VinFast Auto (NASDAQ:VFS) released its preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting a year of rapid industrial scaling and increasing international footprint.
The Vietnamese electric vehicle (EV) manufacturer delivered 196,919 vehicles in 2025, marking a 102% increase over the previous year.
The momentum accelerated in the final quarter, with 86,557 deliveries representing a 63% year-over-year jump.
This volume growth translated into total 2025 revenue of VND 90,427.6 billion (approximately US$3.599 billion), a 105.4% increase compared to 2024.
The revenue surge was supported by the successful launch of new models, including the VF 3 and VF 7, as well as the continued rollout of the company's dealership network in the United States and Southeast Asia.
Notably, international deliveries accounted for approximately 18% of the company's quarterly volume in the fourth quarter, a significant shift toward global diversification.
While the company remains in a period of heavy capital investment and operational ramp-up, its margins showed a positive trajectory.
The full-year 2025 gross margin improved to -42.5%, compared to -57.4% in 2024.