VinFast, owned by billionaire Pham Nhat Vuong, announced revenue reaching $1.8 billion.

VinFast - Photo 1.

Mr. Pham Nhat Vuong answers shareholders' questions at the general meeting - Photo: LN

This is part of the commitment announced on November 12, 2024, to provide financial support of up to VND 50,000 billion, equivalent to USD 2.1 billion, to VinFast .

The latest information about VinFast was shared by Vingroup on the morning of April 25th. VinFast announced its unaudited financial results for the fourth quarter of 2024 and the entire year of 2024. In the fourth quarter of 2024, VinFast delivered 53,139 electric vehicles, marking a growth of 143% compared to the previous quarter.

In particular, VinFast witnessed strong growth in sales to consumers (B2C), with a 140% increase compared to the previous quarter and more than 20 times higher than the same period last year.

Overall in 2024, the number of cars delivered reached 97,399 units, a 192% increase compared to 2023, confirming strong growth momentum and positive market reception.

Throughout 2024, VinFast delivered a total of 70,977 electric motorcycles, a 1% increase compared to the previous year.

In the fourth quarter of 2024, VinFast, a Vietnamese electric vehicle brand, recorded revenue of 16,496 billion VND, approximately 677.9 million USD.

For the whole year of 2024, total revenue reached VND 44,019 billion, equivalent to USD 1.8 billion, an increase of 57.9% compared to last year.

Meanwhile, the gross loss was VND 25,277.6 billion, equivalent to USD 1.03 billion, with a negative gross profit margin of 57.4%. The net loss recorded was VND 77,354.9 billion, equivalent to USD 3.1 billion.

Notably, as of March 31st, Mr. Pham Nhat Vuong had disbursed 10,000 billion VND, equivalent to 410.9 million USD, in the form of non-refundable grants to VinFast.

This is part of the commitment announced on November 12, 2024, to provide financial support of up to VND 50,000 billion, approximately USD 2.1 billion, to VinFast.

As of March 31, 2025, Vingroup had also disbursed loans totaling over 27,000 billion VND to VinFast. Late last year, the group committed to providing VinFast with up to 35,000 billion VND in new loans to support its continued growth.

In 2024, VinFast launched a free charging program for electric vehicle customers to encourage the transition to green transportation.

This financial support was arranged from the personal assets of Mr. Pham Nhat Vuong, Chairman of Vingroup, and also the founder and CEO of VinFast. VinFast continues to expand its operations in Indonesia, the Philippines, North America, Europe, and other markets.

Mr. Pham Nhat Vuong shared that besides real estate and electric vehicles, the group is expanding into many other pillars, including investing in highways and developing seaports.