Vietnam's EV maker reports US$712 million net loss in Q1

HANOI: Vietnam's first homegrown car manufacturer Vinfast on Monday (Jun 9) said it recorded net losses of US$712 million in the first quarter of the year despite more deliveries.

The communist nation's electric vehicle (EV) firm is aiming to compete with global giants such as Tesla, but has struggled to break into the international market.

The company said Monday it delivered 36,330 EVs in the first three months of the year, representing a year-on-year increase of 296 percent.

Total revenues were US$656.5 million, up by almost 150 per cent from the same period in 2024.

Vinfast Chairwoman Thuy Le said the increase in deliveries represented an "encouraging start to 2025 amid ongoing global uncertainties".

Last year, the company's net loss was over US$3 billion despite almost tripling deliveries of its cars.

Global trade has been disrupted by a tariff blitz launched in April by US President Donald Trump.

Hanoi said last week it was making progress in talks with Washington to head off Trump's threatened 46 per cent levy against export-reliant Vietnam.

VinFast's parent company Vingroup is hugely powerful in Vietnam, and its business interests span everything from healthcare to real estate and education to tech.