HANOI — Vietnam’s largest electric vehicle (EV) maker VinFast reported on Monday a nearly 42-percent rise in first-quarter (Q1) revenues, recording a surge in deliveries as fuel prices rose.
The company, owned by billionaire Pham Nhat Vuong, delivered more than 58,500 electric vehicles in the first three months of the year — up 61 percent from the same period last year. It recorded more than $920 million in quarterly revenues, driven by strong sales growth in Vietnam as well as in India, Indonesia and the Philippines, the company said in a statement. Established in 2017, the Haiphong-based EV maker operates more than 400 showrooms globally, but Southeast Asia and India remain its key growth markets. “We believe the long-term global shift toward electrification, supported by increasing focus on energy security and operating efficiency, continues to create meaningful opportunities for VinFast across our core markets,” said chairman Pham Nhat Quan Anh, a son of Vuong. Vuong is Vietnam’s richest person, and VinFast aims to compete with global EV giants such as Tesla as the company is determined to become the country’s first globally competitive car brand. In March, the Nasdaq-listed company reported $3.9 billion in losses for 2025. VinFast reported combined losses of well over $9 billion in the three years since it listed on the Nasdaq exchange in New York, even as sales have climbed.
