VinFast Auto Ltd (VFS) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the VinFast Auto Limited second quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Nhi Nguyen. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 VinFast Auto Limited 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人 Nhi Nguyen。請繼續。

Thank you, operator, and good morning, everyone. This is Nhi Nguyen from VinFast Investor Relations. Welcome to our second quarter earnings conference call. Joining me on the call today are Chairwoman of the Board, Madam Thuy Le; and our CFO, Ms. Lan Anh Nguyen.

謝謝接線員，大家早安。我是 VinFast 投資者關係部門的 Nhi Nguyen。歡迎參加我們的第二季財報電話會議。今天與我一起參加電話會議的還有董事會主席 Thuy Le 女士；以及我們的財務長 Lan Anh Nguyen 女士。

During the call, we will discuss our second-quarter performance, business update, and present our outlook for the remainder of 2024. After management remarks, We will have 30 minutes for Q&A. We will also reference a slide deck today which is accessible on the IR website.

在電話會議中，我們將討論第二季業績、業務更新，並介紹 2024 年剩餘時間的展望。管理層發言後，我們將有 30 分鐘的問答時間。今天我們還將參考幻燈片，可在 IR 網站上存取。

Before I turn the call over to Madam Thi, 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, as well as macroeconomic, industry trends, company initiatives, and other future events.

在我將電話轉交給 Thi 女士之前，請允許我提醒您，本次電話會議中的一些聲明包含聯邦證券法規定的前瞻性聲明。這些包括但不限於有關未來財務和營運前景、指導以及宏觀經濟、行業趨勢、公司舉措和其他未來事件的聲明。

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 the risk factors in our most recent filings with the US Securities and Exchange Commission.

這些陳述是基於截至目前的預測和期望。由於許多風險和不確定性，實際事件或結果可能有所不同。我們建議您參考我們最近向美國證券交易委員會提交的文件中的警告性語言和風險因素。

In addition, management will refer to non-GAAP financial during the call. A discussion of why we use non-GAAP, and information regarding the reconciliation of our non-GAAP versus GAAP is available in the press release that we issued this morning. You can also find it on the final page of our presentation.

此外，管理階層將在電話會議期間參考非公認會計原則財務問題。我們今天早上發布的新聞稿中討論了我們使用非公認會計原則的原因，以及有關非公認會計原則與公認會計原則的調節資訊。您也可以在我們簡報的最後一頁找到它。

And with that, I would like to invite Madam Thi Le to start with management updates.

接下來，我想邀請 Thi Le 女士從管理方面的最新情況開始。

Thank you, Nhi, and welcome, everyone, to VinFast's second quarter 2024 earnings call. It has been a while since we last spoke with you, and I'm happy to be here again and share exciting updates about VinFast's latest activities and business results.

謝謝 Nhi，歡迎大家參加 VinFast 的 2024 年第二季財報電話會議。自從我們上次與您交談以來已經有一段時間了，我很高興再次來到這裡並分享有關 VinFast 最新活動和業務成果的令人興奮的更新。

I would like first to remind you that we are fully committed to our mission to contribute to a sustainable future for everyone. As a result, our strategy remains steadfast in being a vertically integrated green mobility solutions company, providing high quality and good value electric vehicles.

首先我想提醒您，我們完全致力於為每個人的永續未來做出貢獻的使命。因此，我們的策略仍然堅定不移，成為一家垂直整合的綠色移動解決方案公司，提供高品質和高價值的電動車。

We recognize that certain markets are currently facing headwinds that pose challenges to the EV outlook. As a result, we took a prudent review of our business plan earlier in the year. However, thanks to our diversified EV product portfolio and access to multiple markets, we have developed execution plans that address these macro challenges, capture near-term growth opportunities, and support VinFast delivery target of 80,000 EVs for 2024.

我們認識到，某些市場目前面臨著對電動車前景構成挑戰的逆風。因此，我們在今年稍早對我們的業務計劃進行了謹慎的審查。然而，由於我們多元化的電動車產品組合和進入多個市場的機會，我們制定了執行計劃來應對這些宏觀挑戰，抓住近期成長機會，並支持 VinFast 到 2024 年交付 80,000 輛電動車的目標。

We are focused on balancing the twin objectives of growth and profitability. To achieve growth, this means ramping up production, growing our dealership network, and marketing the VinFast brand in new and selected markets.

我們專注於平衡成長和獲利的雙重目標。為了實現成長，這意味著提高產量，擴大我們的經銷商網絡，並在新的和選定的市場中行銷 VinFast 品牌。

Concurrently, we will continue to enforce our cost reduction initiatives, which have been progressing very well. Our CFO will elaborate in more detail later.

同時，我們將繼續實施成本削減舉措，該舉措進展順利。我們的財務長稍後將詳細闡述。

In 2024, the strategic decision to focus on the growth momentum in our home market, Vietnam, where we have clear advantages, has helped greatly in balancing these two objectives above. Now, let me first discuss our Q2 delivery results before I dive deeper into our key markets.

2024年，我們的策略決策是專注於我們擁有明顯優勢的本土市場越南的成長動力，這對平衡上述兩個目標有很大幫助。現在，在深入探討我們的關鍵市場之前，讓我先討論一下我們第二季的交付結果。

We delivered 13,172 EVs in the quarter, in line with our internal forecast. This was up by 44% quarter over quarter. 43% year over year, and brings our total deliveries for the first half of the year to 22,348 vehicles, representing a 101% year-over-year growth.

我們本季交付了 13,172 輛電動車，與我們的內部預測一致。這一數字比上一季成長了 44%。年增43%，上半年總交車量達22,348輛，較去年同期成長101%。

Zooming in, we found that sentiment among retail consumers in Vietnam was strong, with B2C delivery in Vietnam seeing a growth of 108% year over year in the first half of 2024 and 146% quarter over quarter in Q2. As previously guided, deliveries to related party customers, which were mainly to GSM, accounted for 51% of total deliveries in Q2 compared to 57% of that in Q1 2024 and 72% in full year 2023.

放大來看，我們發現越南零售消費者的情緒強勁，2024 年上半年越南 B2C 配送年增 108%，第二季較上季成長 146%。如同先前的指引，向關聯方客戶（主要是 GSM）的交付量佔第二季總交付量的 51%，而 2024 年第一季為 57%，2023 年全年為 72%。

Looking at our product mix, the VF 5 was the main volume driver. Since its launch in Q2 2023, the VF 5 has recorded a nine times increase in sales volume in just one year, in Q2 2024 versus Q2 last year. During the quarter, the VF 5 accounted for 62% of total deliveries.

從我們的產品組合來看，VF 5 是主要的音量驅動器。自 2023 年第二季上市以來，VF 5 在短短一年內銷量就成長了 9 倍，2024 年第二季的銷量較去年第二季成長了 9 倍。本季度，VF 5 佔總交付量的 62%。

The VF 8, VF e34, and VF 6 accounted for 30% of total deliveries this quarter. Given that it is still early days for newer models like VF 6, VF 7, we have seen very encouraging month-over-month growth. For e-scooters, we deliver 13,076 units in Q2, up by 67% quarter over quarter and 28% year over year.

VF 8、VF e34 和 VF 6 佔本季總交付量的 30%。鑑於 VF 6、VF 7 等新型號還處於早期階段，我們已經看到了非常令人鼓舞的逐月增長。對於電動滑板車，我們第二季度交付了 13,076 輛，環比成長 67%，年增 28%。

Starting off with our home market, Vietnam, which was the main contributor of our Q2 growth. The strong foundation that Vingroup together with VinFast have built around the green mobility ecosystem led to increased consumer awareness about the VinFast brand and our electric vehicles. We believe that such brand recognition plays a pivotal role in accelerating the adoption of EVs.

首先是我們的本土市場越南，這是我們第二季成長的主要貢獻者。Vingroup 與 VinFast 圍繞綠色出行生態系統建立了堅實的基礎，提高了消費者對 VinFast 品牌和我們電動車的認識。我們相信，這種品牌認知度在加速電動車的普及方面發揮關鍵作用。

Based on public data from the Vietnam Automobile Manufacturers Association, VinFast recorded the highest year-over-year growth during the first half of 2024 amidst a flat passenger vehicle market. The VF 5 has already established the leading market share in the A segment.

根據越南汽車製造商協會的公開數據，在乘用車市場表現平淡的情況下，VinFast 在 2024 年上半年實現了最高的同比增長。VF 5已經在A級車中確立了領先的市場份額。

One of the most talked-about products in the market recently is our unique mini four-seater e-SUV VF 3. The new EV model's stylish, youthful look was very well received. We had 28,000 non-refundable pre-orders within just 66 hours of launch.

最近市場上最受關注的產品之一是我們獨特的迷你四座電動SUV VF 3。新款EV車型時尚、年輕的外觀深受好評。發布後短短 66 小時內，我們就收到了 28,000 個不可退款的預訂單。

With its affordable pricing, VF 3 is the perfect product for two-wheeler customers who are looking to switch to four-wheelers. With the delivery of VF 3 starting in Q3 this year, we have completed the development of all the seven e-SUV models.

憑藉實惠的價格，VF 3 成為想要改用四輪車的兩輪車客戶的完美產品。隨著今年第三季VF 3開始交付，我們已經完成了全部七款電動SUV車型的開發。

The Vietnam EV market is still in very early days and has a long way to go to reach its peak. VinFast currently has the majority market share of EVs in our home market. Our commanding market position was built on the lack of competition from local car manufacturers and extremely high barriers of entry faced by foreign EV players.

越南電動車市場仍處於早期階段，要達到高峰還有很長的路要走。VinFast 目前在我國電動車市場上佔有大部分市場份額。我們的主導市場地位是建立在缺乏本土汽車製造商競爭以及外國電動汽車製造商面臨極高的進入障礙的基礎上的。

Given the strong customer reception to EVs in Vietnam, we expect the momentum in our home market to be the main driver for our full-year target, which will offset the near-term uncertainty in other markets. Let's discuss our other existing markets, North America.

鑑於越南客戶對電動車的強烈歡迎，我們預計國內市場的勢頭將成為我們全年目標的主要驅動力，這將抵消其他市場的近期不確定性。讓我們討論一下我們的其他現有市場，即北美。

For the US, we made the strategic decision to push out the timing of our North Carolina plant in response to current macroeconomic uncertainties. This does not change our long-term business plan and is part of ongoing assessment of our key markets as a multinational company.

美國方面，為了因應當前宏觀經濟的不確定性，我們做出了推遲北卡羅來納州工廠建設時間的戰略決策。這不會改變我們的長期業務計劃，並且是我們作為跨國公司對主要市場進行持續評估的一部分。

Lan Anh will provide more details about the near-term CapEx savings as part of the capital reallocation from this decision. Q2 was a transition period for VinFast in the US as we adjusted our lease offering in response to ongoing discounting and sales incentives by other OEMs.

Lan Anh 將提供有關近期資本支出節省的更多詳細信息，作為該決定的資本重新分配的一部分。第二季是 VinFast 在美國的過渡期，我們調整了租賃產品，以應對其他 OEM 廠商持續的折扣和銷售激勵措施。

We laid the groundwork for further customer traction, focusing on building brand awareness through our dealer network. We have also established a Dealer Advisory Council as part of an initiative to get more timely insight into our sales and service strategy.

我們為進一步吸引客戶奠定了基礎，重點是透過我們的經銷商網路建立品牌知名度。我們也成立了經銷商諮詢委員會，作為更及時了解我們的銷售和服務策略的舉措的一部分。

We currently have 14 dealer stores across seven states in addition to our showrooms in California. While acknowledging the challenges in the US during the quarter, we are encouraged by the uptick that we have seen in July and August because of the enhancements made to the model year 2024 for the VF 8.

除了加州的展廳外，我們目前在七個州擁有 14 家經銷商店。雖然我們承認本季美國市場面臨的挑戰，但由於 2024 年式 VF 8 的增強，我們在 7 月和 8 月看到的銷量上升令我們感到鼓舞。

In the coming months, we plan to launch the VF 9, VF 6, and VF 7 at the end of the year. Our expanded offering will enable VinFast to widen our reach to US customers and address the demand for affordable e-SUVs. The decision by several OEMs to cancel or delay the launch of affordable e-SUVs will actually present an opportunity for VinFast to fill the gap in this segment.

在接下來的幾個月中，我們計劃在年底推出 VF 9、VF 6 和 VF 7。我們擴大的產品範圍將使 VinFast 能夠擴大我們對美國客戶的影響力，並滿足對經濟實惠的電動 SUV 的需求。多家 OEM 決定取消或推遲推出經濟型電動 SUV，實際上將為 VinFast 提供填補該細分市場空白的機會。

In Canada, we had a good quarter with a 15% growth quarter over quarter. We also see good traction continue in Q3, while delivery in July and August already achieved by the highest levels in the last 12 months. Product planning for Canada will be very similar to that in the US.

在加拿大，我們度過了一個不錯的季度，季度較上季成長了 15%。我們也看到第三季繼續保持良好的勢頭，而 7 月和 8 月的交付量已達到過去 12 個月來的最高水平。加拿大的產品規劃將與美國的產品規劃非常相似。

Now, let's visit the new markets, Southeast Asia and India. In Southeast Asia, we expedited our entry into Indonesia and the Philippines to capitalize on the increased customer awareness towards new energy vehicles.

現在，讓我們參觀一下新市場：東南亞和印度。在東南亞，我們加速進入印尼和菲律賓，利用客戶對新能源汽車認知度的提升。

Despite being a new entrant to Indonesia less than six months ago, we have already established 15 showrooms covering big cities such as Jakarta and Surabaya as of August 31. We shipped the first VF e34 in right-hand drive configuration, and started delivery to our customers in the market.

儘管進入印尼不到六個月，但截至8月31日，我們已經在雅加達和泗水等大城市建立了15個展廳。我們交付了第一台右側駕駛配置的 VF e34，並開始向市場上的客戶交付。

Our innovative go-to-market strategy in a competitive market like Indonesia has gained traction with local customers. Almost 100% of our sales and reservation in Indonesia have been driven by our differentiated, unique battery leasing offering.

在印尼這樣競爭激烈的市場中，我們的創新上市策略贏得了當地客戶的青睞。我們在印尼的銷售和預訂幾乎 100% 都是由我們差異化、獨特的電池租賃服務所推動的。

We expect the battery leasing program to be well-received in the Philippines as well, and it will further validate our efforts to address EV affordability. In India, we signed a number of LRIs with dealers in 15 major districts and cities. VinFast assembly plant in Tamil Nadu with an initial capacity of 50,000 electric vehicles per year is on track to commence operation in 2025.

我們預計電池租賃計劃在菲律賓也將受到好評，這將進一步驗證我們為解決電動車負擔能力所做的努力。在印度，我們與15個主要地區和城市的經銷商簽署了多項LRI。VinFast 位於泰米爾納德邦的組裝廠初始產能為每年 50,000 輛電動車，預計將於 2025 年投入營運。

As a recap, Despite taking a prudent approach during Q2, we have also made significant progress in building our global distribution network with dealership network deliveries increasing quarter over quarter and accounting for 23% of second-quarter delivery. As of August 31, We had established 155 showrooms across all markets, with approximately 70% being dealers' stores.

回顧一下，儘管我們在第二季度採取了謹慎的態度，但我們在建立全球分銷網絡方面也取得了重大進展，經銷商網絡交付量逐季增加，佔第二季度交付量的 23%。截至8月31日，我們已在所有市場建立了155個展廳，其中約70%是經銷商店。

The second quarter served as a crucial transition period for VinFast, allowing us to reflect on our strategies, strengthen our competitiveness in our home market, and expand both our global distribution network and product portfolio, laying a solid foundation for achieving our delivery target this year.

第二季是VinFast的關鍵轉型期，我們反思了自己的策略，增強了國內市場的競爭力，擴大了全球分銷網絡和產品組合，為實現今年的交付目標奠定了堅實的基礎。

With that, I will pass the call over to Lan Anh to discuss our financial results for the quarter.

接下來，我會將電話轉接給 Lan Anh，討論我們本季的財務表現。

Thank you, Madam Thi, and hello, everyone. Q2 2024 was an in-line quarter with our forecast. We continued to focus on cost optimization and strengthened capital allocation while maintaining a level of flexibility in our CapEx spend and continuing to grow our top line.

謝謝T女士，大家好。2024 年第二季與我們的預測相符。我們繼續專注於成本優化和加強資本配置，同時保持資本支出支出的靈活性並繼續增加我們的收入。

Q2 2024 revenue of USD357 million was in line with our forecast, representing a 9% year-over-year increase and 33% increase quarter over quarter. This was driven by the product mix suite as sales of more affordable models accounted for a larger proportion of deliveries during the quarter.

2024 年第二季營收為 3.57 億美元，符合我們的預測，年增 9%，季增 33%。這是由產品組合套件推動的，因為更實惠的型號的銷售佔本季交付量的比例更大。

Our reported gross loss for Q2 2024 was USD224 million equivalent to a gross margin of minus 62.7% as compared to Q1 2024 of minus 58.7% and minus 42.5% in Q2 2023. As we launch sales initiatives to boost our brand awareness in various markets and to enhance our competitiveness, a higher chance to write down carrying value of inventories NRV was recognized in Q2.

我們報告的2024 年第二季毛虧損為2.24 億美元，相當於毛利率為負62.7%，而2024 年第一季為負58.7%，2023 年第二季毛利率為負42.5% 。隨著我們推出銷售措施以提高我們在各個市場的品牌知名度並增強我們的競爭力，第二季度我們認識到了沖減存貨帳面價值 NRV 的更高機會。

The NRV in Q2 was USD104 million compared to USD5 million in Q1. This was the main reason for the increase in gross margin.

第二季的 NRV 為 1.04 億美元，而第一季的 NRV 為 500 萬美元。這是毛利率上升的主要原因。

In terms of cost optimization, We saw improvements in both build-up materials and production costs. In Q2, average build-up material costs for owned models declined by 16% and average production costs for owned models declined by 43%.

在成本優化方面，我們看到了建造材料和生產成本的改善。第二季度，自有車型的平均建造材料成本下降了 16%，自有車型的平均生產成本下降了 43%。

Keep in mind that while cost of materials is currently trending down, it will take some time for these savings to be visible in our P&L once the vehicles made with these materials are delivered. We expect build-up material cost optimization to continue, and this will be an important factor for our path to profitability.

請記住，雖然材料成本目前呈下降趨勢，但一旦使用這些材料製造的車輛交付後，這些節省的費用需要一段時間才能在我們的損益表中反映出來。我們預計建築材料成本優化將持續下去，這將是我們獲利之路的一個重要因素。

Operating expenses for Q2 2024 rose 28% quarter over quarter and 24% year over year as we expanded into targeted international markets. We continue to evaluate every cost item closely. I would like to highlight the improvement in SG&A expense as a percentage of revenue after we switched to a hybrid sales model with our dealer network.

隨著我們向目標國際市場擴張，2024 年第二季的營運費用較上季成長 28%，年增 24%。我們繼續仔細評估每個成本項目。我想強調一下，在我們與經銷商網路轉向混合銷售模式後，SG&A 費用佔收入的百分比有所改善。

Sales through our dealer channels have increased during the quarter. And in Vietnam, the number of showrooms was flat from Q1 to Q2, while sales in this market increased 64% quarter over quarter. R&D was $110 million, which was flat compared to Q1 and a decrease of 23.3% compared to the same period last year.

本季透過我們的經銷商通路的銷售額有所增加。在越南，展廳數量從第一季到第二季持平，而該市場的銷售額則較上季成長 64%。研發支出為1.1億美元，與Q1持平，與去年同期相比下降23.3%。

The year-over-year decline was in line with the number of our EV models progressing from the development stage to commercial production in the last four quarters. CapEx in Q2 was USD108 million as compared to USD197 million in Q1. The bulk of our CapEx was for the development of manufacturing facilities and payables of charging infrastructure development.

年比下降與過去四個季度我們的電動車車型從開發階段進入商業生產的數量一致。第二季的資本支出為 1.08 億美元，而第一季的資本支出為 1.97 億美元。我們的大部分資本支出用於製造設施的開發和充電基礎設施開發的應付帳款。

Of those CapEx items, payables of charging infrastructure development were non-recurring. We have taken a disciplined approach for our CapEx outlook as we optimize resource and capital allocation.

在這些資本支出項目中，充電基礎設施開發的應付款項是非經常性的。在優化資源和資本配置時，我們對資本支出前景採取了嚴格的方法。

Adding to what Madam Thuy has shared about the North Carolina facility, the adjusted timeline allows us to reallocate the capital to the lower-cost India and Indonesia facilities and see lower CapEx requirements for this year.

除了 Thuy 女士分享的有關北卡羅來納州工廠的內容之外，調整後的時間表使我們能夠將資本重新分配到成本較低的印度和印尼工廠，並看到今年的資本支出要求較低。

Any new investments for R&D or CapEx will be carefully evaluated under a prudent framework. Given a certain level of discretion in our CapEx, we have some flexibility to adjust our variable spending.

任何新的研發或資本支出投資都將在審慎的框架下進行仔細評估。鑑於我們的資本支出具有一定程度的自由裁量權，我們可以靈活地調整變動支出。

Turning to our liquidity position. As of June 30, 2024, we have USD98 million cash on hand and have not utilized the intended grants from our founder and our USD968 million e-log facilities. These resources can continue to support our cash needs for operations and committed CapEx plans for this year.

轉向我們的流動性狀況。截至 2024 年 6 月 30 日，我們手頭上有 9,800 萬美元現金，尚未動用創辦人和我們 9.68 億美元電子日誌設施的預期補助金。這些資源可以繼續支持我們今年營運的現金需求和承諾的資本支出計劃。

We have also prepared our debt service arrangements by refinancing or extending facilities agreed upon the principle with our partners. I would like to stress that our 2024 delivery target is attainable through a ramp-up of our production in Vietnam and our growing distribution network.

我們也透過再融資或延長與合作夥伴商定的原則來準備我們的償債安排。我想強調的是，我們 2024 年的交付目標是透過提高越南產量和不斷擴大的分銷網絡來實現的。

Before I hand the call over to Madam Thuy for closing remark, I would like to address our recent earnings restatement. While the earnings restatement only had a minor impact on actual results, we are taking this very seriously.

在我將電話交給 Thuy 女士進行結束語之前，我想談談我們最近的收益重述。雖然收益重述對實際業績影響很小，但我們非常重視這一點。

We are putting in place further internal policies and conducting regular audit activities on the transparency of own data handling process and financial statements. As we navigate our first year as a public company, I want to provide assurances about our commitment to making strong internal control as a top priority at VinFast.

我們正在製定進一步的內部政策，並對自身資料處理流程和財務報表的透明度進行定期審計活動。在我們作為上市公司度過第一年時，我想保證我們致力於將強有力的內部控製作為 VinFast 的首要任務。

Thank you, Lan Anh. For the rest of 2024, Vietnam, where the momentum is accelerating in Q3 thanks to the VF 5, will play a key role in mitigating near-term softness in other markets and serve as our primary revenue driver.

謝謝你，蘭安。在 2024 年剩餘時間裡，由於 VF 5，越南的勢頭在第三季加速，越南將在緩解其他市場近期疲軟狀況方面發揮關鍵作用，並成為我們的主要收入驅動力。

In addition to leveraging Vingroup's extensive ecosystem, we have a large and continuous growing charging infrastructure, flexible battery leasing options, and strong after-sales services for VinFast to be the number one player in our whole market.

除了利用 Vingroup 廣泛的生態系統外，我們還擁有龐大且持續成長的充電基礎設施、靈活的電池租賃選項以及強大的售後服務，使 VinFast 成為整個市場的第一名。

International markets will play an important part in our longer-term growth trajectory as we increase our brand awareness and expand distribution. We are prudently monitoring the macroeconomic environment while focusing on revenue growth and cost optimization to reach break-even in the foreseeable future.

隨著我們提高品牌知名度並擴大分銷，國際市場將在我們的長期成長軌跡中發揮重要作用。我們正在審慎監控宏觀經濟環境，同時專注於收入成長和成本優化，以在可預見的未來實現收支平衡。

Finally, I would like to share our observations about the competitive landscape and our positioning. With legacy OEMs shifting away from the EV initiatives, noises surrounding hybrid vehicles, and other pure EV players mainly focused on the premium EV segment, VinFast is the only pure EV player with a comprehensive product lineup that can deliver affordable, high-quality EVs to everyone.

最後，我想分享我們對競爭格局和我們定位的觀察。隨著傳統OEM 廠商逐漸放棄電動車計畫、圍繞混合動力車的噪音以及其他純電動車廠商主要專注於高階電動車細分市場，VinFast 是唯一一家擁有全面產品線的純電動車廠商，可以為消費者提供價格實惠、高品質的電動車。

We thank you for your continued support. And with that, now I would like to turn it over to the operator for the Q&A session.

我們感謝您一直以來的支持。就這樣，現在我想把它交給接線生進行問答環節。

Thank you. (Operator instructions) I would now like to hand the Q&A to the floor for any questions on the booth.

謝謝。（操作員說明）我現在想將展位上的任何問題交給會場進行問答。

Thank you, operator. We have the first question from the floor. Have you seen any changes in the competitive landscape in Vietnam, given that new players are entering into the market?

謝謝你，接線生。我們有與會者提出的第一個問題。鑑於新的參與者進入市場，您認為越南的競爭格局有什麼改變嗎？

Thank you, Nhi. The Vietnam EV market still has a lot of headroom to grow, and this is evident in the interest that other foreign OEMs have expressed in entering Vietnam recently.

謝謝你，尼。越南電動車市場仍有很大的成長空間，這從其他外國整車廠最近表達的進入越南的興趣中可見一斑。

We believe that potential new market engines can help quicken the pace of EV adoption in our home market. However, given that we have a very dominant green mobility ecosystem in the country, which includes the vGreen charging infrastructure, we are confident that we can maintain our leading position despite the new market engines. Brand loyalty to Vingroup and Vingroup ecosystem and the benefits offered to VinFast owners within our ecosystem can also serve to strengthen our leading position in Vietnam.

我們相信潛在的新市場引擎可以幫助加快我們國內市場電動車的採用步伐。然而，鑑於我們在該國擁有非常主導的綠色出行生態系統，其中包括 vGreen 充電基礎設施，我們有信心儘管有新的市場引擎，但我們仍能保持領先地位。對 Vingroup 和 Vingroup 生態系統的品牌忠誠度以及為我們生態系統內的 VinFast 所有者提供的好處也可以加強我們在越南的領先地位。

Thank you, Madam Thuy. We have the next question from the line. CFO mentioned that bill of material and production cost went down by 16% and 43% per unit. Can you provide a little bit more color on that? How should we think about the bill of material cost reduction and production cost reduction for the second half of 2024?

謝謝你，翠女士。我們有下一個問題。CFO 提到，每單位的物料清單和生產成本分別下降了 16% 和 43%。你能提供更多的顏色嗎？我們該如何看待2024年下半年的物料成本降低和生產成本降低？

Thank you, Nhi. During the quarter, we took a number of initiatives to make improvements in material costs, including lower battery costs, design optimization around ADAS, introduction of customer paid upgrades for certain features, supply chain optimization around key components.

謝謝你，尼。本季度，我們採取了多項措施來改善材料成本，包括降低電池成本、圍繞 ADAS 進行設計優化、針對某些功能推出客戶付費升級、圍繞關鍵零件進行供應鏈優化。

Keep in mind that while the cost of materials is currently trending down, but it will take some time for these savings to be visible in our P&L once the vehicles made with these materials are delivered. We expect this new material cost optimization effort to continue into the foreseeable future.

請記住，雖然材料成本目前呈下降趨勢，但一旦使用這些材料製造的車輛交付後，這些節省的費用需要一段時間才能在我們的損益表中反映出來。我們預計這種新的材料成本優化工作將在可預見的未來持續下去。

Thank you, Ms. Anh Nguyen. Operator, please open up the line for live questions.

謝謝您，Anh Nguyen 女士。接線員，請開通即時提問線。

Thank you. Andrew Sheppard, Cantor Fitzgerald.

謝謝。安德魯·謝潑德，康托·菲茨杰拉德。

Hi, everyone. Good morning. Good afternoon. Thanks for taking our questions and congratulations on the quarter.

大家好。早安.午安.感謝您提出問題並對本季表示祝賀。

I wanted to maybe ask about gross margins. It looks like this quarter, margins were maybe slightly below expectations. So just curious, now with the deliveries of the VF 3 model ramping up, just curious if you can maybe give us some color. What kind of gross margins trajectory should we expect for later this year and what does the past towards break-even gross margins look like? Thank you.

我想問一下毛利率。看起來本季的利潤率可能略低於預期。所以只是好奇，現在隨著 VF 3 模型的交付量不斷增加，只是好奇您能否給我們一些資訊。我們預計今年稍後的毛利率軌跡會是什麼樣子？謝謝。

Hey, Andrew. So if you look at the gross margin after taking out the one-off charges for the NRV, we're actually trending more positive than last quarter. But because we took about $104 million of one-off -- impact to NRV, that's why we see seemingly worsening the margins. But actually, margin improved compared to the last quarter..

嘿，安德魯。因此，如果你看看扣除 NRV 一次性費用後的毛利率，我們的趨勢實際上比上季更積極。但由於我們對 NRV 產生了約 1.04 億美元的一次性影響，因此我們看到利潤率似乎在惡化。但實際上，與上季相比，利潤率有所提高。

And also, there's some impact from the limited sales offering on the market. Previously on the lower models, in the upcoming quarters, more like on the higher models. So that we always want sales promotion from time to time.

此外，市場上的有限銷售也產生了一些影響。以前在較低型號上，在接下來的幾個季度中，更像是在較高型號上。所以我們總是時不時想要促銷。

So there's some impact of that, but mostly because of the NRV. We believe that the margin is going to get better, like it will trend better in the coming quarters.

所以這會產生一些影響，但主要是因為 NRV。我們相信利潤率將會變得更好，就像未來幾季的趨勢會更好一樣。

Thank you. Sorry. And then the path towards the break-even gross margins, do we have an idea of what that timeline might look like? Thanks.

謝謝。對不起。然後，通往盈虧平衡毛利率的道路，我們是否知道該時間表可能會是什麼樣子？謝謝。

We're looking at what we guided before. Positive gross margin by next year and a positive EBITDA margin by 2026. Same estimate.

我們正在研究先前的指導內容。明年毛利率為正， EBITDA 利潤率到 2026 年為正。同樣的估計。

Got it. Super helpful. Thanks, Thuy. And then maybe just my last follow-up here. Can you just remind us where total liquidity stands as of Q2?

知道了。超有幫助。謝謝，圖伊。也許這只是我最後一次跟進。您能否提醒我們第二季的總流動狀況如何？

So around $98 million in cash. What is the total liquidity, including, you know, the e-log facilities and the grants? And how are you thinking about capital needs? Thank you.

所以大約有 9800 萬美元的現金。總流動資金是多少，包括電子日誌設施和贈款？您如何考慮資本需求？謝謝。

So I think we -- in terms of liquidity, we still have -- the e-log line, we still have about [VND100 million] in cash at the end of the quarter, so that's about $1 million dollars. At the Vingroup's shareholders general shareholders meeting, our chairman also announced additional gift to VinFast, so about another $1 billion. So we're looking at around like $2 billion dollars If we don't go back and tap our majority shareholders again.

因此，我認為我們 - 就流動性而言，我們仍然擁有 - 電子日誌線，到本季度末我們仍然擁有約 [1 億越南盾] 現金，也就是說大約 100 萬美元。在 Vingroup 的股東大會上，我們的董事長也宣布向 VinFast 追加捐贈，即另外約 10 億美元。因此，如果我們不回去再次利用我們的大股東，我們會考慮大約 20 億美元。

Wonderful, very helpful. Thank you so much again and congratulations on the quarter. I'll pass it on.

太棒了，非常有幫助。再次非常感謝您並恭喜本季。我會把它傳遞下去。

Thanks, Andrew.

謝謝，安德魯。

Thank you. Steven Wahrhaftig, Wedbush Securities.

謝謝。史蒂文·瓦爾哈夫蒂格（Steven Wahrhaftig），韋德布希證券公司。

Hey, guys. This is Stephen Wahrhaftig on for Dan Ives. Thanks for taking the question and thank you for giving us a little bit more background on the quarter.

嘿，夥計們。我是 Dan Ives 的 Stephen Wahrhaftig。感謝您提出問題，也感謝您向我們提供有關本季度的更多背景資訊。

I wanted to ask a little bit more on the revenue side, more so the product mix that you're expecting going forward, especially with a bunch of these new vehicles hitting the market next quarter and throughout the rest of this year. I just want to get an idea of what the expectation would be for what the mix would be going forward, especially with the variance in ASVs.

我想多問一點關於收入方面的問題，更多的是您期望未來發展的產品組合，尤其是下個季度和今年剩餘時間將有大量新車上市。我只是想了解對未來組合的期望是什麼，尤其是 ASV 的差異。

So the revenues, we provided guidance of 80,000 units this year, right? Starting from Q3 and Q4, you're going to see a lot more delivery of VF 3. And VF 5 was still the leading revenue driver for the previous quarters, so we still expect a lot more of VF 3 and VF 5. Yeah, so more on the more affordable models.

那麼收入方面，我們今年的指導是8萬台，對嗎？從第三季和第四季開始，您將看到更多 VF 3 的交付。VF 5 仍然是前幾季的主要收入驅動因素，因此我們仍然對 VF 3 和 VF 5 抱有更高的期望。是的，所以更多的是更實惠的型號。

All right. Perfect. Thank you.

好的。完美的。謝謝。

Thanks, Steven.

謝謝，史蒂文。

Thank you. Tyler DiMatteo, BTIG.

謝謝。泰勒·迪馬特奧，BTIG。

Hi, everyone. Thanks for taking the questions here. I wanted to start on some of the comments surrounding the marketing efforts. And I'm just curious, can you provide a little more color in terms of like how you're thinking about marketing for the business to boost brand awareness?

大家好。感謝您在這裡提出問題。我想從一些圍繞行銷工作的評論開始。我只是很好奇，您能否提供更多信息，例如您如何考慮企業行銷以提高品牌知名度？

And what are some of the steps that you're taking here to get the name out of the company as you look to roll out and really scale production of the various models? Just any thoughts there?

當您希望推出並真正規模化生產各種型號時，您將採取哪些步驟來讓公司聲名大噪？只是有什麼想法嗎？

Are you talking about globally or just the US?

您是在談論全球還是僅在美國？

Globally would be great. But if you can parse it by region, that would be good as well. Thank you.

全球範圍內會很棒。但如果你能按地區來解析它，那就太好了。謝謝。

So basically, we refocus the marketing activities on the markets where we anticipate more volume. So that's just similar to our plan. In markets like Vietnam or even, to some extent, in ASEAN, for example, our name, the whole Vingroup name, is very well known in Vietnam in particular, the whole ecosystem, and the Vingroup brand.

因此，基本上，我們將行銷活動重新集中在我們預期銷售量會增加的市場上。這與我們的計劃類似。例如，在越南這樣的市場，甚至在某種程度上，在東協市場，我們的名字，整個 Vingroup 的名字，特別是在越南，整個生態系統和 Vingroup 品牌都非常有名。

And it's very well known, so we take a different approach and we don't need to spend a lot more marketing money on the brand awareness because people are already aware. And especially, we already been in the market for a couple of years, so people are aware of the good quality and the service level that we can deliver in the market.

這是眾所周知的，所以我們採取不同的方法，我們不需要在品牌知名度上花費更多的行銷資金，因為人們已經意識到了。特別是，我們已經進入市場幾年了，所以人們知道我們可以在市場上提供的良好品質和服務水準。

In international markets, in the US in particular, for example, our brand is still new. So we need to spend more on brand awareness. The way that we do marketing across VinFast, but also in the whole Vingroup ecosystem, is we let the quality and our commitment to the quality -- to doing the right thing to the customers speak for themselves.

在國際市場，特別是在美國，我們的品牌仍然是新的。所以我們需要在品牌知名度上投入更多。我們在 VinFast 以及整個 Vingroup 生態系統中進行行銷的方式是讓品質和我們對品質的承諾——為客戶做正確的事情。

And then the words of mouth will get out and people will start coming in. So -- that we're more or less taking the same approach in other markets as well. This year, we rely a lot on our dealers and our dealership partners to spread the word out and together with the expansion of the dealership network, we're going to see more and more brand awareness in the US.

然後口耳相傳，人們就會開始進來。因此，我們在其他市場也或多或少採取了相同的方法。今年，我們在很大程度上依賴經銷商和經銷商合作夥伴進行宣傳，隨著經銷商網路的擴大，我們將在美國看到越來越多的品牌知名度。

Okay, great. Thank you for that. And then my follow-up here. I just kind of wanted to talk a little bit about the Vietnam consumer and some of your comments in terms of EV sentiment there.

好的，太好了。謝謝你。然後是我的後續行動。我只是想談談越南消費者以及您對越南電動車情緒的一些評論。

I'm curious, really, what's underpinning that improving sentiment? Obviously, it's early days, and I imagine a lot of that is just due to the general increase in the number of EV models. And as pricing comes down as well, that's obviously positive. But I'm curious, do you think that there's anything else besides those two points underpinning that improving sentiment that, maybe, people aren't appreciating?

我真的很好奇，是什麼支撐著情緒的改善？顯然，現在還為時過早，我想這很大程度上是由於電動車車型數量的普遍增加。隨著價格的下降，這顯然是正面的。但我很好奇，除了這兩點之外，您是否認為還有其他因素支撐著人們可能不欣賞的情緒改善？

Yeah, you are right about the improving sentiment. We feel it very well on the market, right? We start seeing -- like our sales team is getting so excited about -- I mean it's a lot easier to sell our vehicles, and we started gathering momentum. You can see that clearly from the sales to non-related parties increasing and we getting more and more traction with ourselves in the market.

是的，你對情緒改善的看法是對的。我們在市場上感覺很好，對嗎？我們開始看到——就像我們的銷售團隊變得如此興奮——我的意思是，銷售我們的車輛變得容易多了，我們開始積聚動力。從對非關聯方的銷售量增加中可以清楚地看到這一點，我們在市場上的吸引力越來越大。

But I think if you look at Vietnam in particular, you look at the fundamentals, right? The vehicle penetration in Vietnam is still very low. The four-wheel penetration in Vietnam is still very, very low. And so we have a lot of room to grow there.

但我認為，如果你特別關注越南，你就會注意基本面，對嗎？越南的汽車普及率仍然很低。越南的四輪汽車普及率仍然非常非常低。所以我們在那裡有很大的成長空間。

And also, we make vehicles that are affordable to everybody and with all these green initiatives in Vietnam as well as globally. We believe that we will be able to attract a lot more attention from customers not only just in Vietnam, but in other markets as well.

此外，我們透過越南乃至全球的所有這些綠色舉措，生產人人都能負擔得起的車輛。我們相信，我們不僅能夠吸引越南客戶的更多關注，還能吸引其他市場的客戶的注意。

Okay, great. Thank you for the time. Really appreciate it. I will turn it back to the queue.

好的，太好了。謝謝你的時間。真的很感激。我會將其轉回隊列中。

Thank you. I would now like to hand back to the room for any questions on the floor.

謝謝。現在我想回到房間回答大家提出的任何問題。

Thank you, operator. We have the next question from the line. What is the impact of the typhoon Yagi to your Haiphong factory?

謝謝你，接線生。我們有下一個問題。颱風「八木」對你們海防工廠有何影響？

Thank you for asking. The typhoon Yagi is -- the aftermath of typhoon Yagi is very devastating for Vietnam. We haven't seen anything like this in the past, I would say, 30 years. And the whole country is still suffering and still trying to recover from the damages that was caused by typhoon and after that.

謝謝你的詢問。颱風「八木」－颱風「八木」的後果對越南來說是毀滅性的。我想說，過去 30 年我們從未見過這樣的事。整個國家仍在遭受颱風及其後造成的損失，並仍在努力恢復。

To our factory, there were some damages to surrounding infrastructures, and a lot of trees were blown away. But we quickly worked together and resumed operations within a few days. We're still assessing the impact of the typhoon. But so far, we're back in operation.

我們工廠周圍的基礎設施受到了一些損壞，許多樹木被吹走了。但我們很快就齊心協力，幾天之內就恢復了營運。我們仍在評估颱風的影響。但到目前為止，我們已恢復營運。

Thank you, Madam Thuy. We have the next question from the line. How is the funding progress for the CapEx and construction progress of the two CKD facilities in India and Indonesia? What will be the main funding channels to fund the CapEx?

謝謝你，翠女士。我們有下一個問題。印度和印尼兩個CKD工廠的資本支出和建設進度如何？資本支出的主要融資管道是什麼？

So the conscious decision to push out the start of production of the North Carolina plant I had with the capital relocation, that released the capital for us to invest in the plant in Indonesia, in India, so that we can enter this market competitively.

因此，我有意識地決定推遲北卡羅來納州工廠的投產，並進行資本搬遷，這為我們釋放了資金來投資印尼和印度的工廠，以便我們能夠有競爭力地進入這個市場。

So in Q2, our CapEx is only $108 million, mainly just upgrade to the Vietnam factory. And all the savings from not investing this year in the North Carolina plant, part of it will go to the Indonesia and the India plant.

所以在第二季度，我們的資本支出只有1.08億美元，主要只是升級越南工廠。今年不投資北卡羅來納工廠而節省的所有資金，其中一部分將流向印尼和印度工廠。

Thank you, Madam Thuy. We have the next question from the line. PV Power plans to build 1,000 charging stations by 2035 in Vietnam, available to all EV brands. How do you think this development might impact VinFast's competitive advantage in Vietnam in the long run? What challenges or opportunities do you see for VinFast as the charging infrastructure landscape evolves?

謝謝你，翠女士。我們有下一個問題。PV Power 計劃在 2035 年之前在越南建造 1,000 個充電站，供所有電動車品牌使用。從長遠來看，您認為這項發展可能會如何影響 VinFast 在越南的競爭優勢？隨著充電基礎設施格局的發展，您認為 VinFast 面臨哪些挑戰或機會？

Thank you. Well, today, we have about 75,000, 80,000 charging stations across Vietnam. You can go pretty much anywhere in Vietnam, like any major location in Vietnam, on VinFast vehicles. And we continue -- our chairman, V-Green continues investing in charging stations.

謝謝。今天，我們在越南各地擁有約 75,000 個、80,000 個充電站。您可以乘坐 VinFast 車輛前往越南的幾乎任何地方，例如越南的任何主要地點。我們的董事長 V-Green 繼續投資充電站。

Actually, we just came up with a very interesting model where V-Green basically franchises the charging network to all the people in Vietnam. So by the end of the year, I think V-Green's plan is to build another about 20,000, 40,000 charging stations across Vietnam.

實際上，我們剛剛提出了一個非常有趣的模式，V-Green 基本上將充電網路特許經營給越南所有人。所以到今年年底，我認為V-Green的計畫是在越南再建造約20,000個、40,000個充電站。

So I mean, we think that other players coming to the market and building more charging stations, it just helps with the market, helps with the EV adoption. It's great for the country, great for the market. So, yeah, we think it's a good thing for the transition to the green mobility in Vietnam.

所以我的意思是，我們認為其他參與者進入市場並建造更多充電站，這只會有助於市場，有助於電動車的採用。這對國家有利，對市場有利。所以，是的，我們認為這對越南向綠色交通的過渡是一件好事。

Thank you, Madam Thuy. We have the next question from the line. Please provide an update on your capital expenditure outlook given the decision to delay North Carolina plant. How has this changed your international expansion strategy? And are you still targeting 50 markets?

謝謝你，翠女士。我們有下一個問題。鑑於決定推遲北卡羅來納州工廠的建設，請提供最新的資本支出前景。這如何改變了您的國際擴張策略？您的目標仍然是 50 個市場嗎？

Thank you. We started the year with a totally different outlook for the EV market. And the market this year has not been -- I mean, EV has not been in favor this year. So we -- after Q1, we took a more prudent review of our strategy and decided to take a more prudent approach for the rest of the year.

謝謝。今年伊始，我們對電動車市場的前景完全不同。今年的市場並沒有——我的意思是，今年電動車並沒有受到青睞。因此，在第一季之後，我們對我們的策略進行了更謹慎的審查，並決定在今年剩餘時間內採取更謹慎的方法。

So delaying the plant in North Carolina is part of that prudent approach. And also, going into only selected markets is also another part of the prudent approach. Today, I think we are in about 15 selected markets in the world. And we -- for the rest of the year, we continue pushing in this market instead of expanding further.

因此，推遲在北卡羅來納州建廠是謹慎做法的一部分。此外，只進入選定的市場也是審慎做法的一部分。今天，我認為我們在全球約 15 個選定的市場中佔有一席之地。在今年剩下的時間裡，我們將繼續推動這個市場，而不是進一步擴張。

Thank you, Madam Thuy. Any update on your entry into new Asian markets in Southeast Asia? How has the customer reception been to VinFast? Are you working with local partners for charging and financing?

謝謝你，翠女士。關於您進入東南亞新亞洲市場的最新消息嗎？VinFast 的客戶接待情況如何？您是否正在與當地合作夥伴合作進行充電和融資？

Well, that's a very long question. So Southeast Asia and ASEAN is like one of the very important and key markets for our global expansion strategy. We -- basically, Vietnam is part of the ASEAN economic block. So like I said before, we do have certain advantages in ASEAN markets.

嗯，這是一個很長的問題。因此，東南亞和東協是我們全球擴張策略中非常重要且關鍵的市場之一。基本上，越南是東協經濟體的一部分。所以就像我之前說的，我們在東協市場確實有一定的優勢。

And to serve the foreseeable increasing demand of EVs in this market, we focus on two competitive advantages that we have. First of all, affordability, like making EVs really accessible to everyone in those markets; and then after-sales policy.

為了滿足該市場中可預見的電動車日益增長的需求，我們專注於我們擁有的兩大競爭優勢。首先，可負擔性，例如讓這些市場中的每個人都真正可以使用電動車；然後是售後政策。

So for affordability, VinFast has a comprehensive portfolio at multiple price points, very innovative battery leasing program that was very successful in Vietnam and proven to be very welcome in Indonesia. And we believe in many other markets in ASEAN as well.

因此，就負擔能力而言，VinFast 擁有多個價位的全面產品組合，以及非常創新的電池租賃計劃，該計劃在越南非常成功，並在印尼非常受歡迎。我們也相信東協的許多其他市場。

On after-sales, we continue to exercise to offer the above market standard warranty offering, like 7 years, 10 years warranty, 160,000 to 200,000 kilometers. And so that way, you can remove the concerns during the early adoption stage and accelerate consumer choices toward EVs.

在售後方面，我們繼續努力提供上述市場標準的保固服務，如7年、10年保固、16萬至20萬公里。這樣，您就可以消除早期採用階段的擔憂，並加速消費者對電動車的選擇。

In terms of charging, V-Green, after being split out, cut out from VinFast, has been developing very aggressively. So V-Green is setting up charging network in the market in ASEAN as well. Not only VinFast showrooms, but also in many other public charging networks in this market as well. So --

在充電方面，V-Green從VinFast中分離出來後，發展非常積極。因此V-Green也在東協市場建立充電網路。不僅是 VinFast 展廳，而且這個市場上的許多其他公共充電網路也是如此。所以--

Thank you, Madam Thuy. We have the next question on the line. Do you still target to achieve 80,000 this year, given that first half, the company only delivered 25% of the target?

謝謝你，翠女士。我們有下一個問題。鑑於上半年公司僅完成了目標的25%，今年您是否仍計劃實現8萬輛？

We -- yes, we still are committed to the 80,000 vehicles delivery this year. And so the main volume drivers, as I mentioned before, would be the VF 3. We have more pre-orders. This is like with non-refundable deposit of about $650, and we have more than we can deliver this year.

我們——是的，我們仍然致力於今年交付 80,000 輛汽車。因此，正如我之前提到的，主要音量驅動程式將是 VF 3。我們有更多的預訂單。這相當於約 650 美元的不可退還押金，而我們今年的交付量已經超出了我們的能力。

So we target to deliver about 20,000 VF 3 this year in Vietnam market alone. And the VF 5 continues to be a leader on the market as well. So these two models will contribute significantly to the [80,000] delivery target that we have this year. So we still form about 80,000 delivery target.

因此，我們今年的目標是僅在越南市場就交付約 20,000 輛 VF 3。VF 5 也持續成為市場的領導者。因此，這兩種型號將為我們今年的 [80,000] 交付目標做出重大貢獻。所以我們還是形成8萬左右的投放目標。

Thank you, Madam Thuy. We have one final question from the line. It's great to hear that VinFast is focused on newer markets in Asia. As you think about VinFast's longer-term outlook, can you share how much you expect Asian market to contribute?

謝謝你，翠女士。我們還有最後一個問題。很高興聽到 VinFast 專注於亞洲的新興市場。當您考慮VinFast的長期前景時，您能分享一下您預計亞洲市場將貢獻多少嗎？

I think I shared this in earlier calls as well. We think that Asia -- I mean, our journey started from Vietnam, right? But we went to US and Europe for the brand awareness and to basically enter this market to prove that our vehicles have good quality. We can satisfy the most difficult customers in the world.

我想我在之前的電話會議中也分享了這一點。我們認為亞洲——我的意思是，我們的旅程從越南開始，對嗎？但我們去美國和歐洲是為了品牌知名度，基本上是為了進入這個市場來證明我們的車輛有好的品質。我們可以滿足世界上最困難的客戶。

But immediately this year, we return to markets near us because we see a lot of potential in this market with very low EV penetration and with the policies and the country a lot closer to us. And so Asia is very important to us.

但今年，我們立即回到了我們附近的市場，因為我們看到這個市場有很大的潛力，電動車普及率非常低，而且政策和國家離我們更近。因此亞洲對我們來說非常重要。

When you look at India with the most populous country in the world with 1.5 billion people; you look at Indonesia, the third most populous country in the world with about 300 million people. These are the huge markets for us to penetrate. So Asia, we think in the longer term, will probably account for maybe 30%, 50% of our global volume.

當你看看印度，它是世界上人口最多的國家，有 15 億人口；看看印度尼西亞，它是世界第三人口大國，約有 3 億人口。這些都是我們需要開拓的龐大市場。因此，我們認為，從長遠來看，亞洲可能占我們全球銷售的 30%、50%。

Thank you, Madam Thuy. That's pretty much all the questions we got for today. Thank you, everyone, for attending and for your continued support to VinFast. If you need any clarification, please let us know by sending an email to ir@vinfastauto.com. Goodbye and take care.

謝謝你，翠女士。這幾乎就是我們今天收到的所有問題。感謝大家的出席以及對 VinFast 的持續支持。如果您需要任何說明，請發送電子郵件至 ir@vinfastauto.com 告知我們。再見，保重。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。