Vietnamese electric vehicle (EV) manufacturer VinFast reported revenue growth in its unaudited Q4 and 2024 financial statements, despite global market uncertainties.
The company posted Q4/2024 revenue of VND16.5 trillion (around US$678 million), a 70% year-on-year increase. Total 2024 revenue rose by 58% to VND44 trillion. However, VinFast still recorded a net loss of close to 3.2 billion USD.
In Q4, VinFast delivered over 53,000 EVs, up 143% from Q3 and more than 20 times higher than the same period last year. Full-year deliveries reached nearly 97,400 units, representing a 192% surge over 2023. Electric motorbike sales also maintained momentum, with nearly 71,000 units delivered in 2024.
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A VinFast car is introduced in India. Photo courtesy of Vingroup |
The company continued to receive strong financial support from parent group Vingroup and its founder Pham Nhat Vuong.
By end-Q1/2025, Vingroup Chairman Vuong had disbursed $411 million in non-refundable support, part of a pledged $2.1 billion package. Vingroup has also committed additional funding of up to $1.4 billion.
VinFast is expanding rapidly overseas. In Indonesia, it exported nearly 2,500 vehicles in Q1/2025 and set up 22 dealerships. In the Philippines, five models are now available following the VF 6 launch. The company plans to grow to 60 stores nationwide.
In North America, VinFast shifted from direct-to-consumer to dealer-based sales, establishing 38 dealerships across 16 US states. In Europe, it has begun VF 6 deliveries and is scaling up its distribution network.
Domestically, the firm unveiled a new “Green” EV lineup for transport services and aims to begin deliveries of two models in Q2, with two others to follow in August.
VinFast targets at least doubling global vehicle deliveries in 2025, emphasizing flexibility in strategy while staying committed to green mobility goals.
