Companies Carmaker VinFast posts $284 mln loss

Sep 11, 2020Updated Sep 10, 20201 min read

Vietnamese automaker VinFast posted a loss of nearly VND6.6 trillion ($284 million) in the first half, up four times year-on-year.

The subsidiary of Vietnam’s largest private conglomerate Vingroup saw owner’s equity rising 10.8 percent year-on-year to VND28.1 trillion ($1.2 billion) by the end of June. Its asset value by the same date was over VND100 trillion.

Pham Nhat Vuong, chairman of Vingroup, had earlier said that losses were expected for both automaker VinFast and smartphone producer VinSmart over the next three to five years as they work to increase their market share.

Vingroup recorded H1 revenues of VND6.58 trillion from cars, electric bikes and smartphone sales, triple that of last year.

VinFast has recently entered the luxury market with its new SUV, VinFast President. The company sold over 5,100 cars in the first quarter to rank fifth among auto brands in Vietnam.

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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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