VinFast's first-quarter 2026 revenue rose nearly 42% year-on-year to about 23.1 trillion dong (US$877 million), driven by strong demand in Southeast Asia, Vietnam, India, and Indonesia, the company said on June 8 [1, 2, 3]. Despite higher revenue, VinFast’s net loss widened about 59% to 28.11 trillion dong, reflecting ongoing challenges in scaling production and expanding its market presence [1, 2, 3].
Demand in the United States remains sluggish, contrasting with robust sales in Southeast Asian markets. Sales to GSM, a taxi company founded by VinFast CEO Pham Nhat Vuong, accounted for 13% of four-wheel vehicle sales and 1% of two-wheelers in the quarter. Anne Pham, a senior executive, said the share could rise to 15% once the supply program is fully launched [2]. GSM plans to expand operations from five countries to 10 by the end of 2026 [2, 3].
In May, VinFast agreed to supply GSM with about one million electric vehicles and four million e-scooters over 2026–2030 [1, 2, 3]. At the same time, the company announced plans to sell its Vietnamese manufacturing facilities to a buyer group including founder Pham Nhat Vuong for 13.3 trillion dong. The group will assume approximately US$6.9 billion in debt related to the assets [1, 2, 3].
VinFast’s net loss nonetheless narrowed by 25.1% compared to the previous quarter, showing signs of improving operational efficiency despite the continuing deficit [2, 3]. Shares in the company fell 5% in pre-market trading following the earnings release [2, 3].
VinFast faces legal pressure in North Carolina, where authorities sued the company for failing to meet commitments to build an EV and battery factory. The company said it plans to resume the project with a targeted launch in 2028 [2, 3].
