VinFast Auto Ltd.

Revenue for Q4 2025 was USD 1.6 billion, up 118% quarter over quarter and 139% year over year. Full-year revenue was USD 3.6 billion, up 105% year over year. Gross margin was negative 40% in Q4 2025 versus negative 79% in Q4 2024; full-year gross margin improved to negative 43% from negative 57% in 2024. Adjusted EBITDA was negative USD 1 billion in Q4, with margin at negative 65%, and full-year adjusted EBITDA margin was negative 66% versus negative 103% in 2024. Net loss for the quarter was negative USD 1.4 billion, and EPS was negative USD 0.6 in Q4 and negative USD 1.65 for the full year. CapEx was USD 304 million in Q4 and USD 922 million for 2025. Liquidity was USD 3.1 billion as of December 31, 2025, and outstanding borrowings from Vingroup under the commitment were USD 413 million. For 2026, VinFast is targeting at least 300,000 EV deliveries and at least 2.5x last year’s e-scooter volume; management also said it expects further BOM improvement and revenue growth driven by higher volumes, modest ASP improvement, and mix. The company expects CapEx in 2026 to be about USD 400 million for domestic factories plus around USD 600 million for international factories, with additional machinery and equipment spending.

Thuy Thi Le framed 2025 as a year of disciplined investment behind VinFast’s mission to make electric mobility accessible, and said the company is moving from brand building toward scale and unit-cost optimization. She emphasized VinFast’s identity as a vertically integrated software-defined EV platform rather than just an automaker, and pointed to 2026 as a year of capacity expansion, new-model launches, and more AI in vehicles and factories. Her tone was confident and constructive, repeatedly stressing that the company has sufficient manufacturing capacity and is committed to its U.S. strategy despite near-term uncertainty.

Lan Anh Nguyen said the quarter reflected better operating efficiency, with scale helping absorb fixed costs and with cost optimization beginning to show through. She cited R&D of USD 114 million, SG&A of USD 391 million, a USD 236 million impairment on the North Carolina factory, adjusted EBITDA of negative USD 1 billion, and CapEx of USD 304 million in Q4 and USD 922 million for the year. She said liquidity was USD 3.1 billion at year-end and noted USD 413 million of outstanding borrowings from Vingroup plus USD 1.1 billion of founder grant disbursements. For 2026, she said revenue growth should come from higher volume, modest ASP improvement, and product mix changes, while CapEx will remain focused on global manufacturing build-out.

Analysts pressed management on the path to positive gross margin, the sustainability of recent margin gains, the North Carolina factory impairment, and whether VinFast would pursue hybrids. Management said margin improvement is being driven by BOM optimization, supplier pricing, localization, engineering optimization, and scale, and cited BOM reductions of around 13% for VF-6 and around 23% for VF-7. On the North Carolina project, management said the USD 236 million impairment was a one-off timing-related charge and that construction is expected to resume in 2026 with SOP targeted for 2028. On the hybrid question, management clarified that VF-8 REEV is being treated as an interim, manageable- R&D extension of existing BEV platforms rather than a major strategic shift.