VinFast Auto Ltd. (VFS) Income Statement
VFS 2025 at a glance
Fiscal year ended December 31, 2025 · VNDVFS revenue and net income
Where VFS's revenue goes
2025Each bar shows an amount and its share of revenue. VFS kept −107.3% of revenue as net income.
VFS profit margins
VFS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +105.4% | +86.6% | +45.9% | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VFS income statement in VND
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | ₫90.43T | ₫44.02T | ₫27.88T | ₫13.93T | ₫16.03T | ₫13.69T |
| Cost of revenue | ₫128.89T | ₫69.30T | ₫41.59T | ₫26.97T | ₫25.28T | ₫20.39T |
| Gross profit | −₫38.46T | −₫25.28T | −₫13.71T | −₫13.05T | −₫9.26T | −₫6.70T |
| Research & development | ₫9.90T | ₫10.03T | ₫14.52T | ₫19.94T | ₫9.26T | ₫3.93T |
| Sales, general & admin | ₫21.30T | ₫16.89T | ₫11.27T | ₫9.33T | ₫4.63T | ₫2.55T |
| Total operating expenses | ₫33.15T | ₫30.12T | ₫28.26T | ₫31.51T | ₫17.81T | ₫6.55T |
| Operating income | −₫71.61T | −₫55.40T | −₫41.97T | −₫44.56T | −₫27.07T | −₫13.25T |
| Interest income | ₫546.40B | ₫621.35B | ₫82.67B | ₫83.58B | ₫440.28B | ₫248.72B |
| Interest expense | ₫22.31T | ₫15.66T | ₫12.07T | ₫6.53T | ₫3.44T | ₫3.70T |
| Income before taxes | −₫96.87T | −₫77.38T | −₫60.17T | −₫51.90T | −₫32.01T | −₫18.86T |
| Income taxes | ₫372.57B | −₫29.70B | ₫76.92B | ₫1.06T | ₫209.24B | ₫87.77B |
| Net income | −₫97.04T | −₫77.27T | −₫60.17T | −₫52.89T | −₫32.18T | −₫18.95T |
| EBITDA | −₫63.10T | −₫44.19T | −₫34.38T | −₫37.36T | −₫18.17T | −₫10.86T |
| Gross margin | −42.5% | −57.4% | −49.2% | −93.7% | −57.7% | −48.9% |
| Operating margin | −79.2% | −125.9% | −150.5% | −319.9% | −168.9% | −96.8% |
| Net margin | −107.3% | −175.5% | −215.8% | −379.7% | −200.8% | −138.4% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₫23.11T | ₫39.41T | ₫18.10T | ₫16.61T | ₫16.31T | ₫16.50T | ₫12.33T | ₫8.67T | ₫6.53T | ₫7.26T | ₫8.25T | ₫7.94T |
| Cost of revenue | ₫40.12T | ₫55.14T | ₫28.27T | ₫23.43T | ₫22.04T | ₫29.55T | ₫15.28T | ₫14.11T | ₫10.35T | ₫10.88T | ₫10.72T | ₫10.89T |
| Gross profit | −₫17.00T | −₫15.73T | −₫10.17T | −₫6.82T | −₫5.74T | −₫13.05T | −₫2.96T | −₫5.44T | −₫3.83T | −₫3.62T | −₫2.47T | −₫2.95T |
| Research & development | ₫2.54T | ₫2.87T | ₫2.68T | ₫2.34T | ₫2.02T | ₫2.68T | ₫2.09T | ₫2.66T | ₫2.62T | ₫2.63T | ₫3.66T | ₫3.64T |
| Sales, general & admin | ₫2.54T | ₫9.81T | ₫4.33T | ₫3.40T | ₫3.75T | ₫6.53T | ₫1.41T | ₫3.84T | ₫3.06T | ₫3.33T | ₫2.76T | ₫2.92T |
| Total operating expenses | ₫5.86T | ₫13.31T | ₫7.22T | ₫6.30T | ₫6.32T | ₫39.01T | ₫5.16T | ₫7.96T | ₫6.20T | ₫6.50T | ₫6.45T | ₫6.71T |
| Operating income | −₫22.86T | −₫29.04T | −₫17.39T | −₫13.12T | −₫12.06T | −₫22.51T | −₫8.12T | −₫13.40T | −₫10.03T | −₫10.12T | −₫8.92T | −₫9.65T |
| Interest income | ₫104.78B | ₫404.68B | ₫59.90B | ₫56.24B | ₫25.58B | ₫318.12B | ₫75.21B | ₫199.57B | ₫28.45B | ₫16.20B | ₫25.21B | ₫26.05B |
| Interest expense | ₫5.12T | ₫5.68T | ₫6.00T | ₫5.58T | ₫5.05T | ₫1.99T | ₫4.99T | ₫4.51T | ₫4.16T | ₫4.16T | ₫3.53T | ₫3.24T |
| Income before taxes | −₫28.14T | −₫35.23T | −₫23.84T | −₫20.11T | −₫17.70T | −₫30.63T | −₫13.28T | −₫18.69T | −₫14.78T | −₫14.87T | −₫14.99T | −₫13.69T |
| Income taxes | −₫33.13B | −₫29.93B | ₫173.57B | ₫233.68B | −₫4.75B | — | −₫26.90B | ₫70.32B | −₫32.94B | −₫26.84B | ₫18.44B | −₫39.98B |
| Net income | −₫28.06T | −₫35.10T | −₫23.95T | −₫20.32T | −₫17.67T | −₫30.58T | −₫13.23T | −₫18.74T | −₫14.72T | −₫14.82T | −₫14.99T | −₫13.63T |
| EBITDA | −₫20.04T | −₫26.33T | −₫15.08T | −₫11.82T | −₫9.87T | — | −₫5.61T | −₫11.67T | −₫8.51T | −₫8.00T | −₫9.60T | −₫8.80T |
| Gross margin | −73.6% | −39.9% | −56.2% | −41.1% | −35.2% | −79.1% | −24.0% | −62.7% | −58.7% | −49.8% | −29.9% | −37.1% |
| Operating margin | −98.9% | −73.7% | −96.1% | −79.0% | −74.0% | −136.5% | −65.9% | −154.5% | −153.7% | −139.4% | −108.1% | −121.6% |
| Net margin | −121.4% | −89.1% | −132.3% | −122.3% | −108.4% | −185.3% | −107.3% | −216.2% | −225.6% | −204.0% | −181.6% | −171.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in VND as reported in VFS's financial statements (latest annual report filed April 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VFS financial results
In fiscal year 2025 (ended December 31, 2025), VinFast Auto reported revenue of ₫90.43 trillion, up 105.4% from the year before. It had a net loss of ₫97.04 trillion, a net profit margin of −107.3%. Over five years revenue grew at an average rate of 45.9% a year. Figures are in VND, the currency of its financial statements.
See the VFS stock overview for the latest quote and news, or the VFS chart for price history and technical indicators.
VFS income statement FAQ
What is VinFast Auto's annual revenue?
VinFast Auto reported total revenue of ₫90.43 trillion for fiscal year 2025, which ended on December 31, 2025. That was up 105.4% from ₫44.02 trillion the previous year.
Is VinFast Auto profitable?
No. VinFast Auto reported a net loss of ₫97.04 trillion in fiscal 2025, a net profit margin of −107.3%; its operating margin was −79.2%.
What is VinFast Auto's gross margin?
VinFast Auto's gross margin was −42.5% in fiscal 2025: for every $100 of revenue, VinFast Auto kept $-43 after the direct cost of its products and services.
How much does VinFast Auto spend on research and development?
VinFast Auto spent ₫9.90 trillion on research and development in fiscal 2025, 10.9% of revenue.
How fast is VinFast Auto growing?
Revenue grew 45.9% a year on average over the last five fiscal years, from ₫13.69 trillion to ₫90.43 trillion.
When does VinFast Auto's fiscal year end?
VinFast Auto's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 30, 2026.