Vietnam’s Nasdaq-listed EV maker VinFast reported revenues of VND32.92 trillion (US$1.3 billion) for the first six months of 2025, up 92% year-on-year.
Growth was driven by a threefold increase in electric vehicle deliveries to 72,167 units, according to its latest financial report.
But its losses for the period were VND37.99 trillion, while accumulated losses as of the end of June were VND305.78 trillion.
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VinFast VF 5. Photo by VnExpress/Luong Dung |
In June the Vingroup subsidiary opened its second factory in Vietnam in the central province of Ha Tinh, which has a capacity of 200,000 EVs a year.
Last month VinFast began operations at its first overseas factory, in India, which is capable of making 50,000 EVs a year.
In 2023 Vietnam’s richest man and CEO and chairman of VinFast, Pham Nhat Vuong, had said the management expected the company not to break even for several years.
But he would “never let VinFast go” and continue investing in it until there was no more money left, he vowed.
Vuong has invested VND50 trillion of his money in VinFast since 2023. This year the company hopes to sell 200,000 cars. “This will be a record number of vehicles a company sells in a year in Vietnam,” Vuong said at Vingroup’s annual general meeting in April.
If the target is achieved, the company could reach breakeven this year, he added.
