VinFast Q4 Gross Margin at -40%, Expands in India and Indonesia, NC Plant Restart
VinFast posted a Q4 2025 gross margin of -40%, narrowed by BOM optimization, localization and supplier pricing, though profitability remains distant. The company plans factories in India and Indonesia, will resume North Carolina plant construction in 2026 (SOP 2028), and holds 36% of Vietnam’s mobility market.
1. Q4 2025 Financial Results
VinFast reported a negative gross margin of 40% in Q4 2025, an improvement from the prior year driven by BOM optimization, production growth, supplier pricing and increased localization. Despite these gains, management does not expect positive gross margins in the near term as the company continues to scale volume and optimize costs.
2. Manufacturing Expansion
The company is expanding global capacity with new manufacturing facilities planned in India and Indonesia and will resume construction of its North Carolina plant in 2026, targeting start of production in 2028. This expansion aims to diversify production footprint and address regional demand with localized output.
3. Market Performance
International deliveries accounted for 18% of Q4 shipments and 11% of full year 2025 volume, reflecting growing overseas traction. In Vietnam, VinFast maintained its leadership as the top mobility brand with a 36% market share, up from 22% in 2024.
4. Product Pipeline and Timelines
VinFast plans to launch the VF8 REEV hybrid model in Vietnam in 2027, leveraging existing BEV platforms with manageable incremental R&D. The VF-7 mid-size crossover is nearing completion of US regulatory approvals, with production slated to begin next month and deliveries before year-end.