VinFast VF 5. Photo by VnExpress/Luong Dung
Vingroup’s manufacturing business, in which EV maker VinFast has a lion’s share, generated record revenues of VND28 trillion (US$1.12 billion) in the first nine months, a 50% year-on-year increase.
But VinFast’s pre-tax loss was also VND28 trillion due to high operating expenses, according to its parent company Vingroup’s earnings report.
VinFast’s sales doubled to 44,260 vehicles.
Vingroup chairman Pham Nhat Vuong earlier this year said the company would mobilize all possible resources to support the electric vehicle maker.
Overall Vingroup, the largest private company in Vietnam, reported nine-month revenues of VND126 trillion, a 5% decline.
Its profits rose 2.6 times to VND4 trillion.
The company targets revenues of VND200 trillion and post-tax profits of VND4.5 trillion this year.
