* VinFast delivered 86,557 EVs in Q4, a 127% increase

from Q3

* Free-charging programme boosted sales but raised costs,

says chair

* Two-wheeler shipments surged 450% annually on petrol

bike ban

* VinFast to resume North Carolina plant construction

(Add details from paragraph 3 onwards)

By Phuong Nguyen and Zaheer Kachwala

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)

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Leroy

Leo and Emelia Sithole-Matarise)