VinFast 2025 EV Deliveries Double to 196,919 as Q4 Revenue Jumps 139%
VinFast delivered 86,557 EVs in Q4 2025 (+127% QoQ, +63% YoY) and 196,919 EVs in full year 2025 (+102% YoY), exceeding its doubling guidance. Q4 revenue rose 138.9% YoY to US$1,568.9 million with gross margin improving to -39.9% from -79.1% a year earlier.
1. Record EV Deliveries
VinFast delivered 86,557 EVs in Q4 2025, up 127% QoQ and 63% YoY, and 196,919 EVs in full year 2025, a 102% increase that surpassed its guidance to double 2024 volumes. Nearly 49% of Q4 deliveries were commercial Green and EC Van models, with international markets contributing 18%.
2. Revenue Growth and Margin Improvement
Total revenue reached VND 39,411.7 billion (US$1,568.9 million) in Q4, up 138.9% YoY, and VND 90,427.6 billion (US$3,599.7 million) for the full year, a 105.4% increase. Gross margin improved to negative 39.9% in Q4 from negative 79.1% a year earlier, reflecting scale benefits and cost optimization.
3. Global Expansion and New Models
As of December 31, 2025, VinFast operates 424 showrooms worldwide and has segmented its EV portfolio into VF, Green, and Lac Hong brands targeting different customer niches. Next-generation VF 6 and VF 7 production is set to start in H2 2026 alongside new Lac Hong models, supporting its path to profitability through cost reductions and AI integration.