HANOI: Vietnamese electric vehicle (EV) manufacturer VinFast announced a net loss of US$712 million for the first quarter of 2025, despite a sharp increase in vehicle deliveries and revenue.
The company, which aims to position itself as a serious contender in the global EV market alongside established players such as Tesla, has faced ongoing challenges in penetrating international markets.
During the first three months of the year, VinFast delivered 36,330 electric vehicles, marking a substantial year-on-year increase of 296 per cent. Total revenue for the quarter reached US$656.5 million, reflecting a rise of nearly 150 per cent compared to the same period in 2024.
VinFast Chairwoman Thuy Le described the uptick in deliveries as “an encouraging start to 2025 amid ongoing global uncertainties.”
In 2024, the company reported a net loss exceeding US$3 billion, despite having almost tripled its delivery volume over the year. The continued losses underscore the financial pressures facing emerging EV manufacturers navigating complex global trade dynamics and intense competition.
VinFast’s parent company, Vingroup, remains a dominant force in Vietnam’s economy, with diversified interests spanning healthcare, real estate, education and technology.
The company’s performance comes against the backdrop of escalating trade tensions, with global commerce disrupted by a wave of tariffs initiated by US President Donald Trump in April. Last week, Vietnamese authorities indicated that discussions with Washington were progressing, as they seek to avoid a proposed 46 per cent levy that could significantly impact the country’s export-driven economy.
-AFP
