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tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">VinFast’s loss narrows, revenue jumps on higher EV sales</h1><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published Wed, Nov 27, 2024 · 07:08 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent !p-0 relative"><div class="group relative"><div class="flex items-center"><a class="line-clamp-1 place-self-center break-all text-center font-poppins text-base font-semibold capitalize !text-gray-850 border-r-0 px-0 md:px-3" href="/keywords/vinfast-0">VinFast</a><button data-size="md" type="button" aria-label="Follow tag" class="ml-auto flex aspect-square cursor-pointer items-center justify-center whitespace-nowrap rounded-full !border !border-solid !border-gray-175 px-3 text-center !font-poppins text-xs font-semibold tracking-[0.02em] text-gray-850 !outline-none transition-all duration-150 focus-within:outline-none hover:!border-gray-850 focus:outline-none data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] md:aspect-auto md:px-6" data-rac=""><div class="md:min-w-16"><p class="m-0 hidden md:block">Follow</p><div class="flex items-center md:hidden"><svg aria-hidden="true" focusable="false" data-prefix="fas" data-icon="plus" class="svg-inline--fa fa-plus fa-sm " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512" color="text-gray-850"><path 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md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">VinFast has been bleeding cash since it shipped its first vehicles to the US in late 2022. PHOTO: BLOOMBERG</div></div></li></ul></div></div></div><div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">VINFAST Auto said its third-quarter loss narrowed and revenue jumped as the company delivered more cars.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The Vietnamese electric vehicle (EV) maker reported a net loss of 13.3 trillion dong (S$705 million) in the third quarter, a decrease of 14.8 per cent from a year ago.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Revenue jumped 49.3 per cent during the same period to 12.3 trillion dong, the company said in a filing to US authorities where it’s listed. </p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-imu1" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-imu1" data-ad-type="imu1" data-ad-index="0" data-ad-article-id="5405297" data-ad-article-tags="vinfast,vingroup,financial results" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">VinFast announced last month that it delivered a total of 21,912 cars in the third quarter, up 115 per cent from a year ago. The sales were underpinned by “robust” deliveries in the domestic market, which the company said will play a key role in driving revenue for the remainder of 2024. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The company also delivered over 11,000 cars to domestic customers in October, bringing total deliveries in Vietnam to more than 51,000 units in the 10-month period. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">VinFast plans to start construction of a new plant in the central province of Ha Tinh in December to produce its VF 3 and VF 5 affordable EVs, VinFast chairwoman Le Thi Thu Thuy said. The factory, which will be ramped up over time, will eventually have a maximum production capacity of 300,000 EVs a year. It is expected to begin operations next year.</p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="specific-newsletter"><h5 class="mb-6 border-b border-gray-850 py-2 !font-poppins text-base font-semibold uppercase tracking-5% md:text-lg">A NEWSLETTER FOR YOU</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/newsletter_asean-xylFrz18.png"/><div class="min-[321px]:pl-4 md:pl-6"><p class="mb-1 font-poppins text-4xs font-light uppercase tracking-[1px] text-gray-850">Friday, 8.30 am</p><h5 role="name" class="!font-poppins text-xl font-medium text-gray-850">Asean Business</h5><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg ">Business insights centering on South-east Asia's fast-growing economies.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-midarticlespecial" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-midarticlespecial" data-ad-type="midarticlespecial" data-ad-index="0" data-ad-article-id="5405297" data-ad-article-tags="vinfast,vingroup,financial results" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“We expect to finish 2024 on a strong note and meet our 80,000-vehicle delivery target” with the third quarter’s momentum carrying over into the fourth quarter, she said. </p><h2 class="mb-4 md:mb-6 text-[21px] md:text-4xl -tracking-5% font-lucida font-bold" data-story-element="sub_head" data-testid="sub-heading-component">Founder pledge</h2><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The struggling EV maker has received pledges from its billionaire founder and chief executive officer Pham Nhat Vuong to boost capital twice this year. He vowed to give about US$2 billion from his personal wealth to the company, he said earlier this month. He had already promised at least US$1 billion cash to it back in April and said in June that he was willing to bet all his money on the company’s growth.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Meanwhile, parent company Vingroup also said it would loan VinFast as much as US$1.4 billion.</p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5034958" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/international/asean/vietnams-vingroup-intends-sell-stakes-its-ai-firms-global-tech-giants-including-nvidia-sources" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/07d551205e12423989f95756550db857c7934ea4e00d102fd4331c5c50428f43?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/07d551205e12423989f95756550db857c7934ea4e00d102fd4331c5c50428f43?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/07d551205e12423989f95756550db857c7934ea4e00d102fd4331c5c50428f43?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/07d551205e12423989f95756550db857c7934ea4e00d102fd4331c5c50428f43?q=20&w=3&h=2&f=webp" loading="lazy" alt="Truong Quoc Hung, chief executive at VinBrain and Kimberly Powell, vice president of healthcare at Nvidia at the headquarters of Nvidia in the US in March, 2023." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5034958"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Vietnam’s Vingroup intends to sell stakes in its AI firms to global tech giants including Nvidia: sources" href="/international/asean/vietnams-vingroup-intends-sell-stakes-its-ai-firms-global-tech-giants-including-nvidia-sources" target="_blank"><span class="inline-block hover:underline">Vietnam’s Vingroup intends to sell stakes in its AI firms to global tech giants including Nvidia: sources</span></a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="4798194" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/international/asean/vinfast-posts-deeper-q2-loss-impairment-charge-higher-cost-boost-sales" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b4f8c281ed30a1bddbe97eeaffdb92033238b8fafd1c15993642aa7d79509366?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b4f8c281ed30a1bddbe97eeaffdb92033238b8fafd1c15993642aa7d79509366?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b4f8c281ed30a1bddbe97eeaffdb92033238b8fafd1c15993642aa7d79509366?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/b4f8c281ed30a1bddbe97eeaffdb92033238b8fafd1c15993642aa7d79509366?q=20&w=3&h=2&f=webp" loading="lazy" alt="VinFast reported a gross loss of US$224 million in the April-to-June period, compared with a US$151 million gross loss in the previous quarter." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_4798194"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="VinFast posts deeper Q2 loss on impairment charge, higher cost to boost sales" href="/international/asean/vinfast-posts-deeper-q2-loss-impairment-charge-higher-cost-boost-sales" target="_blank"><span class="inline-block hover:underline">VinFast posts deeper Q2 loss on impairment charge, higher cost to boost sales</span></a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="4269738" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/transport-logistics/vinfast-us-factory-delay-just-latest-setback-ev-maker" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b5beb826eff05b8c50bf93c89719a3cdade84febe7b6ae20ea326607d2b07a8b?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b5beb826eff05b8c50bf93c89719a3cdade84febe7b6ae20ea326607d2b07a8b?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b5beb826eff05b8c50bf93c89719a3cdade84febe7b6ae20ea326607d2b07a8b?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/b5beb826eff05b8c50bf93c89719a3cdade84febe7b6ae20ea326607d2b07a8b?q=20&w=3&h=2&f=webp" loading="lazy" alt="The automaker broke ground on its new assembly plant in Indonesia on Monday and reiterated its aim to open a factory in India in the first half of 2025. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_4269738"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="VinFast US factory delay just the latest setback for EV maker" href="/companies-markets/transport-logistics/vinfast-us-factory-delay-just-latest-setback-ev-maker" target="_blank"><span class="inline-block hover:underline">VinFast US factory delay just the latest setback for EV maker</span></a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-imu2" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-imu2" data-ad-type="imu2" data-ad-index="0" data-ad-article-id="5405297" data-ad-article-tags="vinfast,vingroup,financial results" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">VinFast has been bleeding cash since it shipped its first vehicles to the US in late 2022. The loan from Vingroup is the latest sign of the company’s backing for the unit, which aspires to be a global EV brand amid fierce competition from established automakers and fast-growing Chinese companies. The goal is for VinFast to break even and have “cash flow equilibrium by the end of 2026”, it said in a Nov 12 statement.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The company expects to open an India factory in the first half of next year and broke ground on an assembly plant in Indonesia in July. It has delayed the opening of a factory in North Carolina by three years to 2028. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">VinFast went public in the US in August 2023 via the acquisition of a blank-check company Black Spade Acquisition. Its shares have plunged about 53 per cent this year. BLOOMBERG</p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Share with us your feedback on BT's products and services</p><div class="flex flex-wrap"><a class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] font-semibold text-xs tracking-[0.02em] w-fit-content px-6 !text-gray-850 !no-underline" 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