VinFast narrowed its net loss to $56 million in the second quarter of 2026 after booking a $1.18 billion gain from selling its Vietnam factories.
Operating losses from continuing operations rose 48 per cent from the previous quarter to $1.24 billion. The carmaker delivered 70,085 electric vehicles during the three-month period, bringing first-half deliveries to 43 per cent of its full-year target of 300,000 units.
The accounting relief stems from a broader balance-sheet overhaul. VinFast sold its two primary assembly plants in Vietnam and transferred $7 billion in debt to entities linked to parent company Vingroup and its founder, Pham Nhat Vuong.
Vehicles will continue rolling off those domestic lines under long-term contract manufacturing agreements matching company specifications. The restructuring shifts heavy fixed capital off the carmaker’s books while keeping production flowing without direct factory ownership.
Chief executive Pham Nhat Quan Anh, who took over leadership last month from his father, defended the transition toward an asset-light operating model during his debut analyst call.
“We continue to hold and operate our plants in India and Indonesia, supporting local production,” Quan Anh said.
Home-market buyers continue to absorb almost all output. Vietnam accounted for 89 per cent of deliveries in the second quarter, leaving overseas volumes heavily reliant on affiliate fleet deployments rather than direct consumer sales.
Green SM, the taxi operator established by Vuong that runs exclusively on VinFast vehicles, serves as the primary distribution channel across new territories. The fleet operator expanded into Jakarta with motorbike services and launched operations in India, establishing initial vehicle volume ahead of retail dealer networks.
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