Q4 2025 VinFast Auto Ltd Earnings Call

March 16, 2026

Speaker #1: Good day, and thank you for standing by. Welcome to the VinFast Q4 2025 financial results and Q&A webcast. At this time, all participants are in a listen-only mode.

Operator: Good day, and thank you for standing by. Welcome, welcome to the VinFast Q4 2025 financial results and Q&A webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link any time during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amandae Baey, Head of Investor Relations. Please go ahead.

Speaker #1: After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star one one on your telephone; you will then hear an automated message advising your hand is raised.

Speaker #1: To withdraw your question, please press star 11 again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link at any time during the conference.

Speaker #1: Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amanda Bay, Head of Investor Relations.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Operator, and good morning, everyone. Welcome to the VinFast Quarterly Earnings Call. Joining me today are Chairwoman of the Board, Madam Thuy Le; Deputy CEO of Investments, Ms. Anne Pham; and our CFO, Ms. Lana Nguyen.

Amandae Baey: Thank you, operator, and good morning, everyone. Welcome to VinFast Quarterly Earnings Call. Joining me today are Chairwoman of the board, Madam Thủy Lê, Deputy CEO of Investments, Ms. Anne Phạm, and our CFO, Ms. Lana Nguyễn. Before we begin this call, please note today's call will include forward-looking statements under US Federal Securities Law. These statements reflect our current views on future events, financial operational performance, and other matters that involve risk and uncertainties. These may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors. We will also reference certain non-GAAP financial measures and a reconciliation of these measures to GAAP figures, along with an explanation are included in our presentation issued earlier today. With that, I would like to invite Madam Thủy to begin the management remarks.

Amandae Baey: Thank you, operator, and good morning, everyone. Welcome to VinFast Quarterly Earnings Call. Joining me today are Chairwoman of the board, Madam Thủy Lê, Deputy CEO of Investments, Ms. Anne Phạm, and our CFO, Ms. Lana Nguyễn. Before we begin this call, please note today's call will include forward-looking statements under US Federal Securities Law. These statements reflect our current views on future events, financial operational performance, and other matters that involve risk and uncertainties. These may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors. We will also reference certain non-GAAP financial measures and a reconciliation of these measures to GAAPfigures, along with an explanation are included in our presentation issued earlier today. With that, I would like to invite Madam Thủy to begin the management remarks.

Speaker #2: Before we begin this call, please note today's call will include forward-looking statements under U.S. Federal Securities Law. These statements reflect our current views on future events, financial and operational performance, and other matters that involve risk and uncertainty.

Speaker #2: These may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors.

Speaker #2: We will also reference certain non-GAAP financial measures, and a reconciliation of these measures to GAAP figures, along with an explanation, are included in our presentation issued earlier today.

Speaker #2: With that, I would like to invite Madam Thuy to begin the management remarks.

Speaker #3: Hello everyone. It's great to be with you again. 2025 was another landmark year for VinFast. But more importantly, it was a year of disciplined investment behind our core mission: making electric mobility accessible to everyone.

Le Thi Thu Thuy: Hello, everyone. It's great to be with you again. 2025 was another landmark year for VinFast, but more importantly, it was a year of disciplined investment behind our core mission, making electric mobility accessible to everyone. Q4 2025 was our strongest quarter to date across several key financial metrics. Every strategic decision we make, including investing in technology, industrial capabilities, and global expansion, is anchored to that objective. Let me briefly reflect on our evolution. From 2017 to 2023, we established our brand and industrial foundation with the firm belief that electrification is the future of mobility. In 2024, we earned the trust of customers in our home market, Vietnam, and became the number one mobility brand in the country by vehicle sales, a position that we continue to maintain to date.

Thuy Le: Hello, everyone. It's great to be with you again. 2025 was another landmark year for VinFast, but more importantly, it was a year of disciplined investment behind our core mission, making electric mobility accessible to everyone. Q4 2025 was our strongest quarter to date across several key financial metrics. Every strategic decision we make, including investing in technology, industrial capabilities, and global expansion, is anchored to that objective. Let me briefly reflect on our evolution. From 2017 to 2023, we established our brand and industrial foundation with the firm belief that electrification is the future of mobility. In 2024, we earned the trust of customers in our home market, Vietnam, and became the number one mobility brand in the country by vehicle sales, a position that we continue to maintain to date.

Speaker #3: The fourth quarter of 2025 was our strongest quarter to date across several key financial metrics. Every strategic decision we make—including investing in technology, industrial capabilities, and global expansion—is anchored to that objective.

Speaker #3: Let me briefly reflect on our evolution. From 2017 to 2023, we established our brand and industrial foundation, with the firm belief that electrification is the future of mobility.

Speaker #3: In 2024, we earned the trust of customers in our whole market, Vietnam, and became the number one mobility brand in the country by vehicle sales, a position that we continue to maintain to date.

Speaker #3: So, during 2025, we rolled out a comprehensive product portfolio to serve diverse mobility use cases, laid the foundation for a green mobility ecosystem in international markets, and shared a plan about our next generation of vehicles that build on a new platform and new EE architecture.

Le Thi Thu Thuy: During 2025, we rolled out a comprehensive product portfolio to serve diverse mobility use cases, laid the foundation for a green mobility ecosystem in international markets, and shared plans about our next generation of vehicles that built on a new platform and new E/E architecture. Across the industry, there is a clear shift as electric mobility companies move toward AI-driven software-defined vehicles. VinFast has been working on this since day one with our R&D philosophy centered around a vertically integrated software-defined EV platform. With over 400,000 cumulative cars delivered and more than four years of real-world driving data accumulated, our engineers are able to design ADAS and software road maps with the customers in mind.

Thuy Le: During 2025, we rolled out a comprehensive product portfolio to serve diverse mobility use cases, laid the foundation for a green mobility ecosystem in international markets, and shared plans about our next generation of vehicles that built on a new platform and new E/E architecture. Across the industry, there is a clear shift as electric mobility companies move toward AI-driven software-defined vehicles. VinFast has been working on this since day one with our R&D philosophy centered around a vertically integrated software-defined EV platform. With over 400,000 cumulative cars delivered and more than four years of real-world driving data accumulated, our engineers are able to design ADAS and software road maps with the customers in mind.

Speaker #3: Across the industry, there is a clear shift as electric mobility companies move toward AI-driven, software-defined vehicles. VinFast has been working on this since day one, with our R&D philosophy centered around a vertically integrated, software-defined EV platform.

Speaker #3: With over 400,000 accumulated cars delivered and more than four years of real-world driving data accumulated, our engineers are able to design ADAS and software roadmaps with the customers in mind.

Speaker #3: For 2026, our strategic investment focuses on scale and unit cost optimization, which are the primary levers in our path to profitability. This will be supported by overseas capacity expansion, the commercialization of next-gen vehicles, and the integration of more AI across our vehicles and factories to deliver smart cars and more efficient production.

Le Thi Thu Thuy: For 2026, our strategic investment focus on scale and unit cost optimization, which are the primary levels in our path to profitability. This will be supported by overseas capacity expansion, the commercialization of the next-gen vehicles, and the integration of more AI across our vehicles and factories to deliver smart cars and more efficient production. With that, I would like to frame the three key points that you should take away from this call. First, VinFast is more than just an EV manufacturer. We are a vertically integrated software-defined EV platform with smart manufacturing to deliver scalable electric mobility solutions. Second, we are expanding our capacity to enter international markets in the coming years. We are deliberate in making this investment now, as it provides us with flexibility to enter new markets quickly. Finally, scale matters at VinFast. With scale comes further operational efficiencies.

Thuy Le: For 2026, our strategic investment focus on scale and unit cost optimization, which are the primary levels in our path to profitability. This will be supported by overseas capacity expansion, the commercialization of the next-gen vehicles, and the integration of more AI across our vehicles and factories to deliver smart cars and more efficient production. With that, I would like to frame the three key points that you should take away from this call. First, VinFast is more than just an EV manufacturer. We are a vertically integrated software-defined EV platform with smart manufacturing to deliver scalable electric mobility solutions. Second, we are expanding our capacity to enter international markets in the coming years. We are deliberate in making this investment now, as it provides us with flexibility to enter new markets quickly. Finally, scale matters at VinFast. With scale comes further operational efficiencies.

Speaker #3: With that, I would like to frame the three key points that you should take away from this call. First, VinFast is more than just an EV manufacturer.

Speaker #3: We are a vertically integrated, software-defined EV platform with smart manufacturing to deliver scalable electric mobility solutions. Second, we are expanding our capacity to enter international markets in the coming years.

Speaker #3: We are deliberate in making this investment now, as it provides us with flexibility to enter new markets quickly. And finally, scale matters at VinFast.

Speaker #3: With scale comes further operational efficiencies. We delivered 196,919 EVs for the full year. This exceeded our guidance to at least double the number of EVs delivered in 2024.

Le Thi Thu Thuy: We deliver 196,919 EVs for the full year. This exceeded our guidance to at least doubling the numbers of EVs delivered in 2024. In Q4 alone, we deliver 86,557 EVs. That was a new quarterly record for the company. Our two-wheeler segment also reached a new high. Full year deliveries grew 5.7 times to 406,496 units. Looking ahead, our 2026 guidance is targeting at least 300,000 EV deliveries. This is supported by introducing new models in our international markets, the build-out of our dealer network across Asia, Europe, and North America, and lastly, the continued expansion in international markets.

Thuy Le: We deliver 196,919 EVs for the full year. This exceeded our guidance to at least doubling the numbers of EVs delivered in 2024. In Q4 alone, we deliver 86,557 EVs. That was a new quarterly record for the company. Our two-wheeler segment also reached a new high. Full year deliveries grew 5.7 times to 406,496 units. Looking ahead, our 2026 guidance is targeting at least 300,000 EV deliveries. This is supported by introducing new models in our international markets, the build-out of our dealer network across Asia, Europe, and North America, and lastly, the continued expansion in international markets.

Speaker #3: In Q4 alone, we delivered 86,557 EVs—that was a new quarterly record for the company. Our two-wheeler segment also reached a new high: full-year deliveries grew 5.7% to 406,496 units.

Speaker #3: Looking ahead, our 2026 guidance is targeting at least 300,000 EV deliveries; this is supported by introducing new models in our international markets, the build-out of our dealer network across Asia, Europe, and North America, and lastly, the continual expansion in international markets.

Speaker #3: Following the strong momentum of VinFast's e-scooter segment achieved in 2025, we expect two-wheeler deliveries to be at least 2.5 times last year's volume for 2026.

Le Thi Thu Thuy: Following the strong momentum of VinFast's e-scooter segment achieved in 2025, we expect two-wheeler deliveries to be at least 2.5 times last year volume for 2026. This growth will be driven by VinFast's e-scooter expansion into Asian markets, the rollout of V-Green battery swapping network for e-scooters, and our focused positioning in the largest product segments. Turning to our new markets and manufacturing operations. Starting with Vietnam, where VinFast has maintained the number one OEM position and taken market share from other OEMs. We ended 2025 with an estimated 36% market share compared to 22% in 2024. VF3 and VF5 accounted for 51% of domestic volumes. We are also pleased to see the increased contribution from VF6 and Limo Green. On the two-wheeler segment, we ended the year as number one electric scooter player in Vietnam.

Thuy Le: Following the strong momentum of VinFast's e-scooter segment achieved in 2025, we expect two-wheeler deliveries to be at least 2.5 times last year volume for 2026. This growth will be driven by VinFast's e-scooter expansion into Asian markets, the rollout of V-Green battery swapping network for e-scooters, and our focused positioning in the largest product segments. Turning to our new markets and manufacturing operations. Starting with Vietnam, where VinFast has maintained the number one OEM position and taken market share from other OEMs. We ended 2025 with an estimated 36% market share compared to 22% in 2024. VF3 and VF5 accounted for 51% of domestic volumes. We are also pleased to see the increased contribution from VF6 and Limo Green. On the two-wheeler segment, we ended the year as number one electric scooter player in Vietnam.

Speaker #3: This growth will be driven by VinFast's e-scooter expansion into Asian markets, the rollout of the V-Green battery swapping network for e-scooters, and our focused positioning in the largest product segments.

Speaker #3: Turning to our new markets and manufacturing operations, starting with Vietnam, where VinFast has maintained the number one OEM position and taken market share from other OEMs, we ended 2025 with an estimated 36% market share compared to 22% in 2024.

Speaker #3: Our three NVF5 accounted for 51% of domestic volumes. We are also pleased to see the increased contribution from VF6 and Limogreen. On the two-wheeler segment, we ended the year as the number one electric scooter player in Vietnam.

Speaker #3: For the first time since we started selling internationally, overseas markets accounted for 18% of our fourth-quarter deliveries. For the full year 2025, international markets contributed 11% of our deliveries.

Le Thi Thu Thuy: For the first time since we started selling internationally, overseas market accounted for 18% of our Q4 deliveries. For the full year 2025, international markets contributed 11% of our deliveries. Our disciplined approach to overseas expansion is also reflected in our ranking. In particular, in India, we made steady progress in Vahan registration amongst BEV brands, ranking eighth in October, seventh in November, and fourth in December. We have maintained our position since then to date. In Indonesia, we ended 2025 as third BEV brand according to GAIKINDO, and as the second BEV brand in the Philippines, according to CAMPI. Product expansion has further broadened VinFast's market reach. We introduced Green, our commercial-focused product line, and Lac Hong, our ultra-luxury brand. VinFast now has three distinct brands catering to different customer segments.

Thuy Le: For the first time since we started selling internationally, overseas market accounted for 18% of our Q4 deliveries. For the full year 2025, international markets contributed 11% of our deliveries. Our disciplined approach to overseas expansion is also reflected in our ranking. In particular, in India, we made steady progress in Vahan registration amongst BEV brands, ranking eighth in October, seventh in November, and fourth in December. We have maintained our position since then to date. In Indonesia, we ended 2025 as third BEV brand according to GAIKINDO, and as the second BEV brand in the Philippines, according to CAMPI. Product expansion has further broadened VinFast's market reach. We introduced Green, our commercial-focused product line, and Lac Hong, our ultra-luxury brand. VinFast now has three distinct brands catering to different customer segments.

Speaker #3: Our disciplined approach to overseas expansion is also reflected in our ranking. In particular, in India, we made steady progress in Vahan registration amongst BEV brands, ranking number eight in October, number seven in November, and number four in December.

Speaker #3: We have maintained our position since then to date. In Indonesia, we ended 2025 as the number three BEV brand according to Guide Kindle, and as the number two BEV brand in the Philippines according to CAMPI.

Speaker #3: Product expansion has further broadened VinFast's market reach. We introduced Green, our commercial-focused product line, and Lark Home, our entire luxury brand. VinFast now has three distinct brands catering to different customer segments.

Speaker #3: In the fourth quarter, our commercial line, Green, saw strong traction from fleet and B2B customers, and accounted for nearly half of total deliveries. In 2025, approximately 27% of our deliveries were to related parties, primarily the EV ride-hailing platform GSM, broadly stable year over year, with a higher share of approximately 33% in the fourth quarter as GSM rapidly scales its fleet network in Indonesia and the Philippines as part of its Southeast Asia expansion.

Le Thi Thu Thuy: In Q4, our commercial line, Green, saw strong traction from fleet and B2B customers and accounted for nearly half of total deliveries. In 2025, approximately 27% of our deliveries were to related parties. Primarily the EV ride-hailing platform, GSM, are broadly stable year-over-year, with a higher share of approximately 33% in Q4 as GSM rapidly scale its fleet network in Indonesia and the Philippines as part of its Southeast Asia expansion. Manufacturing utilization and operational efficiency continue to improve with the Hải Phòng plant rolling out its 200,000 vehicle of the year and producing nearly 26,000 EVs in December alone. Last year, we inaugurated our manufacturing facility in Hà Tĩnh, Vietnam. Our first overseas manufacturing facility was opened in Tamil Nadu, India in August. In December, we opened our second factory overseas in Subang, Indonesia.

Thuy Le: In Q4, our commercial line, Green, saw strong traction from fleet and B2B customers and accounted for nearly half of total deliveries. In 2025, approximately 27% of our deliveries were to related parties. Primarily the EV ride-hailing platform, GSM, are broadly stable year-over-year, with a higher share of approximately 33% in Q4 as GSM rapidly scale its fleet network in Indonesia and the Philippines as part of its Southeast Asia expansion. Manufacturing utilization and operational efficiency continue to improve with the Hải Phòng plant rolling out its 200,000 vehicle of the year and producing nearly 26,000 EVs in December alone. Last year, we inaugurated our manufacturing facility in Hà Tĩnh, Vietnam. Our first overseas manufacturing facility was opened in Tamil Nadu, India in August. In December, we opened our second factory overseas in Subang, Indonesia.

Speaker #3: Manufacturing utilization and operational efficiency continue to improve. With the Haiphong plant rolling out its 200,000th vehicle of the year and producing nearly 26,000 EVs in December alone, last year we inaugurated our manufacturing facility in Hatting, Vietnam.

Speaker #3: Our first overseas manufacturing facility was opened in Tamil Nadu, India, in August, and in December, we opened our second factory overseas in Subang, Indonesia. Now, turning to our priorities for 2026, let's start with manufacturing.

Le Thi Thu Thuy: Now turning to our priorities for 2026. Let's start with manufacturing. VinFast today operates four manufacturing facilities globally with combined annual capacity of 600,000 EVs and 500,000 e-scooters. Looking ahead, we will continue to strengthen this foundation by expanding production capacity for EVs and e-scooters in Vietnam, while evaluating further development phases in India and Indonesia to position these facilities as future export hubs. We also expect to resume construction of our North Carolina factory in 2026, with a plan to SOP in 2028. We will provide further details in the coming months. It is important to note that VinFast has embedded smart manufacturing processes across all our facilities to enable scalable electric mobility solutions, and we'll provide further updates on this area shortly.

Thuy Le: Now turning to our priorities for 2026. Let's start with manufacturing. VinFast today operates four manufacturing facilities globally with combined annual capacity of 600,000 EVs and 500,000 e-scooters. Looking ahead, we will continue to strengthen this foundation by expanding production capacity for EVs and e-scooters in Vietnam, while evaluating further development phases in India and Indonesia to position these facilities as future export hubs. We also expect to resume construction of our North Carolina factory in 2026, with a plan to SOP in 2028. We will provide further details in the coming months. It is important to note that VinFast has embedded smart manufacturing processes across all our facilities to enable scalable electric mobility solutions, and we'll provide further updates on this area shortly.

Speaker #3: VinFast today operates four manufacturing facilities globally, with a combined annual capacity of 600,000 EVs and 500,000 e-scooters. Looking ahead, we will continue to strengthen this foundation by expanding production capacity for EVs and e-scooters in Vietnam, while evaluating further development phases in India and Indonesia to position these facilities as future export hubs.

Speaker #3: We also expect to resume construction of our North Carolina factory in 2026, with a plan to SOP in 2028. We will provide further details in the coming months.

Speaker #3: It is important to note that VinFast has embedded smart manufacturing processes across all our facilities to enable scalable electric mobility solutions, and we will provide further updates on these areas shortly.

Speaker #3: On the product front, VinFast has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity.

Le Thi Thu Thuy: On the product front, VinFast has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity. The VinFast brand comprises the VinFast core passenger EV lineup from VF 3 to VF 9. The Green brand of commercial EVs for fleet use includes Limo Green, Herio Green, Nerio Green, and Minio Green. Lastly, the ultra-luxury Lac Hong series. As part of this repositioning, we are introducing two 7-seater MPV models, the Limo Green and the VF MPV 7, to address different customer segments, with plan to launch both across key Asian markets. Additionally, the next generation of VF 6 and VF 7 is expected to SOP in the second half of 2026. These four models are designed to deliver a lower BOM cost by reducing complexity and number of components through our new platform and next-generation E/E architecture.

Thuy Le: On the product front, VinFast has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity. The VinFast brand comprises the VinFast core passenger EV lineup from VF 3 to VF 9. The Green brand of commercial EVs for fleet use includes Limo Green, Herio Green, Nerio Green, and Minio Green. Lastly, the ultra-luxury Lac Hong series. As part of this repositioning, we are introducing two 7-seater MPV models, the Limo Green and the VF MPV 7, to address different customer segments, with plan to launch both across key Asian markets. Additionally, the next generation of VF 6 and VF 7 is expected to SOP in the second half of 2026. These four models are designed to deliver a lower BOM cost by reducing complexity and number of components through our new platform and next-generation E/E architecture.

Speaker #3: The VinFast brand comprises the VinFast Core Passenger EV line, from VF3 to VF9; the Green brand of commercial EVs for fleet use, including Limo Harrier, Nero, and Minio Green; and, lastly, the Antra Luxury Lark Home series.

Speaker #3: As part of this repositioning, we are introducing two seven-seater MPV models: the Limogreen and the VF MPV7, to address different customer segments, with plans to launch both across key Asian markets.

Speaker #3: Additionally, the next generation of VF6 and VF7 is expected to SOP in the second half of 2026. These four models are designed to deliver a lower bump cost by reducing complexity and the number of components through our new platform and next-generation EE architecture.

Speaker #3: I'm also pleased to share that VinFast is developing several range extender EV models, beginning with the VF8 REEV. Introducing range extender vehicles allows us to address a broader segment of the electrification market.

Le Thi Thu Thuy: I'm also pleased to share that VinFast is developing several range extender EV models, beginning with VF 8 REEV. Introducing range extender vehicles allows us to address a broader segment of the electrification market. We view range extender technology as a practical interim step in the transition from internal combustion engine to fully battery electric vehicles, particularly in markets where charging infrastructure is still developing. We will provide additional updates on this program in the coming quarters. In our core Asian markets, we will continue expanding our dealer network to support long-term growth. We plan to double our dealer footprint in India and partner with large dealership groups in Indonesia and the Philippines. This expansion will move in parallel with GSM international growth as we continue building out the broader green mobility ecosystem.

Thuy Le: I'm also pleased to share that VinFast is developing several range extender EV models, beginning with VF 8 REEV. Introducing range extender vehicles allows us to address a broader segment of the electrification market. We view range extender technology as a practical interim step in the transition from internal combustion engine to fully battery electric vehicles, particularly in markets where charging infrastructure is still developing. We will provide additional updates on this program in the coming quarters. In our core Asian markets, we will continue expanding our dealer network to support long-term growth. We plan to double our dealer footprint in India and partner with large dealership groups in Indonesia and the Philippines. This expansion will move in parallel with GSM international growth as we continue building out the broader green mobility ecosystem.

Speaker #3: We view range extender technology as a practical interim step in the transition from internal combustion engines to fully battery electric vehicles, particularly in markets where charging infrastructure is still developing.

Speaker #3: We will provide additional updates on this program in the coming quarters. In our core Asian markets, we will continue expanding our dealer network to support long-term growth, with plans to double our dealer footprint in India and partner with large dealership groups in Indonesia and the Philippines.

Speaker #3: This expansion will move in parallel with GSM international growth as we continue building out the broader green mobility ecosystem. At the same time, we are expanding our two-wheeler strategy across Asia.

Le Thi Thu Thuy: At the same time, we are expanding our two-wheeler strategy across Asia, with plans to introduce our e-scooter business in five markets, including Thailand, Malaysia, and the other three existing Asian markets. While GSM is also exploring opportunities to enter the US and European markets. For Europe, we plan to introduce the next generation of B SUV, the VF 6 model. For North America markets, we plan to bring the VF 7, a C-segment electric SUV, and to also launch our e-bus business later this year. Now I will turn it over to Anne Pham, who will take you through the latest on VinFast technology platform.

Thuy Le: At the same time, we are expanding our two-wheeler strategy across Asia, with plans to introduce our e-scooter business in five markets, including Thailand, Malaysia, and the other three existing Asian markets. While GSM is also exploring opportunities to enter the US and European markets. For Europe, we plan to introduce the next generation of B SUV, the VF 6 model. For North America markets, we plan to bring the VF 7, a C-segment electric SUV, and to also launch our e-bus business later this year. Now I will turn it over to Anne Pham, who will take you through the latest on VinFast technology platform.

Speaker #3: With plans to introduce our e-scooter business in five markets, including Thailand, Malaysia, and the other three existing Asian markets, while GSM is also exploring opportunities to enter the US and European markets.

Speaker #3: For Europe, we plan to introduce the next generation of B-SUV, the VF 6 model. For North American markets, we plan to bring the VF 7, a C-segment electric SUV, and to also launch our e-Bus business later this year.

Speaker #3: Now, I will turn it over to Anne, who will take you through the latest on VinFast technology platform. Thank you, Madam Thuy. VinFast is more than an EV manufacturer.

Phạm Nguyễn Anh Thư: Thank you, Madam Thuy. VinFast is more than an EV manufacturer. Our mission is to make electric mobility accessible to everyone, which directly shapes how we allocate capital and make strategic investments. We are deliberately investing in owning more of our technology stack so that we can deliver more compelling features at a lower cost over time. At Mobility Day last November, we shared our autonomy roadmap for level two plus and level two plus plus towards level four, with a demonstration of a self-driving robo car in partnership with Autobrains at Vinhomes Ocean Park, a project in Vietnam. A leading AI mobility company based in Israel, Autobrains, has been working with us for a number of years. VinFast have taken a capital-efficient approach with an in-house ADAS research institute while working with strategic technology partners for level four.

Anne Pham: Thank you, Madam Thuy. VinFast is more than an EV manufacturer. Our mission is to make electric mobility accessible to everyone, which directly shapes how we allocate capital and make strategic investments. We are deliberately investing in owning more of our technology stack so that we can deliver more compelling features at a lower cost over time. At Mobility Day last November, we shared our autonomy roadmap for level two plus and level two plus plus towards level four, with a demonstration of a self-driving robo car in partnership with Autobrains at Vinhomes Ocean Park, a project in Vietnam. A leading AI mobility company based in Israel, Autobrains, has been working with us for a number of years. VinFast have taken a capital-efficient approach with an in-house ADAS research institute while working with strategic technology partners for level four.

Speaker #3: Our mission is to make electric mobility accessible to everyone, which directly shapes how we allocate capital and make strategic investments. We are deliberately investing in owning more of our technology stack so that we can deliver more compelling features at a lower cost over time.

Speaker #3: At Mobility Day last November, we shared our autonomy roadmap for Level 2+ and Level 2++ towards Level 4, with a demonstration of a self-driving robo car in partnership with Autobrains Technologies at VinHome's Ocean Park—a project in Vietnam.

Speaker #3: A leading AI mobility company based in Israel—Autobrains—has been working with us for a number of years. VinFast has taken a capital-efficient approach with an in-house ADAS research institute, while working with strategic technology partners for Level 4.

Speaker #3: We also plan to expand our trials of robo car to larger cities and international markets. We are also pleased to share that we've entered into a collaboration with Tensor, a pioneering AI company developing personally owned Level 4 autonomous robo cars, based in California.

Phạm Nguyễn Anh Thư: We also plan to expand our trials of robot car to larger cities and international markets. We are also pleased to share that we've entered into a collaboration with Tensor, a pioneering AI company developing personally owned Level 4 autonomous robot cars company based in California. Under this partnership, VinFast will serve as the manufacturing and industrialization partner for Tensor's robot car program. Fully functional prototypes of the program have already been tested by Tensor across multiple regions, and the program is currently in the pre-production phase and is being advanced towards commercialization. This collaboration is compelling from both a commercial and financial standpoint, while reinforcing VinFast's strategic role in the next generation of mobility solutions. In parallel, we are also in active discussions with a number of technology and mobility companies exploring Robotaxi development. We look forward to sharing further updates as these discussions progress in the coming quarters.

Anne Pham: We also plan to expand our trials of robot car to larger cities and international markets. We are also pleased to share that we've entered into a collaboration with Tensor, a pioneering AI company developing personally owned Level 4 autonomous robot cars company based in California. Under this partnership, VinFast will serve as the manufacturing and industrialization partner for Tensor's robot car program. Fully functional prototypes of the program have already been tested by Tensor across multiple regions, and the program is currently in the pre-production phase and is being advanced towards commercialization. This collaboration is compelling from both a commercial and financial standpoint, while reinforcing VinFast's strategic role in the next generation of mobility solutions. In parallel, we are also in active discussions with a number of technology and mobility companies exploring Robotaxi development. We look forward to sharing further updates as these discussions progress in the coming quarters.

Speaker #3: Under this partnership, VinFast will serve as the manufacturing and industrialization partner for Tensor's robo car program. Fully functional prototypes of the program have already been tested by Tensor across multiple regions.

Speaker #3: The program is currently in the pre-production phase and is being advanced towards commercialization. This collaboration is compelling from both a commercial and financial standpoint, while reinforcing VinFast's strategic role in the next generation of mobility solutions.

Speaker #3: In parallel, we are also in active discussions with a number of technology and mobility companies exploring robo-taxi development. We look forward to sharing further updates as these discussions progress in the coming quarters.

Speaker #3: Internally, we continue to make steady progress in owning more of our core technology stack and expanding our in-house software capabilities. Earlier this year, we introduced a suite of subscription packages in Vietnam that include proprietary remote control functions and smart features developed internally at VinFast and across the broader VinGroup ecosystem.

Phạm Nguyễn Anh Thư: Internally, we continue to make steady progress in owning more of our core technology stacks and expanding our in-house software capabilities. Earlier this year, we introduced a suite of subscription packages in Vietnam that include proprietary remote control functions and smart features developed internally at VinFast and across the broader Vingroup ecosystem. At the same time, we are advancing our transition to EE 2.0 as part of a structural cost initiative this year. This shift is expected to drive meaningful reductions in our BOM cost structure through ECU consolidation, simplified wiring harness design, and greater component commonality across models. Our new EE 2.0 demonstrates how our in-house software capabilities are doing more than enhancing the next generation of VinFast vehicles.

Anne Pham: Internally, we continue to make steady progress in owning more of our core technology stacks and expanding our in-house software capabilities. Earlier this year, we introduced a suite of subscription packages in Vietnam that include proprietary remote control functions and smart features developed internally at VinFast and across the broader Vingroup ecosystem. At the same time, we are advancing our transition to EE 2.0 as part of a structural cost initiative this year. This shift is expected to drive meaningful reductions in our BOM cost structure through ECU consolidation, simplified wiring harness design, and greater component commonality across models. Our new EE 2.0 demonstrates how our in-house software capabilities are doing more than enhancing the next generation of VinFast vehicles.

Speaker #3: At the same time, we are advancing our transition to EE 2.0 as part of a structural cost initiative this year. This shift is expected to drive meaningful reductions in our bump cost structure through ECU consolidation, simplified wiring harness design, and greater component commonality across models.

Speaker #3: Our new EE 2.0 demonstrates how our in-house software capabilities are doing more than enhancing the next generation of VinFast vehicles. We're beginning to see interest from external parties in this technology as a standalone solution, which provides early validation of our R&D capabilities and could represent a potential new revenue stream over the longer term.

Phạm Nguyễn Anh Thư: We're beginning to see interest from external parties in this technology as a standalone solution, which provides early validation of our R&D capabilities and could represent a potential new revenue stream over the longer term. In the near term, we plan to expand these subscription offerings to additional markets alongside the rollout of localized voice assistance strategies across key Asian markets. We look forward to sharing more details as these initiatives continue to develop. Finally, turning to manufacturing. As Madam Thuy shared earlier, VinFast has embedded smart manufacturing processes across all of its facilities. This is a key pillar of our vertically integrated software-defined EV platform and central to our long-term profitability. Within the Vingroup ecosystem, VinFast works very closely with a sister company called VinRobotics to accelerate the development of advanced robotics and intelligent automation across its operations.

Anne Pham: We're beginning to see interest from external parties in this technology as a standalone solution, which provides early validation of our R&D capabilities and could represent a potential new revenue stream over the longer term. In the near term, we plan to expand these subscription offerings to additional markets alongside the rollout of localized voice assistance strategies across key Asian markets. We look forward to sharing more details as these initiatives continue to develop. Finally, turning to manufacturing. As Madam Thuy shared earlier, VinFast has embedded smart manufacturing processes across all of its facilities. This is a key pillar of our vertically integrated software-defined EV platform and central to our long-term profitability. Within the Vingroup ecosystem, VinFast works very closely with a sister company called VinRobotics to accelerate the development of advanced robotics and intelligent automation across its operations.

Speaker #3: In the near term, we plan to expand these subscription offerings to additional markets, alongside the rollout of localized voice assistance strategies across key Asian markets.

Speaker #3: We look forward to sharing more details as these initiatives continue to develop. Finally, turning to manufacturing, as Madam Thuy shared earlier, VinFast has embedded smart manufacturing processes across all of its facilities.

Speaker #3: This is a key pillar of our vertically integrated, software-defined EV platform and central to our long-term profitability. Within the VinGroup ecosystem, VinFast works very closely with a sister company called VinRobotics to accelerate the development of advanced robotics and intelligent automation across its operations.

Speaker #3: VinRobotics focuses on two core segments: industrial humanoid robots developed in-house, and a scalable, non-humanoid physical AI platform that combines robotics hardware with intelligent software.

Phạm Nguyễn Anh Thư: VinRobotics focuses on two core segments, industrial humanoid robots developed in-house, and a scalable non-humanoid physical AI platform that combines robotics hardware with intelligent software. By integrating VinRobotics proprietary mechanical systems, intelligence controls, and AI-driven computer vision into VinFast manufacturing operations, the partnership aims to enhance productivity, improve quality, and reduce operating costs while advancing the broader goal of building the smart factory of the future. VinFast also expects to be the manufacturing partner to VinRobotics, along with two other robotics companies within the Vingroup ecosystem, namely VinMotion and VinDynamics. Now, taking a step back, I'd like to highlight the in-house R&D capabilities at VinFast and the broader Vingroup technology ecosystem that supports VinFast's long-term innovation roadmap. At the core of these efforts are our in-house ADAS and battery research institutes, which are focused on developing next-generation technologies that will be integrated into future VinFast vehicles.

Anne Pham: VinRobotics focuses on two core segments, industrial humanoid robots developed in-house, and a scalable non-humanoid physical AI platform that combines robotics hardware with intelligent software. By integrating VinRobotics proprietary mechanical systems, intelligence controls, and AI-driven computer vision into VinFast manufacturing operations, the partnership aims to enhance productivity, improve quality, and reduce operating costs while advancing the broader goal of building the smart factory of the future. VinFast also expects to be the manufacturing partner to VinRobotics, along with two other robotics companies within the Vingroup ecosystem, namely VinMotion and VinDynamics. Now, taking a step back, I'd like to highlight the in-house R&D capabilities at VinFast and the broader Vingroup technology ecosystem that supports VinFast's long-term innovation roadmap. At the core of these efforts are our in-house ADAS and battery research institutes, which are focused on developing next-generation technologies that will be integrated into future VinFast vehicles.

Speaker #3: By integrating VinRobotics' proprietary mechanical systems, intelligent controls, and AI-driven computer vision into VinFast's manufacturing operations, the partnership aims to enhance productivity, improve quality, and reduce operating costs, while advancing the broader goal of building the smart factory of the future.

Speaker #3: VinFast also expects to be the manufacturing partner to VinRobotics, along with two other robotics companies within the VinGroup ecosystem, namely VinMotion and VinDynamics. Now, taking a step back, I'd like to highlight the in-house R&D capabilities at VinFast and the broader VinGroup technology ecosystem that supports VinFast's long-term innovation roadmap.

Speaker #3: At the core of these efforts are our in-house ADAS and battery research institutes, which are focused on developing next-generation technologies that will be integrated into future VinFast vehicles.

Speaker #3: Within the VinGroup ecosystem, a number of specialized technology companies are developing capabilities that can be leveraged across multiple businesses. What initially began with VinFast at the center of a green mobility ecosystem spanning EVs, charging infrastructure through V-Green, and electric mobility services through GSM is now evolving into a broader platform of advanced technologies.

Phạm Nguyễn Anh Thư: Within the Vingroup ecosystem, a number of specialized technology companies are developing capabilities that can be leveraged across multiple businesses. What initially began with VinFast at the center of a green mobility ecosystem spanning EVs, charging infrastructure through V-Green, and electric mobility services through GSM, is now evolving into a broader platform of advanced technologies. Across this ecosystem, teams are developing core capabilities ranging from software platforms and cybersecurity to robotics and automation. A notable example is our collaboration with VinRobotics, which I have highlighted earlier. As Vingroup continues to incubate new technology platforms, VinFast expects to deepen collaboration across the ecosystem and provide further updates on these initiatives in the coming quarters. Now, I'll hand it over to Lan Anh to discuss our financial results for Q4 and full year of 2025. Lan Anh, please.

Anne Pham: Within the Vingroup ecosystem, a number of specialized technology companies are developing capabilities that can be leveraged across multiple businesses. What initially began with VinFast at the center of a green mobility ecosystem spanning EVs, charging infrastructure through V-Green, and electric mobility services through GSM, is now evolving into a broader platform of advanced technologies. Across this ecosystem, teams are developing core capabilities ranging from software platforms and cybersecurity to robotics and automation. A notable example is our collaboration with VinRobotics, which I have highlighted earlier. As Vingroup continues to incubate new technology platforms, VinFast expects to deepen collaboration across the ecosystem and provide further updates on these initiatives in the coming quarters. Now, I'll hand it over to Lan Anh to discuss our financial results for Q4 and full year of 2025. Lan Anh, please.

Speaker #3: Across this ecosystem, teams are developing core capabilities ranging from software platforms and cybersecurity to robotics and automation. A notable example is our collaboration with VinRobotics, which I have highlighted earlier.

Speaker #3: As VinGroup continues to incubate new technology platforms, VinFast expects to deepen collaboration across the ecosystem and provide further updates on these initiatives in the coming quarters.

Speaker #3: Now, I'll hand it over to Lan Anh to discuss our financial results for the fourth quarter and full year of 2025. Lan Anh, please.

Speaker #2: Thank you, Ann. Our 2025 results reflect a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance and operating at roughly two-thirds of our flagship factory's capacity during December, we have demonstrated our ability to scale in a disciplined manner. At the same time, the sales policies and promotional initiatives introduced to strengthen brand awareness in our key markets are starting to gain traction.

Nguyen Thi Lan Anh: Thank you, Anne Pham. Our 2025 results reflect a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance and operating at roughly two-thirds of our flagship factory's capacity during December, we have demonstrated our ability to scale in a disciplined manner. At the same time, the sales policies and promotional initiatives introduced to strengthen brand awareness in our key markets are starting to gain traction. Concurrently, our ongoing cost optimization programs are beginning to deliver tangible results, and we are seeing early signs of operating leverage emerge in the business. Q4 2025 reflected the strongest financial performance we have delivered to date. With several key metrics reaching new levels as we begin to see all the benefits of scale.

Lan Anh Nguyen: Thank you, Anne Pham. Our 2025 results reflect a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance and operating at roughly two-thirds of our flagship factory's capacity during December, we have demonstrated our ability to scale in a disciplined manner. At the same time, the sales policies and promotional initiatives introduced to strengthen brand awareness in our key markets are starting to gain traction. Concurrently, our ongoing cost optimization programs are beginning to deliver tangible results, and we are seeing early signs of operating leverage emerge in the business. Q4 2025 reflected the strongest financial performance we have delivered to date. With several key metrics reaching new levels as we begin to see all the benefits of scale.

Speaker #2: Concurrently, our ongoing cost optimization programs are beginning to deliver tangible results, and we are seeing early signs of operating leverage emerge in the business.

Speaker #2: The fourth quarter of 2024 reflected the strongest financial performance we have delivered to date, with several key metrics reaching new levels as we begin to see early benefits scale. As Madam Thuy and Anh highlighted, strengthening VinFast's competitiveness requires deliberate, strategic investments that are essential to improving efficiency, enhancing cost control, and positioning the company for a more sustainable margin profile over the long term.

Nguyen Thi Lan Anh: As Madam Thi and Anh highlighted, strengthening VinFast competitiveness requires deliberate strategic investments that are essential to improving efficiency, enhancing cost control, and positioning the company for the more sustainable margin profile over the long term. Now, let me walk you through our results in more detail. Revenue for Q4 2025 was $1.6 billion, up by 118% quarter-over-quarter, and 139% year-over-year. Full-year revenue was $3.6 billion, increased by 105% year-over-year. Gross margin was -40% in Q4 2025, compared to -79% in Q4 2024. For the full year, gross margin improved to -43% compared to a -57% in 2024.

Lan Anh Nguyen: As Madam Thi and Anh highlighted, strengthening VinFast competitiveness requires deliberate strategic investments that are essential to improving efficiency, enhancing cost control, and positioning the company for the more sustainable margin profile over the long term. Now, let me walk you through our results in more detail. Revenue for Q4 2025 was $1.6 billion, up by 118% quarter-over-quarter, and 139% year-over-year. Full-year revenue was $3.6 billion, increased by 105% year-over-year. Gross margin was -40% in Q4 2025, compared to -79% in Q4 2024. For the full year, gross margin improved to -43% compared to a -57% in 2024.

Speaker #2: Now let me walk you through our results in more detail. Revenue for the fourth quarter of 2025 was $1.6 billion, up by 118% quarter over quarter and 139% year over year. Full year revenue was $3.6 billion, increased by 105% year over year.

Speaker #2: Gross margin was -40% in Q4 2025, compared to -79% in Q4 2024. For the full year, gross margin improved to -43%, compared to -57% in 2024. Full-year revenue increased by 105%, with fourth quarter revenue up 139% year over year. Higher production volumes allowed us to better absorb fixed manufacturing overhead, and improved operating leverage.

Nguyen Thi Lan Anh: With full-year revenue increased by 105% and Q4 revenue up 139% year-over-year, higher production volumes allowed us to better absorb fixed manufacturing overhead and improve operating leverage. Recall that in fiscal year 2024, revenue was impacted by a one-time adjustment related to our free charging program. We applied the program retrospectively to all vehicles delivered through 31 December 2024, which resulted in revenue reduction recorded in that quarter. If we exclude the impact mostly due to the free charging program, vehicles sold for which revenue has been deferred, and NRV adjustment, we are seeing a clearer view of the underlying improvement in our operating performance. Excluding these items, gross margin for Q4 2025 would have been -28% compared to -26% in Q4 2024.

Lan Anh Nguyen: With full-year revenue increased by 105% and Q4 revenue up 139% year-over-year, higher production volumes allowed us to better absorb fixed manufacturing overhead and improve operating leverage. Recall that in fiscal year 2024, revenue was impacted by a one-time adjustment related to our free charging program. We applied the program retrospectively to all vehicles delivered through 31 December 2024, which resulted in revenue reduction recorded in that quarter. If we exclude the impact mostly due to the free charging program, vehicles sold for which revenue has been deferred, and NRV adjustment, we are seeing a clearer view of the underlying improvement in our operating performance. Excluding these items, gross margin for Q4 2025 would have been -28% compared to -26% in Q4 2024.

Speaker #2: Recall that in fiscal year 2024, revenue was impacted by a one-time adjustment related to our free charging program. We applied the program retrospectively to all vehicles delivered through December 31, 2024, which resulted in a revenue reduction recorded in that quarter.

Speaker #2: If we exclude the impact mostly due to the free charging program, vehicles sold for which revenue has been deferred, and NRV adjustment, we are seeing a clearer view of the underlying improvement in our operating performance.

Speaker #2: Excluding these items, gross margin for Q4 2025 would have been -28%, compared to -26% in Q4 2024. On a full-year basis, gross margin would have been -24%, as compared to -32% in 2024.

Nguyen Thi Lan Anh: On a full-year basis, gross margin would have been -24% as compared to -32% in 2024. Moving to the operating expenses. R&D expenses were $114 million, increasing 7% quarter-over-quarter and 7% year-over-year. R&D spending in the quarter was primarily driven by continued investment in our next generation vehicle platforms and core technology stack, particularly in ADAS L2+ development and our EE 2.0 architecture, as well as ongoing model refreshing programs across vehicles. R&D as a percentage of revenue was 7%, the lowest in the past five quarters, reflecting the benefits of scale. As revenue growth outpaced R&D spend, fixed R&D investment were leveraged more efficiency across larger volumes, improving operating leverage while we continue to advance our core technology roadmap.

Lan Anh Nguyen: On a full-year basis, gross margin would have been -24% as compared to -32% in 2024. Moving to the operating expenses. R&D expenses were $114 million, increasing 7% quarter-over-quarter and 7% year-over-year. R&D spending in the quarter was primarily driven by continued investment in our next generation vehicle platforms and core technology stack, particularly in ADAS L2+ development and our EE 2.0 architecture, as well as ongoing model refreshing programs across vehicles. R&D as a percentage of revenue was 7%, the lowest in the past five quarters, reflecting the benefits of scale. As revenue growth outpaced R&D spend, fixed R&D investment were leveraged more efficiency across larger volumes, improving operating leverage while we continue to advance our core technology roadmap.

Speaker #2: Moving to the operating expenses, R&D expenses were $114 million, increasing 7% quarter over quarter and 7% year over year. R&D spending in the quarter was primarily driven by continued investment in our next-generation vehicle platforms and core technologies, particularly in ADAS L2 Plus development and our EE 2.0 architecture, as well as ongoing model refreshing programs across vehicles.

Speaker #2: R&D as a percentage of revenue was 7%, the lowest in the past five quarters. This reflects the benefits of scale, as revenue growth outpaced R&D spend. Fixed R&D investments were leveraged more efficiently across larger volumes, improving operating leverage, while we continue to advance our core technology roadmap.

Speaker #2: As G&A expense were $391 million, increasing 126% quarter over quarter and 50% year over year, the second show increase was primarily driven by higher marketing expenses associated with the launch of new models across multiple markets.

Nguyen Thi Lan Anh: SG&A expense were $391 million, increasing 126% quarter-over-quarter and 50% year-over-year. The sequential increase was primarily driven by higher marketing expenses associated with the launch of new models across multiple markets. During the quarter, we also booked approximately $236 million impairment for our North Carolina factory. This impairment charge is a one-off expense and reflects management's decision to take a disciplined approach to accounting adjustment associated with changes in project timing and development assumptions. It does not represent a change in our long-term strategic commitment to the US market. As Madam Thi mentioned earlier, we expect to resume construction in the North Carolina factory this year.

Lan Anh Nguyen: SG&A expense were $391 million, increasing 126% quarter-over-quarter and 50% year-over-year. The sequential increase was primarily driven by higher marketing expenses associated with the launch of new models across multiple markets. During the quarter, we also booked approximately $236 million impairment for our North Carolina factory. This impairment charge is a one-off expense and reflects management's decision to take a disciplined approach to accounting adjustment associated with changes in project timing and development assumptions. It does not represent a change in our long-term strategic commitment to the US market. As Madam Thi mentioned earlier, we expect to resume construction in the North Carolina factory this year.

Speaker #2: During the quarter, we also booked approximately $236 million in payment for our North Carolina factory. This impairment charge is one of expense and reflects management's decision to take a disciplined approach to accounting adjustment associated with changes in project timing and development assumptions.

Speaker #2: That does not represent a change in our long-term strategic commitment to the US market, and as Madam Thuy mentioned earlier, we expect to resume construction at the North Carolina factory this year.

Speaker #2: Excluding this one-off impairment charge, GNA expenses as a percentage of revenue would have been 10%, compared to 24% in Q3 2025 and 40% in the fourth quarter of 2024. This improvement reflects the benefits of scale and the cost optimization achieved through our transition to a dollar model.

Nguyen Thi Lan Anh: Excluding this one off impairment charge, SG&A expenses as a percentage of revenue would have been 10% compared to 24% in Q3 2025 and 40% in Q1 2024. This improvement reflects the benefits of scale and the cost optimization achieved through our transition to a dealer model. Adjusted EBITDA for Q4 was negative $1 billion, a 20% decline year-over-year. Adjusted EBITDA margin came in at -65% compared to -80% in Q3 2025 and -129% in the prior year period. Adjusted EBITDA for fiscal year 2025 came in at -66% compared to -103% in fiscal year 2024.

Lan Anh Nguyen: Excluding this one off impairment charge, SG&A expenses as a percentage of revenue would have been 10% compared to 24% in Q3 2025 and 40% in Q1 2024. This improvement reflects the benefits of scale and the cost optimization achieved through our transition to a dealer model. Adjusted EBITDA for Q4 was negative $1 billion, a 20% decline year-over-year. Adjusted EBITDA margin came in at -65% compared to -80% in Q3 2025 and -129% in the prior year period. Adjusted EBITDA for fiscal year 2025 came in at -66% compared to -103% in fiscal year 2024.

Speaker #2: Adjusted EBITDA for the fourth quarter was -$1 billion, a 20% decline year over year. Adjusted EBITDA margin came in at -65%, compared to -80% in Q3 2025 and -129% in the prior year period.

Speaker #2: Adjusted EBITDA for fiscal year 2025 came in at -66% compared to -103% in fiscal year 2024. Excluding the impact mostly due to delayed revenue recognition, impairment charge relating to the US factory, and adjusting for NRV, adjusted EBITDA margin would have been -37% in Q4 2025 compared to -36% in Q3 2025 and -52% in the same period last year.

Nguyen Thi Lan Anh: Excluding the impact mostly due to delayed revenue recognition, impairment charge relating to the US factory, and adjusting for NRV, adjusted EBITDA margin would have been -37% in Q4 2025 compared to -36% in Q3 2025 and -52% in the same period last year. Net loss for the quarter was -$1.4 billion. Net loss margin for the quarter improved to -89% compared to -186% a year ago, an improvement of 96% year-over-year. Fiscal year 2025 net loss margin is -108% compared to -176% in fiscal year 2024, an improvement of 68% year-over-year. Excluding the impact mostly due to delay in revenue recognition, impairment charges, which mostly related to changes in project timing of US factory and adjusting for NRV.

Lan Anh Nguyen: Excluding the impact mostly due to delayed revenue recognition, impairment charge relating to the US factory, and adjusting for NRV, adjusted EBITDA margin would have been -37% in Q4 2025 compared to -36% in Q3 2025 and -52% in the same period last year. Net loss for the quarter was -$1.4 billion. Net loss margin for the quarter improved to -89% compared to -186% a year ago, an improvement of 96% year-over-year. Fiscal year 2025 net loss margin is -108% compared to -176% in fiscal year 2024, an improvement of 68% year-over-year. Excluding the impact mostly due to delay in revenue recognition, impairment charges, which mostly related to changes in project timing of US factory and adjusting for NRV.

Speaker #2: Net loss for the quarter was -$1.4 billion. Net loss margin for the quarter improved to -89% compared to -186% a year ago, an improvement of 96% year over year.

Speaker #2: Fiscal year 2025 net loss margin is -108%, compared to -176% in fiscal year 2024, an improvement of 68% year over year. Excluding the impact mostly due to delayed revenue recognition and impairment charges, which mostly related to changes in project timing of the US factory and adjusting for NRV, net loss margin would have been -62% in Q4 2025 compared to -84% in Q3 2025 and -94% in the same period last year.

Nguyen Thi Lan Anh: Net loss margin would have been negative 62% in Q4 2025 compared to negative 84% in Q3 2025, negative 94% in the same period last year. Finally, EPS for Q4 2025 was -$0.6, a decline of 15% year-over-year from Q4 2024. Full year 2025 EPS was -$1.65 compared to full year 2024 EPS of -$1.32. Excluding similar items, EPS for Q4 2025 would have been $0.41, and full year 2025, it would have been $1.25, a decline of 15% year-over-year.

Lan Anh Nguyen: Net loss margin would have been negative 62% in Q4 2025 compared to negative 84% in Q3 2025, negative 94% in the same period last year. Finally, EPS for Q4 2025 was -$0.6, a decline of 15% year-over-year from Q4 2024. Full year 2025 EPS was -$1.65 compared to full year 2024 EPS of -$1.32. Excluding similar items, EPS for Q4 2025 would have been $0.41, and full year 2025, it would have been $1.25, a decline of 15% year-over-year.

Speaker #2: Finally, EPS for the fourth quarter of 2025 was -0.60, a decline of 15% year over year from the fourth quarter of 2024. Full-year 2025 EPS was -1.65, compared to full-year 2024 EPS of -1.32.

Speaker #2: Excluding similar items, EPS for the fourth quarter of 2025 would have been $0.41, and for the full year 2025, it would have been $1.25, a decline of 15% year over year.

Speaker #2: Capex for the quarter was $304 million, an increase of 16% quarter over quarter and 25% year over year, driven by Capex across our new overseas factories and expansion at our Vietnam facilities.

Nguyen Thi Lan Anh: CapEx for the quarter was $304 million, an increase of 16% quarter-over-quarter and 25% year-over-year, driven by CapEx across our new overseas factories and expansion at our Vietnam facilities. Total CapEx for 2025 was $922 million. Finally, an update on our liquidity and previously announced grant and borrowings commitment in late 2024. As of 31 December 2025, VinFast's outstanding borrowings from Vingroup under this commitment was $413 million. The company received a total $1.1 billion disbursement from our founder pursuant to the grant agreement. Our total liquidity as of 31 December 2025 is $3.1 billion, which reflects cash, funding commitment from Vingroup and our founder, and an ELOC facility.

Lan Anh Nguyen: CapEx for the quarter was $304 million, an increase of 16% quarter-over-quarter and 25% year-over-year, driven by CapEx across our new overseas factories and expansion at our Vietnam facilities. Total CapEx for 2025 was $922 million. Finally, an update on our liquidity and previously announced grant and borrowings commitment in late 2024. As of 31 December 2025, VinFast's outstanding borrowings from Vingroup under this commitment was $413 million. The company received a total $1.1 billion disbursement from our founder pursuant to the grant agreement. Our total liquidity as of 31 December 2025 is $3.1 billion, which reflects cash, funding commitment from Vingroup and our founder, and an ELOC facility.

Speaker #2: Total Capex for 2025 was $922 million. Finally, an update on our liquidity and previously announced grant and borrowings commitment in late 2024. As of December 31, 2025, VinFast's outstanding borrowings from Vingroup under this commitment were $413 million. The company received a total $1.1 billion disbursement from our founder pursuant to the grant agreement.

Speaker #2: Our total liquidity as of December 31, 2025, is $3.1 billion, which reflects cash funding commitments from Vingroup and our founder, as well as an ELOC facility.

Speaker #2: Turning to our 2026 outlook, as Madam Thuy noted earlier, scale will be the key driver of operational efficiency. This will be supported by priorities of expanding manufacturing capacity, strengthening product competitiveness, and accelerating international expansion. We expect revenue growth in 2026 to be driven by a combination of higher volumes, modest improvement of ASP, and product mix evolution across markets.

Nguyen Thi Lan Anh: Turning to our 2026 outlook, as Le Thi Thu Thuy noted earlier, scale will be the key driver of operational efficiency. This will be supported by our priorities of expanding manufacturing capacity, strengthening product competitiveness, and accelerating international expansion. We expect revenue growth in 2026 to be driven by a combination of higher volumes, modest improvement of ASP and product mix evolution across markets. Operator, let's open for Q&A.

Lan Anh Nguyen: Turning to our 2026 outlook, as Le Thi Thu Thuy noted earlier, scale will be the key driver of operational efficiency. This will be supported by our priorities of expanding manufacturing capacity, strengthening product competitiveness, and accelerating international expansion. We expect revenue growth in 2026 to be driven by a combination of higher volumes, modest improvement of ASP and product mix evolution across markets. Operator, let's open for Q&A.

Speaker #2: Operator, let's open for Q&A.

Operator: Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please type it into the box and click submit. Please stand by while we compile the Q&A roster. We will take our first question, and the question comes from the line of Lisa Seng from Vinvest. Please go ahead. Your line is open.

Speaker #1: Thank you. As a reminder, to ask a question, you will need to press star, one, one on your telephone and wait for your name to be announced.

Speaker #1: To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please type it into the box and click Submit.

Speaker #1: Please stand by while we compile the Q&A roster. We will take our first question. And the question comes from the line of Lisa Singh from VinFast.

Speaker #1: Please go ahead. Your line is open.

Speaker #2: Operator, let's go to the next question.

Amandae Baey: Operator, let's go to the next question.

Speaker #1: Please stand by. Your question comes from the line of Jessie Isabelson from BTIG. Please go ahead. Your line is open. Jessie Isabelson, your line is open.

Operator: Please stand by. Your question comes from the line of Jesse Sobelson from BTIG. Please go ahead. Your line is open. Jesse Sobelson, your line is open. Please ask your question. Jesse Sobelson, can you check you've not muted your line? We are unable to hear you.

Speaker #1: Please ask your question. Jessie Isabelson, can you check if you've not muted your line? We are unable to hear you.

Speaker #2: Hey Operator, while we get the live questions, let's move on to the Webex questions. We've got a few of them.

Amandae Baey: Hey, operator. While we get the live questions, let's move on to the Webex questions. We've got a few of them.

Speaker #1: Sure. Please go ahead.

Operator: Sure. Please go ahead.

Speaker #2: Okay. The first question we have is from Jessie, actually. There have been rumors you'll be interested in launching a hybrid vehicle. Can you confirm this is something you're interested in pursuing?

Amandae Baey: All right. The first question we have is from Jesse actually. There have been rumors you'll be interested in launching a hybrid vehicle. Can you confirm this is something you're interested in pursuing, and if so, how could it impact your future financial results? Anh, would you like to take this question?

Speaker #2: And if so, how could it impact your future financial results? And would you like to take this question?

Speaker #3: Thank you, Amanda. Certainly. Well, VF8REEV was planned for launch in Vietnam starting in 2027, and with overseas rollout expected over time. The development basically leverages our existing VEV platforms, and incremental R&D requirements will be fairly manageable.

Nguyen Thi Lan Anh: Thank you, Amanda. Certainly. Well, VF 8 REEV was planned for launch in Vietnam starting 2027 and with overseas rollout expected over time. The development basically leverages our existing best platforms and incremental R&D requirements will be fairly manageable. We also expect limited impact on broader R&D priorities for the next couple of years as we have very well planned out our R&D roadmap, our ADAS, as well as our E/E architecture.

Anne Pham: Thank you, Amanda. Certainly. Well, VF 8 REEV was planned for launch in Vietnam starting 2027 and with overseas rollout expected over time. The development basically leverages our existing best platforms and incremental R&D requirements will be fairly manageable. We also expect limited impact on broader R&D priorities for the next couple of years as we have very well planned out our R&D roadmap, our ADAS, as well as our E/E architecture.

Speaker #3: We also expect limited impact on broader R&D priorities for the next couple of years, as we have very well planned out our R&D roadmap.

Speaker #3: Our ADAS, as well as our EE architecture. REEV, for us, is viewed as a practical interim solution to expand EV accessibility and address a broader market segment, as opposed to a material shift.

Le Thi Thu Thuy: REEV, for us is viewed as a practical interim solution to expand EV accessibility and address a broader market segment as opposed to, material shift. Thank you.

Anne Pham: REEV, for us is viewed as a practical interim solution to expand EV accessibility and address a broader market segment as opposed to, material shift. Thank you.

Speaker #3: Thank you.

Speaker #2: Thank you, Ann. The next question is from Chang Ho of HSC. Congratulations on the quarter's results. Could you please elaborate on the drivers behind the narrowing of the gross profit loss, and whether these improvements are sustainable in the coming quarters?

Amandae Baey: Thank you, Anne. The next question is from Trang Ho of HSC. Congratulations on the quarter's results. Could you please elaborate on the drivers behind the narrowing of the gross profit loss and whether these improvements are sustainable in the coming quarters? Additionally, could you share the recent results or achievements in your key export markets and the company's plans for these markets going forward? Lana, would you like to take this?

Speaker #2: Additionally, could you share the recent results or achievements in your key export markets, and the company's plans for these markets going forward? Lanan, would you like to take this?

Nguyen Thi Lan Anh: Okay. For the narrowing of the gross profit loss, the improvement is mainly driven by BOM optimization and production scale, supplier pricing, localization, and engineering optimization. We believe these drivers are sustainable. The largest reduction in BOM cost are VF 6, around 13%, and VF 7, around 23%, in BOM cost reduction. In 2026, we expect further improvements across multiple models, with around 20 up to, I think maybe the 30% cost reduction, supported by our transition to next generation vehicle platforms, in the following years. We also expect more moderate around 5% annual BOM optimization.

Speaker #4: Okay. So, for the narrowing of the gross profit loss, the improvement is mainly driven by BOM optimization and production scale, supplier pricing, localization, and engineering optimization.

Lan Anh Nguyen: Okay. For the narrowing of the gross profit loss, the improvement is mainly driven by BOM optimization and production scale, supplier pricing, localization, and engineering optimization. We believe these drivers are sustainable. The largest reduction in BOM cost are VF 6, around 13%, and VF 7, around 23%, in BOM cost reduction. In 2026, we expect further improvements across multiple models, with around 20 up to, I think maybe the 30% cost reduction, supported by our transition to next generation vehicle platforms, in the following years. We also expect more moderate around 5% annual BOM optimization.

Speaker #4: And we believe these drivers are sustainable. The largest reduction in BOM costs is for VF6, around 13%, and VF7, around 23%, in BOM cost reduction.

Speaker #4: In 2026, we expect further improvements across multiple models, with around 20%—up to, I think, maybe 30%—cost reduction, supported by our transition to next-generation vehicle platforms in the following years.

Speaker #4: So, we also expect a more moderate rail 5% annual BOM optimization. For the part of the international markets, we also saw a very strong ramp-up in deliveries in Indonesia.

Nguyen Thi Lan Anh: For the part of the international markets, we also saw a very strong ramp-up in deliveries in Indonesia, the Philippines, and India in Q4 2025. With the international deliveries accounting for about 17% of total deliveries. For India positioned as a strategic long-term growth market. For the other market like Indonesia and the Philippines also that we leverage for the brand awareness with the cooperation with GSM for the brand awareness boost for the consumer like a perspective. We expect that we can boost our overseas sales in 2026 also. Thank you.

Lan Anh Nguyen: For the part of the international markets, we also saw a very strong ramp-up in deliveries in Indonesia, the Philippines, and India in Q4 2025. With the international deliveries accounting for about 17% of total deliveries. For India positioned as a strategic long-term growth market. For the other market like Indonesia and the Philippines also that we leverage for the brand awareness with the cooperation with GSM for the brand awareness boost for the consumer like a perspective. We expect that we can boost our overseas sales in 2026 also. Thank you.

Speaker #4: The Philippines and India in Q4 2025, with international deliveries accounting for about 17% of total deliveries. For India, we also have India positioned as a strategic long-term growth market.

Speaker #4: And for the other markets like Indonesia and the Philippines also, that's where we leverage for the brand awareness with the cooperation with GSM for the brand awareness, both for the consumer perspective flow.

Speaker #4: So, we expect that we can boost our overseas sales in 2026 also. Thank you.

Speaker #2: Thank you, Lanan. The next question we have is a macro question, so I think Madam P would take this. With oil prices trending higher, do you expect that to influence EV adoption dynamics?

Amandae Baey: Thank you, Lana. The next question we have is a macro question, so I think Madam Thuy would take this. With oil prices trending higher, do you expect that to influence EV adoption dynamics? And separately, could you comment on the current macro environment and how that could potentially affect VinFast operating outlook?

Speaker #2: And separately, could you comment on the current macro environment, and how that could potentially affect VinFast's operating outlook?

Le Thi Thu Thuy: Thank you, Amandae. Well, I think everywhere in Vietnam as well, we immediately saw the impact of higher oil prices where people started switching to EVs or even for the ride-hailing or taxi, we started seeing people choosing consciously our GSM platform versus the normal taxi. Higher oil prices reinforce the long-term EV value position as consumers focus more on total cost of ownership. Fuel prices may influence short-term sentiment, but structural EV adoption drivers remain affordability, product availability, and charging infrastructure, which are everything that we working to work to. Our strategy focus on improving cost competitiveness and expanding the product lineup to broaden EV accessibility.

Speaker #4: Thank you, Amanda. Well, we—I think everywhere in Vietnam as well—we immediately saw the impact of higher oil prices, where people started switching to EVs. Or even for the ride-hailing or taxi, we started seeing people choosing consciously our GSM platform, which is the normal taxi.

Thuy Le: Thank you, Amandae. Well, I think everywhere in Vietnam as well, we immediately saw the impact of higher oil prices where people started switching to EVs or even for the ride-hailing or taxi, we started seeing people choosing consciously our GSM platform versus the normal taxi. Higher oil prices reinforce the long-term EV value position as consumers focus more on total cost of ownership. Fuel prices may influence short-term sentiment, but structural EV adoption drivers remain affordability, product availability, and charging infrastructure, which are everything that we working to work to. Our strategy focus on improving cost competitiveness and expanding the product lineup to broaden EV accessibility.

Speaker #4: Higher oil prices reinforce the long-term EV value proposition as consumers focus more on total cost of ownership. So fuel prices may influence short-term sentiment, but structural EV adoption drivers remain affordability, product availability, and charging infrastructure—which are everything that we're working towards too.

Speaker #4: Our strategy focused on improving cost competitiveness and expanding the product lineup to broaden EV accessibility. We monitor macro developments closely, especially now. But no material impact on operating outlook at this stage right now.

Le Thi Thu Thuy: We monitor macro developments closely, especially now, but no material impact on operating outlook at this stage right now. Our expansion focus on markets where EV adoption remains early with strong long-term growth potential. Priority remains scaling production, improving cost efficiency, and executing the product roadmap. Well, the industry commentary suggests about $4 per gallon gasoline could accelerate mass EV adoption. In some of the states in the US right now, we exceed that level as well. Thank you.

Thuy Le: We monitor macro developments closely, especially now, but no material impact on operating outlook at this stage right now. Our expansion focus on markets where EV adoption remains early with strong long-term growth potential. Priority remains scaling production, improving cost efficiency, and executing the product roadmap. Well, the industry commentary suggests about $4 per gallon gasoline could accelerate mass EV adoption. In some of the states in the US right now, we exceed that level as well. Thank you.

Speaker #4: Our expansion focused on markets where EV adoption remains early, with strong long-term growth potential. Priority remains scaling production, improving cost efficiency, and executing the product roadmap well. The industry commentary suggests about $4 per gallon gasoline could accelerate mass EV adoption.

Speaker #4: So, in some of the states in the US right now, we are exceeding that level as well. Thank you.

Speaker #2: Thank you, Madam Thuy Le. The next question from the WebEx is regarding our North Carolina factory. It's good to hear an update about the North Carolina factory.

Amandae Baey: Thank you, Madam Thuy. The next question from the Webex is regarding our North Carolina factory. It's good to hear an update about the North Carolina factory. Could you elaborate on your decision to proceed with a US manufacturing presence when EV demand is expected to be slower? And could you also share some more color on the impairment charge that you took?

Speaker #2: Could you elaborate on your decision to proceed with a US manufacturing presence when EV demand is expected to be slower? And could you also share some more color on the impairment charge that you took?

Le Thi Thu Thuy: Like, for the last years, right, we've been saying that we are committed to the US market, and US is an important market to us, and we still commit to that. US still remains an important strategic market for us. US manufacturing base provides flexibility as the market conditions and regulations evolve. North Carolina factory construction expected to resume this year. We have been working in the background toward that. SOP is targeted for 2028. For out of prudence, we recorded a $236 million impairment in Q4 2025. This was a one-off charge reflecting the revised project timing. However, we expect that.

Speaker #4: So, like for the last years, right, we've been saying that we are committed to the US market, and the US is an important market to us.

Thuy Le: Like, for the last years, right, we've been saying that we are committed to the US market, and US is an important market to us, and we still commit to that. US still remains an important strategic market for us. US manufacturing base provides flexibility as the market conditions and regulations evolve. North Carolina factory construction expected to resume this year. We have been working in the background toward that. SOP is targeted for 2028. For out of prudence, we recorded a $236 million impairment in Q4 2025. This was a one-off charge reflecting the revised project timing. However, we expect that.

Speaker #4: And we still commit to that. The US still remains an important strategic market for us. And the US manufacturing base provides flexibility as the market conditions and regulations evolve.

Speaker #4: North Carolina factory construction is expected to resume this year. We have been working in the background towards that, and the SOP is targeted for 2028.

Speaker #4: Out of prudence, we recorded a $236 million impairment in Q4 2025. This was a one-off charge reflecting the revised project timing. However, we expect that we will reverse this impairment in the future as the factory construction will start again.

Le Thi Thu Thuy: We will reverse this impairment in the future as the factory construction is set to start again. Again, there's no change to long-term commitment to the US market.

Thuy Le: We will reverse this impairment in the future as the factory construction is set to start again. Again, there's no change to long-term commitment to the US market.

Speaker #4: Again, there's no change to our long-term commitment to the US market.

Speaker #2: Thank you, Madam Thuy Le. The next question is regarding our ADAS strategy. How much of the cost reduction will come from simplifying the hardware stack or tailoring features to different markets?

Amandae Baey: Thank you, Madam Thuy. The next question is regarding our ADAS strategy. How much of the cost reduction will come from simplifying the hardware stack or tailoring features to different markets? Anne, would you like to take that question?

Speaker #2: And would you like to take that question?

Speaker #4: Thanks, Amanda.

Phạm Nguyễn Anh Thư: Thanks, Amanda. Well, I think, first of all, the next generation ADAS stack will launch with refreshes in the VF 6, VF 7. SOP is started to be from the second half of 2026 onwards. It will be a combination of both, simplifying the hardware stack as well as tailoring features to different markets that will really be the anchors of our strategy. The new architecture basically will use more integrated computing and simplified hardware stack. At the same time, we're also increasing the component of in-house development in order to reduce reliance on third parties and being able to tailor the features to different markets. Both of these features, as I've mentioned, will help us lower the cost. I hope that answers the question.

Anne Pham: Thanks, Amanda. Well, I think, first of all, the next generation ADAS stack will launch with refreshes in the VF 6, VF 7. SOP is started to be from the second half of 2026 onwards. It will be a combination of both, simplifying the hardware stack as well as tailoring features to different markets that will really be the anchors of our strategy. The new architecture basically will use more integrated computing and simplified hardware stack. At the same time, we're also increasing the component of in-house development in order to reduce reliance on third parties and being able to tailor the features to different markets. Both of these features, as I've mentioned, will help us lower the cost. I hope that answers the question.

Speaker #2: Well, I think, first of all, the next-generation ADAS stack will launch with refreshes in the VF 6, VF 7.

Speaker #4: SOP is slated to begin from the second half of 2026 onwards. So, it will be a combination of both simplifying the hardware stack as well as tailoring features to different markets that will really be the anchors of our strategy.

Speaker #4: So the new architecture basically will use more integrated computing and a simplified hardware stack. And at the same time, we're also increasing the component of in-house development in order to reduce reliance on third parties and be able to tailor the features to different markets.

Speaker #4: And both of these features, as I've mentioned, will help us lower the cost. I hope that answers the question.

Speaker #2: Thank you, Ann. The next question is regarding the company's CapEx plans. Can you please share what the company's CapEx plans are for 2026? Lanan, would you like to take this?

Amandae Baey: Thank you, Anne. The next question is regarding the company's CapEx plans. Can you please share what the company's CapEx plans are for 2026? Lan Anh, would you like to take this?

Speaker #4: Yeah, okay. So in 2026, in 2026, most of the our CapEx is still going into building out the core manufacturing footprint. Roughly 400 million US dollars for domestic and around 600 million US dollars for international factories.

Nguyen Thi Lan Anh: Yeah. Okay. In 2026, most of our CapEx is still going into building out the core manufacturing footprint. Roughly $400 million for domestic and around $600 million for international factories. And then additional CapEx, like, for machinery and equipment. In 2026, 2027, our CapEx needs a continuation of our intention to scale our manufacturing globally as we position the overseas factory as export hubs. We expect to incur CapEx for phase two of Indonesia, and India factories, and CapEx for phase one of US factory, as Madam Thuy just mentioned.

Lan Anh Nguyen: Yeah. Okay. In 2026, most of our CapEx is still going into building out the core manufacturing footprint. Roughly $400 million for domestic and around $600 million for international factories. And then additional CapEx, like, for machinery and equipment. In 2026, 2027, our CapEx needs a continuation of our intention to scale our manufacturing globally as we position the overseas factory as export hubs. We expect to incur CapEx for phase two of Indonesia, and India factories, and CapEx for phase one of US factory, as Madam Thuy just mentioned.

Speaker #4: And then additional CapEx, like for machinery and equipment. So in 2026 and 2027, our CapEx needs are a continuation of our intention to scale our manufacturing globally, as we position the overseas factory as an export hub.

Speaker #4: We expect to incur CapEx for phase two of the Indonesia and India factories, and CapEx for phase one of the US factory, as Madam Thuy Le just mentioned. So that's kind of action to account for the future business plans to introduce e-scooters and e-buses also in those markets.

Nguyen Thi Lan Anh: That's the kind of action to account for the future business plans to introduce e-scooter and e-buses also, in those markets. Thank you.

Lan Anh Nguyen: That's the kind of action to account for the future business plans to introduce e-scooter and e-buses also, in those markets. Thank you.

Speaker #4: Thank you.

Speaker #2: Thank you, Lanan. The next question is regarding the VF 7. Can you walk us through the VF 7's current status for North America? Specifically, where it stands in the regulatory approval process, expected timeline for delivery, and whether production will come out of the India or Vietnam facility.

Amandae Baey: Thank you, Lan Anh. The next question is regarding the VF 7. Can you walk us through the VF 7's current status for North America, specifically where it stands in the regulatory approval process, expected timeline for deliveries, and whether production will come out of the India or Vietnam facility? Separately, any update on dealership and service center expansion in the region. Madam Thuy, please.

Speaker #2: And separately, any updates on dealership and service center expansion in the region? Madam Thuy Le, please.

Speaker #4: Okay, so we are preparing to bring the VF 7 to the US before the end of the year. I think we are pretty much done with all the regulatory approval process, homologations, and all the approvals.

Le Thi Thu Thuy: We are preparing to bring the VF 7 to the US before the end of the year. I think we're pretty much done with all the regulatory approval process, homologations, and other approvals. I think the target is to start production by the end of next month. With the plan to bring the VF 7 soon after. This is a mid-size crossover SUV, so in that segment. We focus on the customer experience, the feature competitiveness, and ownership value rather than other features.

Thuy Le: We are preparing to bring the VF 7 to the US before the end of the year. I think we're pretty much done with all the regulatory approval process, homologations, and other approvals. I think the target is to start production by the end of next month. With the plan to bring the VF 7 soon after. This is a mid-size crossover SUV, so in that segment. We focus on the customer experience, the feature competitiveness, and ownership value rather than other features.

Speaker #4: I think the target is to start the production by the end of next month, and with the plan to bring the VF 7 soon after.

Speaker #4: This is going to be, oh, this is a mid-size crossover SUV. So in that segment, we focus on the customer experience, the feature competitiveness, and ownership value rather than other features.

Speaker #4: So, this is going to be a very good addition to the market. And we have elevated the VF8 as we bring more VF8 to the market.

Le Thi Thu Thuy: This is gonna be a very good addition to the market and will help elevate the VF 8 as we bring more VF 8 to the market. Regarding the dealers, the dealership network and the service center. I mean, with all the uncertainties in the US market with the EVs in the US and the automotive tariffs, right? Until we have the factory open in 2028, we will take a very disciplined approach with our expanding dealership network.

Thuy Le: This is gonna be a very good addition to the market and will help elevate the VF 8 as we bring more VF 8 to the market. Regarding the dealers, the dealership network and the service center. I mean, with all the uncertainties in the US market with the EVs in the US and the automotive tariffs, right? Until we have the factory open in 2028, we will take a very disciplined approach with our expanding dealership network.

Speaker #4: Regarding the dealers, the dealership network, and the service center, we are— I mean, with all the uncertainties in the US market with the EVs in the US, and the automotive tariff, right?

Speaker #4: So, until we have the factory open in 2028, we will take a very disciplined approach with expanding our dealership network. And I think this year we're looking to add more like two more dealers in California, where we sell—where EVs sell the most.

Le Thi Thu Thuy: I think this year we're looking to add more like two more dealers in California where EVs sell the most, and we maintain the existing dealership network. I think our focus is trying to make sure that the dealers will be profitable and retain the dealers that were willing to invest in the brand and continue to stay with us for long run.

Thuy Le: I think this year we're looking to add more like two more dealers in California where EVs sell the most, and we maintain the existing dealership network. I think our focus is trying to make sure that the dealers will be profitable and retain the dealers that were willing to invest in the brand and continue to stay with us for long run.

Speaker #4: And we maintain the existing dealership network. I think our focus is trying to make sure that the dealers will be profitable and retain the dealers that are willing to invest in the brand and continue to stay with us for the long run.

Speaker #4: In terms of repair, the service shop, our strategy is to expand also the third-party service network. Last year, I think in California alone, we added about 55 service shops.

Nguyen Thi Lan Anh: In terms of repair, the service shop, our strategy is to expand also the third party service network. Last year, I think in California alone, we added about 55 service shop. This year we adding a few more, but what is more important is to improve the quality of the service network and gradually really improve the quality of those service network rather than focusing on the quantity. Thank you.

Thuy Le: In terms of repair, the service shop, our strategy is to expand also the third party service network. Last year, I think in California alone, we added about 55 service shop. This year we adding a few more, but what is more important is to improve the quality of the service network and gradually really improve the quality of those service network rather than focusing on the quantity. Thank you.

Speaker #4: This year, we're adding a few more, but what is more important is to improve the quality of the service network. And gradually, really improve and improve the quality of those service networks, rather than focusing on the quantity.

Speaker #4: Thank you.

Speaker #2: Thank you, Madam Thuy Le. Operator, can we check for live questions?

Amandae Baey: Thank you, Le Thi Thu Thuy. Operator, can we check for live questions?

Speaker #5: Thank you. As a reminder, if you wish to ask a question, please press star one one on your telephone, and wait for your name to be announced.

Operator: Thank you. As a reminder, if you wish to ask a question, please press star one one on your telephone and wait for your name to be announced. We will take our next question. Your question comes from the line of Jim McElwain from Chardan. Please go ahead. Your line is open.

Speaker #5: We will take our next question. Your question comes from the line of Jim McIlroy from Sharden. Please go ahead. Your line is open.

Speaker #6: Yes, thank you. You've talked about the gross margin improvements and the BOM cost improvements that you're looking for this year. When do you think that you can achieve a positive gross margin?

Jim McElwain: Yes. Thank you. You've talked about the gross margin improvements in the BOM cost improvements that you're looking for this year. When do you think that you can achieve a positive gross margin? Is that something that could happen at the end of this year, or is that something that's more likely to occur in 2027?

Jim McIlree: Yes. Thank you. You've talked about the gross margin improvements in the BOM cost improvements that you're looking for this year. When do you think that you can achieve a positive gross margin? Is that something that could happen at the end of this year, or is that something that's more likely to occur in 2027?

Speaker #6: Is that something that could happen at the end of this year, or is that something that's more likely to occur in 2027?

Speaker #2: Hi, Jim. Thank you for the question. Lanan, over to you.

Amandae Baey: Hi, Jim. Thank you for that question. Lanan, over to you.

Speaker #4: Yes. So for predictability of framework, especially mentioned about gross margin, you see that for the framework, we consistently see many scaling EV manufacturers, like we focus on the execution milestones, such as margin improvement.

Nguyen Thi Lan Anh: Yeah. For the stability framework especially mentioned about gross margin. We see that for the framework, we're consistent. We've seen many scaling EV manufacturers like we focus on the execution milestones that drive margin improvement. For VinFast, we have the two primary levers, like the first one for the high-volume deliveries spread fixed costs, of course, manufacturing, R&D, and SG&A, improving operating leverage. For the BOM cost, yes, we have the next generation platforms designed with the optimized architecture. The next generation vehicles also expected to deliver around 30% to 40% lower of the bill of materials, I mean the BOM cost, versus earlier models.

Lan Anh Nguyen: Yeah. For the stability framework especially mentioned about gross margin. We see that for the framework, we're consistent. We've seen many scaling EV manufacturers like we focus on the execution milestones that drive margin improvement. For VinFast, we have the two primary levers, like the first one for the high-volume deliveries spread fixed costs, of course, manufacturing, R&D, and SG&A, improving operating leverage. For the BOM cost, yes, we have the next generation platforms designed with the optimized architecture. The next generation vehicles also expected to deliver around 30% to 40% lower of the bill of materials, I mean the BOM cost, versus earlier models.

Speaker #4: So for VinFast, we have the two primary levers, like the first one for the high-grade deliveries spread: phase cost of manufacturing, R&D, and SG&A.

Speaker #4: Improving operating leverage. And also for the BOM cost, yes, we have the next-generation platforms designed with the optimized architecture. The next-generation vehicles are also expected to deliver around 30 to 40 percent lower bill of materials.

Speaker #4: I mean, the BOM cost versus earlier models. And because at these models, scale in production—because we have the production expansion—the unit economics are expected to improve meaningfully.

Nguyen Thi Lan Anh: Because as these models scale in production, because we have the production expansion, the unit economics are expected to improve meaningfully. In addition that, for platform transition and volume run and continue for the cost discipline expected to make the path to profitability increasingly visible over the medium term. A lot of things to do to boost the margin improvement for both Vietnam and also for the overseas. We expect that, like, the path to profitability increasingly visible in the medium term. Thanks.

Lan Anh Nguyen: Because as these models scale in production, because we have the production expansion, the unit economics are expected to improve meaningfully. In addition that, for platform transition and volume run and continue for the cost discipline expected to make the path to profitability increasingly visible over the medium term. A lot of things to do to boost the margin improvement for both Vietnam and also for the overseas. We expect that, like, the path to profitability increasingly visible in the medium term. Thanks.

Speaker #4: And in addition to that, for platform transition and volume ramp, and continuing with the cost discipline, we expect to make the path to profitability increasingly visible over the medium term.

Speaker #4: But there are a lot of things to do to boost margin improvement for both Vietnam and for overseas. And we expect that the path to profitability will become increasingly visible over the medium term.

Speaker #4: Thanks.

Speaker #2: Thanks, Lanan. Operator, are there any more live questions? Or Jim, do you have a follow-up question?

Amandae Baey: Thanks, Lanan. Operator, are there any more live questions, or Jim, do you have a follow-up question?

Jim McElwain: Yes. I was curious if you could share with us what your expected cash usage will be this year.

Jim McIlree: Yes. I was curious if you could share with us what your expected cash usage will be this year.

Speaker #6: Yes, I was curious if you could share with us what your expected CAS cash usage will be this year?

Nguyen Thi Lan Anh: Yes. For the CapEx for this year, we expect that around $1.6 billion for cash burning CapEx and for R&D with the next generation models. We expect that we spend around $1.4 billion for R&D. Yeah.

Speaker #4: Yes. For the CAPEX, for this year, we expect that around $1.6 billion US dollars for cash flow in CAPEX. And for R&D with the next-generation models, we expect that we spend around $1.4 billion US dollars for R&D.

Lan Anh Nguyen: Yes. For the CapEx for this year, we expect that around $1.6 billion for cash burning CapEx and for R&D with the next generation models. We expect that we spend around $1.4 billion for R&D. Yeah.

Speaker #4: Yeah.

Operator: There seems to be no further questions. Oh, excuse me. Please stand by. We do have a question in the queue. Your question comes from the line of Jesse Sobelson from BTIG. Please go ahead. Your line is open. Jesse Sobelson, your line is open. Please ask your question. There is no response, and we have no further questions in the queue.

Speaker #5: There seem to be no further questions. Oh, excuse me. Please stand by. We do have a question in the queue. Your question comes from the line of Jesse Sebelson from BTIG.

Speaker #5: Please go ahead. Your line is open. Jesse Sebelson, your line is open. Please ask your question. There is no response. And we have no further questions in the queue.

Speaker #2: Thanks, Operator. Actually, Jesse had sent in his question on the WebEx, so I'm going to read it out. This is regarding our guidance of 300,000 global EV deliveries in 2026.

Amandae Baey: Thanks, operator. Actually, Jesse had sent in his question on the Webex, so I'm gonna read it out. This is regarding our guidance of 300,000 global EV deliveries in 2026. From a manufacturing standpoint, are you ready, are you already capable of producing at that annualized run rate today? And what are the key milestones, either utilization, supply chain, labor, or localization that needs to happen to support that volume? There's also been discussions of competitors extending their manufacturing footprints into Southeast Asia, and namely Vietnam. How do you want investors to think about VinFast's core differentiation, whether it's product, pricing, ecosystem, or after-sales? And where do you believe you have the most defensible advantage over the next 12 to 18 months? Thank you for that question, Jesse. That's very comprehensive. Madam Thuy, over to you.

Speaker #2: From a manufacturing standpoint, are you ready are you already capable of producing at that annualized run rate today? And what are the key milestones, either utilization, supply chain, labor, or localization that needs to happen to support that volume?

Speaker #2: There's also been discussions of competitors extending their manufacturing footprints into Southeast Asia, and namely Vietnam. So, how do you think about—how do you want investors to think about—VinFast's core differentiation?

Speaker #2: Whether it's product, pricing, ecosystem, or after-sales? And where do you believe you have the most defensible advantage over the next 12 to 18 months?

Speaker #2: Thank you for that question, Jesse. That's very comprehensive. Madam Thuy, over to you.

Speaker #3: Yes, so absolutely. We're capable of manufacturing and delivering that volume of at least 300,000 vehicles in 2026. Regarding the 300,000—at least 300,000—delivery target for 2026, the growth will mainly be driven by Vietnam and our core Asian markets.

Le Thi Thu Thuy: Yeah. Absolutely, we're capable of manufacturing and delivering that volume of at least 300,000 vehicles in 2026. Regarding the at least 300,000 delivery target for 2026, the growth will mainly be driven by Vietnam and our core Asian markets. From a manufacturing perspective, we already have sufficient capacity. I think with, as I mentioned in my speech, with facilities in Hải Phòng, Hà Tĩnh, and India, our combined capacity exceeds 600,000 vehicles per year already, so that will support our growth target. As an example, our flagship factory in Hải Phòng has ramped up to above 70% capacity at the end of 2025 and still have headroom to produce more.

Thuy Le: Yeah. Absolutely, we're capable of manufacturing and delivering that volume of at least 300,000 vehicles in 2026. Regarding the at least 300,000 delivery target for 2026, the growth will mainly be driven by Vietnam and our core Asian markets. From a manufacturing perspective, we already have sufficient capacity. I think with, as I mentioned in my speech, with facilities in Hải Phòng, Hà Tĩnh, and India, our combined capacity exceeds 600,000 vehicles per year already, so that will support our growth target. As an example, our flagship factory in Hải Phòng has ramped up to above 70% capacity at the end of 2025 and still have headroom to produce more.

Speaker #3: From a manufacturing perspective, we already have sufficient capacity, I think. As I mentioned in my speech, with facilities in Hai Phong happening in India, our combined capacity exceeds 600,000 vehicles per year already.

Speaker #3: So that will support our growth target. As an example, our flagship factory in Hai Phong has ramped up to above 70% capacity at the end of 2025.

Speaker #3: And still have headroom to produce more. From the supply chain perspective, we have developed a global supplier network of 1,700 partners and about 800 direct suppliers that are ready to supply to us.

Le Thi Thu Thuy: From the supply chain perspective, we have developed a global supplier network of 1,700 partners and about 800 direct suppliers that are, you know, ready to supply to us. Well, I think, on your second question, beyond pricing, we differentiate through our EV ecosystem, including the rollout of the V-Green charging infrastructure, and the expansion of GSM ride-hailing fleet, which help build the long-term consumer confidence. Over time, our scale increases and our ecosystem matures. We expect, you know, promotions to normalize with differentiation increasingly driven by great value to money, the vehicle products, and enhanced ownership experience and after-sales service, and, of course, the best-in-class warranty coverage.

Thuy Le: From the supply chain perspective, we have developed a global supplier network of 1,700 partners and about 800 direct suppliers that are, you know, ready to supply to us. Well, I think, on your second question, beyond pricing, we differentiate through our EV ecosystem, including the rollout of the V-Green charging infrastructure, and the expansion of GSM ride-hailing fleet, which help build the long-term consumer confidence. Over time, our scale increases and our ecosystem matures. We expect, you know, promotions to normalize with differentiation increasingly driven by great value to money, the vehicle products, and enhanced ownership experience and after-sales service, and, of course, the best-in-class warranty coverage.

Speaker #3: Well, I think on your second question, beyond pricing, we differentiate through our EV ecosystem, including the rollout of the Big Green charging infrastructure and the expansion of GSM ride-hailing fleet, which have built the long-term consumer confidence.

Speaker #3: Over time, our scale increases and our ecosystem matures. We expect promotions to normalize, with differentiation increasingly driven by great value for money, the vehicle products, and enhanced ownership experience and after-sales service.

Speaker #3: And of course, the best-in-class warranty coverage. So I think those are the differentiating points between us and other competitors that might want to enter Southeast Asia, and Vietnam in particular.

Le Thi Thu Thuy: I think those are the differentiating points between us and other competitors that might want to enter Southeast Asia and Vietnam in particular. Thank you.

Thuy Le: I think those are the differentiating points between us and other competitors that might want to enter Southeast Asia and Vietnam in particular. Thank you.

Speaker #2: Thank you. Thank you, Madam Thuy. Our next question is regarding robotics manufacturing. Can you give us a sense of the timeline for when VinFast would begin manufacturing robots for the robotics companies within the Vingroup ecosystem?

Amandae Baey: Thank you, Madam Thuy. Our next question is regarding robotics manufacturing. Can you give us a sense of the timeline for when VinFast would begin manufacturing robots for the robotics companies within the Vingroup ecosystem? And would that require additional CapEx or changes to existing production lines? Anne, would you like to take this, please?

Speaker #2: And would that require additional CAPEX or changes to your existing product production lines? And would you like to take this, please?

Speaker #4: Sure. Thanks, Amanda. So basically, I think humanoid robot trials are already planned for the second half of 2026 across two of our factory plants.

Phạm Nguyễn Anh Thư: Sure. Thanks, Amanda. Basically, I think humanoid robot trials are already planned for the second half of 2026 across two of our factory plants in Vietnam for certain operational tasks. We'll continue to conduct ongoing evaluation of robotics integration within our smart manufacturing roadmap and making sure that the humanoid or the robot arm's visual AI programs work seamlessly with what we currently have, which is already fairly highly automated. At the same time, we also do not want you know, our testing to disrupt the core EV production because the plant in Hải Phòng is basically operating at full capacity, and the one in Hà Tĩnh is also ramping up very fast. I'm very excited, and we hope to share further updates in the coming quarters. Thank you.

Anne Pham: Sure. Thanks, Amanda. Basically, I think humanoid robot trials are already planned for the second half of 2026 across two of our factory plants in Vietnam for certain operational tasks. We'll continue to conduct ongoing evaluation of robotics integration within our smart manufacturing roadmap and making sure that the humanoid or the robot arm's visual AI programs work seamlessly with what we currently have, which is already fairly highly automated. At the same time, we also do not want you know, our testing to disrupt the core EV production because the plant in Hải Phòng is basically operating at full capacity, and the one in Hà Tĩnh is also ramping up very fast. I'm very excited, and we hope to share further updates in the coming quarters. Thank you.

Speaker #4: In Vietnam, for certain operational tasks. And we'll continue to conduct ongoing evaluation of robotics integration within our smart manufacturing roadmap, and making sure that the humanoid or the robot-armed visual AI programs work seamlessly with what we currently have, which is already fairly highly automated.

Speaker #4: And at the same time, we also do not want our testing to disrupt the core EV production, because the plants in Hai Phong are basically operating at full capacity.

Speaker #4: And the one in Hatting is also ramping up very fast, so I'm very excited. And we hope to share further updates in the coming quarters.

Speaker #4: Thank you.

Speaker #2: Thank you, Ann. Our next question is from Harry of Edison Research. Could you possibly give a little bit more color on the geographic breakdown of the e-scooter growth you are expecting this year?

Amandae Baey: Thank you, Anne. Our next question is from Harry of Edison Group. Could you possibly give a little bit more color on the geographic breakdown of the e-scooter growth you are expecting this year? Will the majority of the growth be driven by an increased number of scooters sold in Vietnam, or do you expect it to be driven by international markets? And a follow-up question is, with this growth, should we expect e-scooters to have a meaningful margin impact moving forward? Madam Thuy?

Speaker #2: Will the majority of the growth be driven by an increased number of scooters sold in Vietnam? Or do you expect it to be driven by international markets?

Speaker #2: And a follow-up question is, with this growth, should we expect e-scooters to have a meaningful margin impact moving forward? Madam Thuy?

Le Thi Thu Thuy: Well, last year experienced a very strong growth in e-scooter for us, and that was all in Vietnam. This year, we expect to expand to five international markets in Asia as well. As you know, you go to Asia, you know, you see a lot of two-wheeled vehicles in Asia. There's a very strong market just beyond Vietnam. We expect most of the growth for 2026 will still come from Vietnam for various reasons driven by, like, the policy tailwinds in Vietnam, including the expected restrictions on gasoline motorbikes in Hanoi and Ho Chi Minh City, the two big cities in Vietnam, in the middle of 2026.

Speaker #3: Well, so last year, experience is a very strong growth in e-scooter for us. And that was all in Vietnam. This year, we expect to expand to five international markets in Asia as well.

Thuy Le: Well, last year experienced a very strong growth in e-scooter for us, and that was all in Vietnam. This year, we expect to expand to five international markets in Asia as well. As you know, you go to Asia, you know, you see a lot of two-wheeled vehicles in Asia. There's a very strong market just beyond Vietnam. We expect most of the growth for 2026 will still come from Vietnam for various reasons driven by, like, the policy tailwinds in Vietnam, including the expected restrictions on gasoline motorbikes in Hanoi and Ho Chi Minh City, the two big cities in Vietnam, in the middle of 2026.

Speaker #3: As you know, you go to Asia, you see—mostly you see—a lot of two-wheel vehicles in Asia. So this is a very strong market, just beyond Vietnam.

Speaker #3: But we expect most of the growth for 2026 will still come from Vietnam, for various reasons. This is driven by the policy tailwinds in Vietnam, including the expected restrictions on gasoline motorbikes in Hanoi and Ho Chi Minh City, the two big cities in Vietnam.

Speaker #3: In the middle of 2026. So, and then we focus on the largest segment of two-wheels, the student and daily commuters. So the adoption is accelerating as well.

Le Thi Thu Thuy: We focus on the largest segment of two wheels, the students and daily commuters. The adoption is accelerating as well. I mentioned the international expansion before. We will expand into India, Indonesia, Malaysia, Thailand, and the Philippines. Another interesting fact about our e-scooter is the battery swapping rollout by V-Green that reduces the charging barriers, especially for people that use e-scooter or use two wheels vehicles for, you know, food deliveries or for delivery purposes. As of January 2026, there are only 4,500 battery swapping stations installed across Vietnam, supported by retail and logistics partnerships.

Thuy Le: We focus on the largest segment of two wheels, the students and daily commuters. The adoption is accelerating as well. I mentioned the international expansion before. We will expand into India, Indonesia, Malaysia, Thailand, and the Philippines. Another interesting fact about our e-scooter is the battery swapping rollout by V-Green that reduces the charging barriers, especially for people that use e-scooter or use two wheels vehicles for, you know, food deliveries or for delivery purposes. As of January 2026, there are only 4,500 battery swapping stations installed across Vietnam, supported by retail and logistics partnerships.

Speaker #3: I mentioned the international expansion before. So, we will expand into India, Indonesia, Malaysia, Thailand, and the Philippines. Another interesting fact about our e-scooter is the battery swapping rollout by Big Green.

Speaker #3: That reduces the charging barriers, especially for people that use e-scooters or use two-wheel vehicles for food deliveries or for delivery purposes. So as of January 2026, there are already 4,500 battery swapping stations installed across Vietnam.

Speaker #3: Supported by retail and logistics partnership. Well, as the two-wheeler segment scales, we expect it to become an increasingly meaningful contributor to both revenues and profitability for VinFast.

Le Thi Thu Thuy: Well, as the two-wheeler segment scales, we expect it to become an increasingly meaningful contributor to both revenues and profitability for VinFast. It will be a great support for our four wheels business. Thank you.

Thuy Le: Well, as the two-wheeler segment scales, we expect it to become an increasingly meaningful contributor to both revenues and profitability for VinFast. It will be a great support for our four wheels business. Thank you.

Speaker #3: And it will be a great support for our four-wheels business. Thank you.

Speaker #2: Thank you, Madam Thuy. We are just at about time, so we're going to end with the last question from the WebEx regarding our guidance.

Amandae Baey: Thank you, Madam Thuy. We are just at about time, so we're gonna end with the last question from the Webex regarding our guidance. Can you provide a breakdown or give us a sense of which markets or models do you expect to contribute the most to your target of at least 300,000 EVs this year?

Speaker #2: Can you provide a breakdown, or give us a sense of which markets or models you expect to contribute the most to your target of at least 300,000 EVs this year?

Le Thi Thu Thuy: Well, I think, even for 2026, the primary growth expected still from Vietnam and the core Asian markets. There will be new models launches in India, Indonesia, and the Philippines. The expansion of GSM operations in international market will also drive the growth as well. We are building the dealership network across Vietnam and Asia. Just those are the factors that would help drive the EV guidance to at least 300,000 vehicles this year.

Speaker #4: Well, I think even for 2026, the primary growth is still expected from Vietnam and the core Asian markets. There will be new model launches in India, Indonesia, and the Philippines.

Thuy Le: Well, I think, even for 2026, the primary growth expected still from Vietnam and the core Asian markets. There will be new models launches in India, Indonesia, and the Philippines. The expansion of GSM operations in international market will also drive the growth as well. We are building the dealership network across Vietnam and Asia. Just those are the factors that would help drive the EV guidance to at least 300,000 vehicles this year.

Speaker #4: And the expansion of GSM operations in international markets will also drive the growth as well. We are building the dealership network across Vietnam and Asia.

Speaker #4: So just those are the factors that would have driven the EV guidance to at least 300,000 vehicles this year.

Speaker #2: Thank you, Madam Thuy. Operator, that concludes the earnings call.

Amandae Baey: Thank you, Madam Thuy. Operator, that concludes the earnings call.

Operator: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

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