VinFast has just announced its unaudited financial results for the second quarter of 2025, and the numbers show both massive growth and heavy challenges. The Vietnamese EV maker delivered nearly 36,000 electric cars and 70,000 two-wheelers in just three months, recording a sharp rise in sales compared to last year. But despite earning $663 million in revenue, the company is still struggling with big losses.
Car and Bike Deliveries Surge
In Q2 2025, VinFast handed over 35,837 electric cars, a stable figure compared to the first quarter but a huge 172% jump over Q2 2024. For the first half of the year, total deliveries hit 72,167 cars, which is a staggering 223% increase year-on-year.
The two-wheeler segment also saw strong momentum. VinFast delivered 69,580 electric motorbikes and bicycles in Q2, up 55% from Q1 and a whopping 432% rise over the same quarter last year. In total, the company sold 114,484 units in the first six months, which is 447% higher than the same period in 2024.
Revenue vs. Losses
The EV giant reported VND 16,609.3 billion ($663 million) in revenue for Q2 2025, marking a 1.9% increase over Q1 and a 91.6% rise year-on-year. However, profitability remains a major concern.
- Gross margin: –41.1% (better than –62.7% in Q2 2024)
- Gross loss: VND 6,824.9 billion ($272.4 million)
- Net loss: VND 20,341.6 billion ($812 million)
Despite the financial pressure, VinFast says models like the VF 3, VF 5, and VF 6 continue to dominate sales in Vietnam, with more than 70% going directly to individual customers (B2C) for four straight quarters.
Expanding Beyond Vietnam
VinFast isn’t just focusing on its home turf. The company has been aggressively expanding across Asia and beyond:
- India: Opened its first showrooms and set up an assembly plant in Tamil Nadu.
- Indonesia: Launched the VF 7 and is building a factory in Subang.
- Philippines: Captured about 25% of the EV market share in H1 2025.
- US & other regions: Strengthening presence in North America, Europe, and the Middle East.
By June 2025, VinFast had 394 stores worldwide and aims to double its global deliveries by the end of 2025.
