Billionaire Pham Nhat Vuong's VinFast announced revenue of 1.8 billion USD

VinFast - Photo 1.

Mr. Pham Nhat Vuong answers shareholders at the meeting - Photo: LN

This is part of the commitment announced on November 12, 2024 to provide financial support of up to VND50,000 billion, equivalent to USD2.1 billion, for VinFast .

The latest information about VinFast was just shared by Vingroup Corporation on the morning of April 25. VinFast announced unaudited financial results for the fourth quarter of 2024 and the whole year of 2024. In the fourth quarter of 2024, VinFast delivered 53,139 electric cars, marking a growth of 143% compared to the previous quarter.

Of which, VinFast witnessed strong growth in sales to consumers (B2C), with an increase of 140% compared to the previous quarter and more than 20 times higher than the same period last year.

In 2024, the number of cars delivered reached 97,399 units, an increase of 192% compared to 2023, affirming strong growth momentum and positive reception from the market.

In 2024, VinFast delivered a total of 70,977 electric motorbikes, an increase of 1% over the previous year.

In the fourth quarter of 2024, Vietnamese electric car brand VinFast recorded revenue of VND 16,496 billion, about USD 677.9 million.

For the whole year of 2024, total revenue reached 44,019 billion VND, equivalent to 1.8 billion USD, an increase of 57.9% over last year.

Meanwhile, gross loss was VND25,277.6 billion, equivalent to USD1.03 billion, gross profit margin was negative 57.4%. Net loss was recorded at VND77,354.9 billion, equivalent to USD3.1 billion.

Notably, as of March 31, Mr. Pham Nhat Vuong had disbursed VND10,000 billion, equivalent to USD410.9 million, in the form of non-refundable grants to VinFast.

This is part of the commitment announced on November 12, 2024, to provide financial support of up to VND50,000 billion, about USD2.1 billion, for VinFast.

As of March 31, 2025, Vingroup has also disbursed a loan of more than VND27,000 billion to VinFast. Late last year, the group committed to providing VinFast with a new loan of up to VND35,000 billion to support its continued growth.

In 2024, VinFast has launched a free charging program for electric car customers, to encourage the switch to green transportation.

This financial support was arranged from the personal assets of Mr. Pham Nhat Vuong, Chairman of Vingroup Corporation, who is also the founder and CEO of VinFast. VinFast continues to expand its operations in Indonesia, the Philippines, North American and European markets...

Mr. Pham Nhat Vuong shared that in addition to real estate and electric vehicles, the group is expanding many other pillars, including highway investment and seaport development.