VinFast Auto Ltd. said it will restart construction on its North Carolina electric vehicle factory this year while disclosing a wider net loss in the fourth quarter as expenses associated with its global expansion continued to mount.
In a filing in the United States, the company reported a fourth-quarter net loss of 35.2 trillion dong ($1.3 billion), a 15% increase from the same period a year earlier. Revenue for the quarter surged 138.9% year-on-year to 39.4 trillion dong. Fourth-quarter cost of sales climbed to 55.14 trillion dong, an 86.6% rise compared with the prior-year quarter.
Deliveries accelerated alongside revenue growth. VinFast delivered 86,557 cars in the fourth quarter, a 127% increase from the prior quarter and a 63% increase year-on-year. For the full year, the company sold 196,919 vehicles, more than double its 2024 total.
Outlook on profitability
VinFast’s chairwoman, Le Thi Thu Thuy, said in an interview that the company is not expected to reach EBITDA break-even this year. She added: "The financial numbers and key metrics are looking better. We are having more products and more markets and we are heading to the EBITDA break-even point in the medium term," while not providing a specific timeframe.
The company identified scale and cost optimization as the primary drivers toward profitability. The statement echoed a prior remark by founder Pham Nhat Vuong, who had said he expected the company to reach break-even at the end of this year - a projection that, according to VinFast’s own comments here, will not be met.
Full-year results and expansion timetable
For the full year 2025, VinFast reported a net loss of 97.25 trillion dong, a 25.7% increase from the prior year. Total revenue for 2025 was 90.4 trillion dong, up 105.4% from 2024.
Regarding its U.S. campus, VinFast said construction of the North Carolina factory, which had been delayed by three years in 2024, will resume this year. The company expects the U.S. plant to begin operations in 2028. This facility will follow recent and planned plant openings in India and Indonesia.
Production targets and regional focus
Looking ahead, VinFast aims to deliver at least 300,000 EVs globally in 2026, concentrating on markets that include Vietnam, Indonesia, India and the Philippines. The company also formalized a supply commitment earlier this month to provide 20,000 vehicles in Indonesia by 2028.
Beyond passenger cars, VinFast reported strong activity in two-wheeled electric transport. E-scooter and e-bike deliveries reached 406,498 units in 2025, a 473% increase year-over-year. Management said it targets 2026 motorbike deliveries to be at least 2.5 times the 2025 level by accelerating sales in the Philippines, Indonesia, India, Thailand and Malaysia.
Implications
The results underline a high-growth trajectory in revenue and unit volumes, paired with rising costs tied to rapid geographic expansion and factory development. VinFast’s pathway to profitability, the company says, hinges on achieving greater scale and efficiencies across production and sales channels.