VinFast Auto Stock

Welcome to the 2026 Annual General Meeting of VinFast Auto Limited. It is now 8:30 p.m. is on time on June 26, 2026, and the meeting will come to order. We are holding this meeting virtually because we believe our virtual meeting provides expanded access, improves communication, enables increased shareholder attendance and participation and provides cost savings for our shareholders and the company.

My name is Pham Nhat Quan Anh. In the capacity as Chairman, I will be presiding over this meeting. Pursuant to the Regulation 83 subsection 2 of the constitution of the company, the Chair has demanded for the resolutions being put to the vote of this Annual General Meeting be decided by way of home. This meeting is scheduled to last for 1 hour or less.

I would like to introduce some of the people virtually attending this Annual General Meeting. Mr. Pham Nhat Vuong, our Chief Executive Officer and Director; Ms. Nguyen Thi Lan Anh, our Chief Financial Officer and Director; Mr. Ling Chung Yee, Roy; Mr. Tham Chee Soon; and Ms. Nguyen Thi Van Trinh from our Board of Directors; Ms. Anne Pham, our Deputy CEO of Investment; Mr. Kevin Collins, our General Counsel; Mr. [ Philip Ling ] from Ernst & Young LLP; and Mr. [ Antonio Zhu ] from Ernst & Young Vietnam Limited, the company auditors.

We have adopted an agenda for our program this evening that is found on the virtual meeting portal that you have logged into. In accordance with the agenda, we will proceed as follows: First, we will conduct the official business of the 2026 Annual General Meeting. Following the presentation of the business of the Annual General Meeting, we will open the meeting to a question-and-answer session to address any questions received with respect to the business of the Annual General Meeting prior to the start of this meeting.

Second, and the conclusion of the official business to proceed to the vote on the discussed proposals.

Now I would like to invite Ms. Anne Pham to proceed with the business portion of this meeting.

Thank you, Mr. Quan Anh. We will now proceed to the business portion of this meeting. We have an affidavit from Continental Stock Transfer & Trust, our mailing agent, certifying that on or about June 10, 2026, each person whose name is entered into the registered members of the company as of the close of day being 11:59 p.m. Eastern Time on May 29, 2026 has been mailed a notice of this Annual General Meeting. And each person who holds share of the company in street name as of whom as participants in the depository trust company as of the close of day being 11:59 p.m. Eastern Time on May 29, 2026, has been mailed a notice of this Annual General Meeting.

The notice of Annual General Meeting contains instructions on how to access the proxy statement as well as our 2025 Annual Report on Form 20-F for the year ending December 31, 2025, and our 2025 consolidated financial statements, which are reported and based under Singapore Financial Reporting Standards International and the Company's Act 1967 of Singapore for the financial year ended December 31, 2025, together with the Directors' statement and the Auditor's Report, have been made available online on the website stated therein and by furnishing a Form 6-K to the U.S. Securities and Exchange Commission. Continental Stock Transfer & Trust has examined the proxies received and reports that 2,290,881,053 votes or 97.92% of the total voting power entitled to vote at this meeting. Therefore a quorum is present, and this meeting may now proceed.

The company has appointed Mr. Stephen Jones on behalf of VinFast Auto Limited to serve as Inspector of Elections for this meeting. He has taken the oath of Inspector of Elections and will tabulate the results of the voting.

In order to facilitate the business of this meeting, we intend to [ carry ] to the following quarter of business. Each of the matters to be acted upon by the shareholders today will be presented in the order set forth in the proxy statement. The actual vote on each item will, however, be deferred until all of the matters directed upon have been presented.

Our Board of Directors recommends you vote for each of the ordinary resolutions tabled for approval at this meeting. Each of our Directors will, however, be abstaining from voting on the resolutions of the Compensation Committee and the Board in relation to the making of annual recommendation arm and approval of emoluments payable to themselves or himself individually. In accordance with the terms of the Compensation Committee Charter and the constitution of VinFast. Mr. Pham Nhat Vuong and Mr. Pham Nhat Quan Anh have also abstained from voting on resolution of the Nominating and Corporate Governance Committee and the Board in relation to the making of any recommendation on and approval of Mr. Pham Nhat Quan Anh to reelection as a director.

I will now invite Ms. Nguyen Lan Anh to continue the next part of the meeting. Lan Anh, please?

Thank you, Anne. The first order of business is the proposal to asses the payment operative involvement for the financial year ending 31st of December 2027. This specific resolution is set forth in the Notice of the Annual Meeting and is further elevated after the proxy statement.

The second item of business is the proposal to reappoint Ernst & Young LLP and Ernst & Young Vietnam Limited as the company's auditors for the financial year ending 31 December 2026, and to optimize the latest to fix each of the remuneration. The specific resolution is set forth in the Notice of the Annual General Meeting and is further elevated upon the proxy statement.

The next one to be voted upon the receipt and adoption of the Director's statement and the consolidated financial statement prepared in performance of the provisions of Singapore Company Act 1967 and the Singapore Financial Reporting Standards for the financial year ended December 31, 2025, which we will refer to the 2025 SFRS Financial Statements, together with the Auditor's Report thereon. The specific resolution in set forth in the Notice of the Annual General Meeting and is further elevated upon the proxy segment.

The next order of the business as proposal to reelect Mr. Pham Nhat Quan Anh as Director. The specific resolution is set forth in the Notice of Annual General Meeting and is further elevated upon the proxy statement. Mr. Mr. Pham Nhat Quan Anh was officially appointed as a Director on November 20, 2025 and Chairman of the Board on May 21, 2026. If the resolution is to appropriate reelection as the Director is passed, he will also continue to serve as Chairman of the Board.

The final item to be vote upon this resolution regarding the Board's authority to issue company's share. The specific resolution is set forth in the Notice of the Annual General Meeting and is further elevated upon the proxy statement.

Since there are no other proposals for business to be transacted at this meeting, we will now proceed to answer questions from our shareholders that we have received on the virtual meeting portal prior to this meeting.

We have not received any questions from the shareholders.

Thank you, Lan Anh. We will now proceed to vote on the previously discussed proposals. It is now 8:41 PM Eastern Time and a poll for voting on each matter to be voted on at this time are now open as directed by Mr. Mr. Pham Nhat Quan Anh as our Chairperson.

Any shareholder who has voted may do so by clicking on the Voting button on the web portal and following the instructions there. Shareholders who have sent in proxies or voted via Internet do not need to take any further action. I will now pause.

[Voting]

Thank you. Now that everyone has had the opportunity to vote, it is now exactly 8:43 p.m. Eastern time and Mr. Mr. Pham Nhat Quan Anh as the Chairperson declares the calls for VinFast 2026 Annual General Meeting closed.

The results I am about to report are considered preliminary and are subject to final tabulation and the vindication by the Inspector of Election. On Resolution 1, preliminary results indicate that the shareholders are in favor of approving the payments of appraises involvement for the financial year ending December 31, 2027.

On Resolution 2, preliminary results indicate that the shareholders are further approving the reappointment of Ernst & Young LLP and Ernst & Young Vietnam Limited as auditors of the company for the fiscal year ending December 31, 2026, and also rising the Directors of the company to fix each of their remuneration.

On Resolution 3, preliminary results indicate that the shareholders are in favor of approving the receipt and adoption of the joint statement 2025 SFRS Financial Statements together with the Auditor's Report.

On Resolution 4, preliminary result indicate that the shareholders are in favor of approving the reelection of Mr. Mr. Pham Nhat Quan Anh as a Director, who is retiring in accordance with the Regulation 110 of the Constitution of the Company.

And the Resolution 5, our preliminary results indicate that the shareholders are in favor of approving regarding the Board's authority to issue company's share as of this point in the Notice of the General Annual General Meeting and we have been further elevated upon the proxy segment.

The final voting results of this Annual General Meeting will be disclosed in the current report on Form 6-K filed with the U.S. Securities and Exchange Commission at least after this Annual General Meeting.

Thank you all for coming. This concludes our 2026 Annual General Meeting.

Good day, and thank you for standing by. Welcome to VinFast's First Quarter 2026 Financial Results and Q&A webcast. [Operator Instructions] Please be advised that today's conference is being recorded.

I'd now like to hand the conference over to your first speaker today, Ms. Amandae Baey, Vice President of Investor Relations. Please go ahead, ma'am.

Thank you, operator, and good morning, everyone. Welcome to VinFast First Quarter 2026 Earnings Call. Joining me today are Chairman of the Board, Mr. Pham Quan Anh; Deputy CEO of Investments, Ms. Anne Pham; and our CFO, Ms. Lan Anh Nguyen.

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 of future events, financial operational performance and other matters that involve risks 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 Mr. Quan Anh to begin with the management remarks.

Thank you, Amandae. I'm honored to assume the role of Chairman of Board of VinFast at an important stage in the company's development. I would also like to express [ Maxine ] appreciation to [ Madame ] for her leadership and contributions over the past several years. Under her leadership, VinFast successfully entered international markets and established the foundation for its global expansion helping bring the VinFast brand to customers around the world.

Today, VinFast enters its next phase for your stronger foundation, a growing global ecosystem and a clear long-term strategic direction. As the company continues its transition towards a more asset-light operating model, we remain focused on strengthening operational execution enhancing customer experience and advancing innovation in an era increasingly defined by software-defined mobility and autonomous technologies.

Together with our leadership team, employees, partners, dealers and customers, we remain committed to building a globally competitive mobility company positioned for sustainable long-term growth. I look forward to working closely with all stakeholders as VinFast continues its next chapter of development and global expansion.

Turning to recent developments in the global energy markets higher oil prices continue to reinforce a long-term case for electrification, particularly across import-dependent economies. In Asia, where many markets rely heavily on oil shipments through critical routes such as the Strait of Hormuz, recent price volatility has had an immediate impact. This has accelerated government policy support aimed at reducing fuel dependence and strengthening the energy security.

As a result, Southeast Asia and other emerging markets are increasingly leading global EV adoption trends. This structural shift is relating into tangible demand across VinFast core markets and align closely with the green mobility ecosystem. In Vietnam, VinFast recorded a new daily sales high of 3,520 EVs on March 28, alongside a record month for the E2W orders to stop and scale this momentum, VinFast has taken additional steps to strengthen its long-term operating model. These include a new strategic partnership with GSM and the spin-off of our Vietnam manufacturing assets. Together, the initiatives are expected to enhance financing flexibility and support the company's transition to a more capital-light business model.

I will now pass it over to Anne to recap the key highlights of the quarter. Thank you.

Thank you, Quan Anh. Q1 '26 deliveries were 58,577 units, an increase of 61% year-over-year despite being the seasonally slowest quarter. International deliveries accounted for 8%, while non-related parties accounted for 87% of deliveries. 26 electric 2-wheeler deliveries also rose 219% year-over-year to approximately 143,000 units with the AVO and PLI models making up 81% of deliveries.

In March alone, VinFast received more than 135,000 e-scooter orders and shipped over 93,000 e-scooters to dealers in Vietnam. In Vietnam, total automotive sales grew 36% year-over-year in the quarter to 162,000 units approximately. VinFast continued to outperform the industry with EVs deliveries increasing 61% year-over-year as we maintain our position as the #1 OEM for every month since September 2024 to date. While we have been at the forefront of driving Vietnam's EV option rate to approximately 40%, we continue to see significant runway for future growth.

In March, the government issued a directive calling for 50% of city public transportation to transition to EVs alongside increased use of biofuel as part of a broader effort to reduce reliance on energy imports. Regarding Vietnam's 2-wheeler market, according to our internal research, our overall tool wheels registered volume increase of 26% year-on-year in Q1 of '26. VinFast has rapidly emerged as 1 of the country's leading brands. In March, we crossed the 10% threshold market share for the first time reaching a record 17% market share of the total 2-wheel industry and becoming the #2 player in the market only after Honda.

Turning to international markets. Southeast Asia and India continue to be a core growth engine for VinFast. Across Indonesia and the Philippines, there are clear signs that EV adoption is moving beyond the early stage and VinFast strategy is gaining traction. In Indonesia, the BEV segment has outperformed the broader automotive market with rising consumer interest since February, supported by higher fuel prices.

In the Philippines, momentum has been particularly strong with March sales reaching a new monthly high for VinFast. Together, these trends signify an inflection point for EV adoption in the region. A key driver of this growth is increasing B2B demand, particularly from fleet operators. System of programs such as battery subscriptions and residual value guarantees are reinforcing VinFast total cost of ownership advantage and supporting adoption and scale. VinFast continues to strengthen our position through new product launches and expanded distribution.

In India, VinFast opened its 50th dealership during the quarter and remains on track to double its footprint by year-end. In less than a year, VinFast has launched three products, received multiple industry awards, and we expect to launch our 2-wheel business in India later this year. At the end of the first quarter, VinFast was ranked the #1 BEV brand in the Philippines, the #4 brand in India and the #8 brand in Indonesia. I would like to address our new strategic partnership with GSM. The partnership plays an important role in accelerating EV adoption in Vietnam as well as internationally for VinFast, while serving as an effective platform for brand building and free marketing.

Under the new agreement, VinFast will fly GSM with approximately 1 million electric vehicles and 4 million electric scooters over the 5-year period of 2026 to 2030. GSM is eligible for incentives and commercial support, reflecting a combination of base discounts, volume-based incentives and go-to-market support. From an operational perspective, this partnership provides visibility into our order book. And in turn, this demand visibility is valuable during a scaling phase, especially in international markets and support eventual cost optimization.

We are also pleased to share another milestone in our long-term autonomy ambition. VinFast signed an MOU with AutoBrains, our Level 4 autonomy partner and NVIDIA, who will be a key supplier for our Level 4 autonomy initiatives. The agreement unveiled on the first of June, this year. A GPU Technology Conference Taipei, confirms that VinFast future robotaxi platform will be powered by NVIDIA Hyperion architecture, reinforcing VinFast commitment to leveraging best-in-class technologies to support the development of advanced autonomous solutions. We'll be sharing further updates on our autonomous vehicle road map in due course.

Now turning to the recently announced spin-off of our Vietnam manufacturing assets. Recently, VinFast has taken a deliberate and phased transformation of its corporate structure with the objective of building a leaner organization that enhances operational efficiency and support scalable long-term growth. In May of this year, VinFast announced a proposed reorganization under which certain assets and operations of VinFast trading and production or VFTP will be separated into a newly formed entity, VinFast Vietnam JSE, [ FBN ] B is expected to hold VinFast R&D, intellectual property, sales and after sales businesses, while [ BFGP ] will continue operating the manufacturing business in Vietnam.

Following the separation, VinFast will transfer its interest in [ BFGP ] a group of purchasers, led by future investment research and development [ join ] to company for approximately USD 530 million. The transaction has been approved by shareholders and remain subject to customary closing conditions. The reorganization will not affect the company's international operations, including its manufacturing facilities in Indonesia and India. Parties to the transaction will enter into a long-term manufacturing agreement to ensure continuity across production, supply chain and customer deliveries.

Importantly, the transaction does not change VinFast's commitment to manufacturing scale, product quality or customer service. Strategically, the new structure also enables VinFast to concentrate resources on high value activities, including R&D, design, software and go-to-market capabilities while improving capital allocation and management focus on innovation and growth.

Now I would like to turn it over to Lan Anh to cover the financial results and outlook. Lan Anh, please.

Thank you, Anne. Revenue for the first quarter of 2026 grew 41.7% year-over-year. A strong start despite the Lunar New Year seasonality. Q1 2026 gross margin was negative 73.6% compared to negative 46.4% in Q4 2025 and negative 35.2% in the same period last year. The pressure on this quarter's gross margin was primarily driven by USD 192 million revenue deduction, representing approximately 20% of revenue related to the extension and amendment of certain free charging programs across our markets. Under these programs, eligible VinFast vehicles sold through 10 February 2029, we received a free charging benefits for up to 3

years. Accordingly, USD 192 million was recognized for all vehicles sold through 31st of March 2026, as this is the value of the expanded benefits. The extended charging program was introduced to accelerate EV adoption enhance customer affordability and total cost of ownership and support early-stage market development, particularly in Vietnam and other Asian markets.

In the [ vision ], similar with the prior quarters, gross margin was impacted by revenue deferral on certain vehicles sales and NRV adjustments will represent approximately 12% and 14% of revenue, respectively. Excluding these items, we continue to see a clear improvement in the underlying operating trajectory of the business. On this adjusted basis, gross margin would have improved to negative 22.5% in Q1 2026 compared with negative 47.2% in Q4 2025 and negative 28.1% in Q1, 2025.

Moving to the operating expenses. R&D expenses were USD 101 million, [ we ] basing 12.4% quarter-over-quarter and increased by 25.8% year-over-year. The increase in R&D costs compared to the first quarter of 2025 was attributable to R&D cost for the green models [ and ] models that VinFast plans to launch on its new vehicle platforms and [ EE ] architecture in 2026. The decrease in R&D costs compared to the fourth quarter of 2025 was attributable to the completion of certain projects, including the green model in the fourth quarter of 2025.

R&D as a percentage of revenue was 11%, as compared to the 12.4% in the first quarter of 2025. SG&A expenses were USD 101 million, decreasing at 73.9% quarter-over-quarter and 32.3% year-over-year. The decrease compared to the first quarter of 2025 and the fourth quarter of 2025 was primarily attributable to no impairment charges being required in the first quarter of 2026, whereas impairment charges was recognized in the prior period. SG&A as a percentage of revenue was 11% compared to the 23% in the first quarter of 2025.

Adjusted EBITDA for the fourth quarter was negative USD 783 million, decreased 29.9% sequentially. On a year-over-year basis, adjusted EBITDA loss was adversely impacted because of the impact from the extended free charging program, excluding the impact mainly from extended [ charging ] revenue deferrals on certain vehicle sales in [ NAVI ], adjusted EBITDA margin would have been negative 32% compared to the negative 46.2% in the same period last year.

Net loss margin for the quarter was negative 121.6% as compared to the negative 95.8% in the Q4 2025 and negative 108.5% in the same period last year excluding the impact mainly from extended fee [ chasing ], revenue deferrals on certain vehicle sales in Net lot margin was negative 62.2% in fold by 21.4% as compared to the fourth quarter of 2025. and by 36.1% as compared to the same periods last year.

Finally, EPS for the first quarter of 2026 was negative $[ 4 ]8 representing a 25% improvement compared to negative 0.64 in the fourth quarter -- excluding the items discussed above, EPS for the first quarter of 2026 would have been negative $0.3, representing a 42% improvement year-over-year for the quarter was USD 198 million, mainly for the expansion of our manufacturing facilities -- as of 31st March 2026, VinFast has total available liquidity of up to USD 2.6 billion, which consisted of cash and cash equivalents of USD 219.3 million, an undrawn credit line from Vin Group of up to USD 607.3 million, remaining grants from Miterfar Network of up to USD 677.2 million, an available commitment of USD 969 million under a standby equity subscription agreement and USD 125.4 million, the company expects to receive from the share transfer after retiring the Totes that was previously issued to VinFast trading and production.

Finally, I'd like to conclude by emphasizing that our priorities remain centered on disciplined financial measurement, operational excellence and efficient deployment of capital. We continue to focus on improving productivity, optimizing our cost base and shunning the financial resilience of the business. These efforts are intended to support sustainable growth while maintaining the flexibility needed to execute our long-term strategic objectives.

Operator, let's open for Q&A.

[Operator Instructions] I'll pass it over to Amandae for questions coming through the webcast.

The first question from the call [ -- ] from the webcast is for Mr. Quan Anh. As VinFast is scaling rapidly across Asia, what do you see as the company's most important competitive advantages in the long run? Mr. Quan Anh?

Thanks, Amandae. That's a really good question. I believe VinFast's most important competitive advantage is that we are not just building an EV company in isolation. We are building a broader green mobility ecosystem in partnership with GSM and B Green. Over the next 3 to 5 years, our focus is on 3 key points. First and foremost, we will continue to offer products that are well suited to local customers in each respective market. Second, we will keep expanding our dealerships as well as our aftersales network, including the charging network, which is very important. Last but not least, we will continue investing in technologies, including software, smart services and autonomous driving capabilities. Thank you.

We have another question on the line regarding our India business. Can you provide an update on your India expansion plans and key priorities over the next 2 years? Mr. Quan Anh, would you like to take this, please?

Thank you for your question. India is a very important market for us. VinFast business performance in India has been very positive. In fact, in quarter 1, 2026, VinFast has ranked top 4 BEV in terms of sales numbers in India. Our goal is to become one of the top players in the market and establish ourselves as a meaningful market profitability. We have a clear strategy to grow in India in the market with multiple competition. Customers ultimately tend to benefit the most through a greater choice, stronger competition as well as continued innovation.

The next question on the line is regarding the recent decision for VinFast to spin out its Vietnam factories and why now? Anne, could you take this question, please?

Thanks Amandae. Well, the transaction is basically a strategic move to restructure VinFast operating model towards a more capital efficient and sustainable future. So following the transaction, VinFast capital-intensive manufacturing activities in Vietnam, which are already well established in operation and optimized in terms of capacity will be spun off and become an independent third-party boat and operated manufacturing platform.

It is also important to note that, firstly, VinFast retain a focus on the development of our brand through core competencies, including research, development, technology, branding, sales and aftersales in Vietnam as well as globally. We will also have control and oversight over the manufacturing output of our partner through the manufacturing contract, and we will also have control over certain rights over supplier selection. So we continue to believe that the quality of the products we produce from our partner will be up to ourstandard.

Operator, let's open for live questions.

We will now take our first phone question from the line of Andres Sheppard from Cantor Fitzgerald.

This is Anand on for Andres. I was wondering, firstly, if we could get maybe a little bit more color on the North Carolina factory. What's the potential financial and operational exposure from the complaint? And what's the latest on the progress on construction and SOP on that facility?

At this juncture, we are not going to comment on any North Carolina specifics because this is an active litigation. What we can say is that VinFast remains committed to the U.S. market.

And maybe as a follow-up, given the free charging revenue deduction. I was wondering maybe when does this program roll off as a meaningful drag? And how do you expect that to impact your GAAP gross margin trajectory in the future?

Yes. So you can see from the -- our results of the Q1, one of the main reasons for the decrease in the gross margin is that we have the -- like the extended free charging program that we implemented from 9th of February 2026. So it's worth USD 192 million. So because for the U.S. GAAP standards, this support is recorded as a capital contribution and it accounted for a reduction in revenue, representing approximately 20% of revenue, so accumulated recognized in the first quarter of 2026. However, this is a very short-term impact. In the long term, still aim to break even in the Vietnamese market by 2027 based on the 2 main drivers like we increased sales volume and reduced production costs through vehicle lines. developed in the new technology platform. So we still like to recognize the support from this free charging program.

We will now proceed to take our next question from the line of James McIlree from Chardan Capital Markets.

Can you talk a little bit about average selling prices for the quarter as well as your expectations for the year? And specifically how sales to GSM would impact that as well as the increased share coming from non-Vietnamese markets, how that would impact average selling prices for the year and for the quarter.

This is Anne. I'll take this question. First of all, I think we expect GSM sales for the first year or so to be approximately in terms of wheels approximately roughly about 300,000 vehicles and then collectively between 26% to 30%, up to about nearly 4 million vehicles. So

it will ramp up -- and similarly for cars as well, I think we expect the volumes to start trending up. Historically, GSM has account for out 15, approximately percent of VinFast total sale. And for the first year or so when this program is launched, because GSM also takes up vehicle that it owns in international markets. and it's expanding very rapidly right now, GSM is present in five countries.

It launched in India just this weekend. And it's going to launch in another five countries by the end of the year, increasing visibility for both its own brand and intra card. We believe that the initial phases of GSM is owning its own vehicle to standardize customer service as well as brand reception is good, again, for the image of the real eco as a whole.

In the subsequent years, a more task to run our GSM platform on the asset light driver and partners model. And again, this will -- this is basically expected to increase demand for Ventas vehicles, both from a B2B, B2C demand perspective. Does that answer your question?

Yes, partially. When you're looking at GSM, vehicle sales, not two-wheels, but the vehicle sales. For this year, I think you're saying that you expect it to be higher than that historical 15% of total sales. Did I hear you say that? Is that what you're saying?

Yes, that's correct, James.

Okay. And the impact on average selling prices?

Sorry, can you repeat the question, the impact, on?

Yes. So it's understanding that since GSM sales are in greater volumes that they do get some price flexibility. And so my question is, the impact average selling prices with a greater percentage of sales going to GSM.

In the earlier years, ASP will basically be reduced by approximately, say, 10%, 15% because of the higher contribution from but that's only expected to be for the first year or so in subsequent years, the percentage of GSM's contributors will be a lot smaller. And right now, I think we're taking a conservative approach in not assuming a knock-on impact of more demand for more customer demand for cars in international markets driven by GSM. So our assumptions only look at GSM additional volume as a base case, right? And already, we are seeing ASPs normalizing in the subsequent years. Of course, I think with this knock-on effect, the dilution in ASP by GSM should be reduced even faster.

We will now take our next question from the line of Jesse Sobelson from BTIG.

I'm curious on autonomy. The Autobrains and NVIDIA DRIVE MOU, it points to some Level 4 robotaxi capabilities. How does autonomy fit into the longer-term strategy? Is it a product line, a fleet or a GSM enabler or primarily just a technology and brand signal at this stage?

So first of all, I think VinFast has consistently outlined a phased autonomy strategy rather than claiming full and immediate autonomy. Our current vehicles are grounded in Level 2+ ADAS systems with future upgrade planned already for Level 2++ in the next generation of VinFast vehicles.

Concurrently, we also will be testing -- pilot testing autonomous-driven vehicles in one of our Smart City projects in Ho Chi Minh City next year, 2027. And that is really a pathway towards eventual fully robotaxi fleet that will be either operated by GSM or also source to external parties if there are demands.

Great. Is there anything specific when it comes to the rollout internationally? Can you kind of explain what the strategy is going to be to bring this technology to more countries than just Vietnam after that?

Certainly, the idea is to offer robotaxis in international markets where VinFast is present and where there will be demand. Similarly, for GSM, the idea is also to gradually replace a manned fleet with one that's contributed by robotaxis to the extent that the respective local regulations as well as the readiness in terms of homologation is done in each of the markets.

Given our home ground and the GSM itself also has a market dominant market share in Vietnam, it is natural that robotaxis will be pilot tested as well as offered here as a commercial service first. But the idea, of course, is to roll out in international markets in gradual phases. We expect to be able to share more about our robotaxi plans in the upcoming quarters. So in this quarter, it's kind of limited because we are planning to say more in the subsequent quarters.

There are no further questions from the phone lines at this time. I'll hand back to Amandae for webcast questions.

Thank you, operator. We'll continue taking questions from the webcast. The next question is for Lan Anh. Regarding the Vietnam manufacturing spin-off, could you please provide revised guidance for the expected total cash needs, CapEx and R&D in 2026?

Thank you. The transaction has VMS transition to an asset-light model, like I just mentioned, meaning that reduce the capital raising needs, especially CapEx, improve free cash flow and improve our profitability. For the post spin-off, we expect that CapEx will be reduced around USD 400 million for the Vietnam factories and another kind of the USD 500 million to consider the international opportunities.

So in 2026, we expect a total CapEx spend R&D of USD 300 million to USD 400 million per quarter. For forecast 2027, currently, we do not disclose this forecast yet and can be updated.

As a follow-up question to that, will the Vietnam manufacturing spin-off result in any onetime gain recognition in VinFast's P&L? And if so, could you provide the potential amount?

Actually, the company is currently evaluating the accounting and financial implications of the Vietnam manufacturing, including the appropriate accounting treatment under applicable accounting standards. And we expect that we're going to have the gain recognition in the P&L. But further, the update will be provided once the evaluation has been completed and the accounting treatment has been finalized.

The next question is regarding the U.S. Considering that there has not been any new deliveries recently and with the current lawsuit in North Carolina, how do you intend on addressing this to your U.S. customers?

I'll take this question. We continue to deliver vehicles in the U.S. as we still have inventory available for sale. While we have not imported new vehicle shipments recently, our existing inventory continues to support customer demand, and we remain focused on serving our U.S. customers through our sales and service network.

The next question is regarding, again, the North America business and any update on the product release such as the VF7, the VF8 and the expansion of service network. I'll take this question also. As we've said previously, the U.S. remains an important market, and we continue to invest in our commercial presence. VinFast has been selling vehicles in the U.S., and we plan to bring the next generation of vehicles to the U.S. market. We are still targeting to expand our dealer network across states like California, Florida, Texas, North Carolina and so on. Although we do expect that North America, together with Europe will represent a modest share of total volumes this year, we are still very much focused on evaluating and bringing new products to the U.S. market.

The next question is regarding the planned VinFast reorganization. When is VinFast going to transfer its interest in DFTP to new shareholders? Anne, would you like to take this question, please?

Sure. We obtained shareholders' approval on the 27th of May, and we target to complete the transaction by the third quarter of '26 upon completion of customary closing conditions.

The next question is regarding the free charging program. Could you please elaborate on how you expect the extension and amendment of the free charging platform to play out for the remainder of the year? Lan Anh, would you like to take this, please?

Yes. The current free charging program has been extended through like in February 2029, providing customers with a very relatively long-term benefit. So as we described in our financial impact for 2026, the Q1 impact included the adjustment related not only to the vehicles sold during the quarter, but also to the vehicles delivered in the prior period. So you can see that the impact for the remainder of the year is expected to be significantly less material.

The next question is regarding two-wheelers. Are you seeing the rising threats to VinFast from partnership of [ Yada ] and Petrolmax Vietnam to expand charging network for two-wheelers in Vietnam. What are VinFast competitive advantages now given that charging infrastructure is no longer exclusive? Anne, could you take this, please?

I think, first of all, it is important to highlight that we have done quite well in the first quarter for 2-wheel sales. So versus our target and considering the fact that the first quarter is the slowest quarter in the entire year for us, and our target is to exceed -- to be at least 2.5x the 2-wheel sales of last year.

We've met 22% of this target so far, and that sets us well on track to meeting the target by the end of the year. So we currently have #2 market share in Vietnam with 17% in the first quarter and only after Honda. And this achievement is not just about charging, but it's also about product development, continued innovation. And the most recent one that's so well received is about the battery swapping program, which offers customers a fundamentally different proposition, convenience and the ability to very quickly move around within the city without having to stop.

So we -- through this new battery swapping program, we currently operate 7,000 battery swapping stations across Vietnam. And we also offer both a franchise as well as an owned model. So we are able to reach as many users of VinFast EV vehicles as possible. And I suppose, last but not least, compared with the partnership that we've mentioned, VinFast has a unique partnership benefit as well from the combined ecosystem of charging to B Green, ride-hailing from GSM and the OEM VinFast. So GSM here is also, as mentioned earlier, increasing both visibility, actual demand as well as through GSM's data gathering and intelligence to be able to have a lot of insight into the customers' user behavior, which is very helpful in our R&D as well.

The next question, how will pricing be determined between VinFast and the new manufacturing entity, transparency being particularly important given the parties? Lan Anh, would you like to take this?

For the price payable by [ BFN ] for each vehicle manufactured and supplied by [indiscernible] determined on the cost plus basis and shall be a target margin of approximately 5% of vehicle cost. So pricing is benchmarking with the market and determined on basis. So for the clarify, post the transaction because for [ BSBP ] going to be sold to. So we expect that for the post transaction, BN and BTP are not related parties.

The next question, excited to learn more about the new Autobrains NVIDIA partnership. What is the projected rollout time line of that work to current and future owner vehicles through OTA or technician updates?

Firstly, we are targeting to launch VinFast developed Level 2+ and Level 2++ navigation on pilot capabilities in the late 2026 and early 2027. The partnership with Autobrain and NVIDIA is one among a few that have recently been announced or worked on by VinFast. And we expect a combination of both in-house developed as well as externally partnered initiatives will allow us to access advanced AI compute and autonomous driving expertise, which eventually will help accelerate development and validation of the overall L4 road map that Vintast has embarked itself on.

Thank you, Operator, just checking if there's any live questions.

There are no questions at this time.

Thank you. And we have the last question from the webcast. This is regarding the accelerated shift in EV adoption in Southeast Asia. Do you think this shift is because of higher oil prices is temporary or a lasting structural shift? Quan Anh, would you like to take this, please?

Thank you for your question. This trend is gaining a strong momentum across Asia as reflected in robust business growth in the recent years. It is particularly pronounced in Vietnam, where VinFast is accounting for approximately 40% of the total automotive sales.

In Philippines, VinFast has risen to become the #1 BEV player. And in Indonesia, in Indonesia, India, Vinfast is #8, #4, respectively, for the quarter 1, 2026. Looking ahead, I'm confident in our ability to build on this momentum and further accelerate our growth trajectory.

Operator, if there's no further questions on the line, we will conclude the call.

Thank you for your participation in today's conference. You may now disconnect your lines.

Welcome to the 2026 Extraordinary General Meeting of VinFast Auto Limited. It is now 9 a.m. Eastern time and the meeting will come to order. We are holding this meeting virtually because we believe a virtual meeting provides expanded access, improves communication, enables increased shareholder attendance and participation and provide cost savings to our [indiscernible]

Mr. Chairman, this is Anh, can you hear me?

And I'm the Chairperson of the company [indiscernible] over this meeting. Pursuant to the Regulation 83, subsection 2 of the constitution of the company, the Chair has amended for the resolution "Extraordinary General Meeting" be decided by way of poll. This meeting is scheduled to last one hour only.

I would like to introduce some of the people virtually attending the Extraordinary General Meeting, Mr. Pham Vuong, Mr. [indiscernible], Mr. Tham Chee Soon, Ms. [ Trinh Thi Van Nguyen ] and Ms. [indiscernible] from our Board of Directors, Ms. Anne Pham, our Deputy DTO, in charge of Investor, Mr. Amandae Baey, our Vice President of Investor Relations. Mr. Kevin Collins, our Acting General Counsel. We have adopted an agenda for our program this morning that is found on the virtual meeting also that you have locked into.

In accordance with the agenda, we will proceed as follows: a, first, we will conduct our official business of the 2026 Extraordinary General Meeting. B, and the conclusion of the official business, we will open the meeting to a question-and-answer session. In case we receive any questions with respect to the business of the Extraordinary General Meeting, prior to the start of this meeting.

Now I would like to invite Ms. Anne Pham to proceed with the business portion of this meeting.

Thank you, Mr. Pham Nhat Quan Anh. We will now proceed to the business portion of this meeting. We have an affidavit from Continental Stock Transfer & Trust Company for mailing agent, certifying that on or about May 12, 2026, each person whose name is entered in the register of members of the company as of the close of the business on May 1, 2026, has been mailed a notice of this Extraordinary General Meeting and each person who holds shares of the company in street name as or the participants and the depository trust company as of the course of business on May 1, 2026, has been mailed a notice of this Extraordinary General Meeting and a proxy card.

The notice of Extraordinary General Meeting contains instructions on how to access the proxy statement, have been made available online on the website stated therein and by furnishing a Form 6-K to the U.S. Securities and Exchange Commission. Continental Stock Transfer & Trust company has examined the proxies received and reports that [ 2,291,900,385 ] votes, or 97.64% of the total vote empower entitled to vote at this meeting is represented by proxies received.

A quorum is present, and this meeting may now proceed. The company has appointed Mr. Stephen Jones on behalf of VinFast Auto Ltd. to serve as the inspector of the election for this meeting. He has taken the oath of inspector of elections and will tabulate the results of the voting.

In order to facilitate the business of this meeting, the matter to be acted upon by the shareholders today will be presented in the order set forth in the proxy statement. The actual vote will, however, be deferred until the matter has been presented.

The first order of business is the proposal to approve the transfer of the company's interest in the VinFast Trading and Production JSC, the Vietnamese manufacturing subsidiary holding the company's manufacturing operations in Vietnam following the split of certain assets, operations and business undertakings as the directors of the company and each of them be and are hereby severally authorized to complete and to do all acts and things, including, without limitation, approving, modifying and executing all such documents as may be required as he or she may consider necessary, desirable or experience for the purposes of or in connection with and to give effect to this ordinary resolution.

The specific resolution is set forth in the notice of Extraordinary General Meeting and is further elaborated upon in the proxy statements. The directors recommend a vote for the ordinary resolution regarding the special business tabled for approval at this meeting.

The business portion of this meeting is now adjourned. At this time, we will answer questions, if any, from our shareholders that we have received on the virtual meeting prior to this meeting. We have not received any questions from the shareholders. Since there are no other proposals for business to be transacted at this meeting, we will now proceed to vote on the previously discussed resolutions. It is now 9:14 a.m. Eastern Standard Time, and the polls for voting on the resolution are now open as directed by Mr. Pham Nhat Quan Anh, our Chairman.

Any shareholder who hasn't voted may do so by clicking on the voting button on the web portal and following the instructions there. Shareholders who have sent in proxies or voted by Internet do not need to take any further action. I will now pause.

[Voting]

Now that everyone has had the opportunity to vote. It is 9:16 a.m. Eastern time. And Mr. Pham Nhat Quan Anh, our Chairman has declared the polls for VinFast 2026 Extraordinary General Meeting closed.

The results I am about to report are considered preliminary and are subject to final tabulation and verification by the Inspector of Election. On resolution 1, preliminary results indicate that the shareholders are in favor of the proposed transaction as elaborated in the proxy statement. The final voting results of this Extraordinary General Meeting will be disclosed in the current report on Form 6-K filed with the U.S. Securities and Exchange Commission after this Extraordinary General Meeting.

Thank you all for coming. This concludes our 2026 Extraordinary General Meeting.

Good day, and thank you for standing by. Welcome to the VinFast Q4 2025 Financial Results and Q&A Webcast.

[Operator Instructions]

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amanda Baey, Head of Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to 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. Lan Ahn Nguyen.

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 operational performance and other matters that involve risks 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 Le to begin the management remarks.

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. 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.

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 #1 mobility brand in the country by vehicle sales, a position that we continue to maintain to date. So during 2025, we've rolled out a comprehensive product portfolio to serve diverse mobility use cases, led the foundation for a green mobility ecosystem in international markets and share plan about our next generation of vehicles that built on a new platform and new EE architecture. Across the industry, there is a clear shift as electric mobility companies move towards AI-driven software-defined vehicles. VinFast has been working on this since May 1 with our R&D philosophy centered around a vertically integrated software-defined EV platform. With over 400,000 cumulative cash delivery and more than 4 years of real world driving data accumulated. Our engineers are able to design ADAS and software road maps with the customers in mind.

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 3 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. And finally, scale matters at VinFast with scale comes further operational efficiencies. We delivered 196,919 EVs for the full year. This exceeded our guidance to at least doubling the numbers of EV deliver in 2024.

In Q4 alone, we delivered 86,557 EVs, that was a new quarterly record for the company. Our 2 wheeler segment also reached a new high. Full year deliveries grew 5.7x 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. Following the strong momentum of VinFast e-scooter segment achieved in 2025 and we expect to well deliveries to be at least 2.5x last year volume for 2026. This growth will be driven by VinFast eScooter expansion into Asian markets, the rollout of the green battery swapping network is scooters and our focused positioning in the largest product segments. Turning to our new market and manufacturing operations. Starting with Vietnam. VinFast has maintained the #1 OEM position and taking 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 BSVI and Limon[indiscernible] on the 2-wheeler segment, we ended the year as #1 electric scooter player in Vietnam.

For the first time since we started selling internationally, overseas market accounted for 18% of our fourth quarter delivery. For the full year 2025, international markets contributed 11% of our deliveries. Our discipline approach to overseas expansion is also reflected in our ranking. In particular, in India, we made steady progress in [ Vahan ] registration among BEV brands, ranking #8 in October, #7 in November and #4 in December. We have maintained our position since then to date. In Indonesia, we ended 2025 as #3 BEV brand according to Guindo and as the #2 BEV brand in the Philippines according to [indiscernible] Product expansion has further broadened VinFast market rich. We introduced screen our commercial-focused product line and Lac Hong, our unshare luxury brand. Vinfast now has 3 distinct brands catering to different customer segments. 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, a broadly stable year-over-year with a higher share of approximately 33% in the fourth quarter as GSM rapidly scale fleet network in Indonesia and the Philippines as part of Southeast Asia expansion. Manufacturing utilization and operational efficiency continued to improve with the [ Hyson ] plant going out is a 200,000 vehicle of the year and producing nearly 26,000 EVs in December alone. Last year, we inaugurated our manufacturing facility in Hain, Vietnam, our first overseas manufacturing facility was opened in Tamiladu, 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. VinFast today operates 4 manufacturing facilities globally with combined annual capacity of 600,000 EVs and 500,000 e-scooter. Looking ahead, we will continue to strengthen the exploration by expanding production capacity for EVs and e-scooter in Vietnam, while evaluating further development phases in India and Indonesia to position these facilities and 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. On the product front, VinFast has completed the strategic launch of its EV portfolio under 3 distinct brands, each with a clear market focus and identity. The VinFast brand comprising VinFast core passenger EV lineup from B3 to Vin, the green brand of commercial EVs for fleet use, including Limo, carrier Maria and mini green. And lastly, the Luxury Lac Hong series. As part of this repositioning, we are introducing two 7-seater models the limo green and the VF NPV 7 to address different customer segments with plan to launch both across key Asian markets. Additionally, the next generation of VRV and D7 is expected to SOP in the second half 2026.

These 4 models are designed to deliver a lower bank cost by reducing complexity and number of components through our new platform and next-generation fee architecture. I'm also pleased to share that VinFast is developing several risk extended EV models beginning with VF8 REEV. Introducing Wins extended vehicles allow us to address a broader segment of electrification market. We view risk expanded technology as a practical interim start in the transition from internal combustion engines 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 group 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.

At the same time, we are expanding our 2-wheeler strategy across Asia with plans to introduce our e-scooter business in 5 markets including Thailand, Malaysia and the other 3 existing Asian markets, while GSM is also exploring opportunities to enter the U.S. and European markets. For Europe, we plan to introduce the next generation of B SUV, the VF 6 model for North America market, we plan to bring the a VF7, a C-segment electric SMV and to also launch our e-bus business later this year. Now I will turn it over to Anne, who will take you through the latest on VinFast technology platform.

Thank you, Madame Le. 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 road map for Level 2 plus and Level towards Level 4, with the demonstration of a self-driving robocar in partnership with Autogain Technologies 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 4. We also plan to expand our trials of robocar to larger cities and international markets. We are also pleased to share that we've entered into a collaboration with Tensa, a pioneering AI company developing personally owned Level 4 autonomous robo cars company based in California. Under this partnership, VinFast will serve as the manufacturing and industrialization partner for Tensor's robocar program. Fully functional prototypes of the program have already been tested by Tensor across multiple regions. And the program is currently in the preproduction phase and is being advanced towards commercialization. This collaboration is compelling for both a commercial and financial standpoint while reinforcing VinFast 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. 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. At the same time, we are advancing our transition to EE 2.0 as part of a structural cost initiatives 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. We're beginning to see interest from external parties in this technology as a stand-alone 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. VinRobotics focuses on 2 core segments: industrial, humanoid robots developed in-house and a scalable nonhuman physical AI platform that combines robotics hardware with intelligent software. By integrating Vin Robotics 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 2 other robotics companies within the Vingroup ecosystem, namely Vin Motion and Vin Dynamics. Now taking a step back, I'd like to highlight the Intel's ROV capabilities at VinFast and the broader Vingroup technology ecosystem that supports VinFast long-term innovation road map. 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. 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 to Green and electric mobility services to 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 Vin Group continues to incubate new technology platform, 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 Ahn to discuss our financial results for the fourth quarter and full year of 2025. Lan, please.

Thank you, Anne. 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 2 of our factory 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 shorten 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. Fourth quarter of 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 as core. SMRT and An highlighted strengthening VinFast competitiveness requires delivery short investments that are expensive 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 the fourth quarter of 2025 was USD 1.6 billion, up by 118% quarter-over-quarter and 139% year-over-year. Full year revenue was USD 3.6 billion, increased by 105% year-over-year. Gross margin was negative 40% in Q4 2025 compared to negative 79% in Q4 2024. For the full year, gross margin improved to negative 43% compared to a negative 57% in 2024. With full year revenue increased by 105% in fourth quarter revenue of 139% year-over-year, higher production volumes allowed us to better absorb fixed manufacturing overhead and improved operating leverage.

Recall that in fiscal year 2024, revenue was impacted by a onetime adjustment related to our free charging program. We applied the program respectively to all vehicles delivered through 31st of 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 adjustments, we are seeing a clear view of the underlying improvement in our operating performance. Excluding these items, gross margin for Q4 2025 has been negative 28% compared to negative 26% in Q4 2024. On a full year basis, gross margin would have been negative 24% as compared to negative 32% in 2024. Moving to the operating expenses. R&D expenses were USD 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 that, particularly in ADAS L2+, [indiscernible] and our EEI Poro architecture as quired ongoing model refreshing programs across vehicles.

R&D as a percentage of revenue was 7% the lowest in the past 5 quarters, reflecting the benefits of scale as revenue growth, our pace R&D spend, fixed R&D investment will leverage more efficiency across larger volumes improving operating leverage, while we continue to advance our core technology road map. SG&A expense were USD 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 USD 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. If [indiscernible] a change in our long-term shortens commitment to the U.S. market. And as Madam Thuy mentioned earlier, we expect to resume construction in the North carline factory this year.

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 the fourth quarter of 2024. This improvement reflects the benefits of scale and the cost optimization achieved through our, transition to a dealer model. Adjusted EBITDA for the fourth quarter was negative USD 1 billion, a 20% decline year-over-year. Adjusted EBITDA margin came in at negative 65% compared to negative 80% in Q3 2025, a negative 129% in the prior year period. Adjusted EBITDA for fiscal year 2025 came in at negative 66% compared to negative 103% in fiscal year 2024. Excluding the impact mostly due to delayed revenue recognition, impairment charge relating to the U.S. factory and adjusting for NRV, adjusted EBITDA margin would have been negative 37% in Q4 2025 compared to negative 36% in Q3 2025 and negative 52% in the same period last year. Net loss for the quarter was negative USD 1.4 billion, net loss margin for the quarter improved to negative 89% compared to negative 186% a year ago, an improvement of 96% year-over-year. Since year 2025, net loan margin is negative 108% compared to negative 176% in fiscal year 2024, an improvement of 58% year-over-year.

Excluding the impact mostly due to delaying revenue recognition, impairment charges, which mostly is related to trends in project timing of U.S. factory and existing for NRV. Net op margin would have been negative 62% in Q4 2025 compared to negative 84% in Q3 2025, a negative 94% in the same period last year. Finally, EPS for fourth quarter of 2025 was negative USD 0.6, a decline of 15% year-over-year from fourth quarter of 2024. Full year 2025 EPS was negative USD 1.65 compared to full year 2024 EPS of negative USD 1.32. Excluding similar items, EPS for the fourth quarter of 2025 would have been USD 0.41 and full year 2025, it would have been USD 1.25, a decline of 15% year-over-year. CapEx for the quarter was USD 304 million an increase of 15% 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 USD 922 million.

Finally, an update on our liquidity and previously announced grant and borrowings commitment in late 2024. As of the 31st of December 2025, VinFast's outstanding borrowings from Vingroup under this commitment was USD 430 million. The company received a total USD 1.1 billion disbursement from our founder person to the grant agreement. Our total liquidity as of 31st of December 2025 is USD 3.1 billion, which reflects cash funding commitment from Vin Group and our founder and [indiscernible] facility. Turning to our 2026 outlook. As Madame Thuy noted earlier, SCO 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.

[Operator Instructions]

We will take our first question and the question comes from the line of Lisa Seng from Finvest.

Operator, let's go to the next question.

Your question comes from the line of Jesse Sobelson from BTIG. Jesse Sobelson, your line is open. Please ask your questions.

Operator, while we get the live questions, let's move on to the WebEx questions. We've got a few of them.

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? Anne, would you like to take this question?

Certainly, well, VF REV was planned for launch in Vietnam starting 2027 with overseas rolled out 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 road map, our ADAS as well as our EE architecture.

Our EV 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. Thank you.

Thank you, Ann. The next question is from Sang of PSC. 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. Lan Anh, would you like to take this?

Okay. So for the narrowing of the gross profit loss, the improvement is mainly driven by on optimization and production go supplier pricing, localization and engineering optimization. And we believe these drivers are sustainable. The [indiscernible] is reduction in bone costs at V6 around 13% in V7 around 23% in board 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 decision to next-generation vehicle platforms in the following years.

So we also expect a moderate roll 5% annual bond optimization. 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. And for India, we also have India positioned as a strategic long-term growth market. And well, for the other markets like Indonesia and the Philippines also that we leverage for the brand winners with the cooperation GSM for the brand awareness, both for the consumer like perspective. So we expect that we can boost our overseas sales in 2026 also.

Thank you, Lan Anh. The next question we have is a macro question. So I think Madame 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?

Thank you, Amanda. Well, we -- I think everywhere Vietnam as well, we -- immediately, we saw the impact of higher oil prices. when people started switching to EVs or even for the white healing of taxi, we started seeing people choosing consciously our GSM platform because the normal taxi. Higher oil prices reinforced the long-term EV value position 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 to work to.

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 the states right now. Our expansion focus on markets where EV adoption remains early with strong long-term growth potential. Our priority remains scaling production improving cost efficiency and executing the product road map well, the industry commentary suggests about $4 per gallon gasoline could accelerate mass EV adoption. So in some of the states in the U.S. right now, we're exceeding that level as well.

Thank you, Madam Thuy. The next question on -- from the Webex is regarding our North Carolina factory. It's good to share an update about the North Carolina factory. Could you elaborate on your decision to proceed with a U.S. 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?

So like for the last years, right, we've been saying that we are committed to the U.S. market and U.S. is an important market to us. And we still commit to that. U.S. still remains an important strategic market for us and U.S. manufacturing base provides flexibility as the market conditions and regulations involved. North Carolina factory construction expected to resume this year. We have been working in the background towards them and the SOPs targeted for 2028. For out of prudence, we recorded $236 million impairment in Q4 2025. This was a one-off charge reflecting the revised project timing. However, we expect that the -- we will reverse this impairment in the future as the [indiscernible] construction means that will start again. Again, there's no change to long-term commitment to the U.S. market.

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?

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. So it will be a combination of both simplifying the hyper stack as well as tailoring features to different markets that will really be the anchors of our strategy. So the new architecture basically will use more integrated computing and simplified hardware stock. And 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. And both of these features, as I've mentioned, will help us lower the cost I hope that answers the question.

Thank you, Anne. And the next question is regarding the company's CapEx plans. What -- can you please share what the company's CapEx plans are for 2026? Lan Anh, would you like to take this?

Yes. Okay. So in 2026, most of the -- our CapEx is still going into building out the core manufacturing footprint roughly USD 400 million for domestic and around USD 600 trillion for international factories. And then additional CapEx like for machinery and equipment. So 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 2 of Indonesia and India factories. And CapEx for one of U.S. factory, as Madam Thuy just mentioned. So that's a kind of action to account for the future business plans to introduce a scooter and buses also in those markets.

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 time line for deliveries and weather production will come out of the India or Vietnam facility. And separately, any update on dealership and service center expansion in the region? Madam Thuy, please?

So we are preparing to bring the BF 7 to the U.S. before the end of the year. I think we're pretty much done with all the regulatory approval process. homologation and other approvals. 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. This is going to be -- this is a midsize crossover SUV. So in that segment. And we focus on the customer experience, the future competitiveness and ownership value rather than other features. So this is going to 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 the service center, we -- until -- I mean, with all the uncertainties in the U.S. market with the EVs in the U.S. and the automotive tariff, right? 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 2 [ modules ] in California or sell what EV sell the most and we maintained the existing dealership network. I think our focus is trying to make sure that the dealers will be profitable and retain the dealers that we're willing to invest in the brand and continue to stay with us for the long run.

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're adding a few malls, 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 network rather than focusing on the quantity.

Thank you, Madam Thuy. Operator, can we check for live questions?

Your question comes from the line of Jim McIlree from Chardan.

Yes. 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. 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, thank you for the question. Lan Anh, over to you.

Yes. So for profitability of favor, especially I mentioned about gross margin, you see that for the book we assisted with the many selling manufacturers like we focus on the execution milestones, say margin improvement. So for VinFast, we have the 2 primary levers like the first one for the high good deliveries, as costs, of course, manufacturing, R&D and SG&A, improving operating leverage. And also for the banker, yes, we have the next-generation platforms designed with the optimized architecture.

The next-generation vehicle is also expected to deliver around 30% to 40% lower of the new of materials, I mean the onco versus modules. And because these modules scale in production because we have the production expansion. The unit economics are expected to improve [indiscernible] fully. And in a vision that for platform transition and volume ramp and continue for the cost discipline expected to make the path to profitability increasingly like visible over the medium term. But a lot of things to do to boost for the margin improvement for both Vietnam and also for the overseas. And we expect that like I said, the path to profitability, increasingly visible over the -- like, [indiscernible] For the CapEx for this year, we expect that around USD 1.6 billion for cash spending CapEx and for R&D with the next-generation model. So we expect that we spend around USD 1.4 billion for R&D.

Yes. There seems to be no further questions. Please stand by. We do have a question in the queue. Your question comes from the line of Jesse Sobelson from BTIG.

There is no response, and we have no further questions in the queue.

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. From a manufacturing standpoint, are you already capable of producing at that annualized run rate today and what are the key [indiscernible] on either utilization, supply chain labor or localization that needs to happen to support that volume? There's also been discussions of competitors expanding their manufacturing footprint into Southeast Asia and namely Vietnam.

So how do you think about -- how do you want investors to think about VinFast for 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.

Yes. So absolutely, we're capable of manufacturing and delivering that volume, at least 300,000 vehicles in 2026. Regarding the 300,000 or 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 [indiscernible] Haan 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 haifarm has ramped up to above 70% capacity at the end of 2025 and still have headroom to produce more. From the supply chain perspective, we have developed a global supply network of 1,700 partners and about 800 suppliers that 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 big green testing infrastructure and the expansion of GSM [ rehealing ] fleet, which has built the long-term consumer confidence. Over time, our scale increases and our ecosystem matures, we expect promotions to normalize with differentiation increasingly driven by great value to money, the vehicle products and enhance ownership experience and after-sales service.

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

Thank you, Madam Thuy. Our next question is regarding robotics manufacturing. Can you give us a sense of the time line 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?

Sure. Thanks, Amanda. So basically, I think humanoid robot trials are already planned for the second half of 2026 across 2 of our factory plants in Vietnam for certain operational tests, and we'll continue to conduct ongoing devaluation of robotics integration within our smart manufacturing road map and making sure that the humanoid or the robot arms visual AI programs work seamlessly with what we currently have, which is already fairly highly automated. And at the same time, we also do not want our testing to disrupt the core EV production because the plant has [indiscernible] is basically operating at full capacity and the one in Haiteng that is also ramping up very fast. So I'm very excited, and we hope to share further updates in the coming quarters.

Thank you, Anne. 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're 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, should -- with this growth, should we expect e-scooters to have a meaningful margin impact moving forward? Madam Thuy, please?

Well, so last year experienced a very strong growth in scooter for us, and that was all in Vietnam. This year, we expect to expand to 5 international markets in Asia as well. As you know, you go to Asia, you see mostly -- you see a lot of wells vehicles in Asia. So this is a very strong market, just beyond Vietnam. But 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 multibag in Hanoi and Ho Chi Min cities, the 2 big cities in Vietnam in my -- in the middle of 2026.

And then focus on the largest segment of 2 wheels, the student and daily commuters. So the adoption is accelerating as well. I mentioned the international expansion before. So there will be -- 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 that reduces the charging batteries especially for people that scooter or used 2-wheel vehicles from food deliveries or for delivery purposes. So as of January 2026, there are already 4,500 battery stopping station in store across Vietnam, supported by retail and logistics partnership. Well, as the 2-wheeler segment scale, we expect it to become an increasingly meaningful contributor to both revenues and profitability for infos and it will be a great support for our 4 wheels business.

Thank you, Madam. We are just at about time. So we're going to 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?

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 and the expansion of GSM operations in international market will also drive the growth as well. We are building the dealership network across Vietnamn and Asia. So just those are the factors that would help drive the EV guidance to at least 300,000 vehicles this year.

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

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

Good day, and thank you for standing by. Welcome to VinFast Auto Limited Third Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to turn the call over to your first speaker today, Ms. Nguyen. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to VinFast quarterly earnings call. Joining me today are Chairwoman of the Board, Madam Thuy Le; Deputy CEO of Investment, Ms. Vuong Pham; and our CFO, Ms. Lan Anh Nguyen.

Before we begin, please note, today's call will include forward-looking segments under U.S. federal securities law. These statements reflect our current views on future events, financial operational performance and other matters that involve first and uncertainties which 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 A reconciliation of these measures to the most directly comparable GAAP figures, along with explanation of their use is included in our presentation issued earlier today.

With that, I would like to invite Madam Thuy Le to begin the management remarks.

Thank you, [indiscernible]. Hello, everyone, and thank you for joining us today. In addition to Lan Anh, our CFO, I'm very pleased to have Vuong Pham, Deputy CEO of Investment on the call with us today. This quarter impact marked a significant milestone. We became the first automobile brand in Vietnam to surpass 100,000 vehicle sales within the first 3 quarters of a single year. This follows 13 consecutive months, explanations by selling carmaker, underscoring our unrivaled leadership in the domestic automotive market.

Growth across our core international markets also continued to gain momentum. Before I go into the country update, I would like to start with the 3 key takeaways for this quarter. First of all, VinFast remains in growth mode, both at home and abroad. In the third quarter, we delivered 38,195 EVs, representing a 74% increase year-over-year and 7% quarter-over-quarter growth. For the first 9 months of 2025, VinFast delivered 110,362 EV to customers globally. -- representing 149% increase year-over-year. We remain on track for our 2025 guidance to at least double the volume.

We had 3 and 5 together contributed 47% of total deliveries, while the green series accounted for 25% of deliveries. We delivered 120,052 scooter and e-bike, representing a 535% increase year-over-year. and 73% quarter-over-quarter growth. The number of EV deliveries to related parties, including GSM, represents 26% of total deliveries. E-scooter deliveries to related parties, including GSM, accounted for less than 1% of total volume, reflecting overwhelming demand from retail consumers. The strong momentum in our e-scooters volume showcases the accelerated electric 2-wheelers following the announcement of a new policy to restrict gasoline motor life from entering central district in Hanoi and Ho time City, starting in late 2026.

In Vietnam, we are strengthening our leadership position by broadening our EV e-scooter lineup and deepening our presence in the B2B fleet channel. Internationally, we continue to expand our green mobility ecosystem, a key differentiator for Impact while growing our dealership network and introducing new products at each market matures. The second takeaway for this quarter is about investing in innovation, which is central to impact long-term competitiveness.

Our R&D investments are focused on 3 critical areas: vehicle platform, electrical and electronic architecture and autonomy. And we will share more details shortly on this exciting road map.. Last but not least, we are prioritizing top line growth through targeted investments while dealing cost rationalization as a disciplined medium-term priority. As I have shared before, finding the balance between growth and cost remains a long-term priority. This principle continues to guide our decisions as we invest in expansion and R&D in the near term to strengthen our foundation for the future.

Let me provide more color on this [indiscernible] remarks. Now let me go into the details update by market, starting with Vietnam. Based on aggregated data from Vietnam's automobile manufacturer association and domestic manufacturers. The auto industry reported a mixed result for the quarter with sales deepening in August due to a typhoon before rebounding in September. The industry delivered 94,593 passenger vehicles flat compared to Q3 2024 volumes, where [indiscernible] volumes grew 82% year-over-year during the same period.

During this quarter, we ramp up production of the B3 at the Hain factory and launched 2 new models, the limo Green, the 7 seater NPD received strong market response with over 2,000 units delivered in September. We also proudly delivered the LAKHOme-900LX fleet to the Ministry of Foreign Affan marking the first [indiscernible] EV certified to VPN [indiscernible], one of the most recognized international tenders for vehicle [indiscernible]. In our 2-wheeler segment, we continue to see strong momentum. As policies accelerate the phaseout of [indiscernible] motorbikes, consumers are looking to switch to electric two wheelers. In fact now offers the full product range of electric 2-wheelers from affordable models for students to premium options for professionals. 2 new exclude models with expanded range are planned for 2026.

[indiscernible], an affiliated charging company is expanding by structure nationwide. Now turning to our international market, starting with India. Our CD3 in Tamilnadu commenced operations this out turning with an initial local suppliers. We plan to further expand our local supplier network to enhance localization and strengthen the Make in India footprint of our vehicles. Sales in our first month in India exceeded our internal forecast, reflecting a decisive market degen and a stronger start than any of our previous [indiscernible] launches.

In October, VinFast [indiscernible] within the top 8 for EV registration in the country. As of September 13, we opened 20 dealer stores announcing financing partnerships with leading domestic banks and third-party as service network. Moving over to Indonesia, where the overall auto market declined about 11% year-over-year from January to September [indiscernible] EV sales perfectly to around 55,000 units, up from about 43,000 units a year ago. [indiscernible] Association recently and it's now right fit amongst the top 5 DEV brands year-to-date and 15 amongst the 45 automotives. Despite temporary disruption from the August protest, we have expanded our dealership network to 33 locations.

Year-to-date, VinFast has captured approximately 5% of Minonesia's BV market. Indonesia is the first market where we introduced our green mobility ecosystem in partnership with GSN an affiliated company. GSN now operates in 4 cities in Indonesia. I serve passenger Jakarta, can Hatta International Airport. With [indiscernible] using VinFast vehicles on the road and weekly emerging as the second largest charging network in Indonesia. We are strengthening awareness infra holistic offering and setting ourselves apart from other OEMs.

In the Philippines, we are capitalizing on this momentum with a stronger marketing push in the last quarter to build awareness around our core products to be [indiscernible]. We are introducing a digital value guarantee program this month and expanding our battery subscription model. These programs are unprecedented in the Philippines auto market. and we are proud to be pioneering such consumer first policies. [indiscernible] continues to grow in line with overall market. As of September 30, we had 32. As consumer confidence in impact growth, local enterprises are also embracing our green mobility vision. GSN Philippines has partnered with penta Motor to deploy [indiscernible] endorsements of our sustainable mobility model.

In the U.S., we opened our first dealership in California and aim to strengthen brand visibility across the U.S. by partnering with our dealer network. Through Joy participation in major events such as 5 Expo in Chicago, New York and Dallas, a key markets where our top dealers are based, we strengthened collaboration and amplify their local market presence. Planning also continues for our local manufacturing facility, which will support our long-term U.S. growth strategy.

Over in Europe, our debut at [indiscernible] were with marking an important milestone for VinFast entry into Europe commercial vehicle segment. Our EV [indiscernible] city bus already met UNECE and CE standards is now available for auto in Europe, while the more compact beat when they introduced at a later stage. The Middle East, we announced our strategic partnership with the Arabian Automobile Association to launch comprehensive posthire systems for minas customers across 6 countries in the region. Taking a step back, when we look at the progress that we have made across our international markets, we recognize that as a new engine, it will take time for both our brand and green mobility ecosystem to fully mature. From expanding our dealership network to improving charging accessibility through [indiscernible] and ensuring consumers benefit from the competitive total cost of ownership, we are executing our vision to make sustainable mobility accessible to everyone with deliberate thoughtfulness and discipline.

As we look ahead, innovation remains at the heart of our journey. With that, let me turn it over to Anh, who will share more about our exciting development and how these investments are shaping VinFast features.

Thank you, Madam Thuy Le. At VinFast Mobility Day held at Haifeng Automotive Factory on November 10, we unveiled our product innovation and R&D road map as we're investing in shaping the future of mobility in years to come. In 2026, Vinfast will offer 3 distinct brands. The first one, VinFast, comprised of smart EVs for everyday life designed for mainstream consumers who want reliability, safety, technology, attractive cost of ownership and best-in-class warranties. The Green series, EV solutions for commercial purpose and raise utilization for fleets.

And last but not least, the LAC Home Series, which is designed and catered to the altraluxury market that embodies Vietnam's hospitality, premium materials and quality craftsmanship. We're investing in the latest technologies to enhance customer experience and strengthen our competitiveness. VinFast is evolving its technology stack around 3 pillars: vehicle platform, architecture and autonomy. By increasing commonality and reducing components, our next-generation platform will be more cost efficient to produce and have more enhanced features. We are also reengineering our EE system into zonal architecture. All cost software will now be owned and controlled by Vincor suppliers to provide standardized hardware platforms.

The centralized computing hub, which is essentially a vehicle supercomputer enables rapid OTA updates faster feature deployment and consistent system stability. Finally, on autonomy, VinFast is taking a 2-step approach towards our ADAS, autonomous driving road map choosing to work collaboratively with external partners while strengthening our in-house capabilities. At Mobility Day, we unveiled a demo of our robotaxi project whose intelligence system utilizes low computing power and vision-only technology. This approach allows for lower hardware costs, higher energy efficiency and greater scalability.

Our vision is that Vinfast will be a multi-brand, full-line EV manufacturer, banning passenger, commercial and autonomous segments. We will move from building EVs to building an entire mobility ecosystem for everyone, everywhere. With VinFast still very much in its growth phase. Achieving our vision requires continued investment in R&D to strengthen our long-term competitiveness. There are still significant white space opportunities across our core markets, and our strategy remains to stay nimble and responsive to market dynamics, while creating the right conditions for sustained EV adoption over the long term.

With that, I will now hand it over to Lan Anh, who will walk you through the financial highlights for the quarter.

Thank you, [indiscernible]. I'd like to frame our financial results, winning the context of our 100,000 vehicle milestone, a significant achievement reaching at time. Now let me walk you through our results in more details. The company's strategy in Q3 2025 continued to focus on driving top line growth. As a result, total revenue was USD 719 million, representing a 47% year-over-year increase and 9% quarter-over-quarter. We entered Q4 2025, which shown on the backlog from the Green series.

Cost of goods sold for this quarter was USD 1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter, reflecting the continued ramp-up in deliveries. Gross margin was negative 56.2% in the third quarter of 2025 compared to negative 24% in third quarter of 2024 and negative 41.1% in the second quarter of 2025. Gross margin this quarter was primarily impacted by the recognition of cost of used for vehicles already delivered under customer contracts, while the revenue recognition will occur in the subsequent period. [indiscernible] was USD 176 million and reflects a timing difference rather than an economic loss.

We also recorded higher warranty costs in the U.S. and Europe as we ship it to third-party service workshops, excluding the impact mainly due to the line revenue recognition and NRV adjustments. Gross margin would have been negative 17.1%, an improvement from negative 20.8% in Q2 2025 and negative 27.3% in the same period last year. Turning to the operating expenses. R&D expenses were USD 106 million, an increase of 15% quarter-over-quarter and 28% year-over-year as we booked the development cost for the green series LHON and easy van and for models that we plan to launch on our new vehicle platform in 2026.

As a percentage of revenue, our R&D in Q3 2025 was 15% marking the fit consecutive quarter where this is under 20%. Our existing models will undergo a technology refresh on the new vehicle platforms which will drive additional R&D in 2026. SG&A expenses for the quarter was USD 172 million an increase of 27% quarter-over-quarter and 25% year-over-year. The higher SG&A expense was due to an impairment charge of USD 49 million that we booked for the battery project [indiscernible] close of our D2C showrooms in the U.S. and Europe.

Adjusted EBITDA, which excludes net loss from financial instruments was negative USD 576 million, and adjusted EBITDA margin was negative [indiscernible] excluding the impact mainly due to the delayed revenue recognition and reassessment adjusted EBITDA margin would have been negative 33.1% compared to the negative 44.9% in the same period last year. Net loss for this quarter was similarly impacted. Net loss was negative USD 953 million, and net loss margin was negative 132.7%. Excluding the impact mainly due to delay revenue recognition and [indiscernible], Net loss was negative [indiscernible] compared to negative [indiscernible] in the same period last year. CapEx for this quarter was USD 261 million, an increase of 24% quarter-over-quarter and 108% year-over-year driven by CapEx for the new factories overseas and for the expansion in Vietnam.

Finally, an update on our liquidity and the previously announced RAN and borrowing commitment in late 2024. As of 30th of September, Vinfast outstanding borrowing from Wingo under this commitment was USD 460 million. The company received a total of USD 1.1 billion, this percent from the our folder person to the ground agreement. Our total available liquidity as of 30 September is USD 3.7 billion, which reflects cash proceeds from the Novitex spin-off transaction, [indiscernible] commitment from Vingroup, our [indiscernible] and e-lock facility.

Operator, let's open for Q&A.

[Operator Instructions] Our first question comes from the line of Anand Balaji from Kanto FitzGerald.

This is Anand on for Andres Sheppard at Cantor. Congrats on the quarter. So I just wanted to start with some autonomy items from the Mobility Day a couple of weeks ago. So I was wondering maybe what's your expected time line and cost expectations for developing your autonomy stack. Last we spoke, there's a lack of formal regulatory framework in Vietnam for EV. So what are the potential gating factors for this?

While we we developed both the autonomy back mostly internally as well as leveraging other suppliers. So I think next -- the plan for launching is next year in 2026 for the low-cost version for like Bobo Taxi in our Indigo ecosystem in we development probably around 2028.

Got you. And for the second question, I was wondering if you could refresh us on your capital needs and potentially when are you guys targeting a positive gross margin. If we could just get a little color on your trajectory on that front.

Well, I think as of now, we have our total liquidity is like $3.7 billion at the end of the quarter. So we're good for another 18 months based on our current projections. Yes. And so right now, we're keeping our head down to execute on our operational milestones, and we wait for the market to be better for EV.

Our next question comes from the line of James McIlree from Chardan Capital Markets.

I was -- can you help me understand the percent of sales in Q4 you think are reasonable to come from outside of Vietnam. That is in the first 3 quarters, it's been 90% to 95% of the vehicle sales in Vietnam and the question is, is that likely to continue in Q4? Or is there a larger contribution from non-Vietnamese locations in Q4?

Jim, [indiscernible] you. I think in Q4, you will see a little bit more from outside of Vietnam. Proportionately a little bit more from outside of Vietnam than in the first 3 quarters. The ramp-up will be mostly come from India, a little bit from Indonesia and some smaller relative data from U.S. Europe as well. It takes time for our overseas market to [indiscernible] take a few more months to -- for manufacturing for for the whole organization to quit to function [indiscernible] seamlessly, but it's coming. You're going to see maybe your portion next year coming from overseas months.

Okay. Appreciate that. And secondly, it was mentioned that there would be an increased R&D in order to support the new platform. I was hoping you could help me understand how much that increase might be? Are we talking a 5% increase over current levels, a 20% increase over current levels. I'm just trying to get a feel for how big that increase might be.

So I think Lan Anh will give you a little bit more specifics. But basically, I think this year, we have to spend about $1.6 billion in the CapEx and R&D. And we have spent about N1.1 billion in the first 3 quarters. over 35% is capitalized and for the new models and products like uplift refreshes and over 65% is to build the CKD facility in -- across Asia in [indiscernible], in Vietnam, India and Indonesia. And I think most of -- for the new platform, most of it has been spent so far. This makes like -- we already launched the new platform on the Limonand we started rolling out on 2 other models in 2026. So most of the spending [indiscernible].

Lan Anh, you want to go further into details.

Yes. So for the R&D for the new platform that we focus in 2025 to 36 million and the spend for R&D is expected to noise from 2027. And actually, for the flexible payment timing, we cannot manage the pace of spending to ensure about the target to launch the new platform also improved for the loan cost optimization.

You're talking about [indiscernible] cost optimization. That's actually a very good point to some of the vehicles, right? The one cost can be reduced by the 20%. So really, I mean, the investment is [indiscernible].

Okay. And one more, if I might. When we think about the new platform in 2026, can you give us an idea about how many of the units might come from the new platform.

How many units per year, how many units which vehicle.

As a percent of sales for 2026, what percent of sales will come from the new platform?

Pretty much Asia when all come from the new platform pretty much. I think probably around 80% would come from later 70%, 80%, and then the rest of our platform. But at the beginning of the year, they all roll out gradually in the new year. So at the beginning of the year, there will still be legacy platform. And then is that pulling out 1 by 1 in the maybe a little bit positive what we something.

There are currently no more questions from the phone line. Please continue.

Thank you. We have the first question from the webcast audience as more dealerships closed in the U.S. as our minicars plans for long-term support. Minami, if you like to take the question?

Well, we -- realistically, we're waiting for the new platforms to be developed to to roll out in like North America and Europe to together to profitability. So we're not going to -- given the in the U.S. given the tariff situation. And the instability in the EV market. We just need to see how that settles before we kind of push hard in the U.S. So there would only be like this year and maybe next year as well, there would only be a certain number of vehicles that we can share across the duress. So we -- of course, we we would like our -- the dealerships that are committed to us to be profitable and have enough vehicles to get to profitability quickly. So I think until we see some growth and stability in the U.S. market.

We don't intend to open ship is that we cultivate the relationship with the existing pillars and make sure that they can get to profitability faster.

We have the next question from the webcast. Why did loss per car increase Q-over-Q in Q3 despite surge in volume? What should we expect for loss of car in October and Q4. Ms. Lan Anh, would you like to take the question?

Yes. For the high loss for this quarter, that's primarily due to the certain orders that we already delivered the -- our betas, but yet recognized as revenue. Even though the related growth like our vehicle transfer our stock, -- that's because for the revenue recognition in line with the accounting standards. So we get recognized as revenue. So the revenue is expected to be recognized for the -- in the subsequent period. So on an adjusted basis, excluding these orders, the results show a slightly a slight improvement compared to the previous quarter.

We have the next question from the webcast. Please provide 2026 guidance for [indiscernible] delivery volumes and EBITDA expectations.

So we plan to release our 2020 guidance only next year. And we expect that we maintain a strong growth trajectory in 2026. Because we prioritize volume expansion to reach the economies of skills.

We have the next question from the webcast. Do you plan to introduce a hybrid model? And when will we launch, [indiscernible] you should like to take the question?

Well, as an integration-driven company, our RME team continuously explore advanced technologies, including powertrain solutions, to enhance product performance and deliver superior customer experience. So today, our core team strategy remains focused on fully EV. The decision to launch any new product undergoes rigorous testing and commercial validation, and we'll only do so once these standards have been fully met. At the moment, we're not working on any hybrid in the R&D plant.

We have the next question from the webcast. You mentioned a solid order backlog going into Q4, which models are seeing the strongest demand within that backlog? And are you on track for 2025 targets.

So as mid-October, we are seeing a very strong order backlog from the Green series, particularly the Remo, the new EV 7 seater and the [indiscernible] green which together make up about 50% of our total backlog. So we kept deliver enough vehicles to meet our backlog. In October, deliveries in Vietnam surpassed 20,000 units, making Vista support brands in the country to sell more than 20,000 cars in a single month. And in Vietnam alone, we have cumulatively delivered over 120,000 EVs. We remain positive about our 2025 guidance. And I think we are going to have -- we're reaching a 30,000 vehicle delivery per month. So that's [indiscernible].

We have the next question from the webcast. Regarding the cooperation agreement with Saigon Gray, what is the rationale for entering into a [indiscernible] development where cash flow should be focused on vehicle production, are there any near-term plans to enter other real estate projects or partner with [indiscernible].

While our core priority remains VP innovation and driving costs down and the technology refresh program is fully funded with the cash that [indiscernible] mentioned earlier. -- and the liquidity that we secured for the next few years. The investment cooperation that Ventas recently entered into is a 5-year passive investment under which Vinta may contribute up to around USD 800 million in C&D equivalent, while our partners provide development rights and expertise. The investment assures full capital recovery of the investment amount of around up to $800 million, million at maturity, generating a committed pretax profit of approximately above USD 830 million, subject to the full amount of committed investments being invested.

The capital contribution is supported by unused funds or spare liquidity to the extent that it has not been been used. And the disbursement of capital is expected to be in line with the implementation progress of the invested project without materially affecting operating cash flow or global EV manufacturing and expansion plans of impact.

We have the next question from the webcast. Will ASP need to be much lower compared to Q3 in order to achieve '25 volume guidance?

So far in 2025, our ASP has been weighted towards our more portion models. So for the full year, we expect that the S3 5 to make up just under 50% of total deliveries. So for the rest of the year, and I'm hoping you [indiscernible] our current sales bank point to more like balanced mix [indiscernible] on one side and the green series along with the [indiscernible] saving on the other, especially at being ramping deliveries for India. So for ASP, we're assuming it remains roughly flat in the coming periods. The hydro ASP from the [indiscernible] is expected to be offset by the slightly lower from the green series.

We have the next question from the webcast. Could you give us an update on the production ramp-up at [indiscernible]?

There has been in factory, it's ramping up very well. It is currently producing 15 jobs per hour compared to the maximum of 35 jobs per hour. We've shifted production of our smaller models from Hitoshi as well, and the plant has already produced several thousand via 3 units in the third quarter as part of its ramp-up. Looking ahead halting will be the main production site for the Minow, VSI and the EC band.

We have the next question from the webcast. As you look into 2026, which markets or product lines will be interested growth driver.

Well, in 2026, we expect more contribution as the green series scale more. and the new VF-67 platform will come online. These products are designed to be more competitive, both from the cost as well as market perspective. So the contribution should build steadily as we move through 2026 and into 2027. Across our international footprint, we anticipate no meaningful volumes coming from India, Indonesia and the Philippines as we explain the lineup in each of the markets. Vietnam will remain in our anchor market in the near term. For the next year, we expect Vietnam to account for roughly 70% to 80% of total deliveries. With the balance coming from international markets as they continue to go up.

We have the next question from the webcast. Healthy battery costs tracking in the past few quarters? How is it expected to trend in the upcoming quarters?

I think the battery costs have continued to decline quarter-over-quarter expanding the downward trajectory established in 2024. On the average, we have seen battery prices come down by approximately 10% or 12% year-over-year across various models. We are transitioning to a new more cost-efficient battery generation underpinned by our suppliers of technology advancement that mean meaningfully lower unit cost -- and also, we expect like further cost optimization going forward, driven by continued improvements in very technology and manufacturing efficiency.

We have the next question from the webcast. Further sharing regarding the new lines of [indiscernible] you mentioned 3 brands. Can you share the philosophy around that? And what is the fee percentage for each line brand to contribute.

Thank you. I think, first of all, it is still a little bit early for us to break out the expected financial contribution from each brand. The primary objective behind establishing the 3 brands is really to sharpen our customer segmentation, ensuring that each brand has a clearly defined audience and purpose with a portfolio that spans more than a dozen models, creating [indiscernible] brand spaces help our customers immediately understand what each line represents and which use case are the brands serve. Strong brand segmentation also allows us to fine-tune pricing strategies, tailor our marketing messages and run more targeted campaigns for each customer group.

It helps us to optimize our product road map and go-to-market approach by reducing overlap and minimizing cannibalization between brands. Over time, as the brand architecture matures and our market scale, we'll also have better visibility to comment on individual brand contribution towards our top line and bottomline.

We have the next question from the webcast. [indiscernible] VinFast and big green planning to accelerate the rollout of its battery swap network for E-scooters.

Okay. So we do plan to leverage the strategic partnership to accelerate the rollout of batteries suffering for the scooter in Vietnam. So we're doing is working with the really large retail organizations in Vietnam, like [indiscernible] retail, the life side electronic retail network with detailed [indiscernible] to allow us to put the [indiscernible] at the shop locations, colocate shopping station with the postal and distribution hubs for [indiscernible]. So this not only gives us access to large high traffic site, but also create synergies with existing delivery and shipping fleet to scale even faster, you could explore franchise, our revenue-sharing model that we did with the EV battery EV charging stations. And we expect that the corporation as well as the rollout of the battery stopping location to increase very quickly, especially now that in major cities in Vietnam, like in Hanoi 2 cities for mid-2026, was the 2-wheeler internal combustion engine 2-wheelers [indiscernible] allowed in central locations.

Yes. Thank you, Madam, Thuy Le. And on that topic, we also have another question your 2-wheeler business has delivered exceptional volume growth this year. And we have seen at least 1 major legacy competitor publicly acknowledge the impact that recent government policies have had on the sales. VinFast appears to be one of the clearest beneficiaries of this policy to ship towards encouraging electric 2-wheelers with these tailwinds in place, how are you thinking about the outlook for two-wheeler business in 2026?

I think in 2026, we -- the two-wheeler business for VinFast will grow at an accelerated level. Demonstrative of the ongoing electrification amikacin and policy towing Indietnam. While we have not provided the guidance for two-wheeler business, yes, this has been continuously increasing our production in response to the market opportunities and remain optimistic about the outlook for this market segment. This year is the first time we have seen two-wheeler volumes outpaced four-wheelers in our business. And this segment contribution to overall revenue is still under 10%.

So next year, it's going to be a big year for 2 wheelers in Vietnam and together sale. So I mean we target like 1.5 million 2-wheelers in deliveries in 2026. -- in Vietnam loan. So about 50% of the total new sales in Vietnam. So that is our target. And we will start rolling out in -- I think, earlier in the year, in Indonesia, in the Philippines and later in the year in India and maybe other markets as well. So it's going to be next year, it to be a good year for [indiscernible].

Thank you. And we have the next question from the webcast. How do you view Vinfast international markets in terms of near-term profitability versus long-term ecosystem development?

Thank you. Well, first of all, we past does not disclose profitability on a market-by-market basis. As with most global OEMs, the development of our ecosystem in new international markets will take time to reach scale and mature as what Madam Tree has explained a little bit earlier on this call. It's important to underscore that we manage profitability at the enterprise level, reflecting the full portfolio of products, regions and ecosystem services rather than evaluating performance by individual model or individual geography.

Thank you, Ms. Ann. We have the next question from the webcast. Can you provide a little bit of update on the North Carolina facilities?

Let's still not change our plan to head our North Carolina facility, SOP by 2028, and we will provide more updates on the assumption of construction in 2026.

We have the next question from the webcast. Can you please break down the liquidity runway that the company has continued to implement its strategy over the next 12 months. Ms. Lan Anh, would I like to take the question?

So for the -- our total liquidity as of the 30th of September, 2025 is USD 3.7 billion providing us with like approximately 18 months of runway of support operations and [indiscernible] -- so like for the cash and cash equivalents, we had the USD 349 million. We have the -- like the USD 930 million of the fundraising commitment from vehicle at USD 137 million from the [indiscernible] and the remaining from like the ELO activity and also for the announced competitive Novatec speed up transaction.

We have the next question from are new dealerships currently in the pipeline do plan to open in California. Madame Thuy Le [indiscernible].

Yes. We are exploring a few dealership candidates in California right now with the opening of the dealership post sells in San Diego in August. Right now, we still have 2 or 3 territory opened in California for applications. And in California accounts for about 45% of the EV sales in the whole U.S. So we can't -- we need strong pricing in [indiscernible].

On the U.S. topic, we have the next question from the webcast. How much inventory does VinFast have in the U.S.? And do you expect to sell in the U.S. in 2026.

So VinFast has practically reached [indiscernible] vehicles to the U.S. before the -- before April 20. The remaining stock is still sufficient for a few months of sales and we are planning new shipments to the U.S. as well.

Thank you, Madam Thuy Le. Thank you, Ms. Lan Anh and Ms. Vuong Pham. That's all the questions we get from the webcast today. Thank you, everyone, for attending. Operator, back to you.

Thank you. Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

Good day, and thank you for standing by. Welcome to VinFast Second Quarter 2025 Financial Results and Q&A Webcast. [Operator Instructions] Please be advised that today's conference is being recorded.

I'd now like to hand the conference over to your first speaker, Ms. Amandae Baey, Vice President of Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to VinFast Quarterly Earnings Call. Joining me today are Chairwoman of the Board, Madam Thuy Le; and our CFO, Ms. Lan Anh Nguyen.

Before I turn the call over to Madam Thuy Le, let me remind you that some of the statements on this call include forward-looking statements under federal securities law. These include, without limitation, statements regarding the future financial and operating outlook, guidance, macroeconomics, industry trends, company initiatives and other future events. These statements are based on the predictions and expectations as of today. Actual events or results may differ due to a number of risks and uncertainties. We refer you to the cautionary language and respective in our most recent filings with the U.S. SEC.

In addition, management will refer to non-GAAP financials during this call. A discussion of why we use non-GAAP and the information regarding the reconciliation of our non-GAAP versus GAAP financials is available in the press release that we issued this morning.

With that, I would like to invite Madam Thuy to start with the management remarks.

Good morning, everyone, and thank you for joining us today. It has been a while since we last spoke. I would like to begin with 3 important takeaways on the second quarter. First, our home market, Vietnam, remains a pillar of strength, [ happening ] to drive another robust quarter. We ended Q2 with delivery growth of 172% year-over-year and revenue growth of 92% year-over-year. We are on track to achieve our 2025 delivery target, which is to at least double what we deliver in 2024.

Second, we remain focused on international expansion with a strategy anchored around products, markets and manufacturing. Our manufacturing capacity has expanded with the inauguration of 2 new factories in Vietnam and India, making significant progress in doubling our design capacity. At the same time, we continue to invest in R&D for our next-generation vehicle platform.

Finally, our financial position has been strengthened with the spin off of our completed R&D assets and we continue to be back by our -- and parent company.

Before diving into the specifics, I would like to take a step back and look at the global EV landscape. Macroeconomic headwinds and evolving regulations have introduced greater uncertainties in some markets, while in others, supported policies, accelerating adoption and intensifying competition. VinFast is not immune to these changes, but our long-term vision remains firmly intact. That is to be a global leader in electric mobility. We continue to see strong momentum in our business, supported by the expansion of our green mobility ecosystem internationally and regulatory tailwinds driving EV adoption in our home market. To capture these opportunities, we are making deliberate investment in R&D and customer incentives to drive adoption. These are strategic choices to reinforce our long-term position in core markets.

With that, let me begin with our delivery recap before moving to key market updates. First, let's look at EVs. In Q2, we delivered 35,837 units, representing 172% increase year-over-year. Over the first half of 2025, we delivered 72,167 units, representing a 223% increase year-over-year. VF 3 and VF 5 continue to be the company's 2 best-selling models in the second quarter of 2025, contributing 61% of total deliveries. VF 6 model [indiscernible] contributing 12% of total deliveries. Deliveries from the Green series, which include our electric A and C segments SUV accounted for 15% of total deliveries during the quarter. Our EV deliveries to related parties, which include GSM and others, accounted for 22% of Q2 delivery. Most importantly, our B2C deliveries have now accounted for over 70% of total deliveries for 4 consecutive quarters through Q2 2025.

About E-scooters and electric bike, we deliver 69,580 units in Q2, marking a 55% rise quarter-over-quarter and 432% increase year-over-year. Accumulatively, in the first half of 2025, we delivered 114,484 units, marking 447% increase year-over-year. The incredible growth in the 2-wheeler business was bolstered by favorable government policies to further accelerate EV adoption, which I will elaborate further later on, along with VinFast ongoing efforts to support this transition as an early mover in green mobility. As of June 30, we had 394 showrooms globally and provided customers with access to over 1 million charging points across our markets.

Now let's turn into market updates, starting with Vietnam. Vietnam auto market grew rapidly in the first half of 2025 with deliveries rising 1.6x year-over-year to 254,794 units driven by surge in EV demand. VinFast outpaced the market with 3.4x volume growth in 67,569 units more than the combined delivery of the next 2 players. We have maintained our #1 position in Vietnam since September 2024. Three of the 5 best-selling models in the country during the first half of 2025 were VinFast EVs, including our VF 6, our [ V ] segment electric SUV, which has maintained strong, consistent momentum with monthly deliveries exceeding 1,000 units throughout the first half of the year.

Policy momentum is also accelerating EV adoption as Vietnam's goal is to have 30% of cash in circulation to be electric by 2030 and 100% of [ cars and taxi ] to be electric by 2050. VinFast is at the heart of this ambitious core. Since 2022, EV-friendly incentive, including lower special consumption tax for EVs, registration fee expansion until 2027 and 0% import duty on green auto part have been implemented. In second quarter 2025, Hanoi and Ho Chi Minh City have announced plans to phase out gasoline motorbikes in the urban areas, further accelerating the shift to electrification. Together with public private investment in charging infrastructure, Vietnam is merging as one of the most ambitious EV adopters in Southeast Asia with EV penetration already around 30% as of June 2025.

We are also making strong progress in B2B electrification. In fact -- GSM have partnered with nearly all major taxi operators to convert their fleet to EVs, a strong endorsement of our vehicle technology and long-term vision. Bringing this all together, VinFast has set a flywheel in motion. Consumer education, attractive EV and e-scooter offering and our green mobility ecosystem are working in tandem with supportive regulations to accelerate electrification in Vietnam. The same model underpins our international expansion strategy. The opportunity in our key Asian markets is compelling, growing middle class, low vehicle ownership rates and even lower EV penetration with broadly similar socioeconomic conditions, this market are prime for EV adoption.

Let's start with India. We opened for [indiscernible] booking of our VF 6 VF 7 in mid-July, followed by the inauguration of our CKD manufacturing facility in Terminal -- this August, marking a significant milestone in our entry into Indian market. VinFast India has 5 strategic agreements with [ 3 ] dealership groups to launch [indiscernible] across [ 2 cities ]. This partner was carefully selected to deliver full-service 3S support, sales, service and spare parts, in line with our customer-first philosophy. As an early pure player EV [ engine ] in India, we are taking a disciplined approach. Initial volumes are expected to be modest as we focus on delivering strong customer satisfaction and protecting dealer profitability in a competitive market.

Moving on to Southeast Asia. We continue to deepen our presence in expanding our Green mobility ecosystem and product lineup to offer more choices to consumer. In Indonesia, our affiliate [indiscernible] is deploying charging port together with 4 partners. And in the Philippines, V-GREEN and GSM have signed an MOU with [ Miramco ], the Philippines' largest power distribution company to co-develop charging stations and technical expertise -- Indonesia contributed approximately 5% of our total EV deliveries in the quarter, reflecting an early momentum in one of Southeast Asia's most promising market. The VF 3 model recently awarded the best [indiscernible] city car at the Indonesia International Motor Show represented 35% of our deliveries in the country. The vehicle is demonstrating a strong initial traction and it's beginning to attract consumers more established brand in the compact EV segment.

To make EV even more accessible to Indonesian consumer, VinFast is offering a suite of competitive incentives, including free charging, attractive financing rate and a resale value guarantee up to 90%. As of June 30, we have 24 showrooms in Indonesia, alongside with an authorized service network operated by local partners. Underscoring our long-term commitment to Indonesian market, VinFast has joined the country's leading automotive industry association.

On the manufacturing front, our CKD facility in [ Subang ] is on track for technical SOP by the end of 2025. During the quarter, GSM Indonesia has also been scaling rapidly with plans to expand its fleet and broaden its footprint into new cities. The business announced a strategic partnership with [ Goshua ], Indonesia's second largest ride-hailing platform, the move that significantly enhance our visibility and reach in the country. We expect this increased exposure and ecosystem [indiscernible] to drive B2C adoption, laying the groundwork for long-term consumer growth.

Moving on to the Philippines. Electrification has largely been driven by the adoption of hybrids with battery electric vehicles through representing a smaller but increasingly significant portion of the market. According to data from the Automotive Industry Association [ Campaign ] for the first 6 months, electrify vehicle sales stood at 13,419 units, of which battery electric vehicles account for 2,439 units in the first half 2025. VinFast [indiscernible] capturing an estimated 25% market share in the battery electric vehicle segment. Again, thanks to the VF 3 whose unique design and attractive pricing appeal to Filipino consumers.

A key part to our sales strategy is to focus on the fleet sales opportunity to last corporate. While it is still early days for our expansion in the Philippines, we believe that Filipino consumers will increasingly recognize the strength of our value proposition as we introduce our model alongside with GSM fleet expansion. GSM is disrupting the traditional taxi industry by becoming the first fully foreign-owned company to upgrade taxis in the Philippines, starting with a fleet of 500 EVs. We've seen strong initial consumer interest in trying GSM. And our sales team is actively looking to convert the enthusiasm into long-term B2C sales by turning ridehailing passengers into VinFast owners.

I'll move on to North America and Europe. We are continuingly [ to rightsize ] our operational footprint following the strategic transition from direct-to-consumer to a dealer-led distribution model. In August, our first third-party dealership opened in California and we continue to focus on offering the best value in the market. In Europe, we expect to make our e-bus [indiscernible] at [indiscernible] Brussel in October where we will showcase 2 e-bus models. Our brand reputation is enhanced by customer testimony and word-of-mouth recommendation. We want to thank our dealer partners and customers for trusting us throughout this transition period. As of June 30, we have 30 showrooms in North America and Europe with over 80% of that being dealer showroom.

Turning into manufacturing and R&D activities in Vietnam, which are essential to our long-term competitiveness. In June, we inaugurated our second factory in Vietnam located in Ha Tinh central Vietnam, completing construction and installation in under 7 months, one of the fastest built auto plant in the world. The facility had an initial design capacity of up to 200,000 vehicles per year and we'll focus on compact urban EVs. It is also expected to attract suppliers to the zone, supporting our goal of reaching over 80% localization by 2026. Our innovation, the LIMOGREEN [ MPV ] which is our first model and one of the next-generation vehicle platform with [indiscernible] [ EE ] architecture was delivered to customers in early August. [indiscernible], with a diversified and evolving product portfolio, strengthen manufacturing base and next-generation platform, VinFast is well positioned to meet diverse customer needs and accelerate the adoption of electric mobility globally.

Before I hand it over to our CFO Lan Anh, I want to briefly explain the strategic spin-off of completed asset that we announced in August. VinFast transfer portfolio of completed R&D asset into a new entity, [ Novatech ], which our founder, Mr. [indiscernible] agreed to acquire for $1.6 billion in cash. The transaction is expected to close in Q3 and highlight Mr. [indiscernible] continued commitment to support in VinFast's long-term growth. VinFast will maintain access to all technologies transferred through licensing agreements, ensuring continuity in our innovation and product development road map.

Now let me turn it over to Lan Anh for her remarks and discussions on financial.

Thank you, Madam Thuy, and hello, everyone. As Madam Thuy explained, we see tremendous opportunities in our core Asian markets underpinned by raising consumer [ agreements ] and supportive government policies for electrification. To capture this momentum, we are accelerating our investments in promotion campaigns and customer incentives. These initiatives are essential to building long-term brand equity and market share. At the same time, we remain committed to investing in R&D to advance our product road map.

Now let me walk you through our results in more detail. The company's [indiscernible] in Q2 2025 continued to focus on driving top line growth. As a result, total revenue reported USD 663 million, representing a 92% year-over-year increase and a 2% quarter-over-quarter gain, driven by an increasing EV sales volume in Vietnam. [ Within ] our product portfolio, the VF 3 sustained its strong momentum, emerging as the best-selling car in Vietnam's auto market during the first half of 2025. Our second best seller, the VF 5 delivered a solid 35% year-over-year increase in the sales volume, while the VF 6, [ our raising ] electric [ V-SUV ] posted an impressive 297% year-over-year growth. Cost of goods sold for the quarter was USD 935 million, an increase of 66% year-over-year and 6% quarter-over-quarter, reflecting the continued ramp-up in deliveries. Gross margin was negative 41% in the second quarter 2025 compared to negative 63% in the second quarter of 2024, a negative 35% in the first quarter of 2025. The improvement in gross margin over the second quarter of 2024 was attributed to increased sales and improved costs. The decrease in gross margin compared to the first quarter of 2025 was primarily driven by the higher warranty provision risk, an increase in cost of vehicles sold, excluding sales reduction relating to free charging program, [ NRV ] and other. Gross margin was minus 20.9% in Q2 2025 compared to minus 19.3% in Q1 2025 and minus 33.7% in Q2 2024.

Moving on to operating expenses. R&D expenses were USD 93 million, decreased 12% year-over-year and increased 15% quarter-over-quarter. The decrease in R&D costs compared to the second quarter of 2024 was primarily due to a reduction in engineering and development costs. As VinFast has completed the product development in our work on multiple models in the previous year, the increase in R&D costs compared to the first quarter of 2025 was attributable to R&D costs in relation to its new models, such as the GREEN series and [ EASY ] van. As noted previously, our existing models will undergo a technology refresh on the new vehicle platforms [indiscernible] will drive additional R&D over the next 12 months. As a percentage of revenue, R&D in Q2 2025 was [indiscernible], an improvement from 31% in Q2 2024.

SG&A expenses for the quarter was USD 136 million, decreased 11% year-over-year and 9% quarter-over-quarter. The decrease over the second quarter of 2024 was driven by no additional impairment charge being required for the [ Maari ] production lines. The decrease compared to the first quarter of 2025 was due to lower impairment charges for battery leasing activities. As a percentage of revenue, SG&A improved to 20% compared with the 23% in Q1 2025 and 44% in Q2 2024.

Adjusted EBITDA, which excludes net loss on financial instruments at fair value through profit and loss for the second quarter of 2025 was minus USD 419 million with an EBITDA margin of minus 63% compared to minus 56% in Q1 2025 and minus 123% in Q2 2024. The improvement from minus 123% in the same period last year reflects benefits from increased scale. Net loss for the quarter was minus USD 812 million with a net loss margin of minus 122% compared to minus 109% in the first quarter of 2025.

Now turning to the CapEx and cash flow. CapEx for the quarter was USD 212 million, an increase of 46% quarter-over-quarter and 102% year-over-year, driven by the incurred CapEx for the new [ plants ]. Operating cash flow for the quarter was minus USD 463 million compared to the minus USD 314 million in Q2 2024 and minus USD 602 million in Q1 2025. On a sequential basis, the improvement in cash flow from operations was due to improvements in net working capital. In Q1 2025, we recorded [indiscernible] changes in inventories due to stocking up ahead of the Lunar New Year in Asia.

In terms of cash flow efficiency, our cash burn in Q2 2025 was equivalent to the 101% of revenue compared to 116% in the same period last year.

Finally, an update on our liquidity and the previously announced grant and borrowings commitment in late 2024. As of the 30th of June 2025, VinFast outstanding borrowings from Vingroup under this commitment was USD 1.2 billion. The company received a total of USD 1.1 billion disbursement from [indiscernible] agreement. Our total liquidity as of 30th of June is USD 4.2 million, which reflects cash and cash equivalents compared with the USD 1.6 billion expected cash proceeds from the recently announced completed R&D access spin-off [ reduction ]. The remainder of the fundraising commitment from Vingroup and our founder and [indiscernible] facility.

Operator, let's open for Q&A.

Thank you. We will now begin the question-and-answer session. [Operator Instructions] We will now take our first question from the line of Andres Sheppard from Cantor Fitzgerald.

Madam Thuy, just curious if you can maybe give us a little more color on the cost discipline efforts that you're putting in place. I noticed that margin came a little bit below the previous quarters. For this time, how should we think about that cost discipline for the second half of the year and into next year? Particularly, how should we think about gross margins and blended ASPs for the second half and into next year?

Nice talking to you again. Well, I think on the -- over the past few quarters, as you can see, we delivered meaningful [indiscernible] cost savings. So like a 16% reduction in [ Q4 2024 ] and another 11% in Q1 2025. In Q2 2025, the mix was more concentrated on models like VF 3, VF 5 and [ VF E34, ] with the most optimization that has already been realized. So further savings this quarter were more limited until we move on to the new platform. So looking ahead, we see a greater potential in upcoming versions, VF 6 and VF 7. This will be [ produced ] on our new vehicle platform as we talked about it before, which will benefit more from the optimized design and in-house battery production and deeper collaboration with suppliers.

So yes, while the higher volume certainly give us more leverage on pricing, our cost efficiency don't just come from just [ scale ]. They've been driven by technology innovation, long-term partnerships with the suppliers and just other factors to improve on the [indiscernible] costs as well. So depending on the mix, it could be different quarter from quarter.

Got it. Okay. That's super helpful. And just as maybe a quick follow-up. So you've reaffirmed your outlook to more than double sales this year versus last year, which was just great to see. Just curious if you can maybe help us understand where is the second half growth going to be coming from primarily? Is it continued penetration in Vietnam? Or is it India, Indonesia, Philippines? How should we think about that growth for the second half?

So we're very confident we're on track to hit our 200,000 unit delivery target. Historically, the first half of the year makes up less than 30% of annual volume. And as you recall, last year, it was only, I think, like 22% of 2024 volumes. This is largely because of seasonality in Vietnam where the consumers tend to holdback [ big-ticket ] purchases earlier in the year. But even with that seasonality, our growth has been strong this year versus last year. And looking forward, we expect a significant ramp up in the second half, supported by a few key drivers and continue very robust demand in Vietnam, a stronger dealer and aftersales network internationally and also the rollout of charging infrastructure, new model launches like VF 6, VF 7 as well as a growing fleet, fleet sells to like GSM and other transport operator.

On top of that, we will be expanding our GREEN series with a model like more LIMOGREEN, [indiscernible] and other [ EC ] brands, and we are seeing quite a lot of demand for this -- for the GREEN series as well.

Excellent. That's great. Congrats on the quarter. We'll pass it on.

Thank you. There are no further questions from the phone lines at this time. I'll hand back to the room for questions on the webcast.

Thank you, operator. We have a question from the webcast. Could you elaborate on the next impact -- on the impact of next-generation platforms on margin improvement and help quantify the contribution? Ms. Lan Anh will answer this question.

Yes. In August, we delivered the first LIMOGREEN, our new entrant into the MPV segment with novel vehicle platform and the [indiscernible] architecture. The feedback so far has been positive. And due to the recency of the product launch, we are in a position to disclose the margin impact. However, the next-generation eco-platform are expected to drive meaningful cost savings like Madam Thuy just mentioned. Moreover, it also drives a significant improvement in customer experience. The [ OTA ] update time is cut from hours to less than 1 hour, a bit more reliable remote updates via high-speed Internet protocol linking key components. We are also working on the new vehicles in the pilot to hit the market in the coming months, such as like Minio GREEN and [indiscernible]. Thank you.

We have the next online question. Please give more color on the impact on gross margins in Q2, specifically on the higher warranty provision rates and the increase in the cost of vehicles sold for which revenue has been deferred. Ms. Lan Anh, would you like to take this question?

Yes. To recover our gross margin was negative 41% in Q2 2025 compared to the negative 35% in Q1. However, if we exclude sales reduction related to the [ fee ] driving program, the impact of NRV, the cost vehicles sold for which revenue has been deferred and other provisions, gross margin was minus 20.9% in the Q2 2025 compared to the minus 19.3% in the Q1 2025. The higher warranty provision during the period is typically, I mean, in the early years of the [ ports ] production generation, we expect this to go down and align with the industry benchmarks as our product major. We recognize a cost of goods sold for a small number of vehicles already delivered under customer contracts. While the revenue recognition will occur in the subsequent period once contractual acceptance milestones are met, this accounting treatment reflects a timing difference rather than an economic loss.

Hi, operator, can we check if there are any questions on the line?

We currently have no further questions from the phone line. [Operator Instructions]

Thank you, operator. Our next question is regarding our eb E-bus business. Can you share your plans for the E-bus business? And should we expect the overseas E-bus business to be a meaningful driver for VinFast? Madam Thuy, will you take this, please?

So last quarter, we shared that we plan to expand VinFast E-bus presence into Asia and Europe. I'm happy to announce that we [indiscernible] new person to have E-bus business in North America. We have since received a lot of inbound interest from international partners, which reflects the attractiveness of our products. That said, our overseas E-bus strategy is still in early stage, and we haven't disclosed any specific targets here. This year will be mostly starting the business. But as an update, we will debut 2 E-bus model for European markets at the [ Busworld ] Brussels. So the press conference will be on October 4, 2025. Please help us spread the word out, if you can. And I think we're starting with the European market because it's particularly very promising for us as well. But looking ahead, we think that E-bus business will evolve as part of our broader GREEN mobility strategy. And we'd be happy to report more in the coming quarters.

Thank you, Madam Thuy. Our next question is regarding E-scooters. What percentage did this segment contribute to first half 2025 revenue and gross loss? How many units do you target to deliver in FY 2025? And what is the carbon production capacity and expansion plans for E-scooter business? Ms. Lan Anh, would you like to take this question?

For the first half, the contribution, small percentage compared to total, we will disclose in its full financial statement on the Form 6-K letter. For the guidance, while we do not provide the guidance for e-scooter this year, we expect a substantial increase in delivery for the rest of the year. This is a continuation in the strong sales momentum year-to-date. This is also thanks to the favorable government for [ DCs ] for further accelerate EV adoption and VinFast's ongoing efforts to support this transition in the very early move in the GREEN mobility.

Thank you, Ms. Lan Anh. The next question on the line, what is the expected time line to launch the VF 6 and VF 7 in North America? Madam Thuy, would you like to take this?

Well, we are in the middle of preparing our 5-year plan for North America. I think things are still moving. We do have the list of VF 7 for the plan, but we would like to address this topic probably at the end of the year.

Thank you, Madam Thuy. And as there's a follow-on question about the e-scooter business. So this quarter, 2-wheeler deliveries far exceeded EV growth. Does the company plan a structural shift in this business model or do you still expect 4-wheelers to dominate long-term revenue? Madam Thuy, Ms. Lan Anh, would you like to take this question?

Well, it's not really a structural shift per se because the average selling price for the e-scooter is a lot lower than the EVs. However, we did see a significant pickup in Vietnam for e-scooter. This just reflects the market dynamics where in Vietnam or in Southeast Asia, in general, the motorbike, a lot -- the motorbikes sold each year a lot higher than vehicles. So in Vietnam, in particular, it's about over 3 million motorbikes are sold annually versus about 400,000 cars. And what is interesting [indiscernible] the consumer in Vietnam are showing strong readiness to switch from gasoline motorbike electric scooters and also this certain shifts in regulation as well that are driving this movement to greener transportation. So going forward, we still believe that the 4-wheelers will remain the longer-term revenue drivers. However, e-scooter, electric buses [ when they adding more ] to the revenues going forward.

Thank you, Madam Thuy. The next question is regarding the warranty margin track, which impacted Q2. And should we expect this to be a headwind in the back half of 2025? Lan Anh, would you like to take the question?

Yes, sure. The Q2 margin impact was mainly an [indiscernible] effect that come in with the first [indiscernible] generations with the ongoing design upgrades and more [indiscernible] manufacturing [indiscernible] and show [indiscernible] sales support, [ R&D ] costs are expect to [ trend ] down over time and normalize closer to the industry levels. So we -- you'll see it like the sustained headwind in the back half of 2025.

Thank you, Lan Anh. The next question on the line is regarding deliveries in the foreign markets. Of total deliveries in the foreign markets, what proportion was to related parties? Ms. Lan Anh, would you take that question, please.

So for the related party transaction that we disclosed for the global level, not just specific for the foreign market, so across the market of the first half of '25, the overall -- our B2C [ digital -- ] actually, if we account for the 4 consecutive [ fourth ] quarter through Q2 2025, that accounted for the over 70% of the total delivery, yes.

Thank you, Ms. Lan Anh. Our next question is regarding an update on our factories, India and Indonesia. Madam Thuy?

In Vietnam, as you probably saw from the news, we opened the factory in Ha Tinh at the end of June. The factory has a capacity of up to 20,000 compact EVs. And we're building models like VF 3, the [ EC band ] on a very flexible line. In India, in early August, we opened a factory in Terminal with the initial capacity of 50,000 units per year and scalable 150,000 units per year. We are producing the VF 6 and VF 7 for India as well for export from the factory. In Indonesia, the construction of Subang factory is progressing well, and we target to open by the end of the year as well.

Thank you, Madam Thuy. Our next question is regarding the GREEN mobility ecosystem. How is that rollout progressing internationally?

I think in the previous quarter, we discussed our strategy -- taking the strategy from Vietnam, where we're rolling now not just in past vehicles, but the whole GREEN ecosystem and bringing it to other markets. So I'm happy to report that we started doing that in the market closer to us. In Indonesia, GSM has already scaled quickly since our launch late last year. We have about 3,000 [ cars ] on the [ vault ] today. The utilization rate is running at about 95%. And with our recent partnership with [indiscernible], that give us a broader reach to the customers.

On the charging side, V-GREEN in Indonesia is targeting about 63,000 charging portal in the country by end of 2025. In the Philippines, GSM is the first fully foreign-owned taxi operator. We offer [indiscernible] as well as traditional taxi and about 1/3 of other platforms at peak hours while also giving drivers better income and benefits. So currently, in -- we have about 500 taxi in Metro Manila, supported by 2 [ depots ] and over 100 charging stations, either live or under development. V-GREEN is working on the target to have about 15,000 charging points in the Philippines by the end of 2027. In India, it's still early for us, but V-GREEN already established. The company there and is looking for partners and GSM is also exploring to enter India very, very soon.

Thank you, Madam Thuy. We have a few more questions from the line. How has the feedback been from consumers around the company buyback program on returned vehicles? And how do you expect that to change in the medium term?

Okay. I think the buyback program has had built consumer confidence in EV adoption. But given the strong value proposition of our vehicles, we expect customers will have [ written reason ] to exercise it and its relevance will naturally diminish over term.

Thank you, Madam Thuy. Our next question is regarding our positioning in India. Why has VinFast initially launched the VF 6 and VF 7 in India while choosing VF 5 and [ VF E34 ] for the Indonesia market? Please give more color on the key differences for these 2 markets.

I think we're announcing India in the next few days. I'm kind of holding that for the announcement and not to talk about it yet. But I think with Indonesia, it's quite from social economic standpoint is quite similar to Vietnam. So our approach has been so far very similar to how we roll out in India. So wait a few more days and there will be announcement -- exciting announcement about India.

Thank you, Madam Thuy. Our next question is regarding product lines, certain product lines, which have already reached normalized gross margins and how should we think about the [ BOM ] cost trends going forward? Will scaling volumes be sufficient to offset pressures from the higher-end products?

Lan Anh?

Yes. On a normalized basis, excluding the [indiscernible], exceptional items in noncash like depreciation and amortization, our VF 3 and VF 5 models are already gross margin positive. For hydro [indiscernible] models like VF 6 and VF 7, we focus on improving margins through platform simplification, supplier resourcing and localization. As of [indiscernible], we expect to see the [indiscernible] improvements. From [indiscernible] perspective, we anticipate a normalized swap margin turning positive scale and localization full effect. We will continue to update you on that progress each quarter.

Thank you, Ms. Lan Anh. Our next question is actually regarding e-scooters. VinFast has announced new measures to accelerate eScooter adoption such as offering free charging and working with financing partners. How should we think about the financial impact of these initiatives?

For the -- our e-scooter business, the e-scooter business is still loss making. And we expect that to continue in the near term as we run out adoption support measures. For example, in July, we signed a corporation agreement with the [indiscernible] major banks in Hanoi. Under this program, buyers received a 10% discount on VinFast e-scooter. Pay just 10% upfront and enjoy free charging at V-GREEN public station until May of 2027. For the profitability for e-scooters, we remain a long-term goal. Right now, the focus is only making electric 2-wheelers more accessible and aligning [indiscernible] Vietnam GREEN mobility agenda. While we don't provide specific delivery guidance for e-scooters, it is reasonable to expect volume to remain materially higher than our for 4-wheelers business in the coming years.

Thank you, Ms. Lan Anh. Our next question is regarding the decision to reintroduce battery leasing in Indonesia. How does bringing back battery leasing impact the company's pricing in Indonesia? Madam Thuy, would you like to take this?

Well, I think if you've been following VinFast, you remember that at the beginning, we offer battery leasing in Vietnam for the first 2 years, and we just -- it out recently. Battery leasing allowed the consumer to adopt EV faster because the upfront payment is lower than the gasoline cars as well as the monthly payment is less than the gasoline consumption for the vehicles. And total cost of ownership will be lower. So when we first introduced, about 95% of our customers chose this option. Gradually when customers get more familiar with EVs in the market like Vietnam, for example, and not comfortable EVs, then we phase it out. So we're doing the same thing in Indonesia right now, and we believe that it's going to have the similar impact like it did in Vietnam. By offering battery leasing, we are building a broader customer base, accelerating EV adoption and also strengthening our foothold in Indonesia, which is one of the Asia's fastest-growing EV markets.

Thank, Madam Thuy. On the [ note ], the follow-up question on the line is regarding the competitive intensity in our core Asian markets and how long do we anticipate running promotional campaigns and are these promotional campaigns in response to competition in the region?

Well, competition is good for consumers, right? So that's what we're facing in every market. But competition is indeed very strong across Asia, and that is to be expected with how quickly EV adoption is accelerating. Our promotions and just like reaction, their delivery strategy to build awareness and accelerate adoption, especially in early stages of entering the market. For example, we just introduced the battery leasing in Indonesia, as I mentioned before. We partner with the banks to offer 0% interest financing and a [ selective cash ] discount on 0 down payment program, for example. But that said, our differentiation goes beyond just pricing. We are investing heavily in building the full ecosystem, expanding the V-GREEN charging infrastructure with local partners and growing GSM ride-hailing fleet. Over time, as we gain scale and the ecosystem matures, we expect promotions to normalize and the ownership experience with strong warranty, excellent after sales and good [indiscernible] value will become the real driver for consumer confidence.

Thank you, Madam Thuy. And the follow-up question that is regarding how international sales is tracking.

In the first half of 2025, international markets made up less than 10% of our total deliveries, which is similar to last year. The mix has shifted though. Today, Indonesia and the Philippines are the main contributors, whereas last year was U.S. and Canada. We are seeing encouraging progress. In the Philippines, VinFast capture a 25% share of the [indiscernible] segment in the first half. And in Indonesia, about 5% of our quarterly delivery came from there from Indonesia, mostly led by VF 3, which was recognized as the best [ EV city car. ] Sales In India are set to begin in Q3. So looking ahead, we are building scale across Asia with 3 key priorities: first, we're rolling out a full GREEN mobility ecosystem with GSM ride-hailing and with V-GREEN charging network. Secondly, we're making EVs more accessible through expanded product offerings and strong financing partnerships. And finally, we're working closely with the government and partners in the Philippines, India, everywhere to push from -- to boost the [indiscernible] in both countries.

Thank you, Madam Thuy. And our last question on the line is regarding what drove the higher cash balance this quarter? And what is the outlook for cash burn through 2026 and 2027? Ms. Lan Anh, please.

Yes. Thank you. [ Behind ] the high cash balance mainly reflects the financing inflows of the about USD 1.2 billion, which more then offset operating outflows of [ around ] of USD 453 million and investing outflow of around USD [ 305 million ] This created a net uplift of roughly USD 500 million. The key [indiscernible] term loan agreement with the Dutch Bank AG and [indiscernible] Holdings at the end of the first half of 2025. For looking ahead, we expect operating outflows of USD 400 million to USD 600 million per quarter in the near term. This is tied to having operations investment in the -- our overseas lands, R&D for the next-generation models and broader global operating costs. Over time, we expect that this to improve as operating leverage builds and margin strengthen. On liquidity, as I mentioned earlier, as of the 30th of June, our liquidity stood at USD 4.2 billion, which includes cash and cash equivalents combined with the USD 1.6 billion that we expect that the [indiscernible] the cash proceeds from the recently announced completed R&D assets [indiscernible] transaction. I mean the [indiscernible] and the remainder of the [ fundraising ] commitment from Vingroup, our founder and [indiscernible] facility.

Also, we are well supported by financing from our Indonesia and India plants, assisting [indiscernible] So together, this provided with [indiscernible] runway to execute [indiscernible] through 2026 and 2027.

Thank you, Ms. Lan Anh. Operator, that concludes our Q2 earnings call. Thank you.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.