VinFast Báo cáo kết quả tài chính quý 4 năm 2025 sơ bộ và chưa kiểm toán

VinFast Reports Preliminary and Unaudited Fourth Quarter 2025 Financial Results

As set forth herein, VinFast Auto Ltd. (the “Company”) has announced its preliminary and unaudited financial results for the fourth quarter and full year ended December 31, 2025 .

The operational and financial information as of December 31, 2025 and for the quarter and year then ended contained in Exhibit 99.1 to this Form 6-K shall be deemed to be incorporated by reference into the Company’s registration statement on Form S-8 (File No. 333-278251), registration statement on Form F-3 (File No. 333-275133), and registration statement on Form F-3 (File No. 333- 291445) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

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

VinFast Reports Preliminary and Unaudited Fourth Quarter 2025 Financial Results

Quarterly Revenues reached VND39,411.7 billion (US$1,568.9 million) Quarterly EV Deliveries were 86,557 units

Singapore, March 16, 2026 – 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 preliminary and unaudited financial results for the fourth quarter ended December 31, 2025.

The Company’s consolidated financial statements for the year ended December 31, 2025 are not yet complete. The preliminary financial information included in this announcement has been prepared by, and is the responsibility of, the Company’s management based on currently available information. The preliminary financial information is subject to revision as the Company completes its financial statements and disclosure for the year ended December 31, 2025. In connection with the Company’s customary financial closing procedures and audit process with the Company’s independent auditors, certain accounting matters remain subject to finalization, and the Company may be required to make adjustments to the preliminary financial information for the year ended December 31, 2025 contained in this announcement. Accordingly, the Company’s final results, audited consolidated financial statements and other disclosures for the year ended December 31, 2025 may differ materially from this preliminary financial information. This preliminary financial information should not be viewed as a substitute for the Company’s audited consolidated financial statements prepared in accordance with U.S. GAAP. No independent accountant has audited, reviewed, compiled, or performed agreed-upon procedures with respect to the preliminary unaudited financial information for the year ended December 31, 2025 and accordingly no independent accountant has expressed an opinion or any other form of assurance with respect thereto. You should not place undue reliance on this preliminary financial information. The Company expects to file its Annual Report on Form 20-F for the year ended December 31, 2025 no later than April 30, 2026.

Operating Highlights for the Fourth Quarter of 2025

EV Deliveries ( 1 ) 86,557 38,195 53,139

E-scooter & E-bike Deliveries 171,962 120,052 31,170

● EV deliveries were 86,557 in the fourth quarter of 2025, representing a 127% increase quarter-over-quarter and a 63% increase year-over-year.

■ Among those, commercial models under the Green brand and the EC Van model accounted for approximately 49% of total deliveries during the period. For the first time since VinFast began international sales in 2023, VinFast’s overseas markets outside of Vietnam accounted for 18% of total deliveries during the period.

■ For the full year 2025, the Company delivered 196,919 EVs globally, representing a 102% increase year-over-year, with overseas markets accounted for approximately 11% of total deliveries. The full year delivery result exceeded management’s 2025 delivery guidance of at least doubling full year 2024 deliveries and marks VinFast’s highest annual deliveries since inception.

● E-scooter and e-bike deliveries were 171,962 in the fourth quarter of 2025, representing a 43% increase quarter-over-quarter and a 452% increase year-over-year. For the full year 2025, the Company delivered 406,498 e-scooters and e-bikes, representing a 473% increase year-over-year.

1 Includes VF 3, VF e34, VF 5, VF 6, VF 7, VF 8, VF 9, Lac Hong 900 LX, models under the Green brand, EC Van and e-buses.

● Showrooms: As of December 31, 2025, customers can purchase VinFast EVs from 424 showrooms globally. 2

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

(in VND millions, except for percentages)

4Q2025 3Q2025 4Q2024 QoQ YoY

Vehicle Sales 37,915,432 16,695,205 15,441,451 127.1 % 145.5 %

Total Revenues 39,411,708 18,100,218 16,496,376 117.7 % 138.9 %

● Vehicle sales were VND37,915.4 billion (US$1,509.3 million) in the fourth quarter of 2025, representing an increase of 145.5% from the fourth quarter of 2024 and an increase of 127.1% from the third quarter of 2025.

● Total revenues were VND39,411.7 billion (US$1,568.9 million) in the fourth quarter of 2025, representing an increase of 138.9% from the fourth quarter of 2024 and an increase of 117.7% from the third quarter of 2025. Total revenues were primarily comprised of revenue from EV sales.

Key Financial Growth Metrics for the Fiscal Year ended December 31 2025 (See full details of the Financial Results below)

Vehicle Sales 84,810,118 40,145,556 111.3 %

Total Revenues 90,427,611 44,019,015 105.4 %

● Vehicle sales were VND84,810.1 billion (US$3,376.1 million) in 2025, representing an increase of 111.3% from 2024.

● Total revenues were VND90,427.6 billion (US$3,599.7 million) in 2025, representing an increase of 105.4% from 2024. Total revenues were primarily comprised of revenue from EV sales.

Product Expansion and Progress Across Markets

● VinFast has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity:

■ VF – Smart, reliable EVs for everyday life, designed to bring safety and technology to mainstream consumers at an appealing cost of ownership and flexible pricing schemes. The VF brand encompasses a comprehensive portfolio of mass-market passenger EVs across segments, from VF 3 to VF 9 and the seven-seat VF MPV 7.

■ Green – EV solutions for commercial applications focused on optimizing fleet utilization and operational efficiency, featuring models such as Limo Green, Herio Green, Nerio Green, and Minio Green.

■ Lac Hong – An ultra-luxury EV brand reflecting Vietnamese design, hospitality and craftsmanship. The collection includes Lac Hong 900 LX introduced in 2025, and two new models – the Lac Hong 800S and Lac Hong 900S – both unveiled in March 2026 and expected to launch in 2027.

● Two 7-seat MPV models have been introduced to address distinct customer segments. Limo Green, launched in early 2025, targets B2B and corporate fleet operators, while the VF MPV 7, introduced in January 2026, is designed for individual consumers and families. Both models are planned for rollout across VinFast’s key Asian markets.

● The next generations of the VF 6 and VF 7 are expected to reach start of production (“SOP”) in the second half of this year.

● The Limo Green, VF MPV 7, and the next generation of the VF 6 and VF 7 are designed to deliver lower bill-of-materials costs through reduced component count and simplified system design enabled by VinFast’s new vehicle platform and next-generation electrical and electronic (“E/E”) architecture.

2 Includes VinFast-owned and dealer showrooms.

Established Firm Positions Across Key Markets

● In Vietnam, VinFast maintained a leading position in the automotive market, ending 2025 with an estimated 36% market share compared to approximately 22% in 2024 3 . VinFast also ended the year as the leading e-scooter brand in Vietnam 4 .

● In India, VinFast made steady progress, climbing the rankings from eighth in October 2025 to fourth in December 2025, and has maintained its position since then through February 2026. 5

● In Indonesia, VinFast ended 2025 as the third ranked BEV brand. 6

● In the Philippines, VinFast ended 2025 as the second ranked BEV brand. 7

● The Company’s manufacturing utilization and operational efficiency continued to improve at its largest plant in Hai Phong, Vietnam. The facility celebrated the 200,000 th EV of the year rolling off the assembly line on December 31, 2025, and produced nearly 26,000 EVs in December 2025 alone.

● In June 2025, VinFast inaugurated its manufacturing facility in Ha Tinh, Vietnam. In August 2025, VinFast inaugurated its first overseas manufacturing facility with the opening of its Tamil Nadu plant in India. In December 2025, VinFast opened its second overseas manufacturing facility in Subang, Indonesia.

● As of December 31, 2025, VinFast operates four manufacturing facilities globally with a combined maximum annual capacity of approximately 600,000 EVs, consisting of 300,000 EVs p.a. in Hai Phong and 200,000 EVs p.a. in Ha Tinh (Vietnam), 50,000 EVs p.a. in Indonesia, and 50,000 EVs p.a. in India. The Company also manufactures e-scooters in Hai Phong with an annual capacity of approximately 500,000 units.

● Smart manufacturing is central to the Company’s longer-term profitability. Within the Vingroup ecosystem, VinFast is working closely with an affiliated company, VinRobotics, which focuses on the development of intelligent robotics, automation systems and physical AI technologies for industrial applications. VinRobotics’ platform includes industrial humanoid robots and AI-enabled automation layers designed to operate in complex factory environments, enabling higher levels of automation and productivity. VinFast’s collaboration with VinRobotics focuses on improving factory productivity, quality control and operational efficiency, supporting higher utilization and increased automation as production volumes scale, and contributing to structural improvements in the Company’s cost base. In the future, VinFast expects to be the manufacturing partner for VinRobotics, as well as for two other robotics companies within the Vingroup ecosystem, VinMotion and VinDynamics.

Advanced Driver Assistance Systems (“ADAS”) progress

● Following VinFast’s roadmap from ADAS Level 2+ (“L2+”) and Level 2++(“L2++”) toward Level 4 (“L4”), the Company plans to expand robocar trials to major cities and selected international markets. VinFast views L4 as strategic optionality, while remaining disciplined on capital deployment in the near term. VinFast is pursuing a capital-efficient approach through an in-house ADAS research institute while working with select external partners for L4.

3 Based on data from the Vietnam Automobile Manufacturers’ Association, TC Group and Company internal data (for VinFast only)

4 Based on Company research

5 Based on Vahan registrations among battery EV (“BEV”) brands.

6 According to the Association of Indonesia Automotive Industries (GAIKINDO).

7 According to the Chamber of Automotive Manufacturers of the Philippines (CAMPI).

● VinFast is collaborating with Tensor, a pioneering AI company developing personally owned L4 autonomous robocars, as the manufacturing and industrialization partner for Tensor’s robocar program. Fully functional prototypes for the program have already been tested by Tensor in multiple regions. The program is currently in the pre-production phase and is being advanced toward commercialization. VinFast is also engaged in discussions with various technology and mobility companies on robotaxi development.

● 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 December 31, 2025, VinFast’s outstanding borrowings from Vingroup under this commitment were VND10,376.9 billion (US$413 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 December 31, 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 December 31, 2025, the consideration had been paid to VinFast in full.

● As of December 31, 2025, VinFast had total available liquidity of up to VND78,299.8 billion (US$3.1 billion), which consisted of cash and cash equivalents of VND7,352.0 billion (US$292.7 million), an undrawn credit line from Vingroup of up to VND24,623.1 billion (US$980.2 million), remaining grants from Mr. Pham of up to VND22,000.0 billion (US$875.8 million), and an available commitment of VND24,324.7 billion (US$968.3 million) under a standby equity subscription agreement with YA II PN, Ltd. entered into in October 2023.

Related Party Transactions

● Out of 86,557 EVs delivered in the fourth quarter of 2025, approximately 33% were to related parties of the Company. The increase in the proportion of deliveries to related parties compared to the third quarter of 2025 was driven by higher deliveries to subsidiaries of our affiliate, GSM, in Indonesia and the Philippines, as GSM rapidly scaled up its fleet network in these markets and purchased additional vehicles in preparation for deployment on the road in 2026 as part of its international expansion strategy, particularly in Southeast Asia. Meanwhile, the proportion of deliveries to GSM in Vietnam decreased by 3 percentage points to 19% quarter-over-quarter.

● Cumulatively in 2025, approximately 27% of deliveries were to related parties of the Company, representing a decrease of 1 percentage point compared to 2024.

● Out of 171,962 e-scooters and e-bikes delivered in the fourth quarter of 2025, less than 1% were to related parties of the Company.

Madame Thuy Le, Chairwoman of VinFast, said: “ 2025 was another landmark year for VinFast – but more importantly, it was a year of disciplined investment behind our core mission: making electric mobility and sustainable journey accessible to everyone. Every strategic decision we make is anchored to that objective, including investing in technology, industrial capabilities, and global expansion. For 2026 and beyond, scale and unit cost optimization remain the primary levers in our path to profitability. These will be supported by strategic investments to expand overseas capacity, the commercialization of our next-gen vehicles, and collaboration with partners within Vingroup’s ecosystem and other established players to further integrate the use of AI in our EVs and our factories to ultimately lower the total cost of ownership for our customers.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Our 2025 results reflect a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance while only operating our flagship factory at roughly two-thirds capacity during the year, we have demonstrated our ability to scale more efficiently. The fourth quarter of 2025 reflected the strongest financial performance we have delivered to date, with several key metrics reaching new highs as we begin to see early benefits of scale.”

Financial Results for the Fourth Quarter of 2025

● Vehicle sales were VND37,915.4 billion (US$1,509.3 million) in the fourth quarter of 2025, representing an increase of 145.5% from the fourth quarter of 2024 and an increase of 127.1% from the third quarter of 2025. VinFast maintained its revenue growth, driven by increasing contributions from Vietnam and new overseas markets such as India, Indonesia and the Philippines.

Cost of Sales and Gross Margin

● Cost of sales was VND55,143.7 billion (US$2,195.1 million) in the fourth quarter of 2025, representing an increase of 86.6% from the fourth quarter of 2024 and an increase of 95.1% from the third quarter of 2025. The increase compared to the fourth quarter of 2024 and the third 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 the cost of vehicles sold for which revenue has been deferred.

● Gross loss was VND15,732.0 billion (US$626.2 million) in the fourth quarter of 2025, representing an increase of 20.5% from the fourth quarter of 2024 and an increase of 54.7% from the third quarter of 2025.

● Gross margin was negative 39.9% in the fourth quarter of 2025, compared to negative 79.1% in the fourth quarter of 2024 and negative 56.2% in the third quarter of 2025. The improvement in gross margin compared to the fourth quarter of 2024 and the third quarter of 2025 reflects the benefits of scale and a more optimized cost structure.

● Research and development (R&D) costs were VND2,869.4 billion (US$114.2 million) in the fourth quarter of 2025, representing an increase of 7.1% from the fourth quarter of 2024 and an increase of 7.1% from the third quarter of 2025. The increase in R&D costs compared to the fourth quarter of 2024 and third quarter of 2025 was primarily driven by continued investment in our next-generation vehicle platforms and core technology stack, particularly in ADAS L2+ development and our EE 2.0 architecture, as well as ongoing model refresh programs across key vehicles.

● Selling, general and administrative expenses were VND9,812.0 billion (US$390.6 million) in the fourth quarter of 2025, representing an increase of 50.2% from the fourth quarter of 2024 and an increase of 126.5% from the third quarter of 2025. The increase compared to the fourth quarter of 2024 and the third quarter of 2025 was primarily driven by higher marketing expenses for launch events, expanded sales-related operations, additional efforts to support the significant growth in sales volume in the fourth quarter of 2025 and impairment charge of VND5,919.7 billion (US$235.6 million) for our North Carolina factory. This impairment charge reflects management’s decision to take a disciplined approach to accounting adjustment associated with changes in project timing and development assumptions. It does not represent a change in our long-term strategic commitment to the U.S. market.

● Net other operating expenses were VND629.1 billion (US$25.0 million) in the fourth quarter of 2025, representing a decrease in net operating expenses of 60.3% from the fourth quarter of 2024 and an increase of 202.0% from the third quarter of 2025. The decrease in net expense compared to the fourth quarter of 2024 was primarily driven by lower foreign exchange losses and lower expenses related to VinFast showrooms in certain overseas markets where we have completed the conversion to dealership models. The increase in net expenses compared to the third quarter of 2025 was primarily attributable to an increase in expenses in connection with a discontinued project as part of VinFast’s ongoing efforts to optimize its operation.

● Loss from operations was VND29,042.5 billion (US$1,156.1 million) in the fourth quarter of 2025 representing a increase of 21.8% from the fourth quarter of 2024 and an increase of 67.0% from the third 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 VND699.9 billion (US$27.8 million) in the fourth quarter of 2025, representing a decrease of 48.9% from the fourth quarter of 2024 and an increase of 39.0% fro