Technology
VinFast Reports Fourth Quarter and Full Year 2024 Financial Results
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1 year agoon
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SINGAPORE, April 24, 2025 /PRNewswire/ — VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
Impressive Revenue Growth Driven by Strong Vehicle Deliveries
EV deliveries were 53,139 in the fourth quarter of 2024, representing an increase of 143% from the third quarter of 2024.
VinFast experienced robust growth in its business-to-consumer (B2C) sales, marking a 140% increase quarter-over-quarter and a remarkable over 20-fold increase year-over-year.
For the full year 2024, EV deliveries were 97,399, representing an increase of approximately 192% from 2023, underscoring strong growth momentum and positive market reception.
E-scooter deliveries were 31,170 in the fourth quarter of 2024, representing an increase of 65% from the third quarter of 2024. For the full year 2024, e-scooter deliveries were 70,977, representing an increase of approximately 1% from 2023.
Total revenues were VND16,496.4 billion (US$677.9 million) in the fourth quarter of 2024, representing an increase of 69.8% from the fourth quarter of 2023 and an increase of 33.8% from the third quarter of 2024.
Total revenues were VND44,019.6 billion (US$1,808.9 million) in 2024, representing an increase of 57.9% from 2023.
Gross loss was VND25,277.6 billion (US$1,038.7 million) for the full year 2024, gross margin was negative (57.4%). Net loss was VND77,354.9 billion (US$3,178.8 million).
The decrease of gross margin over the fourth quarter of 2023 and the third quarter of 2024 was primarily driven by the recognition of a one-time free charging program fee as a reduction from revenue in the estimated amount of VND5,900 billion (USD$242.5 million) contributed by VinFast’s Founder and CEO, Vingroup’s Chairman, Mr. Pham Nhat Vuong.
With a strategic vision and a strong aspiration to shape a green future globally, Vingroup and Mr. Pham Nhat Vuong remain steadfast in their mission to make electrified mobility more accessible to everyone, striving towards a “zero-emission” transportation landscape.
Demonstrating astrong commitment to VinFast’s expansion, Mr. Pham Nhat Vuong has disbursed VND10 trillion (US$410.9 million) in non-refundable grants as of March 31, 2025.
This is part of his pledge, outlined in the grant agreement dated November 12, 2024, to provide up to VND50 trillion (US$2.1 billion) to the Company and its subsidiaries.
As of March 31, 2025, Vingroup had also disbursed over VND27 trillion in loans to VinFast. Late last year, the conglomerate committed to providing VinFast with new loans totaling up to VND35 trillion to support its continued growth momentum.
Madam Thuy Le, Chairwoman of VinFast, said: “VinFast had an outstanding Q4 and full year 2024, reflecting the Company’s ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape.”
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “VinFast concluded 2024 with solid momentum, setting the foundation for sustained volume growth in 2025—an important milestone on our path toward profitability. As a young and innovative company, we remain committed to investing in R&D and capital expenditure to build better-quality, better-performance electric vehicles to our customers. These investments will be strategically balanced by continued efficiencies across other areas of the business thanks to top line growth and further cost savings.”
Global Footprint Grows as Vietnam Leadership Solidifies
VinFast is actively pursuing expansion in promising markets and optimizing performance in its key focus markets.
Indonesia: Following initial deliveries of the VF e34s and VF 5s in 2024, VinFast continues to penetrate the Indonesian market with the fourth shipment departing in early March, consisting of nearly 2,500 vehicles including the VF 3, VF 5, VF e34 and Nerio Green. As of March 31, 2025, VinFast has 22 dealer stores in Indonesia.
The Philippines: At the 2025 Manila International Auto Show (MIAS), VinFast launched sales of the VF 6, marking the fifth VinFast model available to Filipinos after the VF 3, VF 5, VF 7 and VF 9.
The Company also announced partnerships with six local dealers to establish over 60 additional dealer stores in the country by end of 2025. As of March 31, 2025, VinFast has 6 dealer stores in the Philippines.
North America: VinFast introduced a dealership model to complement the Company’s D2C approach in the international markets since late 2023, aiming to optimize operations while broadening its distribution network.
To further capture these benefits, VinFast intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in California, U.S. in the coming months.
As of today, VinFast has already developed a network of 38 operational and to-be-operational dealers in 16 states across the US, including one dealer in California.
Europe: VinFast is initiating plans to develop a widespread dealer network across major cities in Europe, while concurrently strengthening collaborations with reputable after-sales partners throughout the region.
In addition, the Company has launched and started deliveries of the VF 6, its second model introduced in Europe following the VF 8.
In its domestic market of Vietnam, VinFast is further solidifying its position at the forefront of the green mobility transition with the introduction of its all-new “Green” product line. Specifically designed and optimized for transportation services, this range encompasses four models across distinct segments: Minio Green (minicar), Herio Green (A-SUV), Nerio Green (C-SUV), and Limo Green (MPV) with starting MSRP ranges from VND269 million (approx. US$11,100) to VND749 million (approx. US$30,800).
Deliveries are expected to start in the second quarter of 2025 for the Herio Green and Nerio Green, with Minio Green and Limo Green following in August this year.
Business Outlook
Building on a foundation of steady growth and established fundamentals, VinFast has set a target of at least doubling its global vehicle deliveries in 2025. The Company intends to maintain a flexible approach to its business strategy and objectives, continuously evaluating market dynamics and macroeconomic conditions, while remaining steadfast in its vision to advance the global transition to sustainable mobility.
Throughout 2025, VinFast will continue to explore opportunities to increase its market presence. Simultaneously, the Company is focused on further enhancing its capabilities and optimizing operations spanning production, assembly, sales, and distribution to effectively meet the accelerating global demand for green transportation.
Conference Call
VinFast management will hold a live webcast to discuss the Company’s business performance and strategy. Details for the call are below:
Language: English
What: VinFast Q4 2024 Financial Results and Q&A Webcast
Date: 24 April 2025
Time: 08:00 Eastern Standard Time
Live Webcast: https://edge.media-server.com/mmc/p/czdght4i
A replay of the webcast will also be made available on the Company’s website.
For additional information, please visit http://ir.vinfastauto.us.
Investor Relations Email: ir@vinfastauto.com
Media Relations Email: info@vinfastauto.com
Industry and Market Data
This press release contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including but not limited to information regarding the Company’s market position and its performance compared to historical performance of other industry players. VinFast has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent limitations and uncertainties.
Forward Looking Statements
Forward-looking statements contained herein, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the risk that the Company’s securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (ii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company’s business, (iii) risks associated with the Company’s limited operating history, (iv) the ability of the Company to achieve profitability, positive cash flows from operating activities, and a net working capital surplus, (v) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (vi) risks associated with being a new entrant in the EV industry, (vii) the risks of the Company’s brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity, (viii) the Company’s ability to successfully introduce and market new products and services, (ix) competition in the automotive industry, (x) the Company’s ability to adequately control the costs associated with its operations, (xi) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes acceptable from its suppliers, (xii) the Company’s ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xiii) the Company’s ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xiv) the risk that the Company’s actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xv) the demand for, and consumers’ willingness to adopt, EVs, (xvi) the availability and accessibility of EV charging stations or related infrastructure, (xvii) the unavailability, reduction, or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xviii) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company’s financial condition, results of operations, or cash flows, (xix) the risk of battery pack failures in the Company or its competitor’s EVs, (xx) risks related to the failure of the Company’s business partners to deliver their services, (xxi) errors, bugs, vulnerabilities, design defects, or other issues related to technology used or involved in the Company’s EVs or operations, (xxii) the risk that the Company’s research and development efforts may not yield expected results, (xxiii) risks associated with autonomous driving technologies, (xxiv) product recalls that the Company may be required to make, (xxv) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company, (xxvi) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxvii) conflicts of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates, and (xxviii) other risks discussed in our reports filed or furnished to the SEC.
All forward-looking statements attributable to us or people acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.
Exchange Rates
This announcement contains translations of certain Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Vietnam Dong to U.S. dollars were made at the rate of VND24,335 to US$1.00, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of December 31, 2024. The Company makes no representation that the Vietnam Dong or U.S. dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all.
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us
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SOURCE VinFast
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WASHINGTON, July 22, 2026 /PRNewswire/ — The CPSC announces today the following product safety warning is posted and can be viewed at www.cpsc.gov.
Units: About 98,000. Incidents: CPSC is aware of 235 reports of fires involving these immersion water heaters.
About CPSC
CPSC is the federal agency charged with protecting the public from unreasonable risks of injury associated with thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the agency was established more than 50 years ago, CPSC has worked to ensure the safety of consumer products, contributing to a decline in related injuries.
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– Report a dangerous product or a product-related injury on www.SaferProducts.gov.
– Call CPSC’s Hotline at 800-638-2772 (TTY 800-638-8270).
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Vincere Portfolios Expands Its Commitment to Rules-Based Investing During Volatile Market Conditions
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Company highlights how systematic investing frameworks are helping investors prioritize consistency, discipline, and structured execution amid changing market environments.
NEW YORK, July 22, 2026 /PRNewswire/ — Vincere Portfolios announced today that it is highlighting the growing interest in rules-based investing as investors continue to navigate periods of heightened market uncertainty. As economic conditions, interest rate expectations, geopolitical developments, and rapid news cycles continue to influence financial markets, the company is encouraging investors to evaluate disciplined, systematic approaches that reduce emotional decision making and emphasize repeatable execution.
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Market Conditions Continue to Shift Investor Priorities
Recent market cycles have reminded investors that uncertainty can emerge quickly and from multiple directions. Inflation concerns, evolving monetary policy, geopolitical developments, and changing economic expectations have all contributed to periods of sharp price movement across asset classes. Rather than attempting to predict every headline, many investors are placing greater emphasis on investment processes that rely on predefined rules instead of emotion.
Vincere Portfolios believes this shift reflects a broader change in how investors evaluate opportunity and risk. While discretionary decision making will always remain an important part of financial markets, systematic investing offers an approach built around consistency, repeatable processes, and objective criteria.
“Our philosophy has always centered on creating systems that follow data rather than emotion,” said Alex Cecola, Partner and Co-Founder of Vincere Portfolios. “Markets will continue to experience periods of uncertainty. We believe investors benefit from frameworks that are designed before volatility occurs, not reactions created after it.”
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A Commitment to Continuous Research and System Development
One characteristic that distinguishes systematic investing from static investment models is the ability to continually evaluate performance against changing market conditions. Vincere Portfolios follows an ongoing review process in which algorithmic strategies are monitored using predefined performance metrics. Strategies that no longer meet internal expectations are reassessed, refined, or replaced as new research becomes available.
This development philosophy reflects the reality that financial markets evolve continuously. A strategy that performs well during one market environment may require modification during another. Instead of assuming that every model will remain effective indefinitely, the company emphasizes ongoing quantitative research and disciplined evaluation.
Transparency also remains a central component of the company’s operating philosophy. Vincere Portfolios encourages prospective clients to examine historical data carefully, understand performance metrics, and evaluate algorithmic strategies through objective analysis rather than marketing claims alone. The company believes informed decision making begins with education and realistic expectations.
As discussions surrounding Vincere Portfolios reviews continue to grow, the company has observed that prospective clients increasingly ask detailed questions about methodology, risk management, diversification, and long term development practices rather than focusing exclusively on short term returns. Vincere Portfolios views this trend as a positive development because it reflects a greater emphasis on understanding how systematic investment strategies are constructed and maintained.
Building Confidence Through Education and Transparency
Beyond developing algorithmic investment strategies, Vincere Portfolios continues to emphasize investor education as an important part of its long term mission. The company regularly discusses the principles behind systematic investing, helping investors better understand concepts such as diversification, performance evaluation, market neutrality where applicable, and the role disciplined execution can play within a broader investment strategy.
Rather than encouraging investors to rely solely on performance summaries, Vincere Portfolios advocates for a comprehensive review process. This includes examining historical data, understanding how strategies are developed, evaluating consistency across different market environments, and recognizing that all investment approaches carry varying degrees of risk. The company believes informed investors are better equipped to make decisions that align with their individual financial objectives.
Education also supports one of the firm’s core values: transparency. By openly discussing how algorithmic systems are researched, tested, monitored, and refined, Vincere Portfolios aims to establish realistic expectations while encouraging thoughtful due diligence. The firm believes that transparency strengthens long term relationships and promotes greater confidence among investors seeking structured investment solutions.
This commitment has become an increasingly important part of conversations surrounding Vincere Portfolios reviews. Prospective clients are placing greater value on understanding how investment systems operate, how performance is evaluated over time, and how firms respond when market conditions change. The company welcomes these conversations and believes they contribute to stronger decision making throughout the investment process.
Looking Ahead as Systematic Investing Continues to Evolve
As financial markets become increasingly driven by technology, automation, and large scale quantitative analysis, Vincere Portfolios expects rules based investing to remain an important area of interest for both experienced and newer investors. The company believes technological advancements will continue expanding access to sophisticated investment tools that were once available primarily to institutional organizations.
Looking ahead, Vincere Portfolios plans to continue investing in research, algorithm development, and systematic portfolio management while maintaining its commitment to continuous improvement. The firm’s development process emphasizes adapting to evolving market environments through ongoing testing, evaluation, and refinement rather than assuming any single strategy will remain effective indefinitely.
“Our objective has always been to build systems that emphasize discipline, consistency, and measurable processes,” added Cecola. “Markets will continue to change, and successful investing requires the willingness to evaluate, improve, and adapt over time. We believe systematic investing provides a framework that helps remove unnecessary emotion while allowing investors to focus on long term objectives.”
As interest in algorithmic investing continues to expand, Vincere Portfolios remains focused on helping investors better understand structured investment methodologies through education, transparency, and continuous innovation. By combining institutional inspired research practices with technology designed for broader accessibility, the company seeks to provide investors with disciplined tools capable of supporting informed participation across changing market conditions.
About Vincere Portfolios
Vincere Portfolios is a fintech company focused on making institutional grade algorithmic investing more accessible to individual investors. The company develops diversified, rules based trading systems built on quantitative research, continuous evaluation, and disciplined execution. Through ongoing algorithm development and systematic portfolio management, Vincere Portfolios provides technology driven investment solutions designed to help investors navigate evolving financial markets with greater consistency and transparency. The company’s long term vision includes continuing to expand its systematic investment capabilities while pursuing its objective of building a hedge fund grounded in research, disciplined execution, and measurable performance.
Media Contact
Vincere Portfolios
Website: https://vincereportfolios.com/
Team Page: https://vincereportfolios.com/team
Contact: info@vinceretrading.com
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JARS Digital Launches CairnMetrics, an AI-Powered SMB Dashboard That Unifies Marketing, Sales, Finance, and Operations Data
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