In Q3 2025, VinFast faced a sharp increase in losses, reflecting ambitious investments in expanding sales and entering new markets. The company is actively implementing a scaling strategy amid fierce competition in Southeast Asia, the largest market for the EV manufacturer, while simultaneously facing financial pressure.
VinFast reported a net loss of 24 trillion dong ($910.85 million), nearly double the figure from the previous year (13.25 trillion dong). At the same time, revenue rose to 18.1 trillion dong, an increase of 46.8% compared to Q3 2024. These figures demonstrate a steady growth in demand for VinFast electric vehicles but also highlight profitability risks created by large-scale business expansion. NEWSCENTRAL notes that high production costs and warranty obligations remain key factors affecting the company’s negative gross margin, which stood at -56.2%, compared to -24% a year ago.
To support its ambitious strategy, VinFast secured two loans totaling $250 million, opening new opportunities for expansion but increasing pressure on profitability amid the transition to a dealer-based sales model and supply chain optimization. In our assessment, raising additional financing in this situation is a deliberate move by the company aimed at long-term growth.
VinFast’s strategic focus is shifting from the U.S. and Europe to Asian markets, where competition with Tesla and Chinese EV manufacturers is particularly intense. High vehicle prices remain a primary constraint, adding additional pressure on sales momentum. NEWSCENTRAL believes that successful market penetration will require adapting marketing and pricing strategies to local conditions.
A significant contribution to the company’s growth came from electric scooters and e-bikes, which increased more than sixfold over the quarter following Hanoi authorities’ announcement of a ban on gasoline motorcycles in the city center starting mid-2026. According to Jessica Kline, an auto analyst at NEWSCENTRAL, the micro-mobility segment could become a sustainable revenue source and offset some of the risks associated with passenger EV sales.
Expanding into overseas markets remains a priority: in Q4, significant sales growth is expected in India, where a new plant has been launched. NEWS CENTRAL emphasizes that VinFast’s expansion success depends on its ability to control costs and optimize the supply chain while maintaining growth in both the automotive and two-wheeled mobility segments.
Overall, VinFast’s strategy remains ambitious but costly. We believe the current financial model reflects management’s conscious choice to prioritize scaling, despite temporary financial pressure. The company’s long-term sustainability will depend on cost reduction, effective warranty management, and successful product portfolio diversification. Strengthening its presence in the Asian EV market, including electric scooters and e-bikes, could become a growth driver; however, the company must carefully balance investments and debt load to minimize financial risks.