VinFast's overseas push lifts quarterly revenue, restructuring gains ease losses

By Reuters News

- Vietnamese EV maker VinFast VFS.O on Monday reported an 85.5% year-on-year jump in second-quarter revenue, while gains from a manufacturing asset sale helped narrow its net loss even as the company continued investing in overseas expansion.

The electric vehicle maker had unveiled a restructuring plan in May that included the transfer of manufacturing assets worth about $530 million to a purchaser group that would assume roughly $6.9 billion of debt.

During the second quarter, VinFast recorded a gain from discontinued operations of about $1.15 billion, largely related to the asset transfer, which reduced its net loss by about 93% from a year earlier to around $54.65 million.

The company in April said it aimed to achieve positive EBITDA by the end of next year.

Meanwhile, quarterly revenue rose to 30.3 trillion dong ($1.17 billion) from a year earlier, helped by stronger sales in Vietnam and growing contributions from high-growth overseas markets including India, Indonesia and the Philippines, the company said in a statement.

VinFast has been expanding its product lineup as it looks to capture market share globally. It recently launched the VF Wild pickup — a range-extended electric vehicle (REEV) — in Vietnam, with plans to introduce the model to overseas markets next year.

VinFast shares were down about 1.6% in premarket trading.

($1 = 25,892.0000 dong)

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