Vietnamese electric vehicle manufacturer VinFast Auto Ltd. (NASDAQ:VFS) said it plans to restart construction of its factory in North Carolina this year while reporting a wider fourth-quarter loss as costs related to its global expansion continue to increase.
The company posted a net loss of 35.2 trillion dong ($1.3 billion) for the fourth quarter, representing a 15% increase compared with the same period a year earlier. Revenue surged 138.9% year over year to 39.4 trillion dong, according to a U.S. regulatory filing. Cost of sales for the quarter reached 55.14 trillion dong, up 86.6% from the prior-year period.
VinFast delivered 86,557 vehicles during the fourth quarter, marking a 127% increase from the previous quarter and a 63% rise compared with a year earlier. For the full year, the company sold 196,919 vehicles, more than double the volume recorded in 2024.
The company is not expected to reach break-even on earnings before interest, taxes, depreciation and amortization (EBITDA) in 2026, according to VinFast Chairwoman Le Thi Thu Thuy. “The financial numbers and key metrics are looking better. We are having more products and more markets and we are heading to the EBITDA break-even point in the medium term,” she said in an interview, without providing a specific timeline.
Thuy said that improving scale and optimizing costs will be key factors in achieving profitability. Previously, VinFast founder Pham Nhat Vuong had indicated that the company could reach break-even by the end of this year.
For the full year 2025, VinFast reported a net loss of 97.25 trillion dong, an increase of 25.7% from the previous year. Total annual revenue rose to 90.4 trillion dong, representing a 105.4% jump compared with 2024.
The planned U.S. facility in North Carolina, which VinFast now expects to begin operating in 2028, will follow new plant developments in India and Indonesia. In 2024, the company announced it would postpone construction of the North Carolina factory by three years.
Looking ahead, VinFast aims to deliver at least 300,000 electric vehicles globally in 2026, focusing on key markets including Vietnam, Indonesia, India and the Philippines. Earlier this month, the company signed agreements to supply 20,000 vehicles in Indonesia by 2028.
In addition to cars, VinFast’s deliveries of electric scooters and e-bikes reached 406,498 units in 2025, representing a 473% increase from the previous year. The company plans to boost motorbike deliveries in 2026 to at least 2.5 times the 2025 level by accelerating sales across markets such as the Philippines, Indonesia, India, Thailand and Malaysia.