VinFast
Financial Performance
VinFast Revenue & Financials
Revenue
~$3.5B (FY2025)
What is VinFast's revenue?
VinFast had ~$3.5B in revenue for fiscal year 2025, up 104.9% from 2024. It reported a net loss of ~$3.8B.
- Latest revenue
- ~$3.5B (FY2025)
- Year-over-year
- +104.9%
- Growth rate (CAGR)
- 54% over 4 years
- Peak revenue
- ~$3.5B (FY2025)
- Years of data
- 5
- How much profit does VinFast make?
- VinFast reported a net loss of ~$3.8B for fiscal year 2025. stockanalysis.com
Financial Analysis
VinFast listed on Nasdaq (VFS) on August 15, 2023, through a merger with Black Spade Acquisition Co. It reports in Vietnamese dong. Revenue rose from ~$616 million (VND 16.0 trillion) in 2021 to ~$3.47 billion (VND 90.2 trillion) in 2025, about double the ~$1.69 billion (VND 44.0 trillion) of 2024, while the net loss widened to about $3.83 billion (VND 99.4 trillion) in 2025. Gross margin improved from negative 57.4% in 2024 to negative 42.5% in 2025. The company relies on loans, equity and grants from Vingroup and Pham Nhat Vuong to cover its losses.
Revenue Trend Analysis
YoY Change
+104.9%
4-Year CAGR
+54%
Peak Year
2025
Trend
Consistent Growth
VinFast has 5 full fiscal year figures on this page, compounding at +54% annually over 4 years. The most recent year saw a 104.9% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at ~$3.5B. Of 4 comparable year-over-year steps, 3 showed growth and 1 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | ~$3.5B | -~$3.8B | +104.9% | VinFast Auto (VFS) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2025-12-31. |
| FY2024 | ~$1.7B | -~$3B | +57.9% | VinFast Auto (VFS) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2024-12-31. |
| FY2023 | ~$1.1B | -~$2.3B | +100.2% | VinFast Auto (VFS) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2023-12-31. |
| FY2022 | ~$536.2M | -~$2B | -13.1% | VinFast Auto (VFS) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2022-12-31. |
| FY2021 | ~$617.1M | -~$1.2B | — | VinFast Auto (VFS) annual reports, as compiled by S&P Global (via StockAnalysis) Fiscal year ended 2021-12-31. |
Click any row to see year details.
VinFast balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 20-F, linked on each row. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
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VinFast Revenue and Financial FAQ
What were VinFast Auto's total revenue and vehicle delivery figures for 2025?
In 2025, VinFast reported total revenues of VND 90.2 trillion (~$3.47 billion USD), more than doubling 2024 revenue, while delivering 196,919 electric vehicles and 406,498 electric two-wheelers.
What was VinFast's net loss in 2025?
VinFast reported a consolidated net loss of approximately VND 99.4 trillion (~$3.83 billion USD) in 2025, driven by ongoing manufacturing ramp costs, international expansion, and vehicle development expenses.
How has VinFast's gross margin evolved over time?
Gross margin improved from negative 57.4% in 2024 to negative 42.5% in 2025, reflecting higher plant utilization and increased production volume of lower-cost models like the VF 3 and VF 5.
How did VinFast perform in the first half of 2026?
In H1 2026, VinFast delivered 128,662 electric vehicles—up 78% year-over-year—maintaining strong sales momentum in Vietnam and expanding initial deliveries across Southeast Asia and India.
How much financial capital has founder Pham Nhat Vuong and Vingroup committed to VinFast?
Vingroup and Pham Nhat Vuong have invested, loaned, and granted over $12 billion into VinFast since 2017, with Vuong pledging an additional $1 billion in personal non-refundable grants and Vingroup providing up to $1.4 billion in loans through 2026.
What is VinFast's balance sheet debt and capital structure?
VinFast carries substantial short-term and long-term borrowings from domestic Vietnamese commercial banks and corporate bonds, with the majority of debt guaranteed by parent company Vingroup.
What is VinFast's capital expenditure (CapEx) profile?
Annual CapEx has averaged between $1.0 billion and $1.5 billion, funding tooling, factory construction in Tamil Nadu and Indonesia, and continuous battery pack automation.
What is the stock performance and market capitalization of NASDAQ: VFS?
Following its speculative August 2023 low-float spike to over $80 per share, VFS shares stabilized in the single-digit dollar range, reflecting long-term investor focus on vehicle execution and cash burn.
What is the Average Selling Price (ASP) of VinFast vehicles?
ASP trended lower from ~$35,000 for early VF 8 exports to approximately $18,000–$22,000 in 2025–2026 as high volumes of the affordable VF 3 and VF 5 dominated sales.
Does VinFast plan further equity capital raises?
Yes, VinFast files periodic SEC shelf registrations to opportunistically issue shares to institutional investors, while seeking strategic equity investments for its regional overseas subsidiaries.
When does management project reaching gross margin breakeven?
Management targets reaching gross margin breakeven as total annual deliveries approach 300,000 to 400,000 units and localized assembly plants in India and Indonesia achieve scale.
What are the main financial risks disclosed in VinFast's SEC Form 20-F?
Disclosed risks include persistent net losses, reliance on Vingroup financing, foreign exchange rate fluctuations between the Vietnamese dong and US dollar, and fierce price competition from Chinese EV makers.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "VinFast Revenue & Financials." CorpDigest, https://corpdigest.com/company/vinfast/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>VinFast reported ~$3.5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/vinfast/financials" target="_blank" rel="noopener">CorpDigest — VinFast financials</a></div>Related Financial Audits
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