VinFast reports fourth quarter and full year 2024 financial results

VinFast Auto Ltd., a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

Impressive revenue growth driven by strong vehicle deliveries

EV deliveries were 53,139 in the fourth quarter of 2024, representing an increase of 143% from the third quarter of 2024. 

VinFast experienced robust growth in its business-to-consumer (B2C) sales, marking a 140% increase quarter-over-quarter and a remarkable over 20-fold increase year-over-year. 

For the full year 2024, EV deliveries were 97,399, representing an increase of approximately 192% from 2023, underscoring strong growth momentum and positive market reception.

E-scooter deliveries were 31,170 in the fourth quarter of 2024, representing an increase of 65% from the third quarter of 2024. For the full year 2024, e-scooter deliveries were 70,977, representing an increase of approximately 1% from 2023.

Total revenues were VND16,496.4 billion (US$677.9 million) in the fourth quarter of 2024, representing an increase of 69.8% from the fourth quarter of 2023 and an increase of 33.8% from the third quarter of 2024. 

Total revenues were VND44,019.6 billion (US$1,808.9 million) in 2024, representing an increase of 57.9% from 2023. 

Gross loss was VND25,277.6 billion (US$1,038.7 million) for the full year 2024, gross margin was negative (57.4%). Net loss was VND77,354.9 billion (US$3,178.8 million).

The decrease of gross margin over the fourth quarter of 2023 and the third quarter of 2024 was primarily driven by the recognition of a one-time free charging program fee as a reduction from revenue in the estimated amount of VND5,900 billion (USD$242.5 million) contributed by VinFast’s Founder and CEO, Vingroup’s Chairman, Mr. Pham Nhat Vuong. 

With a strategic vision and a strong aspiration to shape a green future globally, Vingroup and Mr. Pham Nhat Vuong remain steadfast in their mission to make electrified mobility more accessible to everyone, striving towards a “zero-emission” transportation landscape.  

Demonstrating astrong commitment to VinFast’s expansion, Mr. Pham Nhat Vuong has disbursed VND10 trillion (US$410.9 million) in non-refundable grants as of March 31, 2025. 

This is part of his pledge, outlined in the grant agreement dated November 12, 2024, to provide up to VND50 trillion (US$2.1 billion) to the Company and its subsidiaries.

As of March 31, 2025, Vingroup had also disbursed over VND27 trillion in loans to VinFast. Late last year, the conglomerate committed to providing VinFast with new loans totaling up to VND35 trillion to support its continued growth momentum.  

Madam Thuy Le, Chairwoman of VinFast, said: “VinFast had an outstanding Q4 and full year 2024, reflecting the Company’s ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “VinFast concluded 2024 with solid momentum, setting the foundation for sustained volume growth in 2025—an important milestone on our path toward profitability. As a young and innovative company, we remain committed to investing in R&D and capital expenditure to build better-quality, better-performance electric vehicles to our customers. These investments will be strategically balanced by continued efficiencies across other areas of the business thanks to top line growth and further cost savings.”

Global footprint grows as Vietnam leadership solidifies

VinFast is actively pursuing expansion in promising markets and optimizing performance in its key focus markets.  

Indonesia: Following initial deliveries of the VF e34s and VF 5s in 2024, VinFast continues to penetrate the Indonesian market with the fourth shipment departing in early March, consisting of nearly 2,500 vehicles including the VF 3, VF 5, VF e34 and Nerio Green. As of March 31, 2025, VinFast has 22 dealer stores in Indonesia. 

The Philippines: At the 2025 Manila International Auto Show (MIAS), VinFast launched sales of the VF 6, marking the fifth VinFast model available to Filipinos after the VF 3, VF 5, VF 7 and VF 9.

The Company also announced partnerships with six local dealers to establish over 60 additional dealer stores in the country by end of 2025. As of March 31, 2025, VinFast has 6 dealer stores in the Philippines. 

North America: VinFast introduced a dealership model to complement the Company’s D2C approach in the international markets since late 2023, aiming to optimize operations while broadening its distribution network. 

To further capture these benefits, VinFast intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in California, U.S. in the coming months. 

As of today, VinFast has already developed a network of 38 operational and to-be-operational dealers in 16 states across the US, including one dealer in California.

Europe: VinFast is initiating plans to develop a widespread dealer network across major cities in Europe, while concurrently strengthening collaborations with reputable after-sales partners throughout the region.

In addition, the Company has launched and started deliveries of the VF 6, its second model introduced in Europe following the VF 8.

In its domestic market of Vietnam, VinFast is further solidifying its position at the forefront of the green mobility transition with the introduction of its all-new “Green” product line. Specifically designed and optimized for transportation services, this range encompasses four models across distinct segments: Minio Green (minicar), Herio Green (A-SUV), Nerio Green (C-SUV), and Limo Green (MPV) with starting MSRP ranges from VND269 million (approx. US$11,100) to VND749 million (approx. US$30,800).

Deliveries are expected to start in the second quarter of 2025 for the Herio Green and Nerio Green, with Minio Green and Limo Green following in August this year.

Business outlook

Building on a foundation of steady growth and established fundamentals, VinFast has set a target of at least doubling its global vehicle deliveries in 2025. The Company intends to maintain a flexible approach to its business strategy and objectives, continuously evaluating market dynamics and macroeconomic conditions, while remaining steadfast in its vision to advance the global transition to sustainable mobility. 

Throughout 2025, VinFast will continue to explore opportunities to increase its market presence. Simultaneously, the Company is focused on further enhancing its capabilities and optimizing operations spanning production, assembly, sales, and distribution to effectively meet the accelerating global demand for green transportation./.