We participated in VinFast’s (Nasdaq: VFS) Q1 2025 earnings call held on June 9. The main updates include a recap of the company’s Q1 2025 results and 2025 outlook.
In Q1 2025, VFS’s global deliveries were 36,300 EV units (-32% QoQ and +296% YoY; of which 21% were sold to VinFast’s related parties). VFS reported a slight QoQ improvement in Q1 2025 adjusted gross margin (excluding the free charging and inventory write-down charges) reflecting the ongoing bill-of-materials (BOM) and production cost optimization.
As of May 31, 2025, disbursements under the capital support agreement announced in November 2024 included: VIC’s Chairman had disbursed VND20.5tn (USD788mn) to VFS as grants, and VIC had provided VND30.6tn (USD1.2bn) loans to VFS. The November 2024 plan outlined total commitments of up to VND50tn (USD1.9bn) in grants from the VIC’s Chairman and VND35tn (USD1.3bn) in loans from VIC to VFS through 2026G.
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