VinFast reported nearly VND53.2 trillion in revenue for the first half of the year, equivalent to approximately $2.1 billion and up 61% year on year. The figures appeared in second-quarter financial results released on 19 October and cover the period ending 30 June.
Vehicle sales dominate revenue
Core business generated approximately VND50.445 trillion, or 95% of revenue, according to the results cited by VnExpress. Global electric-car deliveries reached about 128,685, increasing 77%, while electric motorbike and bicycle sales approached 430,000 units.
The company nevertheless recorded a net loss of nearly VND28.4 trillion. That narrowed from a loss exceeding VND38.3 trillion a year earlier, but higher revenue and deliveries did not produce a profit for the reporting period.
Revenue, unit sales and the after-tax result measure different aspects of the business. The headline amount exceeding $2 billion is sales revenue rather than earnings after costs.
Restructuring affects the balance sheet
Assets were almost VND75 trillion at 30 June, down approximately VND107 trillion from the start of the year. Accumulated losses fell from nearly VND174 trillion to VND116.807 trillion during a restructuring that included divestment from VinFast Trading & Production, or VFTP.
VFTP holds the manufacturing business, including two Vietnamese factories and other assets. The report also identifies it as responsible for approximately VND182 trillion in financial debt as of 31 March.
VFTP will continue producing vehicles to VinFast's orders, while VinFast handles distribution, warranties, after-sales service and brand development. Balance-sheet changes therefore need to be considered alongside that separation, rather than treated as equivalent operating cash profits.
Experts cited in the report see potential cost and cash-flow benefits. Those are prospective assessments; the published half-year result remains a net loss.