March 16 (Reuters) - Vietnamese electric vehicle manufacturer VinFast reported on Monday a bigger fourth-quarter net loss, hit by rising costs as the company spent heavily to boost sales and expand its manufacturing footprint.

VinFast made a net loss ​of 35.2 trillion dong ($1.34 billion) in the final quarter of 2025, 15% wider ​versus the previous quarter and 46.5% wider than the same period of ⁠2024.

A free-charging programme launched in December 2024 was among the key contributors to the ​increased costs but helped accelerate sales.

"The programme is highly appreciated by customers, even by dealers... it ​was one of the best ways for them to convince people to adopt EVs," VinFast Chair Thuy Le told Reuters.

"It is expensive, but at the same time is a good investment. We have many ​other ways to attract customers."

Full-year revenue rose 105% to $3.6 billion. The company, a subsidiary of conglomerate ​Vingroup, has said it looked forward to breakeven by the end of this year.

"Despite backing from Vingroup, ‌VinFast's ⁠high cash burn rate raises questions regarding its ability to fund the required CAPEX," Ollie Coughlin, an analyst at Third Bridge said in a note.

EV DELIVERIES JUMP

VinFast said it expected to resume construction of a U.S. manufacturing plant in North Carolina this year, which it delayed in ​2024 citing an ​uncertain EV market. It ⁠is expected to start operations in 2028.

The company delivered 86,557 EVs during the quarter, a 127% increase from the third quarter and ​a 63% rise from the same period last year. Two‑wheeler shipments jumped ​over 450% ⁠annually in the quarter to nearly 172,000, after Hanoi announced plans to ban petrol-powered motorbikes from its city centre starting in mid-2026.

VinFast aims to deliver at least 300,000 EVs globally in ⁠2026 and ​plans to grow its two-wheeler business to 2.5 times ​2025 volumes, targeting markets such as India, Indonesia, Malaysia, Thailand, and the Philippines, where two-wheelers are widely used, Le ​said.

($1 = 26,260.0000 dong)