VinFast Q2 2026 Earnings: Revenue Rises 85.5% on Higher EV Deliveries

VinFast (NASDAQ: VFS) reported unaudited Q2 2026 revenue of VND30,340.9 billion (US$1,203.7 million), up 85.5% year over year, as EV deliveries increased 96% to 70,085. Vehicle sales revenue rose 92.7%, with the company attributing the increase to higher volumes in Vietnam and contributions from India, Indonesia and the Philippines.

Core Earnings Data

Total revenue also increased 32.9% from the first quarter, while vehicle sales remained the main source of revenue. Delivery growth extended beyond passenger vehicles: e-scooter and e-bike volumes more than quadrupled year over year.

The disclosed operating metrics showed continued sequential expansion, although international markets still represented a relatively small portion of total EV deliveries.

Business and Market Performance

Vietnam Remained the Main Volume Base

VinFast said it had held the number-one position in Vietnam for 22 consecutive months through June 2026. Its share of the country’s overall automotive market was approximately 38% as of June 30, based on industry and company data.

The company launched a new generation of the VF 8 and introduced the compact VF 2 during the quarter. The models received more than 12,700 and 28,700 reservations, respectively, within days of launch. These reservations are non-binding and remain cancellable until customers place deposits, so they should not be treated as completed sales.

International Operations Continued to Expand

India, Indonesia and the Philippines contributed to vehicle revenue growth, but markets outside Vietnam accounted for only about 11% of quarterly EV deliveries. This indicates that VinFast’s international operations are contributing to growth while Vietnam remains the dominant market.

Among BEV brands, VinFast ranked first in the Philippines, fifth in India and eighth in Indonesia during the quarter, according to the cited local industry and registration data. Customers could purchase its EVs through 474 company-owned and dealer showrooms globally as of June 30.

VinFast is using dealer partnerships as its primary distribution channel while expanding manufacturing and assembly capabilities across selected markets. Management identified the Philippines, Indonesia and India as key expansion priorities, alongside a more strategic approach to the United States and Europe.

Two-Wheeler Volumes Scaled Rapidly

E-scooter and e-bike deliveries reached 286,039 units, doubling sequentially and increasing 311% from a year earlier. The release did not provide separate revenue or profitability figures for the two-wheeler business, so its financial contribution cannot be isolated from the disclosed results.

Delivery Growth Drove Revenue, but International Mix Remained Limited

The quarter’s growth was primarily volume-led. EV deliveries rose 96% year over year, close to the 92.7% increase in vehicle sales revenue, and the company explicitly attributed revenue growth to higher sales volumes in Vietnam and contributions from overseas markets.

However, VinFast’s international rankings and expanding showroom network have not yet produced a geographically balanced delivery mix. With approximately 89% of deliveries still coming from Vietnam by implication, converting international distribution investments into a larger share of vehicle sales remains an important measure of progress.

Management’s View

CEO and Chairman Pham Nhat Quan Anh said VinFast’s priorities include scaling operations in the Philippines, Indonesia and India, expanding its product and technology roadmap, and strengthening after-sales capabilities. The company also plans to bring the VF Wild range-extended electric vehicle to international markets next year after making it available in Vietnam.

CFO Lan Anh Nguyen highlighted a transition toward a more capital-efficient manufacturing model in Vietnam and the addition of what the company described as a complementary earnings stream. Management said these initiatives are intended to reduce capital intensity and improve consolidated EBITDA and cash generation over time, but the release did not quantify their expected financial effects.

Risks Investors Need to Watch

• Dependence on Vietnam: Only about 11% of EV deliveries came from outside Vietnam. Any slowdown in the domestic market could therefore have an outsized effect until international volumes become more substantial.
• Capital intensity and profitability execution: Management’s plans to strengthen EBITDA and cash generation are forward-looking objectives. Their success depends on implementing the new manufacturing model while continuing to fund products, technology and overseas expansion.
• Reservation conversion: Early reservations for the VF 8 and VF 2 are non-binding and cancellable before deposits are placed, making their conversion into deliveries and revenue uncertain.
• Regulatory dependence of autonomous driving plans: VinFast’s proposed pilot of 200 Level 4 robotaxis in late 2027 remains subject to regulatory approvals, safety standards and the creation of an appropriate regulatory sandbox.

Summary

VinFast’s Q2 2026 results reflected a volume-driven increase in revenue across electric four-wheelers and two-wheelers. Vietnam remained the foundation of the business, while India, Indonesia and the Philippines began contributing to growth from a smaller base. The main issues to monitor are whether international deliveries become a larger part of the mix and whether management’s capital-efficiency initiatives translate into improved EBITDA and cash generation.