VinFast二季度交付收入高增但毛利率恶化至-62.8%，核心经营亏损扩大，盘前小幅下跌

----- vfs6k101526.htm -----
6-K
1
vfs6k101526.htm
FORM 6-K
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 October
2026
Commission File Number: 001-41782
VinFast Auto Ltd.
Dinh Vu – Cat
Hai Economic Zone
Cat Hai Island, Cat
Hai Special Zone
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
☒
Form 40-F  ☐
INFORMATION
CONTAINED IN THIS REPORT ON FORM 6-K
As
set forth herein, VinFast Auto Ltd. (the “Company”) has announced its unaudited financial results for the second quarter
ended
June 30, 2026
.
The
operational and financial information as of June 30, 2026 and for the quarter then ended contained in Exhibit 99.1 to this Form 6-K shall
be deemed to be incorporated by reference into the Company’s registration statement on
Form S-8
(File No. 333-278251), registration
statement on
Form F-3
(File No. 333-275133), and registration statement on
Form F-3
(File No. 333-291445) (including any prospectuses
forming a part of such registration statements) 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not superseded by documents or reports subsequently filed or furnished.
1
EXHIBIT INDEX
Exhibit
Description of Exhibit
99.1
Unaudited financial results for the second quarter ended June 30, 2026
2
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: October 19, 2026
By:
/s/ Nguyen Thi Lan Anh
Name:
Nguyen Thi Lan Anh
Title:
Director and Chief Financial Officer
3

----- vfsex99-1.htm -----
EX-99.1
2
vfsex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
VinFast Reports Unaudited Second Quarter 2026
Financial Results
Quarterly Revenues reached VND30,340.9
billion
(US$1,203.7 million) Quarterly EV Deliveries were 70,085 units
Singapore, October 19,
2026 – VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), an electric vehicle (“EV”)
company with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the second quarter
ended June 30, 2026.
Operating Highlights for the Second Quarter
of 2026
2Q2026
1Q2026
2Q2025
EV
Deliveries
1
70,085
58,577
35,837
E-scooter & E-bike Deliveries
286,039
143,136
69,580
●
EV
deliveries
were 70,085 in the second quarter of 2026, representing an increase of 20% from first quarter of 2026 and 96% increase
from the second quarter of 2025. International markets outside of Vietnam accounted for approximately 11% of total deliveries during
the quarter.
●
E-scooter
and e-bike deliveries
were 286,039 in the second quarter of 2026, representing a 100% increase from first quarter of 2026 and 311%
increase from the second quarter of 2025.
●
Showrooms:
As of June 30, 2026, customers can purchase VinFast EVs from 474 showrooms globally.
2
Key Financial
Growth Metrics for the Second Quarter of 2026 (See full details of the Financial Results below)
(in VND millions, except for percentages)
2Q2026
1Q2026
2Q2025
QoQ
YoY
Vehicle Sales
28,833,074
21,612,507
14,966,043
33.4
%
92.7
%
Total Revenues
30,340,852
22,836,084
16,356,556
32.9
%
85.5
%
●
Vehicle
sales
were VND28,833.1 billion (US$1,143.9 million) in the second quarter of 2026, representing an increase of 33.4% from the first
quarter of 2026 and an increase of 92.7% from the second quarter of 2025.
●
Total
revenues
were VND30,340.9 billion (US$1,203.7 million) in the second quarter of 2026, representing an increase of 32.9% from the
first quarter of 2026 and an increase of 85.5% from the second quarter of 2025. Total revenues were primarily comprised of revenue from
EV sales.
Recent Business
Updates
Product and Technology
●
The
VF Wild REEV is the latest addition to our product portfolio. Built on VinFast’s next-generation large-vehicle platform, it combines
an electric drivetrain with extended-range capability, giving customers greater flexibility for longer-distance driving while retaining
the core driving characteristics of an EV. The VF Wild is now available in Vietnam and we expect to bring it to international markets
next year.
1
Includes EV models under VF, Green and Lac Hong brands, EC
Van and e-buses.
2
Includes VinFast-owned and dealer showrooms.
●
On
autonomous driving, we continue to progress toward our planned pilot of 200 Level 4 robotaxis at Vinhomes Green Paradise in Can Gio in
late 2027, subject to obtaining the required regulatory approvals. In parallel with technology development, we are working with the relevant
authorities on the regulatory sandbox, safety standards, and training protocols required to support the pilot.
Key Markets
●
In
Vietnam, by the end of the second quarter, VinFast has maintained the number-one position for 22 consecutive months since September
2024. As of June 30, our share of the overall Vietnam automotive market was approximately 38%
3
.
●
During
the quarter, we launched the new generation VF 8 as well as the VF 2, our most compact passenger vehicle. Initial customer response was
strong, with each model generating more than 12,700 and 28,700 reservations
4
respectively
within days of launch.
●
Our
two-wheeler business also continued to scale, reinforcing VinFast’s position as the number-two player
5
and further narrowing the gap with the market leader.
●
Southeast
Asia and India continue to be a core growth engine for VinFast. In the second quarter of 2026, VinFast ranked #1 among battery EV (“BEV”)
brands in the Philippines
6
, #5 in India
7
and #8 in Indonesia
8
.
Ngoc Hoi Acquisition
●
On
September 15, 2026, VinFast Vietnam Joint Stock Company (“VFVN”), a subsidiary of the Company, entered into agreements to
acquire 100% of the equity interests in Ngoc Hoi Real Estate Investment Joint Stock Company (“Ngoc Hoi”) from Mr. Pham Nhat
Vuong, VinFast’s founder (“Mr. Pham”), and two other minority shareholders. Ngoc Hoi is a real estate development company
in which Mr. Pham owns a majority interest and which holds a 20% economic interest in an investor consortium developing the Hanoi International
Sports Urban Area Project, a large-scale integrated urban development project in Hanoi, Vietnam.
●
The
aggregate consideration was VND30,857 billion (approximately US$1.2 billion), representing a discount to the fair value of the transferred
shares as determined by an independent third-party valuation. The acquisition was completed in the third quarter of 2026. The consideration
was funded through a combination of existing financial arrangements with Vingroup Joint Stock Company (“Vingroup”) and Mr. Pham, together with a portion of the proceeds
from Mr. Pham’s capital contribution of VND20,000 billion (approximately US$793.5 million) to VFVN through VFVN’s issuance
of dividend preference shares that carry no conversion, exchange or similar rights, and has been fully settled. The acquisition is intended
to generate additional earnings and cash flows from real estate development, while the Company’s electric vehicle and smart mobility
businesses remain its core business and principal strategic focus.
Funding Sources
●
As
previously disclosed, Vingroup announced in late 2024 its intention to provide VinFast with additional borrowings of up to VND35,000.0
billion (US$1.4 billion) between November 12, 2024, and November 12, 2026, to support VinFast’s continued growth. As of June 30,
2026, VinFast’s outstanding borrowings from Vingroup under this commitment were VND17,398.6 billion (US$690.3 million).
3
Based on data from the Vietnam Automobile Manufacturers’
Association, TC Group and the Company’s internal data (for VinFast only).
4
Reservations are non-binding and cancellable until deposits
are placed by the customers.
5
Based on Company internal research
6
According to the Chamber of Automotive Manufacturers of the
Philippines (CAMPI).
7
Based on Vahan registrations among BEV brands.
8
According to the Association of Indonesia Automotive Industries
(GAIKINDO).
2
●
Pursuant
to a grant agreement dated November 12, 2024, Mr. Pham committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants
to VinFast and its subsidiaries. As of June 30, 2026, a total of VND40,500.0 billion (US$1.6 billion) had been disbursed pursuant to
the grant agreement.
●
As of June 30, 2026, VinFast had total available
liquidity of up to 58,590.9 billion (US$2.3 billion), which consisted of cash and cash equivalents
of 7,083.4 billion (US$281.0 million), an undrawn credit line from Vingroup
9
of
up to 17,601.4 billion (US$698.3 million), remaining grants from Mr. Pham
10
of
up to 9,500.0 billion (US$376.9 million), and an available commitment of VND24,406.1 billion
(US$968.3 million) under a standby equity subscription agreement with YA II PN, Ltd.
11
entered into in October 2023.
●
In
addition, as previously disclosed, the Board of Directors of the Company and the shareholders of VFVN approved a capital contribution
of up to VND10,000.0 billion (US$396.7 million) by Mr. Pham to VFVN through the issuance of dividend preference shares with no conversion,
exchange or similar rights. The approved amount was subsequently increased to VND20,000.0 billion (US$793.5 million), which has been
fully contributed by Mr. Pham to VFVN in the third quarter of 2026. A portion of the proceeds from this capital contribution was used to fund the aggregate consideration
of VND30,857 billion in connection with the Ngoc Hoi acquisition, with the remaining amount funded through a combination of existing
financial arrangements with Vingroup and Mr. Pham.
Related Party Transactions
●
Out
of 70,085 EVs delivered in the second quarter of 2026, approximately 6% were to related parties of the Company.
●
Out
of 286,039 e-scooters and e-bikes delivered in the second quarter of 2026, approximately 4% were to related parties of the Company.
Legal and Arbitration Proceedings
Comeau v. VinFast Auto Ltd., et al., 1:24-cv-02750
(E.D.N.Y.)
●
On
September 30, 2026, the Court dismissed with prejudice the Comeau Securities Class Action, as previously disclosed in the Company’s
Annual Report on Form 20-F. Accordingly, all claims asserted against the Company and the other defendants in the litigation have been
dismissed.
North Carolina Department of Commerce v. VinFast
Manufacturing US, LLC and Vingroup; 26CV0119274 Superior Court of NC, Wake County
●
As
previously reported, the Company is aware that on May 21, 2026, the North Carolina Department of Commerce, through the Office of the
Attorney General of North Carolina, filed a complaint against VinFast Manufacturing US, LLC, a subsidiary of the Company ("VFUS") and Vingroup,
in Wake County Superior Court, State of North Carolina. The dispute concerns the implementation of certain agreements between VFUS, Vingroup and
the State of North Carolina relating to the development of a manufacturing facility in Chatham County, North Carolina. The proceedings
are ongoing, and both VFUS and Vingroup are actively defending their positions.
Management Commentary
Mr. Pham Nhat Quan
Anh,
CEO and Chairman of VinFast, said
: “VinFast entered the second half of 2026 with strong momentum across our core markets
and continued progress in expanding our global platform. During the quarter, we reached several important milestones, including continued
growth across both electric four-wheelers and two-wheelers. We are also broadening the financial and ecosystem foundation supporting our
long-term strategy through our participation in the Hanoi International Sports Urban Area Project. Looking ahead, our priorities remain
focused on scaling production in key international markets including the Philippines, Indonesia and India while continuing strategic expansion
across the United States, Europe, and the Middle East, expanding our product and technology roadmap, and strengthening after-sales capabilities.
We believe these initiatives position VinFast to sustain growth while building a more globally diversified, capital-efficient and resilient
electric mobility business.”
9
The credit line is available to the Company through November
12, 2026
10
Mr. Pham has committed to providing grants to the Company
through the end of 2026.
11
The standby equity subscription agreement with YA II PN,
Ltd. remains available until November 1, 2026.
3
Ms. Lan Anh Nguyen,
Chief Financial Officer of VinFast, added:
“Our second-quarter results reflect continued strong revenue growth in our core electric
mobility business as we scale vehicle volumes and invest in our next generation of products and technology. At the same time, we have
taken deliberate steps to strengthen VinFast’s long-term financial profile, including the transition to a more capital-efficient
manufacturing model in Vietnam and the addition of a complementary real-estate earnings stream. Together, these initiatives are intended
to reduce the capital intensity of our operations, strengthen our consolidated operating results and cash generation over time, and provide
greater financial capacity to support continued investment in our EV business. Electric mobility remains at the center of our strategy,
and we believe these actions position VinFast on a stronger foundation as we pursue sustainable growth and a pathway toward profitability.”
Financial Results
for the Second Quarter of 2026
●
Following
the restructuring of our Vietnam manufacturing operations, the disposed manufacturing operations have been classified as discontinued
operations, while the businesses and activities that remain with VinFast are presented as continuing operations. Accordingly, the comparable
prior periods have been recast to present the results of these operations separately from continuing operations.
Revenues
●
Total
revenues
were VND30,340.9 billion (US$1,203.7 million) in the second quarter of 2026, representing an increase of 32.9% from the
first quarter of 2026 and an increase of 85.5% from the second quarter of 2025. Total revenues were primarily comprised of revenue from
EV sales.
●
Vehicle
sales
were VND28,833.1 billion (US$1,143.9 million) in the second quarter of 2026, representing an increase of 33.4% from the first
quarter of 2026 and an increase of 92.7% from the second quarter of 2025. Revenue growth from the first quarter of 2026 and second quarter
of 2025 was driven by an increase in EV sales volumes due to growth in the Vietnam market and contributions from overseas markets such
as India, Indonesia and the Philippines.
Cost of Sales and Gross Margin
●
Cost
of sales
was VND49,392.2 billion (US$1,959.5 million) in the second quarter of 2026, representing an increase of 36.1% from the first
quarter of 2026 and an increase of 148.0% from the second quarter of 2025. The increase compared to the first quarter of 2026 and second
quarter of 2025 was primarily attributable to an increase in the cost of vehicles sold as the Company delivered more EVs to customers.
●
Gross
loss
was VND19,051.3 billion (US$755.8 million) in the second quarter of 2026, representing an increase of 41.7% from the first quarter
of 2026 and an increase of 435.4% from the second quarter of 2025.
●
Gross
margin
was negative 62.8% in the second quarter of 2026, compared to negative 58.9% in the first quarter of 2026 and negative 21.8%
in the second quarter of 2025. The decrease in gross margin from the second quarter of 2025 was primarily attributable to (i) the recognition
of additional expenses related to the extended free charging program
12
launched in
February 2026, which was recorded as a deduction of revenue beginning in the first quarter of 2026, and (ii) revenue deferrals on certain
vehicle sales. The decrease in gross margin from the first quarter of 2026 was primarily attributable to revenue deferrals on certain
vehicles sales.
12
We launched the free charging program on 9 February 2026,
providing EV customers with a monthly free charging quota at V-Green JSC stations for a period of up to three years, through February
2029. The incremental costs will be funded by Mr. Pham directly to V-Green JSC and is accounted for as deemed contribution from the owner
and a deduction of revenue.
4
Operating Expenses
●
Research
and development (R&D) costs
were VND3,874.9 billion (US$153.7 million) in the second quarter of 2026, representing an increase
of 52.8% from the first quarter of 2026 and an increase of 65.9% from the second quarter of 2025. The increase in R&D costs compared
to the first quarter of 2026 and second quarter of 2025 was attributable to higher R&D spending on new vehicle platforms, E/E 2.0
architecture and ADAS technologies in the second quarter of 2026.
●
Selling,
general and administrative expenses
were VND5,259.9 billion (US$208.7 million) in the second quarter of 2026, representing an increase
of 116.9% from the first quarter of 2026 and an increase of 59.4% from the second quarter of 2025. The increase compared to the first
quarter of 2026 and second quarter of 2025 was primarily attributable to certain sale programs and incentives related to the vehicle
sales for which revenue has been deferred. As a result, these costs were recorded as selling expenses rather than as a reduction of revenue,
as they would have been if the revenue had been recognized.
●
Net
other operating expenses
were VND960.7 billion (US$38.1 million) in the second quarter of 2026, representing an increase in net operating
expenses of 73.3% from the first quarter of 2026 and of 62.9% from the second quarter of 2025. The increase in net expense was primarily
driven by higher foreign exchange losses.
Loss from Operations
●
Loss
from operations
was VND29,146.8 billion (US$1,156.3 million) in the second quarter of 2026 representing an increase of 53.8% from
the first quarter of 2026 and an increase of 197.9% from the second quarter of 2025, as a result of the foregoing.
Net Loss and Net Loss Per Share
●
Net
loss on financial instruments at fair value through profit or loss
was VND596.7 billion (US$23.7 million) in the second quarter of
2026, representing a decrease of 4.0% from the first quarter of 2026 and a decrease of 48.1% from the second quarter of 2025. The change
in net loss on financial instruments at fair value through profit or loss was mainly attributable to changes in the financial liabilities
in respect of dividend preference shares.
●
Net
loss from continuing operations
was VND31,189.2 billion (US$1,237.4 million) in the second quarter of 2026, representing an increase
of 48.2% from the first quarter of 2026 and an increase of 127.8% from the second quarter of 2025.
●
Net
gain from discontinued operations
was VND29,774.3 billion (US$1,181.2 million) which comprises the gains on disposal of VND36,967.3bn
(US$1,466.6m), net of tax, partially offset by losses from discontinued operations of VND7,193.0bn (US$285.4m) prior to the disposal
date.
●
Total
net loss
was VND1,414.9 billion (US$56.1 million) in the second quarter of 2026.
●
Basic
and diluted net loss per ordinary share from continuing operations
were both VND13,321 (US$0.53) in the second quarter of 2026, compared
with VND8,974 (US$0.36) in the first quarter of 2026 and VND5,844 (US$0.23) in the second quarter of 2025.
5
Balance Sheet
●
Cash
and cash equivalents
were VND7,083.4 billion (US$281.0 million) as of June 30, 2026.
Business Outlook
●
As we progress through the second half of 2026, we continue
to navigate industry-wide semiconductor supply constraints affecting automotive manufacturers globally. VinFast has taken proactive actions
to strengthen supply visibility, including long-term procurement commitments extending through 2027 and direct engagement with senior
leadership teams at key suppliers to secure priority support for our production requirements. While we remain attentive to the evolving
supply environment, our current expectations for production and deliveries remain in line with our business plan, and we are maintaining
our full-year 2026 guidance.
●
VinFast’s
target markets are Vietnam, Indonesia, the Philippines, India, the Middle East, North America and Europe, and the Company continues to
evaluate opportunities to expand into additional countries and regions across Europe, Asia, the Middle East and Africa. VinFast aims
to grow its global footprint in markets where it identifies strong long-term EV adoption potential. This expansion strategy is aligned
with Vingroup’s broader global development approach, leveraging the Vingroup ecosystem, partnerships and capital resources to support
VinFast’s international growth.
●
VinFast
may establish or enlarge its presence in existing and new markets through a range of distribution models, with dealership partnerships
representing the predominant approach in recent periods. To ensure sufficient production capacity to support its current and future operations,
VinFast intends, from time to time, to expand its international manufacturing capacity, assembly and distribution capacity across its
markets, including through the expansion of existing facilities as well as new brownfield and greenfield projects. While VinFast remains
focused on the mini- through E-segments of the electric SUV market, it continues to evaluate a broader spectrum of vehicle types for
future product development. VinFast regularly reviews its global expansion strategy and retains flexibility to accelerate, moderate or
otherwise adjust its distribution, manufacturing, assembly, marketing and other market plans as conditions evolve.
●
VinFast’s
funding sources for its capital requirements to implement its growth strategy are expected to include loans, grants, and transactions
with its major shareholders and affiliates, as well as public and private debt and equity capital markets, third-party borrowings and
cash from operations. VinFast also expects to opportunistically access the debt and equity capital markets from time to time, subject
to market conditions. The Company also seeks to capture available tax incentives, subsidies and other policy support programs to reduce
the cost of investment and operations.
Notes:
The amounts shown in the consolidated financial
statements have been rounded or truncated as deemed appropriate by the management. Accordingly, numerical figures shown as totals in certain
tables might not be an arithmetic aggregation of the figures that precede them.
Conference Call
The Company’s management will host its second quarter 2026 earnings
conference call at 8:00 AM U.S. Eastern Time on October 19, 2026.
Live Webcast: https://edge.media-server.com/mmc/p/qy7nmbcv
Registration Form: https://register-conf.media-server.com/register/BIe2e54174d1ed4dbf8f1215a46e676919
6
VinFast
Auto Ltd.
Unaudited
Interim Condensed Consolidated Balance Sheets
As of
December 31,
2025
As of
June 30,
2026
As of
June 30,
2026
VND
million
VND
million
USD
(Unaudited) (*)
(Unaudited)
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
5,744,741
7,083,364
281,018,964
Restricted cash
665,510
1,339,006
53,122,511
Trade receivables
4,380,041
4,588,152
182,026,184
Advances to suppliers
4,563,465
4,967,311
197,068,595
Inventories, net
10,176,399
13,746,557
545,368,444
Short-term prepayments, other receivables and other assets
4,089,980
10,520,347
417,374,712
Current net investment in sales-type lease
62,862
71,990
2,856,066
Short-term investments
2,510,529
4,666,530
185,135,682
Short-term amounts due from related parties
7,529,473
2,763,457
109,634,889
Current assets of discontinued operations
45,716,748
-
-
Total current assets
85,439,748
49,746,714
1,973,606,046
NON-CURRENT ASSETS
Trade receivables
538,050
450,503
17,872,848
Property, plant and equipment, net
18,139,525
19,523,556
774,559,867
Intangible assets, net
633,254
638,248
25,321,273
Right-of-use assets
1,175,966
2,380,754
94,451,877
Long-term prepayments
44,824
41,266
1,637,150
Non-current net investment in sales-type lease
320,781
339,733
13,478,259
Long-term amounts due from related parties
1,232
1,232
48,877
Restricted cash
1,831,597
1,358,870
53,910,577
Other non-current assets
418,160
417,833
16,576,728
Non-current assets of discontinued operations
74,078,905
-
-
Total non-current assets
97,182,294
25,151,995
997,857,455
TOTAL ASSETS
182,622,042
74,898,709
2,971,463,501
(*)
Comparative
amounts of Unaudited Interim Condensed Consolidated Balance Sheets have been recast to separately present the assets and liabilities
of the disposal group related to the discontinued operations.
7
VinFast Auto Ltd.
Unaudited
Interim Condensed Consolidated Balance Sheets (continued)
As of
December 31,
As June of 30,
As June of 30,
2025
2026
2026
VND million
VND million
USD
(Unaudited) (*)
(Unaudited)
(Unaudited)
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Short-term and current portion of long-term interest-bearing loans and borrowings
2,376,314
5,940,712
235,686,424
Short-term financial liabilities
24,332,136
25,532,063
1,012,935,928
Trade payables
4,819,350
17,280,687
685,578,315
Deposits and down-payment from customers
1,658,961
2,092,128
83,001,190
Short-term deferred revenue
123,091
116,625
4,626,875
Short-term accruals
5,616,803
11,024,476
437,375,069
Other current liabilities
3,755,959
4,889,680
193,988,733
Current portion of lease liabilities
398,268
447,232
17,743,077
Amounts due to related parties
19,355,573
26,503,553
1,051,477,942
Current liabilities of discontinued operations
102,322,510
-
-
Total current liabilities
164,758,965
93,827,156
3,722,413,552
NON-CURRENT LIABILITIES
Long-term interest-bearing loans and borrowings
15,185,039
15,881,601
630,072,245
Long-term financial liabilities
13,064
31,338
1,243,275
Long-term trade payables
-
35,501,657
1,408,460,565
Other non-current liabilities
1,865,620
2,466,973
97,872,451
Non-current lease liabilities
929,382
1,193,527
47,350,909
Long-term deferred revenue
819,650
926,614
36,761,644
Deferred tax liabilities
9,099
9,108
361,343
Long-term accruals
37,698
1,051,619
41,720,979
Amounts due to related parties
12,174,267
10,888,992
432,000,000
Non-current liabilities of discontinued operations
79,225,036
-
-
Total non-current liabilities
110,258,855
67,951,429
2,695,843,410
EQUITY
Ordinary shares (2,339,536,010 shares issued and outstanding as of December 31, 2025 and June 30, 2026)
9,867,220
9,867,220
391,463,144
Accumulated losses
(367,176,828
)
(396,627,973
)
(15,735,458,740
)
Additional paid-in capital
183,945,584
269,864,827
10,706,372,570
Other comprehensive income/(loss)
(572,559
)
88,902
3,527,017
Deficit attributable to equity holders of the parent
(173,936,583
)
(116,807,024
)
(4,634,096,009
)
Non-controlling interests
81,540,805
29,927,148
1,187,302,547
Total deficit
(92,395,778
)
(86,879,876
)
(3,446,793,462
)
TOTAL DEFICIT AND LIABILITIES
182,622,042
74,898,709
2,971,463,501
(*)
Comparative
amounts of Unaudited Interim Condensed Consolidated Balance Sheets have been recast to separately present the assets and liabilities
of the disposal group related to the discontinued operations.
8
VinFast
Auto Ltd.
Unaudited
Interim Condensed Consolidated Statements of Operations
For the
three
months
ended
March 31,
For the three months ended June 30,
For the six months ended June 30,
2026
2025
2026
2026
2025
2026
2026
VND million
VND million
VND million
USD
VND million
VND million
USD
(Unaudited) (*)
(Unaudited) (*)
(Unaudited)
(Unaudited)
(Unaudited) (*)
(Unaudited)
(Unaudited)
Revenues
Sales of vehicles
21,612,507
14,966,043
28,833,074
1,143,897,247
30,179,328
50,445,581
2,001,332,262
Other revenue and services
1,223,577
1,390,513
1,507,778
59,818,218
2,368,127
2,731,355
108,361,303
Revenues
22,836,084
16,356,556
30,340,852
1,203,715,465
32,547,455
53,176,936
2,109,693,565
Cost of vehicles sold
(34,986,963
)
(19,058,165
)
(47,465,532
)
(1,883,104,499
)
(36,490,635
)
(82,452,495
)
(3,271,145,561
)
Other cost of goods sold and services rendered
(1,290,875
)
(856,890
)
(1,926,626
)
(76,435,214
)
(1,788,806
)
(3,217,501
)
(127,648,219
)
Cost of sales
(36,277,838
)
(19,915,055
)
(49,392,158
)
(1,959,539,713
)
(38,279,441
)
(85,669,996
)
(3,398,793,779
)
Gross loss
(13,441,754
)
(3,558,499
)
(19,051,306
)
(755,824,248
)
(5,731,986
)
(32,493,060
)
(1,289,100,214
)
Operating expenses
Research and development costs
(2,535,422
)
(2,335,125
)
(3,874,930
)
(153,730,461
)
(4,350,711
)
(6,410,352
)
(254,318,496
)
Selling and distribution costs
(1,413,000
)
(2,063,282
)
(3,492,775
)
(138,569,190
)
(3,575,371
)
(4,905,775
)
(194,627,271
)
Administrative expenses
(1,012,445
)
(1,236,004
)
(1,767,122
)
(70,107,197
)
(3,350,410
)
(2,779,567
)
(110,274,022
)
Net other operating expenses
(554,299
)
(589,593
)
(960,693
)
(38,113,663
)
(915,268
)
(1,514,992
)
(60,104,420
)
Operating loss
(18,956,920
)
(9,782,503
)
(29,146,826
)
(1,156,344,759
)
(17,923,746
)
(48,103,746
)
(1,908,424,423
)
Finance income
99,700
36,269
104,996
4,165,516
68,645
204,696
8,120,924
Finance costs
(1,563,728
)
(2,798,870
)
(1,550,669
)
(61,519,837
)
(5,277,130
)
(3,114,397
)
(123,557,764
)
Net loss on financial instruments at fair value through profit or loss
(621,448
)
(1,148,961
)
(596,710
)
(23,673,332
)
(1,720,031
)
(1,218,158
)
(48,328,096
)
Loss from continuing operations before income tax expense
(21,042,396
)
(13,694,065
)
(31,189,209
)
(1,237,372,411
)
(24,852,262
)
(52,231,605
)
(2,072,189,360
)
Tax expense
-
440
(8
)
(317
)
960
(8
)
(317
)
Net loss for the period from continuing operations
(21,042,396
)
(13,693,625
)
(31,189,217
)
(1,237,372,729
)
(24,851,302
)
(52,231,613
)
(2,072,189,677
)
Net (loss)/income for the period from discontinued operations
(7,065,586
)
(6,647,980
)
29,774,271
1,181,237,443
(13,184,072
)
22,708,685
900,923,788
Net loss for the period
(28,107,982
)
(20,341,605
)
(1,414,946
)
(56,135,285
)
(38,035,374
)
(29,522,928
)
(1,171,265,889
)
Net loss attributable to non-controlling interests
(48,022
)
(25,517
)
(23,763
)
(942,752
)
(47,497
)
(71,785
)
(2,847,933
)
Net loss attributable to controlling interest
(28,059,960
)
(20,316,088
)
(1,391,183
)
(55,192,534
)
(37,987,877
)
(29,451,143
)
(1,168,417,956
)
(*)
Comparative
amounts of Unaudited Interim Condensed Consolidated Statements of Operations have been recast to reflect the presentation of the disposed
operations as discontinued operations.
9
VinFast
Auto Ltd.
Unaudited
Interim Condensed Consolidated Statements of Comprehensive Loss
For the
three months
ended
March 31,
For the three months ended June 30,
For the six months ended June 30,
2026
2025
2026
2026
2025
2026
2026
VND million
VND million
VND million
USD
VND million
VND million
USD
(Unaudited) (*)
(Unaudited) (*)
(Unaudited)
(Unaudited)
(Unaudited) (*)
(Unaudited)
(Unaudited)
Net loss for the period
(28,107,982
)
(20,341,605
)
(1,414,946
)
(56,135,285
)
(38,035,374
)
(29,522,928
)
(1,171,265,889
)
Other comprehensive (loss) / income
Other comprehensive (loss)/ income that will be reclassified to profit or loss in subsequent periods (net of tax):
Exchange differences on translation of foreign operations
713,841
(15,799
)
413,023
16,385,900
(266,913
)
1,126,864
44,706,181
Net other comprehensive (loss)/ income that will be reclassified to profit or loss in subsequent periods
713,841
(15,799
)
413,023
16,385,900
(266,913
)
1,126,864
44,706,181
Total comprehensive loss for the period, net of tax
(27,394,141
)
(20,357,404
)
(1,001,923
)
(39,749,385
)
(38,302,287
)
(28,396,064
)
(1,126,559,708
)
Comprehensive loss attributable to non-controlling interests
(48,022
)
(25,517
)
(23,763
)
(942,752
)
(47,497
)
(71,785
)
(2,847,933
)
Comprehensive loss attributable to controlling interest
(27,346,119
)
(20,331,887
)
(978,160
)
(38,806,633
)
(38,254,790
)
(28,324,279
)
(1,123,711,775
)
Net (loss)/earnings per share attributable
to ordinary shareholders
(Basic and diluted)
VND
VND
VND
USD
VND
VND
USD
Net loss per share from continuing operations
(8,974
)
(5,844
)
(13,321
)
(0.53
)
(10,605
)
(22,295
)
(0.88
)
Net (loss)/earnings per share from discontinued operations
(3,020
)
(2,842
)
12,727
0.50
(5,637
)
9,706
0.39
Net loss per share
(11,994
)
(8,686
)
(595
)
(0.02
)
(16,242
)
(12,588
)
(0.50
)
Weighted average number of shares used in loss per share computation
Basic and diluted
2,339,536,010
2,338,812,676
2,339,536,010
2,339,536,010
2,338,812,617
2,339,536,010
2,339,536,010
(*)
Comparative
amounts of Unaudited Interim Condensed Consolidated Statements of Operations have been recast to reflect the presentation of the disposed
operations as discontinued operations.
10
VinFast
Auto Ltd.
Unaudited
Interim Condensed Consolidated Statements of Cash Flows
For the six months ended June 30,
2025
2026
2026
VND million
VND million
USD
(Unaudited)
(*)
(Unaudited)
(*)
(Unaudited)
(*)
OPERATING ACTIVITIES
Net loss for the period
(38,035,374
)
(29,522,928
)
(1,171,265,889
)
Adjustments to reconcile net loss to net cash flows:
Depreciation of property, plant and equipment and amortization of intangible assets
5,483,532
5,988,235
237,571,808
Impairment of assets and changes in fair value of held for sale assets
1,193,063
-
-
Changes in operating lease right-of-use assets
356,205
296,165
11,749,782
Provision related to compensation expenses, assurance-type warranties, net realizable value of inventories and others
10,088,458
23,457,287
930,623,145
Deferred income tax expenses
229,369
188,207
7,466,754
Unrealized foreign exchange losses/ (gain)
(793,412
)
1,516,918
60,180,830
Gain on disposal of discontinued operations, net of tax
-
(36,967,305
)
(1,466,607,355
)
Net losses on financial instruments at fair value through profit or loss
1,945,794
(2,760,389
)
(109,513,171
)
Change in amortized costs of financial instruments measured at amortized cost
1,373,535
2,010,393
79,758,510
Losses on disposal of fixed assets
420,807
264,532
10,494,803
Deemed contribution from owners to VinFast’s customers
-
7,025,787
278,734,706
Cash received as profit shared from investment cooperation and business opportunity exploration agreement
-
923,533
36,639,411
Share of loss from equity investees
127,277
(19,689
)
(781,124
)
Others
245,091
593,290
23,537,650
Change in working capital:
Trade receivables and advance to suppliers, net investment in sales-type lease
3,578,208
2,875,078
114,063,239
Inventories
(12,252,641
)
(18,850,752
)
(747,867,651
)
Trade payables, deferred revenue and other payables
213,451
15,895,367
630,618,385
Operating lease liabilities
(438,643
)
(405,107
)
(16,071,848
)
Prepayments, other receivables and other assets
(420,693
)
(3,732,592
)
(148,083,472
)
Net cash flows used in operating activities
(26,685,973
)
(31,223,970
)
(1,238,751,488
)
(*)
The
Unaudited Interim Condensed Consolidated Statements of Cash Flows include the results of continuing and discontinued operations as well
as the cash and cash equivalents and restricted cash associated with the discontinued operations through disposal date that were presented
in current and non-current assets of discontinued operations in our Unaudited Interim Condensed Consolidated Balance Sheet.
11
VinFast
Auto Ltd.
Unaudited
Interim Condensed Consolidated Statements of Cash Flows
(continued)
For the six months ended June 30,
2025
2026
2026
VND million
VND million
USD
(Unaudited)
(*)
(Unaudited)
(*)
(Unaudited)
(*)
INVESTING ACTIVITIES
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)
(8,943,376
)
(10,856,426
)
(430,708,006
)
Payment under a business investment and cooperation contract
(2,300,000
)
-
-
Proceeds from disposal of property, plant and equipment
316,650
702,712
27,878,759
Disbursement of bank deposit and loans
(2,511,888
)
(5,080,249
)
(201,549,195
)
Collection of bank deposit and loans
818,975
759,932
30,148,853
Cash proceeds from disposal of discontinued operation (net of tax)
-
12,210,165
484,415,020
Receipt from government grants
151,161
9,505
377,093
Net cash flows used in investing activities
(12,468,478
)
(2,254,361
)
(89,437,475
)
FINANCING ACTIVITIES
Additional amount paid up to convert warrants to capital
54
-
-
Deemed contribution from owners
23,000,000
12,500,000
495,913,671
Capital contribution from owners
16
-
-
Proceeds from borrowings
57,703,356
102,348,042
4,060,463,461
Repayment of borrowings
(31,056,414
)
(81,332,593
)
(3,226,715,584
)
Net cash flows from financing activities
49,647,012
33,515,449
1,329,661,549
Net increase in cash and cash equivalents and restricted cash
10,492,561
37,118
1,472,586
Cash, cash equivalents and restricted cash at January 1
7,288,270
9,955,747
394,975,284
Net foreign exchange differences
(266,913
)
(211,625
)
(8,395,818
)
Cash, cash equivalents and restricted cash at June 30
17,513,918
9,781,240
388,052,051
Supplement disclosures of non-cash activities
Issuance of dividend preferred shares by offsetting against borrowings from a related party
10,000,000
15,000,000
595,096,406
Non-cash property, plant and equipment additions
7,344,870
7,269,704
288,411,648
Establishment of right-of-use assets and lease liabilities at commencement dates, lease modification and other non-cash changes
2,687,236
2,988,558
118,565,342
Interest payable conversion to debt
2,292,534
249,684
9,905,737
Supplemental Disclosure
Interest paid, net of capitalized interest
4,598,050
9,221,415
365,842,061
Income tax paid
55,180
-
-
(*)
The
Unaudited Interim Condensed Consolidated Statements of Cash Flows include the results of continuing and discontinued operations as well
as the cash and cash equivalents and restricted cash associated with the discontinued operations through disposal date that were presented
in current and non-current assets of discontinued operations in our Unaudited Interim Condensed Consolidated Balance Sheet.
12
Industry
and Market Data
This
announcement contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other
publicly available information, including but not limited to information regarding the Company’s market position and its performance
compared to historical performance of other industry players. VinFast has not independently verified such third-party information and
makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data
and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of
such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject
to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party
data-gathering processes and other inherent limitations and uncertainties.
Forward
Looking Statements
Forward-looking
statements contained herein, which are not historical facts, are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements include statements regarding VinFast’s future results of operations and financial
position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market
size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are
difficult to predict. As a result, VinFast’s actual results, performance or achievements may differ materially from those expressed
or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words
such as “may,” “will,” “shall,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,”
“seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern VinFast’s
expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that,
while considered reasonable by VinFast and its management, are inherently uncertain. Factors that may cause actual results to differ
materially from current expectations include, but are not limited to: (i) the risk associated with being a growth-stage company in the
EV industry; (ii) the unavailability, reduction or elimination of government and economic incentives or government policies that are
favorable for EV manufacturers and buyers; (iii) Significant changes or developments in U.S. laws or policies, including changes in U.S.
trade policies and tariffs and the reaction of other countries; (iv) the Company’s ability to adequately control the costs associated
with its operations; (v) the risks of the Company’s brand, reputation, public credibility, and consumer confidence in its business
being harmed by negative publicity; (vi) competition in the automotive industry; (vii) the ability of the Company to obtain components
and raw materials according to schedule at acceptable prices, quality, and volumes from its suppliers; (viii) the demand for, and consumers’
willingness to adopt, EVs; (ix) the availability and accessibility of EV charging stations or related infrastructure; (x) failure to
remediate the Company’s material weaknesses and produce timely and accurate financial statements; (xi) the ability of the Company
to achieve profitability, positive cash flows from operating activities, and a net working capital surplus; (xii) the Company’s
ability to obtain commercially reasonable capital to support its business growth; (xiii) the risk of future restatements to the Company’s
Financial Statements; (xiv) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close
association between the Company and Vingroup and its affiliates; (xv) the Company’s reliance on its affiliates for its EV deliveries;
(xvi) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company; (xvii) risks
relating to the Company’s acquisition of Ngoc Hoi and its participation in real estate development, including the ability to realize
anticipated earnings and cash flows; (xviii) risks relating to the restructuring and disposal of the Company’s Vietnam manufacturing
operations, including the Company’s reliance on third parties for vehicle production; (xix) industry-wide semiconductor and other
supply chain constraints; (xx) the ability to obtain regulatory approvals for autonomous driving technologies, including the planned
robotaxi pilot; (xxi) the outcome of pending litigation, including the proceedings brought by the North Carolina Department of Commerce;
and (xxii) other risks discussed in VinFast’s reports filed or furnished to the SEC, including under “Item 3. Key Information—D.
Risk Factors” in its most recent Annual Report on Form 20-F.
All
forward-looking statements attributable to VinFast’s or people acting on VinFast’s behalf are expressly qualified in their
entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements,
which are made only as of the date hereof. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking
statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting
forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements,
no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion
of any statement herein does not constitute an admission by VinFast or any other person that the events or circumstances described in
such statement are material. Undue reliance should not be placed upon the forward-looking statements.
Exchange
Rates
This
announcement contains translations of certain Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise stated, all translations from Vietnam Dong to U.S. dollars were made at the rate of VND25,206 to US$1.00,
representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of June 30, 2026. The Company makes no
representation that the Vietnam Dong or U.S. dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case
may be, at any particular rate or at all.
VinFast
Investor Relations and Media Contacts
For
more information, please visit: http://ir.vinfastauto.us.
Investor
Relations
ir@vinfastauto.com
About
VinFast Auto Ltd.
VinFast
(NASDAQ: VFS) – a subsidiary of Vingroup JSC – is Vietnam’s leading automotive company, committed to its mission of
creating a green future for everyone. VinFast offers a range of electric SUVs, e-scooters, e-bikes, and e-buses in Vietnam and exports
to key markets across Asia, North America, Europe and the Middle East. Learn more at www.vinfastauto.us.
13