Vietnamese EV maker VinFast's third-quarter revenue more than doubles

Vietnamese electric-vehicle (EV) maker VinFast on Thursday reported a 159% rise in third-quarter revenue as it ramped up car deliveries and sought to boost sales by partnering with dealers in the United States.

In the filing, VinFast also said it would launch an assembly facility in India, the world's third-biggest car-producing nation, to take advantage of the South Asian government's incentives for EVs.

VinFast, which is backed by Vietnam's largest conglomerate Vingroup, is gearing up to strengthen its foothold overseas.

However, the EV maker has struggled after it earlier this year voluntarily recalled the first batch of 999 cars delivered to the United States.


The company delivered 10,027 EVs in the third quarter ended Sept. 30.

Revenue was 8.25 trillion Vietnamese dong ($338 million), while net loss widened to 15 trillion Vietnamese dong.
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