VinFast Records 115% Rise in Car Sales and 49% Jump in Revenue

VinFast reports positive Q3 results: vehicle deliveries up 115%, revenue up 49.3%

In Q3, VinFast delivered a total of 21,912 electric vehicles, a 66% increase from Q2 and a remarkable 115% surge compared to the same period in 2023. Notably, electric vehicle deliveries to consumers rose by 163% compared to the previous quarter, indicating strong market demand for VinFast electric cars.

The company’s total revenue reached VND 12,326 billion, marking a 42.2% increase from Q2 and a 49.3% jump compared to the same period last year.

VinFast recorded a gross loss of VND 2,957 billion in Q3, a 45.6% decrease compared to Q2 2024.

Gross profit margin improved to -24%, up from -62.7% in the previous quarter and -27% in the same period last year.

Net loss stood at VND 13,251 billion, a significant reduction of 29.4% from Q2 2024 and a 14.8% decrease year-over-year.

Ms. Le Thi Thu Thuy, Chairwoman of VinFast’s Board of Directors, shared: “Our Q3 results were driven by positive business performance in September. We recorded the highest monthly vehicle deliveries in the domestic market. This is also a historic milestone for Vietnam’s automotive industry, as a homegrown brand, just seven years old, surpassed foreign automakers to become the market leader.”

“We expect to end 2024 on a positive note, achieving our previously set target of delivering 80,000 vehicles, thanks to the strong momentum in Q3 continuing into Q4. Manufacturing high-quality electric vehicles is no easy feat, and it requires determination and perseverance to overcome challenges. Every day, we strive to innovate and create powerful, smart electric vehicles that play a crucial role in the green mobility revolution. It’s not a smooth road, but we remain highly committed and confident that electrification is the future.”

Ms. Nguyen Thi Lan Anh, VinFast’s Chief Financial Officer, affirmed: “We are proud to share that VinFast delivered strong Q3 results, driven by robust revenue growth and improved profit margins due to reduced gross and net losses. Benefits from economies of scale, optimized production costs, and optimized material costs have positively impacted our gross profit margin and will be the main driver on our path to profitability.”

“Our overall liquidity position has improved thanks to expected loans from Vingroup and expected funding from our founder, totaling $3.5 billion from now until 2026, as recently announced.”

The Vietnamese market significantly contributes to revenue growth

In September, VinFast delivered a substantial number of vehicles in the Vietnamese market, becoming the best-selling brand and solidifying its position in the domestic market. This is the first time an all-electric company has surpassed all international brands to capture the top market share in Vietnam.

In October, VinFast delivered over 11,000 electric vehicles to Vietnamese customers, a 21% increase from September, bringing the total electric vehicle deliveries in Vietnam to 51,000 units for the year. VinFast maintained its position as the leading brand in market share for October and became the best-selling automaker in the first ten months.

To meet the growing demand for low-cost segment models and optimize efficiency, the company plans to expand its production in Ha Tinh province, specializing in manufacturing the affordable electric models VF 3 and VF 5. VinFast intends to apply a long-term lease model to optimize initial investment cash flow.