VFS Reports Q3 2025 Revenue of VND 18.10 Trillion, EV Deliveries Up 74% YoY

VinFast (VFS.US) reported its third-quarter 2025 financial results, with total revenues reaching VND 18,100.2 billion (US$718.6 million). This represents a 46.8% increase year-over-year and a 9.0% rise quarter-over-quarter. Despite this revenue growth, the company's net loss was VND 24,011.1 billion (US$953.3 million), translating to a basic and diluted net loss per ordinary share of VND 10,239 (US$0.41), significantly below the analyst EPS estimate of US$-0.25.

EV deliveries saw a substantial increase, reaching 38,195 units in Q3 2025, marking a 74% increase year-over-year and a 7% increase quarter-over-quarter. Vehicle sales contributed VND 16,695.2 billion (US$662.9 million) to the total revenue, demonstrating strong growth in this segment.

Strong EV and E-scooter Delivery Growth

VinFast's third quarter was characterized by significant growth in both EV and e-scooter deliveries. EV deliveries surged to 38,195 units, driven by increasing contributions from Vietnam and new overseas markets such as India.

E-scooter and e-bike deliveries also saw robust performance, totaling 120,052 units. This segment experienced a 73% increase quarter-over-quarter and an impressive 535% increase year-over-year, contributing to the overall revenue growth.

Strategic Market Expansion and Brand Diversification

The company continued its global expansion and strategic brand diversification during the quarter, including the introduction of three distinct brands: VinFast, Green Series2, and Lac Hong, to cater to various customer segments. VinFast became the first automobile brand to surpass 100,000 vehicles sold in Vietnam in the first three quarters of a single year.

VinFast also strengthened its presence in key international markets, including India, Indonesia, the Philippines, the U.S., Europe, and the Middle East, through active showroom launches, dealer network expansions, and strategic partnerships. Notably, the company entered Europe's commercial vehicle market with the unveiling of its EB 8 and EB 12 electric bus models.

Management Outlook and Funding Initiatives

VinFast's management expressed confidence in continued growth, maintaining its target to at least double global EV deliveries in 2025. The company expects the e-scooter business growth momentum to strengthen, supported by favorable government policies and ongoing efforts to accelerate electrification.

The company has secured significant funding, including additional borrowings of up to VND35,000.0 billion (US$1.4 billion) from Vingroup and free grants of up to VND50,000.0 billion (US$2.0 billion) from its Founder and CEO. VinFast also secured a US$100 million loan facility from MUFG Bank and a US$150 million three-year loan from Barclays Bank to support international expansion and working capital needs.