VinFast announced its Q4'25 financial results, highlighting the best quarter to date. Gross margin improved by 39% year-over-year due to higher volumes and better operating leverage. R&D as a percentage of revenue decreased to 7%, and SG&A improved to 25% of revenue, reflecting scale benefits and the transition to a dealership model. These results signify a meaningful step forward in improving scale and operational efficiencies.
The improved financial metrics, particularly gross margin and operating expenses as a percentage of revenue, indicate VinFast's progress in achieving profitability. This signals enhanced operational efficiency and cost management, crucial for investor confidence and sustainable growth in the competitive EV market. The reduction in R&D spend suggests a maturing product cycle and focus on scaling production.
Q4'25 marked VinFast's best quarter to date.
Gross margin improved 39% year-over-year.
R&D and SG&A expenses as a percentage of revenue decreased.
VinFast is a Vietnamese electric vehicle manufacturer aiming for global expansion. These financial results are key indicators of its performance and potential in international markets, particularly in North America and Europe where it is actively expanding.
R&D and SG&A expenses as a percentage of revenue decreased.
Results reflect progress in scale and operational efficiencies.
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