VinFast Auto — Focusing on top-line growth

VinFast Auto’s FY25 results highlight a year focused on scale, with electric vehicle (EV) deliveries rising 102% y-o-y to c 197k and e-scooter/e-bike deliveries increasing 473% to c 406k. Revenue rose 105.4% y-o-y to $3.6bn, while gross margin improved to -42.5% from -57.4%, indicating better fixed-cost absorption as volumes increased. The group remains loss-making, with net losses of c $3.9bn. However, FY25 showed progress in margin development, cost optimisation and utilisation, suggesting that early scale benefits are beginning to come through. As VinFast continues to increase its number of deliveries, the question is whether these gains can translate into stronger operating leverage, higher utilisation and a reduction in unit costs. We have updated our FY26 forecasts and introduce FY27 estimates.