VinFast Auto Ltd. reports in its Form 20-F large ongoing losses, tight liquidity and substantial business risks as it scales its global EV operations.
The company recorded a 2025 net loss of VND99,582.8 billion (about $3,964.1 million) and used VND44,461.2 billion ($1,769.9 million) in operating cash. Current liabilities exceeded current assets by VND79,319.2 billion ($3,157.5 million), and total debt reached VND82,164.2 billion ($3,270.7 million), with 2026 debt service obligations of VND34,615.9 billion ($1,378.0 million).
Auditors highlight substantial doubt about VinFast’s ability to continue as a going concern, with the plan relying on new financing, letters of support from Vingroup, and up to VND50,000.0 billion ($2.0 billion) of grants committed by founder Pham Nhat Vuong and associated companies through 2026. The filing also outlines extensive operational risks, including rapid global expansion, dependence on government EV incentives, supply-chain and manufacturing challenges, product recalls, technology and cybersecurity issues, and multiple material weaknesses in internal control over financial reporting.
VinFast Auto Ltd. reports in its Form 20-F large ongoing losses, tight liquidity and substantial business risks as it scales its global EV operations.
The company recorded a 2025 net loss of VND99,582.8 billion (about $3,964.1 million) and used VND44,461.2 billion ($1,769.9 million) in operating cash. Current liabilities exceeded current assets by VND79,319.2 billion ($3,157.5 million), and total debt reached VND82,164.2 billion ($3,270.7 million), with 2026 debt service obligations of VND34,615.9 billion ($1,378.0 million).
Auditors highlight substantial doubt about VinFast’s ability to continue as a going concern, with the plan relying on new financing, letters of support from Vingroup, and up to VND50,000.0 billion ($2.0 billion) of grants committed by founder Pham Nhat Vuong and associated companies through 2026. The filing also outlines extensive operational risks, including rapid global expansion, dependence on government EV incentives, supply-chain and manufacturing challenges, product recalls, technology and cybersecurity issues, and multiple material weaknesses in internal control over financial reporting.
VinFast Auto Ltd. reported strong preliminary delivery growth for the first quarter of 2026. The company delivered 58,577 electric vehicles globally in 1Q26, a 61% increase year-over-year. Its best-selling models were the Limo Green with 12,693 deliveries and the VF 3 with 11,088.
Other 1Q26 deliveries included 8,490 VF 5, 7,819 VF 6, 5,080 VF 7, 3,809 Minio Green, and 3,741 VF MPV 7 vehicles. VinFast also delivered 143,136 e-scooters and e-bikes, up 219% year-over-year, underscoring its growing presence in Vietnam’s motorbike market.
The company plans to release full 1Q26 financial results before market open on June 8, 2026, followed by a live webcast where management will discuss business performance and strategy. The delivery figures are preliminary and may change after audit.
VinFast Auto Ltd. reported strong preliminary delivery growth for the first quarter of 2026. The company delivered 58,577 electric vehicles globally in 1Q26, a 61% increase year-over-year. Its best-selling models were the Limo Green with 12,693 deliveries and the VF 3 with 11,088.
Other 1Q26 deliveries included 8,490 VF 5, 7,819 VF 6, 5,080 VF 7, 3,809 Minio Green, and 3,741 VF MPV 7 vehicles. VinFast also delivered 143,136 e-scooters and e-bikes, up 219% year-over-year, underscoring its growing presence in Vietnam’s motorbike market.
The company plans to release full 1Q26 financial results before market open on June 8, 2026, followed by a live webcast where management will discuss business performance and strategy. The delivery figures are preliminary and may change after audit.
VinFast Auto Ltd. reported preliminary domestic Vietnam deliveries of 27,609 electric vehicles in March 2026, a 127% year-over-year increase, highlighting rapid growth in its home market. For the first quarter of 2026, VinFast delivered a preliminary total of 53,684 EVs to Vietnamese customers.
The Limo Green led March results with 6,795 vehicles delivered, followed by the VF 3 with 4,729. Other March volumes included 4,218 VF 5 and Herio Green vehicles, 3,152 VF 6, 2,521 VF MPV 7, 1,969 Minio Green, 1,732 VF 7, and 1,136 EC Van vehicles. In the first quarter of 2026, best-sellers were Limo Green and VF 3 with 12,471 and 10,188 vehicles delivered, respectively.
VinFast Auto Ltd. reported preliminary domestic Vietnam deliveries of 27,609 electric vehicles in March 2026, a 127% year-over-year increase, highlighting rapid growth in its home market. For the first quarter of 2026, VinFast delivered a preliminary total of 53,684 EVs to Vietnamese customers.
The Limo Green led March results with 6,795 vehicles delivered, followed by the VF 3 with 4,729. Other March volumes included 4,218 VF 5 and Herio Green vehicles, 3,152 VF 6, 2,521 VF MPV 7, 1,969 Minio Green, 1,732 VF 7, and 1,136 EC Van vehicles. In the first quarter of 2026, best-sellers were Limo Green and VF 3 with 12,471 and 10,188 vehicles delivered, respectively.
VinFast Auto Ltd. reported record dealer activity for its electric scooters in March 2026. The company received more than 135,000 e-scooter orders from dealers and shipped over 93,000 e-scooters to dealers in Vietnam, highlighting strong demand for its two-wheel electric products.
Within VinFast’s lineup, the Evo and Feliz models led consumer demand, with dealers selling more than 52,000 Evo units and more than 24,000 Feliz units to end customers during the month. The company cautions that vehicle orders may not translate into completed sales and that deliveries are only one aspect of overall financial performance.
VinFast Auto Ltd. reported record dealer activity for its electric scooters in March 2026. The company received more than 135,000 e-scooter orders from dealers and shipped over 93,000 e-scooters to dealers in Vietnam, highlighting strong demand for its two-wheel electric products.
Within VinFast’s lineup, the Evo and Feliz models led consumer demand, with dealers selling more than 52,000 Evo units and more than 24,000 Feliz units to end customers during the month. The company cautions that vehicle orders may not translate into completed sales and that deliveries are only one aspect of overall financial performance.
VinFast Auto Ltd. CEO Vuong Pham Nhat reported an indirect restructuring-type transaction involving 1,000,000,000 VFTP Series 5 Preference Shares held through Vingroup. These preference shares are in VinFast Trading and Product Joint Stock Company, a Vietnamese subsidiary of VinFast.
The VFTP Series 5 Preference Shares are exchangeable into VinFast ordinary shares at a rate of 10.1 preference shares for 1 ordinary share, subject to obtaining necessary approvals and other conditions, and they have no expiration date. Following the transaction, 4,542,643,385 VFTP Series 5 Preference Shares are reported as indirectly owned. The filing classifies the move as an “other” derivative transaction related to restructuring, not a standard open-market buy or sell.
VinFast Auto Ltd. CEO Vuong Pham Nhat reported an indirect restructuring-type transaction involving 1,000,000,000 VFTP Series 5 Preference Shares held through Vingroup. These preference shares are in VinFast Trading and Product Joint Stock Company, a Vietnamese subsidiary of VinFast.
The VFTP Series 5 Preference Shares are exchangeable into VinFast ordinary shares at a rate of 10.1 preference shares for 1 ordinary share, subject to obtaining necessary approvals and other conditions, and they have no expiration date. Following the transaction, 4,542,643,385 VFTP Series 5 Preference Shares are reported as indirectly owned. The filing classifies the move as an “other” derivative transaction related to restructuring, not a standard open-market buy or sell.
VinFast Auto Ltd. director and CEO Vuong Pham Nhat filed an amended Form 3 showing only indirect ownership positions, not new trades. The filing attributes large blocks of VinFast ordinary shares to related entities: Vingroup holds 1,185,010,424 shares, Vietnam Investment Group (VIG) holds 769,584,044 shares, and Asian Star holds 334,041,555 shares. Vuong disclaims beneficial ownership of these shares except to the extent of any pecuniary interest.
The amendment also lists multiple series of VFTP and VFDI preference shares held by Vingroup that are exchangeable into VinFast ordinary shares at fixed ratios, with no expiration date and subject to necessary approvals and conditions. These entries describe existing indirect and derivative-style holdings rather than purchases or sales.
VinFast Auto Ltd. director and CEO Vuong Pham Nhat filed an amended Form 3 showing only indirect ownership positions, not new trades. The filing attributes large blocks of VinFast ordinary shares to related entities: Vingroup holds 1,185,010,424 shares, Vietnam Investment Group (VIG) holds 769,584,044 shares, and Asian Star holds 334,041,555 shares. Vuong disclaims beneficial ownership of these shares except to the extent of any pecuniary interest.
The amendment also lists multiple series of VFTP and VFDI preference shares held by Vingroup that are exchangeable into VinFast ordinary shares at fixed ratios, with no expiration date and subject to necessary approvals and conditions. These entries describe existing indirect and derivative-style holdings rather than purchases or sales.
VinFast Auto Ltd. director Pham Anh Nhat Quan has filed an initial ownership report showing beneficial ownership of 50,000 Ordinary Shares. These shares are reported as held directly, and the filing does not reflect any recent purchases or sales, only the existing stake.
VinFast Auto Ltd. director Pham Anh Nhat Quan has filed an initial ownership report showing beneficial ownership of 50,000 Ordinary Shares. These shares are reported as held directly, and the filing does not reflect any recent purchases or sales, only the existing stake.
VinFast Auto Ltd. director Le Thuy Thi Thu has reported initial beneficial ownership of 1,200,000 Ordinary Shares of VinFast. This Form 3 filing is an initial statement of holdings and does not show any recent purchase or sale activity, only the director’s existing direct ownership position.
VinFast Auto Ltd. director Le Thuy Thi Thu has reported initial beneficial ownership of 1,200,000 Ordinary Shares of VinFast. This Form 3 filing is an initial statement of holdings and does not show any recent purchase or sale activity, only the director’s existing direct ownership position.
VinFast Auto Ltd. director Ling Roy Chung Yee filed an initial Form 3 insider ownership report. This filing establishes his status as a reporting insider of VinFast but does not list any stock holdings or report any transactions, purchases, or sales at this time.
VinFast Auto Ltd. director Ling Roy Chung Yee filed an initial Form 3 insider ownership report. This filing establishes his status as a reporting insider of VinFast but does not list any stock holdings or report any transactions, purchases, or sales at this time.
VinFast Auto Ltd. director Nguyen Trinh Thi Van has filed an initial ownership report on Form 3. This filing establishes her status as a director and provides a baseline disclosure of her insider position with the company. The report does not show any share purchases, sales, or other insider transactions.
VinFast Auto Ltd. director Nguyen Trinh Thi Van has filed an initial ownership report on Form 3. This filing establishes her status as a director and provides a baseline disclosure of her insider position with the company. The report does not show any share purchases, sales, or other insider transactions.