VinFast Auto : Q4/2024 Press Release
VFS
Date: 04/24/2025 12:31 AM
Toppan Merrill
Project: 25-12847-1 Form Type: 6-K
Client: 25-12847-1_VinFast Auto Ltd._6-K
File: tm2512847d1_6k.htm Type: 6-K Pg: 1 of 4
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2025
Commission File Number: 001-41782
VinFast Auto Ltd.
Dinh Vu - Cat Hai Economic Zone
Cat Hai Islands, Cat Hai Town, Cat Hai District
Hai Phong City, Vietnam
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨
Date: 04/24/2025 12:31 AM
Toppan Merrill
Project: 25-12847-1 Form Type: 6-K
Client: 25-12847-1_VinFast Auto Ltd._6-K
File: tm2512847d1_6k.htm Type: 6-K Pg: 2 of 4
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
As set forth herein, VinFast Auto Ltd. has announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
This Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form S-8 (File No. 333-278251) of VinFast Auto Ltd. (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
Date: 04/24/2025 12:31 AM
Toppan Merrill
Project: 25-12847-1 Form Type: 6-K
Client: 25-12847-1_VinFast Auto Ltd._6-K
File: tm2512847d1_6k.htm Type: 6-K Pg: 3 of 4
EXHIBIT INDEX
Exhibit
Description of Exhibit
99.1Unaudited financial results for the fourth quarter and full year ended December 31, 2024
Date: 04/24/2025 12:31 AM
Toppan Merrill
Project: 25-12847-1 Form Type: 6-K
Client: 25-12847-1_VinFast Auto Ltd._6-K
File: tm2512847d1_6k.htm Type: 6-K Pg: 4 of 4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VinFast Auto Ltd.
Date: April 24, 2025
By: /s/ Le Thi Thu Thuy
Name: Le Thi Thu Thuy
Title: Chairwoman and Director
Date: 04/24/2025 12:31 AM
Toppan Merrill
Project: 25-12847-1 Form Type: 6-K
Client: 25-12847-1_VinFast Auto Ltd._6-K
File: tm2512847d1_ex99-1.htm Type: EX-99.1 Pg: 1 of 14
Exhibit 99.1
VinFast Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
Quarterly Revenues reached VND16,496.4 billion (US$677.9 million)
Quarterly EV Deliveries were 53,139 units
Full year Revenues reached VND44,019.0 billion (US$ 1,808.9 million)
Full Year EV Deliveries were 97,399 units
Singapore, April 24, 2025 - VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
Operating Highlights for the Fourth Quarter and Full Year of 2024
FY 2024
4Q2024
3Q2024
EV Deliveries(1)
97,399
53,139
21,912
E-scooter Deliveries
70,977
31,170
18,894
Financial Highlights for the Fourth Quarter of 2024
Key Financial Results for the Fourth Quarter of 2024
(in VND millions, except for percentages and basis points ("bps"))
2023 Q4
2024 Q4
2024 Q3
As adjusted(2)
QoQ
YoY
Vehicle Sales
15,441,451
11,251,190
8,686,249
37.2
%
77.8
%
Total Revenues
16,496,376
12,326,537
9,715,565
33.8%
69.8
%
Gross Loss
(13,054,395)
(2,957,886)
(4,730,627)
341.3%
176.0
%
Gross Margin
(79.1)%
(24.0)%
(48.7)%
(5514)bps
(3044
)bps
Loss from Operations
(23,852,111)
(8,121,371)
(11,990,800)
193.7%
98.9
%
Net Loss
(30,594,811)
(13,251,944)
(16,931,234)
130.9%
80.7%
1
Date: 04/24/2025 12:31 AM
Toppan Merrill
Project: 25-12847-1 Form Type: 6-K
Client: 25-12847-1_VinFast Auto Ltd._6-K
File: tm2512847d1_ex99-1.htm Type: EX-99.1 Pg: 2 of 14
Financial Highlights for the Fiscal Year Ended December 31, 2024
Key Financial Results for the Fiscal Year Ended December 31, 2024(in VND millions, except for percentages and basis points ("bps"))
FY2023
FY2024
As adjusted(2)
YoY
Vehicle Sales
40,145,556
25,398,136
58.1
%
Total Revenues
44,019,015
27,883,821
57.9
%
Gross Loss
(25,277,639)
(13,710,911)
84.4
%
Gross Margin
(57.4)%
(49.2)%
(825
)bps
Loss from Operations
(55,399,158)
(41,970,653)
32.0
%
Net Loss
(77,354,949)
(60,250,348)
28.4
%
Recent Business Updates
Launch of the new "Green" series
Phasing out battery-leasing model
Progress on overseas markets
2 As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.
2
Date: 04/24/2025 12:31 AM
Toppan Merrill
Project: 25-12847-1 Form Type: 6-K
Client: 25-12847-1_VinFast Auto Ltd._6-K
File: tm2512847d1_ex99-1.htm Type: EX-99.1 Pg: 3 of 14
Shareholder funding disbursements
Related Party Transactions
Management Commentary
Madam Thuy Le, Chairwoman of VinFast, said: "VinFast had an outstanding Q4 and full year 2024, reflecting the Company's ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape."
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "VinFast concluded 2024 with solid momentum, setting the foundation for sustained volume growth in 2025-an important milestone on our path toward profitability. As a young and innovative company, we remain committed to investing in R&D and capital expenditure to build better-quality, better-performing electric vehicles for our customers. These investments will be strategically balanced by continued efficiencies across other areas of the business thanks to top line growth and further cost savings."
Financial Results for the Fourth Quarter of 2024
Revenues
Cost of Sales and Gross Margin
3 In connection with the free charging program in Vietnam that continues until June 30, 2027 or until December 31, 2027, if customers purchase EVs with batteries before March 1, 2025, Mr. Pham is responsible for paying the costs to implement the program for all applicable sales under the program until December 31, 2024. The estimated amount to be paid directly by Mr. Pham for the entire free charging period is approximately VND5,900 billion (US$242.5 million). This amount is recognized as a revenue deduction and deemed contribution from the owner in VinFast's consolidated financial statements for fiscal year 2024.
3
Disclaimer
Vinfast Auto Ltd. published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 10:36 UTC.