HANOI, Vietnam’s electric vehicle (EV) maker VinFast posted a net loss of US$812 million in the second quarter, even as deliveries surged.
The country’s first homegrown car manufacturer — part of the Vingroup conglomerate led by Vietnam’s richest man — has set its sights on competing with global EV leaders such as Tesla. However, breaking into overseas markets has proven difficult, with its shares experiencing sharp swings since listing on Nasdaq in August 2023.
Vietnam’s electronic vehicle (EV) manufacturer VinFast reported a net loss of US$812 million in the second quarter, despite deliveries jumping significantly.
According to its unaudited results released Friday, VinFast’s Q2 net loss widened by nearly US$40 million compared with the same period last year. Vehicle deliveries rose sharply to more than 35,800 units, up 172% year-on-year, while revenue jumped 91.6% to US$663 million. Chairwoman Thuy Le said the results keep VinFast “on track to at least double our deliveries in 2025.”
Despite reporting losses exceeding US$3 billion last year, the company has nearly 400 showrooms worldwide and is pushing into markets across Asia, the Middle East, Europe, the US and Canada. The company now faces added challenges from tariffs, after Washington imposed a 20% duty on Vietnamese EV exports in July under a deal with Hanoi.
Vingroup, chaired by tycoon Pham Nhat Vuong, dominates various sectors in Vietnam, including real estate, healthcare, education and technology. Domestically, VinFast’s e-scooters, cars and buses have become a common sight on the streets of the 100-million-strong nation.
