VinFast saw 58 per cent revenue surge

VinFast released financial statements for the last quarter of 2024 on April 24, with VND16.5 trillion ($660 million) in total revenue, up 33.8 per cent on-year. However, the company saw a net loss of VND31 trillion ($1.24 billion), far higher than the VND17 trillion ($680 million) seen in the same period in 2023.

The car manufacturer brought in more than VND44 trillion ($1.76 billion) in revenue for the whole of last year, up 58 per cent on 2023. The number of VinFast cars delivered in 2024 reached 97,000, up 192 per cent on-year.

By the end of last year, VinFast's total assets reached almost VND147 trillion ($5.9 billion), down VND9 trillion ($360 million) from the beginning of the year. The company had accumulated losses of VND190.5 trillion ($7.5 billion), leading to a negative equity of VND65.4 trillion ($2.6 billion).

In the last two years, Vingroup delivered nearly VND27.5 trillion ($1.1 billion) to VinFast. In the first quarter of this year, Pham Nhat Vuong, chairman of Vingroup and CEO of VinFast, also poured an additional VND10 trillion ($400 million) into the company.

VinFast is aiming to sell 200,000 cars in 2025. "This will be a record number of cars sold by a manufacturer in Vietnam. If the plan is completed, the company can break even this year," Vuong said at Vingroup's 2025 AGM on April 24.

In the first three months of this year, the company sold more than 35,000 cars, accounting for 17.5 per cent of the plan.

However, Vuong admitted that the number of VinFast cars sold abroad has been underwhelming, at about 10,000 last year, equivalent to about 10 per cent of the total number of cars sold globally.

In the future, Vuong said that foreign markets, like India, Indonesia, and the Philippines, will be the focus. A new Indian plant will open at the end of June, with an Indonesian plant being completed by October.

"Overseas sales will be different in 2026 when the two new plants are operational," added Vuong.

VinFast, Hyundai, and Toyota account for 46 per cent of Vietnam’s car market VinFast, Hyundai, and Toyota were the leading car manufacturers in Vietnam in 2024 with a combined market share of 46 per cent, according to the European Chamber of Commerce.

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