HANOI, Sept 5, 2025 (BSS/AFP) - Vietnam's electronic vehicle (EV) manufacturer VinFast reported a net loss of $812 million in the second quarter, despite deliveries jumping significantly.

The communist state's first homegrown car manufacturer -- under the Vingroup conglomerate owned by Vietnam's richest man -- is aiming to compete with global EV giants such as Tesla.

But it has struggled to break into the international market, with its shares fluctuating wildly since debuting on the Nasdaq in August 2023.

On Friday, VinFast released its unaudited financial results saying its second-quarter net loss was $812 million.

That is almost $40 million higher than last year's July-September period.

The company said it delivered more than 35,800 vehicles in the quarter, an on-year increase of 172 percent.

Revenue for the quarter stood at $663 million, an on-year jump of 91.6 percent.

VinFast chairwoman Thuy Le said its Q2 results were "keeping us on track to at least double our deliveries in 2025".

VinFast reported last year a net loss of more than $3 billion despite almost tripling deliveries of its cars.

With almost 400 showrooms globally, the company is trying to crack markets in Asia, the Middle East, Europe, the United States and Canada.

But global trade has been disrupted by a tariff blitz launched in April by US President Donald Trump.

Hanoi reached in July a deal with the United States, its main export market, that will see its shipments hit with a 20 percent toll.

Helmed by chairman Pham Nhat Vuong, Vingroup is hugely powerful in Vietnam, with business interests spanning healthcare, real estate, education and tech.

VinFast's e-scooters, e-cars and e-buses are ubiquitous in the country of 100 million people.