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VinFast second-quarter net loss widens to $812 million

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Revenue in April to June quarter rose to $663 million

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First-half vehicle deliveries 72,167; annual target

200,000

(Recasts, adds quotes)

By Phuong Nguyen and Kritika Lamba

Sept 4 (Reuters) - Vietnamese electric vehicle maker

VinFast on Thursday reported a wider second-quarter net

loss as it stepped up spending on expansion and marketing to

support its ambitious growth strategy.

The EV maker reported a net loss of $812 million for the

quarter ended June 30, 15% wider than the previous three months.

Revenue rose 1.9% from the prior quarter and 91.6% year-on-year

to $663 million.

Vehicle deliveries climbed 172% year-on-year to 35,837 units

in the quarter, with its home market of Vietnam remaining its

largest.

That took first-half deliveries to 72,167, leaving it with

significant work to do to reach its 200,000 unit annual sales

target.

"Normally deliveries in the first half of the year accounted

for about 30% of the total," Chairperson Thuy Le told Reuters.

"We still have a lot to deliver toward the end of the year,

both in Vietnam and in international markets including

Indonesia, the Philippines, India and (the) North American

market."

The company, which transitioned to producing exclusively

electric vehicles in 2022, said it is confident in meeting its

delivery targets for 2025 and reaffirmed its commitment to break

even by the end of 2026.

"In any business at the beginning, you have to take some

losses, but the gross margin is improving, and we are still

heading toward breakeven," Le said.

The group last month spun off its research and development

assets to its founder and CEO Pham Nhat Vuong for $1.5 billion

to support its expansion plans.

It has ramped up promotional activities in Vietnam, while

shifting to a dealership-based model to cut costs and accelerate

expansion.

It recently opened a new assembly plant in India, and has

plans to establish another facility in Indonesia which is

scheduled for the technical start of production by the end of

the year, Le said.