VinFast Auto Ltd.

Cash-burning Vietnamese EV maker with deeply negative margins, negative equity, and serious governance/control weaknesses.

Strengths

• Rapid revenue growth +71% (96th pct) and rising delivery volumes
• Ongoing financial backing from founder Mr. Pham and affiliates

Risks

• Deeply unprofitable — gross margin -57%, operating margin -126%, net margin -175%; negative tangible book (-$6.8B)
• Going-concern-adjacent liquidity (current ratio 0.38), disclosed material weaknesses, founder control, and affiliate-dependent sales/deliveries

Notable findings

• Negative equityNegative book equity (debt/equity -0.38)
• Net lossNet loss (net margin -175.5%)
• Weak liquidityCurrent ratio 0.38 (<1)
• Material weakness● We have identified material weaknesses in our internal control over financial reporting that could, if not remediated, impair our ability to produce timely and accurate financial statements; ● We
• Strong balance sheetStrong balance sheet — $170M cash & investments