Vietnam’s first homegrown electric vehicle manufacturer VinFast reported on Friday a net loss of more than $900 million in the third quarter despite rising sales.
Part of the Vingroup conglomerate owned by Vietnam’s richest man Pham Nhat Vuong, VinFast listed on the Nasdaq in 2023 and aims to compete with global EV giants such as Tesla.
The company reported a third-quarter net loss of 24 trillion dong ($910 million), almost double the 13.2-trillion-dong loss for the same period last year.
But VinFast said it delivered nearly 38,200 vehicles in the third quarter, bringing its total for 2025 to 110,00 EVs — up by 149 percent year-on-year.
In a statement, VinFast chairwoman Thuy Le attributed increasing sales revenues to the “growing strength” and “effectiveness” of the company’s regional expansion strategy.
VinFast reported a net loss of more than $3 billion last year despite almost tripling deliveries of its cars.
With almost 400 showrooms globally, the company is trying to crack markets in Asia, the Middle East, Europe, the United States and Canada.
Vingroup is among the most powerful business entities in the communist country, with interests real estate, infrastructure development, tech, education and healthcare.
VinFast’s e-scooters, e-cars and e-buses are ubiquitous in the country of 100 million people.
Major municipalities including the capital Hanoi and Ho Chi Minh City are working on plans to make EVs mandatory in certain areas to reduce air pollution.
