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VinFast

Electric VehiclesFounded 2017
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
12 historical events · Editorial analysis

VinFast Company Profile: Revenue, Business Model & Strategy

Research depth: 12 milestones · 9 FAQs

VinFast Auto Ltd. is a Vietnamese electric vehicle manufacturer founded in 2017 by billionaire Pham Nhat Vuong and backed by Vingroup. It reported revenue of ~$3.47 billion (VND 90.18 trillion) for fiscal year 2025. It is led by CEO Pham Nhat Quan Anh.

How VinFast makes money: VinFast earns most of its money by building and selling electric cars, from the VF 3 mini car through the VF 5, VF 6, VF 7, VF 8 and the three-row VF 9, plus fleet versions sold under the Green brand.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)~$3.5B
CEOPham Nhat Quan Anh
Founded2017
IndustryElectric Vehicles
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Electric Vehicles

VinFast key figures

VinFast had revenue of ~$3.5B for fiscal year 2025, up 104.9% from FY2024. Net loss was ~$3.8B, a net margin of -110.2%.

Source: VinFast Auto (VFS) annual reports, as compiled by S&P Global (via StockAnalysis) · Last reviewed October 2026

Revenue growth, FY2021 to FY2025
+54.0% a year
Compound annual rate, ~$617.1M to ~$3.5B
Peak revenue year
FY2025
The latest annual year is the highest in this series
Current chief executive
Pham Nhat Quan Anh
In the role since 2026
Documented transactions
6
Between 2018 and 2026
Founded
2017
9 years ago
Where was VinFast founded?
VinFast was founded in Hanoi, Vietnam in 2017. wikidata.org
When did VinFast start?
VinFast was founded in 2017.
How old is VinFast?
VinFast is 9 years old as of 2026.
In-Depth Analysis
263 words · 2 min read

VinFast Auto Ltd. is a Vietnamese electric vehicle maker founded in 2017 by Vingroup chairman Pham Nhat Vuong and listed on Nasdaq as VFS since August 2023. It reported 2025 revenue of VND 90.2 trillion (about $3.6 billion) on 196,919 EV deliveries, with a net loss of about $3.83 billion (VND 99.4 trillion). Pham Nhat Quan Anh, Vuong's eldest son, became global CEO in September 2026.

What Does VinFast Do?

  • Electric cars: the VF 3 mini car, VF 5, VF 6 and VF 7 crossovers, and the larger VF 8 and VF 9 SUVs.
  • Fleet vehicles: Green-brand models and the EC Van, about 49% of fourth-quarter 2025 deliveries.
  • Two-wheelers: electric scooters and e-bikes, with 406,498 delivered in 2025.

How Does VinFast Make Money?

Most revenue comes from car sales to retail buyers and fleets, including affiliate Xanh SM's taxi service. Scooters, spare parts, after-sales service and battery leasing add the rest. VinFast still sells at a loss: gross margin was negative 42.5% in 2025, improved from negative 57.4% in 2024.

Where Does VinFast Build Cars?

At the end of 2025 it had about 600,000 EVs a year of capacity: Hai Phong (300,000), Ha Tinh (200,000), Tamil Nadu in India (50,000) and Subang in Indonesia (50,000). The North Carolina plant was paused in 2024, production was pushed to 2028, and the state sued VinFast in May 2026.

Who Runs VinFast?

Pham Nhat Quan Anh became chairman in May 2026 and global CEO in September 2026. His father, founder Pham Nhat Vuong, was CEO from January 2024 and remains the controlling shareholder and main funder.

Table of Contents

VinFast Key Facts

CompanyVinFast
Annual revenue change+104.9% (FY2024–FY2025)
Financials~$3.5B (FY2025, last reviewed October 2026)
FY2025 net incomeloss ~$3.8B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded2017
Founder(s)Pham Nhat Vuong
CEOPham Nhat Quan Anh
HeadquartersHaiphong, Vietnam
IndustryElectric Vehicles

VinFast Company Profile: Revenue, Business Model & Strategy

"VinFast more than doubled EV deliveries to 196,919 in 2025 and grew revenue 105% to about $3.46 billion (VND 90 trillion), yet its gross margin was still negative 42.5% for the year."

VinFast Auto Ltd. is a Vietnamese electric vehicle manufacturer founded in 2017 by billionaire Pham Nhat Vuong and backed by Vingroup. It reported revenue of ~$3.47 billion (VND 90.18 trillion) for fiscal year 2025. It is led by CEO Pham Nhat Quan Anh.

Revenue

~$3.5B

Founded

2017

Author: CorpDigest Research DeskCompany Research

Recorded annual revenue change

VinFast had ~$1.7B of annual revenue in FY2024 and ~$3.5B in FY2025. Revenue rose 104.9% between those fiscal years.

Source for FY2025

Compare VinFast With

VinFast vs TeslaStrategic Comparison

Explore VinFast In Depth

Detailed research across every dimension of VinFast — history, financials, leadership, and strategy.

Company History

VinFast Auto Ltd. is a Vietnamese electric vehicle manufacturer founded in 2017 by Pham Nhat Vuong and listed on Nasdaq (VFS). It reported 2025 revenue of ~$3.47 billion (VND 90.2 trillion).

Full VinFast history →

Revenue & Financials

VinFast had ~$3.5B in revenue for fiscal year 2025. Data covers 5 fiscal years.

VinFast financials →

Founders

VinFast was founded by Pham Nhat Vuong in 2017 in Hanoi, Vietnam. Explore each founder's background, motivations, and their role in building the company.

VinFast founders →

CEO & Leadership

VinFast is currently led by Pham Nhat Quan Anh. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

VinFast CEO history →

Business Model

VinFast earns most of its money by building and selling electric cars, from the VF 3 mini car through the VF 5, VF 6, VF 7, VF 8 and the three-row VF 9, plus fleet versions sold under the Green brand.

How VinFast makes money →

Acquisitions

VinFast has completed 6 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

VinFast acquisitions →

Competitive Strategy

VinFast's strategy has shifted from a fast global launch to an Asia-first plan. It opened a second Vietnamese plant in Ha Tinh and assembly plants in Thoothukudi, Tamil Nadu (India) and Subang (Indonesia) in 2025,…

VinFast strategy →

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CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Sources & References

All data point citations [1], [2], etc. in the tables above refer to these primary sources.

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

Frequently Asked Questions About VinFast

What is VinFast and what does it make?

VinFast is a Vietnamese electric vehicle maker founded in 2017 by Vingroup founder Pham Nhat Vuong. It makes electric cars from the VF 3 mini car to the three-row VF 9, Green-brand fleet vehicles, the EC Van, and electric scooters and e-bikes.

Where are VinFast's factories?

At the end of 2025 VinFast had four car plants: Hai Phong in northern Vietnam (300,000 EVs a year), Ha Tinh in central Vietnam (200,000), Thoothukudi in Tamil Nadu, India (50,000) and Subang, Indonesia (50,000). A planned plant in North Carolina has not been built, and production there was pushed to 2028.

Who leads VinFast and who is its principal backer?

Pham Nhat Quan Anh, chairman of VinFast Auto Ltd., became global CEO in 2026, taking over from his father Pham Nhat Vuong, Vietnam's richest person and chairman of Vingroup, who founded VinFast in 2017 and remains its main financial backer.

When did VinFast list on Nasdaq?

VinFast began trading on Nasdaq under the ticker VFS on August 15, 2023, after completing its merger with the SPAC Black Spade Acquisition Co.

Is VinFast profitable?

No. VinFast reported a 2025 net loss of about $3.83 billion (VND 99.4 trillion) on revenue of ~$3.47 billion (VND 90.2 trillion), and its gross margin was negative 42.5%, an improvement from negative 57.4% in 2024.

How many cars did VinFast deliver in 2025?

VinFast delivered 196,919 electric cars in 2025, up from 97,399 in 2024, plus 406,498 electric scooters and e-bikes. In the first half of 2026 it delivered 128,662 cars.

What is the link between VinFast and Xanh SM?

Xanh SM is the electric taxi and ride-hailing service of GSM (Green and Smart Mobility), a company controlled by Pham Nhat Vuong. GSM is one of VinFast's largest fleet customers, and fleet models were about 49% of VinFast's fourth-quarter 2025 deliveries.

Who owns VinFast?

VinFast is heavily majority-owned and controlled by Vingroup, the absolute largest private conglomerate in Vietnam, which is involved in everything from massive real estate developments to hospitals.

Who founded VinFast?

VinFast was founded in 2017 by Pham Nhat Vuong, who is Vietnam's very first billionaire and the founder of the massive Vingroup empire.

Strategic Face-Off

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.