VinFast delivered a breakout performance in 2025, doubling global electric vehicle deliveries while posting triple-digit revenue growth—solidifying its position as one of the fastest-growing EV makers in Asia and beyond.
The Vietnamese automaker delivered 196,919 EVs globally in 2025, up 102% year-over-year, exceeding its own target to at least double 2024 deliveries. Total revenue climbed to approximately $3.6 billion, marking a 105% increase, as VinFast aggressively scaled production and expanded into international markets.
VinFast is targeting at least 300,000 EV deliveries in 2026, as it continues to scale operations and improve cost efficiency.
Record Quarter Caps a Breakout Year
The fourth quarter of 2025 was particularly strong. VinFast delivered 86,557 EVs, its highest quarterly total to date, representing a 127% increase quarter-over-quarter and 63% growth year-over-year.
International markets are beginning to play a meaningful role. For the first time, overseas deliveries accounted for around 18% of total quarterly sales, with growing traction in India, Indonesia, and the Philippines.
Commercial EVs also gained momentum. Models under the Green brand—including fleet-focused vehicles and the EC Van—made up roughly 49% of Q4 deliveries, highlighting rising demand for electrified mobility solutions beyond private consumers.
Revenue Growth Accelerates, Margins Improve
VinFast’s rapid scaling translated into strong financial performance. The company reported $1.6 billion in revenue in Q4 2025, up 139% year-over-year and nearly 118% compared to the previous quarter.
Encouragingly, profitability metrics showed improvement.
– Gross margin narrowed to -39.9% in Q4 2025, compared to -79.1% a year earlier
– Full-year gross margin improved to -42.5%, up from -57.4% in 2024
Despite these gains, VinFast remains in the red, reporting an EPS of -$0.6, underscoring the challenges of scaling a capital-intensive EV business.
Expanding Global Footprint and Production Capacity
To support its rapid growth, VinFast significantly expanded its manufacturing footprint in 2025.
The company now operates four production facilities globally, including:
– Two plants in Vietnam (Hai Phong and Ha Tinh)
– A new factory in India (Tamil Nadu)
– A second overseas facility in Indonesia (Subang)
Combined, these plants provide a total installed capacity of approximately 600,000 EVs annually.
Operational efficiency is improving as well. The Hai Phong plant alone produced nearly 26,000 EVs in December 2025, and the company marked the production of its 200,000th EV of the year on December 31.
Broad Product Strategy Across Three Brands
VinFast has streamlined its portfolio into three distinct brands:
– VF lineup – Passenger EVs ranging from compact models like VF 3 to larger vehicles such as VF 9 and the new VF MPV 7
– Green brand – Commercial EV solutions focused on fleet efficiency
– Lac Hong – Ultra-luxury EVs, including the newly unveiled Lac Hong 800S and 900S
New product launches are targeting both consumer and fleet segments, including two seven-seat MPVs designed for different use cases.
Technology and Cost Optimization at the Core
Looking ahead, VinFast is focusing heavily on cost reduction and platform efficiency to improve profitability.
The company is rolling out a next-generation vehicle platform that reduces component count, enables parts sharing across models and simplifies electrical architecture and wiring.
VinFast is also collaborating with VinRobotics to deploy automation and AI-driven manufacturing systems, including robotics for quality inspection and assembly. These efforts aim to boost productivity and reduce production costs over time.
Strengthening Market Position in Asia
VinFast continues to gain ground across key markets:
– In Vietnam, it ended 2025 with an estimated 36% market share, up from 22% in 2024
– In India, the company climbed to No.4 among EV brands within months of launching sales
– In Indonesia, it ranked No.3 in the BEV segment
– In the Philippines, it secured the No.2 position
The company now operates 424 showrooms globally, supporting its expanding customer base.
Autonomous Driving and Future Tech
VinFast is also investing in advanced driver assistance systems (ADAS), with a roadmap progressing from Level 2+ to Level 4 autonomy.
The automaker is collaborating with AI company Tensor on autonomous “robocar” development, with prototypes already undergoing testing. While commercialization is still ahead, VinFast sees autonomy as a long-term strategic opportunity.
