Vietcap recently reported on VinFast’s (Nasdaq: VFS) Q2 2025 earnings call held on September 4, 2025.
In terms of capital allocation for fixed asset investments, VinFast inaugurated two new assembly plants. The Ha Tinh plant has an initial capacity of 200,000 units per year, focusing on producing VF 3, EC Van, and other models, which was inaugurated in June 2025. The India plant has an initial capacity of 50,000 units per year, dedicated to manufacturing VF 6 and VF 7 and became operational in July 2025.
Additionally, the assembly plant in Indonesia has a capacity of 50,000 units per year, producing VF 3, VF 5, VF 6, VF 7, and other models, expected to be fully operational by the end of 2025.
In the first half of 2025, VinFast’s total fixed asset investment reached VND 8,900 billion, a 21% increase compared to the same period last year, while R&D expenses amounted to VND 4,400 billion, a 17% decrease year-over-year.
The management expects VinFast’s total cash burn (cash used for operating activities and fixed asset investments) to reach approximately USD 400-600 million per quarter in the short term , mainly due to international expansion, R&D expenses for new vehicle models, and global operating costs. These expenses are anticipated to decrease gradually as the company leverages operational efficiency and improves profit margins.
Regarding financial performance, in Q2 2025, VinFast delivered a total of 35,837 electric vehicles globally, unchanged from the previous quarter and up 172% year-over-year, with 22% sold to related parties (compared to 21% in Q1 2025 and 28% in 2024).
Retail sales (B2C sales) continued to account for over 70% of total deliveries for the fourth consecutive quarter. The VF 3 and VF 5 models contributed 61% of total deliveries, the new Green series accounted for 15%, and VF 6 made up 12%.
The Vietnamese market accounted for approximately 91% of total deliveries, while Indonesia represented about 5%.
In the first half of 2025, VinFast announced global deliveries of 72,170 vehicles (compared to 97,000 units in 2024; with about 21% sold to related parties), with the Vietnamese market making up 94% of this volume.
For the first seven months of 2025, VinFast reported total deliveries in Vietnam at approximately 79,000 automobiles, equivalent to 33% of the country’s total passenger car retail sales, according to Vietcap’s estimates based on data from the Vietnam Automobile Manufacturers Association and Hyundai Thanh Cong.
VinFast maintains its 2025 global delivery target of at least doubling 2024’s volume, reaching approximately 200,000 electric vehicles, with growth in the second half expected to be driven by strong demand in Vietnam, expansion into international markets, and increased sales to GSM and other fleet operators.
For the electric motorcycle business, management expects delivery volume in the second half of 2025 in Vietnam to grow significantly year-over-year, supported by attractive sales policies.
In August 2025, VinFast announced plans to spin off certain completed R&D assets into a new company, Novatech, and transfer its ownership in Novatech to Vingroup Chairman, Pham Nhat Vuong, for VND 39,800 billion. The transaction is expected to be completed in the second half of 2025. This plan demonstrates Mr. Vuong’s continued commitment to supporting VinFast—in addition to the funding provided since 2023.
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