Vietnam’s first carmaker Vinfast posted a net loss of $712 million in the first quarter despite a surge in deliveries.
The country’s electric vehicle (EV) company aims to rival global players like Tesla, but has struggled to break into international markets.
In a statement, the company said it shipped 36,330 electric vehicles (EVs) in the first three months, a 296% year-on-year increase.
The organization reported total revenue of $656.5 million, a 150% jump from the same period in 2024.
Vinfast Chairman Thu Le said the increase in deliveries was a positive start to 2025, despite ongoing global uncertainty.
The firm posted a net loss of more than $3 billion despite a nearly threefold increase in car deliveries last year.
Global trade has been hit by the implementation of tariffs by US President Donald Trump in April.
The Hanoi government is currently making progress in negotiations with Washington to avoid Trump's proposed 46% tariffs on Vietnamese exports.
