VFSNasdaqMotor Vehicles & Passenger Car BodiesUS GAAP · USD

VinFast Auto Ltd.

VinFast Auto Ltd. is an electric vehicle manufacturer organized under VinFast Auto Ltd. and its subsidiaries, focused on electric SUVs, e-scooters, e-bikes, and e-buses. The company operates across Vietnam and exports to markets in Asia, North America, and Europe, with production, assembly, and distribution activities supported by its wider international footprint.

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Revenue90,178.6bn USD
+104.9 %y/y
Operating profit (EBIT)-74,094.2bn USD
−33.7 %y/y
EBIT margin-82.2%
+43.7 ppy/y
Net income-99,384.7bn USD
−28.6 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-100,000-50,000050,000100,000bn USD2021: 16,028.2 bn USD2021: EBIT -27,067.4 bn USD20212022: 13,927.7 bn USD2022: EBIT -42,256.4 bn USD20222023: 28,712.1 bn USD2023: EBIT -40,453.2 bn USD20232024: 44,019.0 bn USD2024: EBIT -55,399.2 bn USD20242025: 90,178.6 bn USD2025: EBIT -74,094.2 bn USD202590,178.6-74,094.2
RevenueOperating profit (EBIT)

Business

Share of revenue
Electric SUVs65 %

Passenger battery-electric sport utility vehicles across the mini- to E-segments.

Two-Wheel EVs15 %

Electric scooters and e-bikes sold under VinFast's mobility product line.

E-Buses10 %

Electric buses used for public and fleet transportation applications.

Distribution and Services10 %

Vehicle sales through dealerships, owned showrooms, and related market support.

Products

Reported · share of revenue
93.8%FY2025100 %
  • Vehicle Product93.8 %
  • Other6.2 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

VinFast sells primarily to retail consumers seeking electric passenger vehicles and two-wheel EVs, especially in markets where EV adoption is still developing. It also serves fleet and mobility customers through partnerships such as ride-hailing and leasing platforms, which can absorb large volumes and broaden brand visibility.

Retail passenger-vehicle buyers

Consumers buying electric SUVs for private transport and daily use.

Two-wheel EV consumers

Urban buyers purchasing e-scooters and e-bikes for short-distance mobility.

Fleet and mobility operators

Ride-hailing, leasing, and mobility platforms sourcing EVs at scale.

Commercial transit customers

Public and private operators buying e-buses for transport applications.

Dealer network partners

Franchise and distribution partners that sell and support VinFast vehicles.

Strategy

VinFast's strategy centers on expanding EV adoption through a mix of dealer partnerships, owned retail points, and fleet-based distribution models. It is also building international manufacturing, assembly, and distribution capacity while keeping flexibility to adjust product mix, market entry pace, and channel strategy as conditions change.

Broaden market presence through multiple distribution modelsShort term

Dealer networks and fleet partnerships can scale sales faster than direct-only channels.

Expand manufacturing and assembly footprint internationallyMedium term

Additional capacity supports volume growth and reduces bottlenecks across markets.

Deepen presence in Southeast Asia and IndiaMedium term

These markets are identified as core growth engines for EV adoption and brand ranking.

Geography

VinFast operates from Vietnam and exports into Asia, North America, and Europe, making the business dependent on cross-border manufacturing and distribution. Southeast Asia and India are described as core growth markets, while the company continues to build out international manufacturing, assembly, and dealer coverage to support sales across more countries.

Risks

VinFast's business depends on successful EV adoption, channel build-out, and the execution of capital-intensive manufacturing expansion across multiple regions. Key risks include demand volatility in emerging EV markets, reliance on external funding and policy support, and impairment risk tied to long-term assumptions about revenue growth and margins.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Capital funding dependence1Impairment risk on goodwill and intangibles2Demand and adoption risk3Execution risk in manufacturing expansion4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Capital funding dependenceImpact: HighLikelihood: High

    Growth strategy requires loans, equity, debt markets, affiliates, and operations cash.

    Exposure: International expansion and capacity build-out

  2. Impairment risk on goodwill and intangiblesImpact: HighLikelihood: High

    Recoverable value depends on revenue growth, margin improvement, and discount-rate assumptions.

    Exposure: Automotive CGU and intangible assets

  3. Demand and adoption riskImpact: HighLikelihood: Medium

    EV demand in emerging and newer markets can shift with incentives, pricing, and competition.

    ExposureSoutheast AsiaIndiaNorth AmericaEurope
  4. Execution risk in manufacturing expansionImpact: HighLikelihood: Medium

    New brownfield and greenfield projects can face delays, cost overruns, and ramp-up issues.

    Exposure: New and expanded production facilities

Accounting

Judgemental items
Goodwill and intangible asset impairment

Management uses DCF and fair value less costs of disposal models tied to future revenue and margins.

Impact: Can create large non-cash charges and reduce reported equity

Fair value estimation

Derivatives and equity instruments are carried at fair value, requiring market and model inputs.

Impact: Volatility in earnings and balance-sheet values

Going concern assessment

The financial statements explicitly evaluate the ability to continue as a going concern.

Impact: Important for interpreting liquidity and solvency risk

Uncertain tax positions

Tax treatments depend on management judgment and acceptance by tax authorities.

Impact: Can alter tax provisions and effective tax rate

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Last updated: 28/09/2026