VinFast Q2 Revenue Up 85.5% to US$1.2B, But Gross Margin Collapses to -62.8%
VFS is trading near its 52-week low of $2.78 (7.6% above the low).
Summary
VinFast's Q2 revenue nearly doubled to US$1.2B, but gross margin fell to negative 62.8% and continuing operations lost US$1.24B. A US$1.18B gain on selling the Vietnam manufacturing unit masked the damage, and equity is now deeply negative. The 85.5% year-on-year revenue jump to 30.3 trillion dong was reported as $1.17 billion at 25,892 dong per dollar, driven by demand in Vietnam, India, Indonesia and the Philippines.
Updated with a Reuters report · What changed
Updates
· Reuters — VinFast reported an 85.5% year-on-year jump in second-quarter revenue to 30.3 trillion dong ($1.17 billion) at 25,892 dong per dollar, driven by demand in Vietnam, India, Indonesia and the Philippines.
Key Events · Earnings and Guidance · VFS
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Q2 Revenue Jumps 85.5% to US$1.2B
Total revenues were VND30,340.9bn (US$1,203.7M), up 32.9% QoQ and 85.5% YoY, on 70,085 EV deliveries (+96% YoY) and 286,039 e-scooter/e-bike deliveries (+311% YoY).
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Gross Margin Collapses to Negative 62.8%
Gross loss widened to VND19,051.3bn (US$755.8M) from VND3,558.5bn a year ago, as the free-charging program was booked as a revenue deduction and certain vehicle sales were deferred.
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Continuing Operations Lost US$1.24B
Net loss from continuing operations was VND31,189.2bn (US$1,237.4M), up 127.8% YoY; the reported total net loss of VND1,414.9bn (US$56.1M) was offset by a VND29,774.3bn (US$1,181.2M) gain on the manufacturing disposal.
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Negative Equity of US$3.4B
Total deficit reached VND86,879.9bn (US$3,446.8M) at June 30, 2026, with cash and equivalents of VND7,083.4bn (US$281.0M) against VND93,827.2bn (US$3,722.4M) of current liabilities.
Analysis · VFS · Manufacturing
Revenue growth is real — VND30,340.9bn (US$1,203.7M) in Q2, up 85.5% year-over-year on 70,085 EV deliveries, with demand in Vietnam, India, Indonesia and the Philippines driving the increase; at 25,892 dong per dollar the 30.3 trillion dong top line equates to $1.17 billion — but every vehicle was sold at a steep loss. Gross margin fell to negative 62.8% from negative 21.8% a year ago, driven by the free-charging program booked as a revenue deduction and revenue deferrals on certain sales. The headline total net loss of just VND1,414.9bn (US$56.1M) is flattered by a one-time VND29,774.3bn (US$1,181.2M) gain from disposing of the Vietnam manufacturing operations; continuing operations lost VND31,189.2bn (US$1,237.4M) in the quarter. Equity is now negative VND86,879.9bn (US$3,446.8M), and the company is funding itself through founder grants, Vingroup credit lines and a standby equity subscription with YA II PN that runs to November 1, 2026 — all of which means continued dilution risk. The Ngoc Hoi real-estate acquisition adds an earnings stream but also pulls the founder's related-party dealings further into the capital structure.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 37.9% of the 895 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.87%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, VFS was trading at $2.99 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $7.3B. The 52-week trading range was $2.78 to $5.29. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.