Vietnamese electric vehicle (EV) manufacturer VinFast reported a remarkable performance for the first quarter of 2025, with revenue soaring nearly 150% year-on-year and electric vehicle deliveries surpassing the total figure for the first half of the previous year.

 

According to VinFast, in the context of a volatile global automotive market and a typically quiet first quarter, it delivered a total of 36,330 electric cars, an increase of 296% compared to the same period in 2024 and exceeding the total number of vehicles delivered in the first half of last year. The company also handed over 44,904 electric scooters and bicycles, marking a 473% year-on-year growth.

 

In Q1, the carmaker recorded total revenue of 16.306 trillion VND (656.5 million USD), up 149.9% year-on-year. However, the company also reported a gross loss of nearly 5.74 trillion VND and a net loss of 17.69 trillion VND for the period.

 

As of the end of April, VinFast had established a network of 388 stores worldwide, comprising both direct-to-consumer showrooms and authorised dealership systems.

 

Le Thi Thu Thuy, Chairwoman of VinFast, said: "We are beginning to see improved operating leverage as volume growth and a streamlined footprint translate into a more efficient cost structure. Looking ahead, our next-generation EV platform and E/E architecture is intended to further BOM cost optimisation, enhancing product quality, performance, and affordability across our lineup."

 

Aiming to double vehicle deliveries this year, VinFast is focusing on key markets including Vietnam, Indonesia, the Philippines, India, North America, and Europe, while also exploring new opportunities in the Middle East and Africa./.