VinFast discloses revenue surge in first report since blockbuster debut

VIETNAMESE electric-vehicle maker VinFast on Thursday (Sep 21) reported a 131.2 per cent rise in revenue in its first quarterly report since going public in August on higher deliveries to domestic customers.

The company posted revenue of 7.95 trillion Vietnamese dong (S$450 million) for the second quarter ended Jun 30.

Net loss in the quarter narrowed to 12.54 trillion Vietnamese dong from 13.65 trillion Vietnamese dong a year earlier, driven by increase in delivery volume and cuts in its research and development costs.

The loss-making startup was able to garner a valuation of about US$85 billion – more than that of US automakers Ford and General Motors – on its Wall Street debut.

The company delivered 9,535 vehicles in the quarter, recording a more than fivefold jump from the first quarter. Still, a large portion the company’s revenue comes from sales to subsidiaries of its own parent company Vingroup. REUTERS