EV maker VinFast

Vietnam‘s VinFast reported a nearly 42 per cent rise in first-quarter revenue on Monday, bolstered by strong demand for its electric vehicles from key markets in Southeast Asia.

The ‌company’s ⁠quarterly revenue ⁠came in at 23.11 trillion dong ($877.24 million), compared ​with revenue of 16.31 trillion dong a year earlier.

With ​EV sales sluggish in countries such as the United States, VinFast has shifted focus ​to its home market of ⁠Vietnam as well ‌as others with large ​populations, ​including India and Indonesia. However, the company’s ⁠first-quarter net loss widened about 59 per cent from a ​year earlier to 28.11 trillion ​dong, as it spends heavily to cater to high demand in these markets by establishing new factories and ramping up production.

Last month, in an effort to restructure ‌local operations, VinFast said it was planning to sell its Vietnam manufacturing facilities ​to ​a buyer ⁠group that includes its founder and chief executive Pham Nhat Vuong. In May, it also agreed to ​supply GSM, a taxi company founded by Vuong, with around 1 million electric vehicles and 4 million e-scooters between 2026 and 2030.