Vietnam’s VinFast reported a nearly 42% rise in first-quarter revenue on Monday, driven by strong demand for its electric vehicles in key Southeast Asian markets, but posted a wider net loss.
Quarterly revenue rose to 23.11 trillion dong ($877.24 million) from 16.31 trillion dong a year earlier, the company said in a statement.
In recent years, VinFast has shifted focus to Southeast Asia and India, targeting high-population markets, though it did not provide a sales breakdown by geography. EV sales remain sluggish in the United States and some other countries.
The EV maker’s first-quarter net loss narrowed 25.1% from the previous quarter but widened 59% year-on-year to 28.11 trillion dong, as it spends heavily on new factories and production ramp-ups.
VinFast shares fell 5% in pre-market trading.
The company has agreed to supply GSM, a taxi company founded by Chairman Pham Nhat Vuong, with around 1 million EVs and 4 million e-scooters between 2026 and 2030, it said.
Sales to GSM accounted for 13% of four-wheelers and 1% of two-wheelers in the quarter.
Senior executive Anne Pham told analysts that share could rise to 15% once the program is fully launched, adding GSM plans to expand to five more countries by the end of this year from five currently.
Last month, in an effort to restructure local operations, VinFast said it planned to sell its Vietnamese manufacturing facilities for 13.3 trillion dong to a buyer group that would also take on about $6.9 billion in debt.
North Carolina has sued VinFast for allegedly failing to meet commitments to build an EV and battery factory, despite the company’s plans to resume the project for a 2028 launch.
The company declined to comment on the suit, saying it remained committed to the U.S. market.
Reuters
