Detailed Narrative
Strategic Investment and Path to Profitability
VinFast's strategic investments in technology, industrial capabilities, and global expansion are anchored to making electric mobility accessible. The company's R&D philosophy centers on a vertically integrated software-defined EV platform, leveraging over 400,000 cumulative car deliveries and 4 years of real-world driving data. For 2026, the focus is on scale and unit cost optimization, supported by overseas capacity expansion, next-gen vehicle commercialization, and AI integration for smart cars and efficient production, aiming for profitability.
Record Deliveries and Market Share Gains
VinFast delivered 196,919 EVs for the full year 2025, exceeding its guidance, with Q4 alone setting a new record of 86,557 EVs. The 2-wheeler segment also saw significant growth, with full-year deliveries up 5.7x to 406,496 units. In Vietnam, VinFast maintained its #1 OEM position with an estimated 36% market share in 2025, up from 22% in 2024. International markets contributed 18% of Q4 deliveries and 11% for the full year, with notable progress in India, Indonesia, and the Philippines.
Global Manufacturing Expansion and Product Portfolio
VinFast operates 4 manufacturing facilities globally with a combined annual capacity of 600,000 EVs and 500,000 e-scooters. New facilities were opened in Ha Tinh, Vietnam, Tamil Nadu, India, and Subang, Indonesia in 2025. The company plans to resume construction of its North Carolina factory in 2026, targeting SOP in 2028. The product portfolio has expanded to three distinct brands (VinFast, Green, Lac Hong), including new MPV models and plans for next-gen VF-6 and VF-7 models with lower BOM costs, and range extender EV models.
Technology and Software-Defined Vehicles
VinFast is investing in owning more of its technology stack, focusing on ADAS and software roadmaps. The company is collaborating with Autobrains Technologies for Level 2+ and Level 2++ autonomy and with Tensor for Level 4 autonomous Robo-Cars, serving as a manufacturing partner. Internally, VinFast is advancing its transition to EE 2.0 architecture, expected to drive meaningful BOM cost reductions through ECU consolidation and simplified wiring. Proprietary subscription packages with remote control and smart features have been introduced in Vietnam, with plans for expansion.
Cost Optimization and Margin Improvement
The company's Q4 FY25 financial performance reflected early benefits of scale, with revenue of $1.6 billion and gross margin improving to negative 40% from negative 79% YoY. Excluding one-time📎 adjustments, Q4 gross margin would have been negative 28%. Cost optimization programs, including BOM optimization, production scale, supplier pricing, localization, and engineering optimization, are driving these improvements. Next-gen vehicle platforms are expected to deliver 30% to 40% lower BOM costs, with an additional 5% annual optimization anticipated.
Ecosystem Expansion and Dealer Network
VinFast is expanding its dealer network across Asia, Europe, and North America, aiming to double its footprint in India and partner with large groups in Indonesia and the Philippines. The GSM ride-hailing platform is rapidly scaling its fleet network, contributing to 33% of Q4 deliveries to related parties. The 2-wheeler strategy is expanding across 5 Asian markets, supported by the V-Green battery swapping network, which had 4,500 stations installed across Vietnam by January 2026.