of 2023 and an increase of 93.3% from the third quarter of 2024. The increase from the fourth quarter of 2023 and the third 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 fourth quarter of 2024.

· Gross margin was negative 79.1% in the fourth quarter of 2024, compared to negative 48.7% in the fourth quarter of 2023 and negative 24.0% in the third quarter of 2024. The decrease in gross margin from the fourth quarter of 2023 and the third quarter of 2024 was primarily driven by the recognition of a one-time expense of VND5,900 billion (USD$242.5 million) related to VinFast’s free charging program 3 , which was recorded as a deduction from revenue.

3 In connection with the free charging program in Vietnam that continues until June 30, 2027 or until December 31, 2027, if customers purchase EVs with batteries before March 1, 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$242.5 million). This amount is recognized as a revenue deduction and deemed contribution from the owner in VinFast’s consolidated financial statements for fiscal year 2024.

· Research and development (R&D) costs were VND2,678.4 billion (US$110.1 million) in the fourth quarter of 2024, representing a decrease of 15.4% from the fourth quarter of 2023 and an increase of 28.0% from the third quarter of 2024. The decrease from the fourth quarter of 2023 was primarily due to a reduction in engineering and development costs, as VinFast completed the majority of product development work on its existing models. The increase from the third quarter of 2024 was primarily due to the introduction of the existing vehicle models to foreign markets.

· Selling, general and administrative expenses were VND6,532.8 billion (US$268.5 million) in the fourth quarter of 2024, representing an increase of 107.6% from the fourth quarter of 2023 and an increase of 88.7% from the third quarter of 2024. The increase from the fourth quarter of 2023 and the third quarter of 2024 was due to the increase in marketing and headcount expenses for global launch events and sales operations, and impairment charge related to the battery production line resulting from changes in the business plan.

· Net other operating expenses were VND1,586.5 billion (US$65.2 million) in the fourth quarter of 2024, representing an increase of 67.6% from net other operating expenses in the fourth quarter of 2023 and a decrease of 507.4% from net operating incomes in the third quarter of 2024. The increase in net expense from the fourth quarter of 2023 and the decrease from net income from the third quarter of 2024 were mainly due to an increase in foreign exchange losses and expenses in connection with a discontinued project as part of VinFast’s ongoing efforts to optimize its operation.

· Loss from operations was VND23,852.1 billion (US$980.2 million) in the fourth quarter of 2024, representing an increase of 98.9% from the fourth quarter of 2023 and an increase of 193.7% from the third 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 VND1,370.0 billion (US$56.3 million) in the fourth quarter of 2024, representing an increase of 31.8% from net loss in the fourth quarter of 2023 and an increase of 445.6% from net loss in the third quarter of 2024. The increase in net loss from the fourth quarter of 2023 and the third quarter of 2024 was mainly attributable to changes in the fair value of VinFast’s cross-currency interest rate swap contracts and changes in the fair value of the financial liability in respect of Dividend Preferred Shares issued by VinFast Vietnam and VinFast’s warrants.

· Net loss attributable to controlling interest was VND30,575.6 billion (US$1,256.4 million) in the fourth quarter of 2024, representing an increase of 80.7% from the fourth quarter of 2023 and an increase of 131.2% from the third quarter of 2024.

· Basic and diluted net loss per ordinary share were both VND13,074 (US$0.54) in the fourth quarter of 2024, compared with VND7,247 (US$0.30) in the fourth quarter of 2023 and VND5,656 (US$0.23) in the third quarter of 2024.

· Cash and cash equivalents were VND3,306.8 billion (US$135.9 million) as of December 31, 2024.

Financial Results for the Fiscal Year Ended December 31, 2024

· Total revenues were VND44,019.0 billion (US$1,808.9 million) in 2024, representing an increase of 57.9% from 2023. Total revenues were primarily comprised of revenue from EV sales.

· Vehicle sales were VND40,145.6 billion (US$1,649.7 million) in 2024, representing an increase of 58.1% from 2023. The revenue growth in 2024 was primarily due to an increase in the vehicle sales volume across all markets, particularly Vietnam.

· Cost of sales was VND69,296.7 billion (US$2,847.6 million) in 2024, representing an increase of 66.6% from 2023. The increase from 2023 was primarily attributable to an increase in the delivery of VinFast’s EVs to customers.

· Gross margin was negative 57.4% in 2024, compared to negative 49.2% in 2023. The decrease in gross margin from 2023 was primarily driven by the recognition of a one-time expense of VND5,900 billion (USD$242.5 million) related to VinFast’s free charging program 4 , which was recorded as a deduction from revenue.

4 In connection with the free charging program in Vietnam that continues until June 30, 2027 or until December 31, 2027, if customers purchase EVs with batteries before March 1, 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$242.5 million). This amount is recognized as a revenue deduction and deemed contribution from the owner in VinFast’s consolidated financial statements for fiscal year 2024.

· Research and development (R&D) costs were VND10,025.3 billion (US$412.0 million) in 2024, representing a decrease of 35.0% from 2023. The decrease from 2023 was primarily due to a reduction in engineering and development costs, as VinFast completed the majority of product development work on its existing models.

· Selling, general and administrative expenses were VND16,888.0 billion (US$694.0 million) in 2024, representing an increase of 49.8% from 2023. The increase from 2023 was primarily due to due to the increase in labor costs, rental costs and marketing expenses, which are primarily attributable to VinFast’s efforts to scale its sales operations globally, and impairment charge related to the battery production line as a result of changes in the business plan.

· Net other operating expenses were VND3,208.2 billion (US$131.8 million) in 2024, representing an increase of 104.1% from 2023. The increase in net expenses from 2023 was mainly due to an increase in foreign exchange losses and expenses in connection with a discontinued project as part of VinFast’s ongoing efforts to optimize its operation.

· Loss from operations was VND55,399.2 billion (US$2,276.5 million) in 2024 representing an increase of 32.0% from 2023, as a result of the foregoing.

· Net loss on financial instruments at fair value through profit or loss was VND3,183.0 billion (US$130.8 million) in 2024, representing a decrease of 34.8% from net loss in 2023. The decrease in net loss from 2023 was mainly attributable to changes in the fair value of VinFast’s cross-currency interest rate swap contracts and changes in the fair value of the financial liability in respect of Dividend Preferred Shares issued by VinFast Vietnam and VinFast’s warrants.

· Net loss attributable to controlling interest was VND77,265.4 billion (US$3,175.1 million) in 2024, representing an increase of 28.4% from 2023.

· Basic and diluted net loss per ordinary share were both VND33,042 (US$1.36) in 2024, compared with VND26,038 (US$1.07) in 2023.

· 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.