Giai Phong Automobile reports significant losses and revenue drop

Giai Phong Automobile Joint Stock Company, a Vietnamese automotive manufacturer, has reported significant financial losses in its third-quarter 2026 financial report. The company recorded cumulative revenue of only 1.4 billion VND for the first nine months of the year, representing a 98% decrease compared to the same period last year.

Gross profit for the company was negative 3.7 billion VND as the cost of goods sold exceeded revenue. Net losses for the nine-month period reached 14.6 billion VND, an increase from the 10.8 billion VND loss reported during the same period the previous year. This continues a 14-year streak of negative profits for the enterprise.

Company leadership attributed the losses to the necessity of selling off inventory from 2022 at prices lower than the cost of goods, combined with high financial costs. Based in Tuyen Quang province, the company specializes in the production, assembly, and sale of trucks.