VinFast Auto (NasdaqGS:VFS): Assessing Valuation Following Q3 2025 EV Delivery Surge

VinFast Auto (NasdaqGS:VFS) just reported preliminary Q3 2025 vehicle delivery numbers, posting global deliveries of 38,195 electric vehicles. This represents an increase of 7% from last quarter and 74% compared to a year ago. Investors are eyeing how these results could affect scale and cost management going forward.

See our latest analysis for VinFast Auto.

While VinFast’s upbeat quarterly EV deliveries made headlines, the company’s share price tells a more cautious story with a 1-year share price return of -23.81% and a 1-year total shareholder return of -14.89%. Momentum has yet to build meaningfully. However, delivery gains and operational improvements could shift investor sentiment if sustained.

If VinFast’s latest numbers have you monitoring the broader EV space, it could be the perfect moment to check out See the full list for free.

With shares still trailing analyst targets despite rapid delivery growth, the central question becomes clear: does VinFast remain undervalued with room to run, or are markets already factoring in all the future optimism?

Most Popular Narrative: 45.1% Undervalued

VinFast’s narrative-driven fair value comes in at $5.83, significantly above its last close of $3.20. This gap is fueling debate about whether current price pessimism matches the company's expansion story.

Ongoing expansion and accelerated adoption of electric vehicles in key emerging markets, particularly Vietnam, Indonesia, and the Philippines, supported by rising urbanization and a growing middle class, are set to drive sustained volume growth and revenue expansion as VinFast continues broadening its product portfolio and increases market penetration.

Read the complete narrative.

Curious what makes analysts set such a high bar for VinFast’s future? The story hinges on bold revenue acceleration, operational turnarounds, and an aggressive margin outlook. Discover how these elements are connected to support this ambitious fair value projection.

Result: Fair Value of $5.83 (UNDERVALUED)

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

However, ongoing cash burn and reliance on internal sales present real challenges. Any stumble in these areas could quickly shift the outlook for VinFast’s expansion.

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

Another View: What Do Sales Multiples Say?

Looking from a sales ratio perspective, VinFast trades at 3.2 times sales, which is notably pricier than the US auto industry average of 1.2 and the peer group at 2.7. Even compared to a fair ratio of 0.2, VinFast looks overvalued on this basis. This raises questions about whether today's optimism is fully justified or if investors are ignoring valuation risks beneath the growth narrative.

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

Build Your Own VinFast Auto Narrative

Prefer your own analysis over consensus? You can take a deep dive into the numbers and build your unique VinFast story 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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