VinFast 2025 Revenue Hits VND 90,179 Billion, Up 104.9% YoY

Overview

VinFast (VFS) announced its 2025 annual revenue of VND 90,179 billion ($3.59 billion), a 104.9% surge from 2024’s VND 44,019 billion. The record result was fueled by strong domestic EV sales, with the company capturing 36% of Vietnam’s passenger car market, and expanding global footprint across Asia-Pacific, North America, and Europe.

Key Facts

• Total 2025 revenue: VND 90,179 billion ($3.59 billion), up 104.9% year-on-year.
• EV sales revenue: VND 77,835 billion, accounting for 86.3% of total revenue.
• Domestic market revenue: VND 80,381 billion, driven by 175,099 EV deliveries in Vietnam.
• International revenue: Asia-Pacific VND 6,822 billion, North America VND 2,646 billion (US: VND 1,581 billion, Canada: VND 1,065 billion), Europe VND 330 billion.
• Total EV deliveries in 2025: 196,919 units, up 102% from 2024.
• Capital expenditure in 2025: VND 22,979 billion ($914.7 million), including new assembly plants in Hà Tĩnh (Vietnam) and Subang, West Java (Indonesia).
• VinFast’s market share in Vietnam’s passenger car market reached 36% in 2025, up from 22% in 2024.

What Happened

VinFast released its 2025 annual report, revealing a landmark revenue figure of VND 90,179 billion ($3.59 billion), more than double the previous year. The company attributed the growth to robust domestic EV sales, where it delivered 175,099 electric vehicles, capturing over a third of the Vietnamese passenger car market. Internationally, the Asia-Pacific region saw revenue surge to VND 6,822 billion from VND 1,840 billion in 2024, while North America contributed VND 2,646 billion.

The report also detailed significant capital investments totaling VND 22,979 billion ($914.7 million) in 2025. Key projects included a new assembly plant in Hà Tĩnh, Vietnam, with an initial capacity of 200,000 vehicles per year, and a CKD facility in Subang, Indonesia, with a capacity of 50,000 vehicles per year, which began operations in December 2025. The Indonesian project had incurred VND 3,625.3 billion in costs by year-end.

Market Context

VinFast (VFS) trades on the Nasdaq under the ticker VFS. The stock has been volatile since its SPAC merger in 2023, with recent price action reflecting investor focus on delivery numbers and path to profitability. The 2025 revenue beat, driven by domestic market dominance and international expansion, may bolster sentiment. However, the company remains in a high-investment phase, with capex of nearly $1 billion in 2025, and has yet to report net profitability. The Vietnamese auto sector is increasingly competitive, with domestic players like VinFast and foreign entrants vying for market share.

Strategic Significance

VinFast’s 2025 results demonstrate its ability to scale production and capture market share in its home market, while simultaneously building global manufacturing capacity. The new plants in Hà Tĩnh and Indonesia position the company to serve both domestic demand and regional export markets, particularly in Southeast Asia. The revenue growth, driven entirely by EVs, underscores VinFast’s transition away from ICE vehicles and its bet on electric mobility. However, the heavy capex spend and reliance on the Vietnamese market for 89% of revenue highlight the need for successful international expansion to achieve long-term sustainability.

What to Watch

• Q1 2026 delivery numbers and revenue, expected in April 2026, to gauge momentum.
• Updates on US factory timeline and production ramp in North Carolina.
• Net income and EBITDA figures in the 2025 annual report (if disclosed) to assess profitability progress.
• Any new partnership or financing announcements to support ongoing capex requirements.
• Market share trends in Indonesia and other Southeast Asian markets as the CKD plant ramps up.