VinFast's Q3 2025 results showed strong top-line growth from EV sales, yet the company continued to face deep losses as gross margin remained negative and R&D spending increased.

VinFast demonstrated significant year-over-year revenue growth and improved gross margin, driven by higher EV and e-scooter deliveries, though it still reported a net loss and negative free cash flow.

In Q1 2025, VinFast achieved $656.5 million in revenue, mainly from EV sales, and delivered 36,330 EVs and 44,904 e-scooters. Despite still reporting a net loss, the company improved gross margins and continued to reduce costs.