VinFast Doubles 2025 Revenue but Widens Losses; Plans Hybrid Launch and U.S. Plant Restart in 2026

Vietnamese electric vehicle maker VinFast released its 2025 financial results: full-year revenue reached $3.59 billion, up 105% year-over-year; net loss widened to $3.87 billion, a 26% increase compared to the previous year. The company delivered a total of 196,919 electric vehicles last year, with Q4 accounting for 44% of annual sales, and also sold 406,498 electric two-wheelers. VinFast plans to launch hybrid models in 2026 and restart construction of its U.S. factory, targeting production start-up by 2028. Its affiliated taxi company, GSM, intends to enter European and North American markets and expand into Indonesia and the Philippines. To date, VinFast has utilized $1.1 billion of the $2 billion pledged by founder Pham Nhat Vuong and borrowed an additional $413 million from its parent company, Vingroup. The company aims to achieve breakeven in 2025 and has set a 2026 EV sales target of 300,000 units, representing a 50% increase over 2025.