A Look at VinFast (NasdaqGS:VFS) Valuation Following Record 20,000 EV Deliveries and Expansion Plans

VinFast Auto (NasdaqGS:VFS) grabbed attention after announcing it delivered more than 20,000 electric vehicles in Vietnam in October 2025. This achievement makes it the first domestic automaker to reach this milestone.

See our latest analysis for VinFast Auto.

This milestone isn’t happening in a vacuum. Despite headline-making delivery growth and plans to launch new EV models this year, VinFast Auto’s share price has slipped 17% year-to-date and its total shareholder return over the past year stands at -16%. Still, recent share price gains in the last month suggest momentum could be picking up as investors take note of expansion efforts and innovation plans.

Curious where the next opportunity could be? If this surge in EV deliveries has you watching the auto sector more closely, it might be time to uncover what’s happening with other manufacturers. See the full list for free.

With VinFast’s remarkable delivery numbers and ambitious expansion on the horizon, investors are left wondering if this recent rally is just the beginning or if the current share price is already reflecting future growth prospects.

Most Popular Narrative: 40.5% Undervalued

VinFast Auto’s current share price of $3.47 sits well below the most widely followed narrative’s fair value estimate of $5.83. This sizable gap reflects optimism around future growth and operational improvement, which contrasts with recent share price weakness.

The rollout of dedicated VinFast charging infrastructure and ecosystem partnerships (GSM and V-GREEN) in Southeast Asia and beyond directly addresses the primary consumer barrier to EV adoption. This move supports higher demand, increased deliveries, and ultimately greater revenue scale.

Read the complete narrative.

Curious which game-changing assumptions power this bullish outlook? The most popular narrative for VinFast hints at triple-digit expansion ambitions and a profit turnaround few would expect. Discover the full growth forecast and surprising benchmarks driving this aggressive fair value target.

Result: Fair Value of $5.83 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, persistent cash burn and heavy dependence on affiliated sales could cloud the profit outlook and challenge the bullish narrative in the future.

Find out about the key risks to this VinFast Auto narrative.

Another View: Multiples Raise Red Flags

While analyst forecasts point to significant upside, the company’s price-to-sales ratio of 3.5x still looks expensive compared to both the US Auto industry average (1x) and peer average (2.6x). The gap with the fair ratio of just 0.2x highlights substantial valuation risk if expectations reset rather than deliver.

See what the numbers say about this price — find out in our valuation breakdown.

Build Your Own VinFast Auto Narrative

If you want to dig deeper or see the story differently, you can easily explore the numbers and build your own view in just a few minutes. Do it your way.

A great starting point for your VinFast Auto research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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