VinFast Auto Ltd (VFS) 2024 Q3 法說會逐字稿

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。如果可以重播，將提供缺少的文字。

Good day, and thank you for standing by. Welcome to VinFast Auto Limited third-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 VinFast Auto Limited 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I'd now like to hand the conference over to your first speaker today, Nhi Nguyen. Please go ahead.

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 third-quarter earnings conference call. Joining me 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。歡迎參加我們的第三季財報電話會議。今天與我一起出席的還有董事會主席 Thuy Le 女士；以及我們的財務長 Lan Anh Nguyen 女士。

During the call, we will discuss our third-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，我們將討論第三季業績、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，該幻燈片可在 IR 網站上存取。

Before I turn the call over to Madam Thuy, let me remind you that some of the statements on this call include forward-looking statements under federal securities law. This includes, without limitation, statements regarding the future financial and operating outlook, guidance, macroeconomic, industry trends, company initiatives, and other future events. These statements are based on the predictions and expectations as of today.

在我將電話轉給 Thuy 女士之前，請允許我提醒您，本次電話會議中的一些陳述包括聯邦證券法規定的前瞻性陳述。這包括但不限於有關未來財務和營運前景、指導、宏觀經濟、行業趨勢、公司舉措和其他未來事件的聲明。這些陳述是基於截至目前的預測和期望。

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.

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 this call. A discussion of why we use non-GAAP and information regarding the reconciliation of our non-GAAP versus GAAP is available in the PR that we issued this morning. You can also find it on our presentation. With that, I would like to invite Madam Thuy to start with the management remarks.

此外，管理階層將在本次電話會議中參考非公認會計原則財務狀況。我們今天早上發布的 PR 中討論了我們為什麼使用非 GAAP 以及有關非 GAAP 與 GAAP 協調的資訊。您也可以在我們的簡報中找到它。接下來，我想請 Thuy 女士先發表管理層講話。

Thank you, Nhi, and welcome, everyone. It's great to speak with you again and to share the exciting developments at VinFast. Q3 2024 was underpinned by a robust September as we recorded our highest monthly delivery ever in our home market. For the first time, a Vietnamese OEM, which has been around for only seven years, and only pivoted to a pure EV strategy early about two years ago, has outperformed international competitors to become the market leader.

謝謝你，Nhi，歡迎大家。很高興再次與您交談並分享 VinFast 令人興奮的發展。9 月的強勁表現為 2024 年第三季提供了支撐，我們創下了國內市場有史以來最高的月度交付量。一家成立僅七年、大約兩年前才轉向純電動車策略的越南整車廠首次超越國際競爭對手，成為市場領導者。

This marks a historic milestone for Vietnam's automotive industry as it now enter a very short list of countries in which a domestic pure EV player leads the sales chart. It also demonstrate that the maintaining flexibility and (technical difficulty) responding to a near-term market opportunity is an effective strategy during the early stages of EV transition. Meanwhile, the calibrations that we made to our international strategy has started to pay off as well.

這標誌著越南汽車產業的歷史性里程碑，因為越南現在進入了極少數由國內純電動車製造商在銷售排行榜上領先的國家名單。它還表明，保持靈活性和（技術難度）響應近期市場機會是電動車轉型早期階段的有效策略。同時，我們對國際戰略所做的調整也開始得到回報。

September was also the best month in the history of VinFast North American market, thanks to our growing dealer network and continuous improvement of our EVs. With [nine]-month 2024 accounting for 55% of the full-year target, we expect to finish 2024 on a strong note and reiterate our 80,000-vehicle delivery target. As always, VinFast remains committed to balancing growth and profitability, while being nimble to respond to market opportunities.

九月也是 VinFast 北美市場歷史上最好的月份，這要歸功於我們不斷擴大的經銷商網路和電動車的不斷改進。由於 2024 年第 9 個月佔全年目標的 55%，我們預計 2024 年將以強勁的勢頭結束，並重申我們的 80,000 輛汽車交付目標。一如既往，VinFast 仍致力於平衡成長和獲利能力，同時靈活應對市場機會。

Now, let me discuss our Q3 deliveries in more detail. During the quarter, we delivered 21,912 EVs, representing 66% quarter over quarter and 115% year-over-year increase. E-scooter delivery in Q3 were 18,894, representing a 44% sequential increase; and a 33% year-on-year decrease, if you count the last delivery of GSM last year; or 118% increase, excluding delivery of GSM. We also observed Q3 2024 B2C electric car sales grew at a robust 163% quarter over quarter and 497% year over year.

現在，讓我更詳細地討論我們第三季的交付情況。本季度，我們交付了 21,912 輛電動車，季增 66%，年增 115%。第三季電動滑板車交車量為18,894輛，季增44%；如果算上去年GSM最後一次出貨的話，年減了33%；或增加 118%，不包括 GSM 的交付。我們也觀察到，2024 年第三季 B2C 電動車銷量較上季成長 163%，年增 497%。

Now, let's turn to the drivers of each of our markets. Let's start with Vietnam. With the right product and sales strategy, VinFast successfully set a chain and created a new demand in our domestic market, where retail sales grew 159% quarter over quarter and 504% year over year in Q3 2024. Thanks to our VF 3 and VF 5, for the first time, Vietnamese customers realized that they could have decent, cool-looking, strong-built EVs at a very reasonable price.

現在，讓我們來看看每個市場的驅動因素。我們先從越南開始吧。憑藉正確的產品和銷售策略，VinFast 成功建立了連鎖店，並在國內市場創造了新的需求，2024 年第三季零售額較上季成長 159%，年成長 504%。由於我們的 VF 3 和 VF 5，越南客戶第一次意識到他們可以以非常合理的價格擁有體面、外觀酷炫、結構堅固的電動車。

VF 3 deliveries began during the third quarter and rapidly gained popularity in Vietnam for its unique personality and practical features including a 10-inch entertainment screen, spacious storage, and backup sensors, combined with low running cost and a steady built, customers see it as an ideal, fun-to-drive urban car. And the excitement continues to build as eager buyers await their turn to receive their VF 3.

VF 3於第三季度開始交付，憑藉其獨特的個性和實用功能（包括10英寸娛樂屏幕、寬敞的存儲空間和備用傳感器）在越南迅速受到歡迎，再加上低運行成本和穩定的構造，客戶認為它是一款理想的、駕駛樂趣十足的城市車。隨著急切的買家等待收到 VF 3，興奮情緒持續高漲。

VF 5, appealing to both personal and (technical difficulty) user is also helping us drive the green mobility shift beyond being a top choice for retail customers. A unique trend is the growing adoption of EVs by traditional taxi operators. This shift is driven by the economic benefits of reduced maintenance and stable electricity costs compared to the volatile gasoline prices. Transitioning to EVs also allow many transportation businesses to lower expenses and improve profitability. We view this as a major step forward in developing sustainable transportation options in Vietnam.

VF 5 對個人和（技術難度）使用者都有吸引力，也幫助我們推動綠色出行轉變，而不僅僅是零售客戶的首選。一個獨特的趨勢是傳統計程車業者越來越多地採用電動車。與波動的汽油價格相比，這種轉變是由減少維護和穩定電力成本所帶來的經濟效益所推動的。轉向電動車還可以讓許多運輸企業降低開支並提高獲利能力。我們認為這是越南在開發永續交通選擇方面向前邁出的重要一步。

We believe our home market holds significant potential beyond the success that you already have seen. And we have observed many positive trends that bring us confidence on its long-term EV adoption. According to the International Organization of Motor Vehicle Manufacturers, car ownership in Vietnam remains low, with only 55 cars for every 1,000 people as compared to 82 in Indonesia.

我們相信，我們的國內市場擁有超越您已經看到的成功的巨大潛力。我們觀察到許多積極的趨勢，這讓我們對電動車的長期採用充滿信心。根據國際汽車製造商組織的數據，越南的汽車保有量仍然很低，每 1,000 人僅擁有 55 輛汽車，而印尼則為 82 輛。

At the same time, 35 million people are expected to enter Vietnam's middle class by 2030, significantly boosting the number of consumers with the purchasing power to consider EVs. During the same period, the Vietnam Automobile Manufacturers Association, a forecast that EV ownership in the country will rise to 1 million units. Our home winning strategy in Vietnam give us a solid foundation for our overseas expansion and allow us to develop our strategy expertise to drive long-term excellence.

同時，預計到2030年，越南將有3,500萬人進入中產階級，這將大大增加有購買力考慮電動車的消費者數量。同期，越南汽車製造商協會預測，該國電動車保有量將增加至100萬輛。我們在越南的主場致勝策略為我們的海外擴張奠定了堅實的基礎，並使我們能夠發展我們的策略專業知識以推動長期卓越。

Let's turn now into our international markets, where we have quickly adopted our strategy and utilized our unique position to capitalize on favorable changes in our target markets. During Q3 2024, approximately 9% of deliveries were to international markets versus a year ago when international markets only accounted for 3% of delivery. In North America, we are now managing some own showrooms and have pursued a dealership model as well with 42 showrooms. This has enabled us to gather valuable feedback and market our products to a wider base of customers.

現在讓我們轉向我們的國際市場，我們很快就採取了我們的策略，並利用我們獨特的地位來利用目標市場的有利變化。2024 年第三季度，約 9% 的交付量送往國際市場，而一年前國際市場僅佔交付量的 3%。在北美，我們現在管理一些自己的陳列室，並推行經銷商模式，擁有 42 個陳列室。這使我們能夠收集有價值的回饋並向更廣泛的客戶群推銷我們的產品。

Our adaptive enhancement sales offer and industry-leading 10 years warranty make owning a VinFast electric car a more practical and accessible option for those seeking good value solutions. In Canada, we observed three consecutive months of growth in July, August, and September, with sales up 70% quarter over quarter. With increasingly positive response from this market, we have decided to officially add the stunning seven-passenger three-row electric vehicle VF 9 recently on November 19, and we are planning to introduce VF 6 and VF 7 at the right time next year.

我們的自適應增強銷售優惠和業界領先的 10 年保固使擁有 VinFast 電動車成為尋求高價值解決方案的人更實用、更容易的選擇。在加拿大，我們觀察到 7 月、8 月和 9 月連續三個月成長，銷售額較上季成長 70%。隨著市場反應日益積極，我們決定在近期於11月19日正式推出令人驚嘆的七人座三排電動車VF 9，並計劃在明年適當的時候推出VF 6和VF 7。

Many local dealers have indicated that 2025 presents a promising opportunity to launch our new, beautifully designed and strong performance vehicles. This should position us to compete more effectively with our industry peers in North America market and address the gap in the market for reliable, reasonably priced EVs.

許多當地經銷商表示，2025 年是推出我們設計精美、性能強勁的新型車輛的絕佳機會。這將使我們能夠更有效地與北美市場的同行競爭，並解決可靠、價格合理的電動車市場的空白。

In late October, we launched our brand in the Middle East and opened our first UAE dealership in Downtown Dubai, offering a full range of electric vehicles with an integrated service workshop for complete customer support.

十月下旬，我們在中東推出了我們的品牌，並在杜拜市中心開設了第一家阿聯酋經銷店，提供全系列電動車，並設有綜合服務車間，為客戶提供全面的支援。

Let's move back to market closer to us. I'm excited to talk about the new kids on the block. In Q3, Indonesia became official with the first deliveries of VF e34 to customers. VF 5 has also been delivered recently, while VF 3 is planned for next year. VF 5 and VF 3 are our responses to the local market appetite for affordable products which accounted for about two-thirds of the overall market vehicles in 2023.

讓我們回到離我們更近的市場。我很高興能談論這個街區的新孩子。第三季度，印尼正式向客戶交付了第一批 VF e34。VF 5 最近也已交付，VF 3 計劃於明年交付。VF 5 和 VF 3 是我們對當地市場對平價產品需求的回應，這些產品約佔 2023 年整個市場車輛的三分之二。

As of October 31, we have successfully opened 17 showrooms with (technical difficulty) plans in progress to further expand our brand presence and enhance options for retail customers. Dealers who visited our plant and test drove our cars have shown nice surprises and positiveness about our product design and quality. We've been working closely with our prestigious dealership group and other partners to provide customers with attractive purchase options.

截至 10 月 31 日，我們已成功開設 17 個展廳，（技術難度）計劃正在進行中，以進一步擴大我們的品牌影響力並增強零售客戶的選擇。參觀我們工廠並試駕我們汽車的經銷商對我們的產品設計和品質表現出了驚喜和積極態度。我們一直與享有盛譽的經銷商集團和其他合作夥伴密切合作，為客戶提供有吸引力的購買選擇。

A strong aftersales support is key to keeping customers satisfied. We have established a third-party partnership to provide 24/7 hotline for roadside assistance to our customers, and set up a part distribution center warehouse under DSV, a logistics solutions provider.

強大的售後支援是讓客戶滿意的關鍵。我們建立了第三方合作關係，為客戶提供24/7道路救援專線，並在物流解決方案供應商DSV旗下設立了零件配送中心倉庫。

Indonesia is an interestingly unique market for us. It is a market with large potential and with many EV players. We have identified two key pillars for our Indonesia strategy. First of all is battery leasing. As anticipated, customer response to battery leasing has mirrored what we observed in Vietnam when we first launched EV. This one of a kind offering in Indonesia will remain a key differentiator for our tailor go-to-market strategy, driving a growing wave of early adopters.

印尼對我們來說是一個有趣且獨特的市場。這是一個潛力無窮、電動車廠商眾多的市場。我們已經確定了印尼戰略的兩個關鍵支柱。首先是電池租賃。正如預期的那樣，客戶對電池租賃的反應反映了我們首次推出電動車時在越南觀察到的情況。在印度尼西亞，這獨一無二的產品將仍然是我們量身定制的進入市場策略的關鍵差異化因素，推動了越來越多的早期採用者的浪潮。

The second pillar to our Indonesia strategy is our ecosystem. GSM is set to launch in Indonesia soon with anticipated impact expected to be substantial, very much like in Vietnam. Potential customer will have unique opportunity to experience our products in real life before making their purchase decision. This not only enhance VinFast brand and product presence, but also integrate the VinFast experience seamlessly into daily life. In addition, the CKD factory is progressing as planned, and our commitment to this market remains unchanged and strong.

我們印尼策略的第二個支柱是我們的生態系統。GSM 即將在印尼推出，預計影響將是巨大的，就像在越南一樣。潛在客戶在做出購買決定之前將有獨特的機會在現實生活中體驗我們的產品。這不僅增強了 VinFast 品牌和產品的影響力，還將 VinFast 體驗無縫融入日常生活中。此外，CKD 工廠正在按計劃進行，我們對這個市場的承諾保持不變且堅定。

A quick update on the Philippines. Drawing from success in our home market and similar to the approach in Indonesia, we understand that building a comprehensive ecosystem is key to earning customer loyalty. We have set up a parts supply warehouse, established logistics partnership, and ensure 24/7 roadside assistant support for our customer in the Philippines.

關於菲律賓的快速更新。借鑒我們在國內市場的成功經驗以及類似於印尼的做法，我們了解到建立全面的生態系統是贏得客戶忠誠度的關鍵。我們在菲律賓建立了零件供應倉庫，建立了物流合作夥伴關係，並確保為我們的客戶提供24/7的路邊助理支援。

We launched the VF 3 first in the Philippines to leverage our existing product market fit, given the demand for an urban mobility offering that is suitable for Manila traffic. And currently have open for reservation, three models in the market. As of October 31, we have established eight showrooms in the Philippines with three located in Manila and other regions.

考慮到對適合馬尼拉交通的城市交通產品的需求，我們首先在菲律賓推出了 VF 3，以利用我們現有的產品市場契合度。目前市場上有三款車型可供預訂。截至10月31日，我們在菲律賓設立了8個展廳，其中3個位於馬尼拉和其他地區。

Before we move on to our outlook, let me provide some updates on our global showroom and charging network. As of October 31, 2024, we have 173 showrooms, up from 130 in June as we expanded our dealership network. In Vietnam, we completed our full transition into local dealer network with all 91 stores operated by dealers. Meanwhile, about 50% of our 82 international showrooms are dealers-owned.

在我們展望未來之前，讓我先介紹一下我們的全球展廳和充電網路的一些最新情況。截至 2024 年 10 月 31 日，隨著我們擴大經銷商網絡，我們擁有 173 個展廳，高於 6 月份的 130 個。在越南，我們完成了向當地經銷商網路的全面轉型，所有 91 家門市均由經銷商營運。同時，我們 82 個國際展廳中約 50% 屬於經銷商所有。

This approach lower CapEx and optimizes expansion cost by utilizing dealers-owned locations allowing us to focus on supporting our dealers with marketing activities and leveraging their local expertise to accelerate sales. The impact is already shown in our financials, which our CFO will share later. Meanwhile, VinFast customers access to charging points remain extremely comprehensive in the industry. By the end of Q3, our customers have access to over 1 million charge points globally, either a VinFast owned station in Vietnam or through third-party options internationally.

這種方法透過利用經銷商擁有的地點來降低資本支出並優化擴張成本，使我們能夠專注於支持經銷商進行行銷活動並利用他們的本地專業知識來加速銷售。這種影響已經在我們的財務數據中顯現出來，我們的財務長稍後將分享這一點。同時，VinFast 客戶對充電點的存取在業界仍然非常全面。到第三季末，我們的客戶可以使用全球超過 100 萬個充電點，無論是 VinFast 在越南擁有的充電站還是透過國際上的第三方選項。

In North America, VinFast customers get access approximately 140,000 smart, public, and third-party networks, all easily locatable through the VinFast app. The VinFast app aggregates and simplifies the public charging user experience. It allows users to plan travel routes and easily pay as you go for charging within the app instead of having to use multiple apps and digital wallets for different third-party providers.

在北美，VinFast 客戶可以存取約 140,000 個智慧、公共和第三方網絡，所有這些網絡都可以透過 VinFast 應用程式輕鬆定位。VinFast 應用程式聚合並簡化了公共充電用戶體驗。它允許用戶規劃旅行路線並輕鬆地在應用程式內按需付費，而不必為不同的第三方提供者使用多個應用程式和數位錢包。

Looking ahead, there's plenty to be excited about at VinFast. Earlier this month, we announced restructuring and financial support from Vingroup and from Mr. Pham Nhat Vuong, VinFast founder, which was designed to equip VinFast with sufficient resources at this critical (technical difficulty) on our journey towards becoming self-sustaining. The loans from Vingroup and grants from Mr. Pham amidst currently unfavorable market conditions, allow VinFast to stay focused on executing our business plan and avoid fundraising on unreasonable terms.

展望未來，VinFast 有很多值得興奮的地方。本月早些時候，我們宣布了來自 Vingroup 和 VinFast 創始人 Pham Nhat Vuong 先生的重組和財務支持，旨在為 VinFast 在實現自給自足的關鍵（技術困難）階段提供足夠的資源。在當前不利的市場條件下，Vingroup 的貸款和 Pham 先生的贈款使 VinFast 能夠專注於執行我們的業務計劃，並避免以不合理的條件籌集資金。

About 2024 delivery targets. As I mentioned earlier, we are reiterating our 80,000 delivery targets for 2024, and with recent performance in October, we believe we are on track. With that, I will hand it over to our CFO, Lan Anh for the financial highlights.

關於2024年的交付目標。正如我之前提到的，我們重申 2024 年 80,000 輛的交付目標，根據 10 月的近期表現，我們相信我們正在步入正軌。接下來，我將把財務要點交給我們的財務長 Lan Anh。

Thank you, Madam Thuy, and hello, everyone. It's so great to speak with you again. I'm pleased to share that Q3 2024 was in line with our internal forecast, driven by an acceleration in our top line and an improvement in profitability, as gross loss and net loss narrowed significantly.

謝謝 Thuy 女士，大家好。很高興再次與你交談。我很高興地告訴大家，2024 年第三季與我們的內部預測一致，這是由於我們的營收加速成長和獲利能力改善，毛虧損和淨虧損大幅收窄。

As we discussed in Q2 2024, optimizing costs with our [sacrifying] customer experience remains a top priority. Q3 2024 net revenue was USD512 million, a 42% quarter-over-quarter and 49% year-over-year increase. Our accessible segment, which includes VF 3 and VF 5 accounted for 35% of revenue this quarter, reflecting our continued focus on accelerating EV adoption to a wider population.

正如我們在 2024 年第二季所討論的，透過[犧牲]客戶體驗來優化成本仍然是首要任務。2024 年第三季淨收入為 5.12 億美元，季增 42%，年增 49%。我們的無障礙細分市場（包括 VF 3 和 VF 5）佔本季營收的 35%，反映出我們繼續致力於加速電動車在更廣泛人群中的普及。

Q3 2024 gross loss, USD123 million, and gross loss margin was minus 24%, a significant improvement from Q2 2024 gross loss of USD226 million and gross margin of minus 62.7%. A year-over-year basis, Q3 2024 gross loss margin of minus 24% was approximately 300 basis points narrower than the Q3 2023 gross loss margin of minus 27%. The improvement of gross margin over the second quarter of 2024 was driven by increased sales, improved costs, and decreased interest to write out the carrying value of inventories.

2024年第三季毛虧損1.23億美元，毛虧損率為-24%，較2024年第二季毛虧損2.26億美元及毛利率-62.7%顯著改善。與去年同期相比，2024 年第三季的毛虧損率為-24%，比 2023 年第三季的毛虧損率為-27% 窄約 300 個基點。2024 年第二季毛利率的改善是由於銷售額增加、成本改善以及沖銷存貨帳面價值的利息減少所推動的。

In Q3, we continued to see average units [bill] of material costs for electric cars declined by 8.3% and average unit production costs for electric cars declined by 20.1%.

第三季度，我們繼續看到電動車的平均單位材料成本下降了 8.3%，而電動車的平均單位生產成本下降了 20.1%。

In terms of SG&A, SG&A expense of USD144 million represents a 10% decline quarter over quarter and a 23% increase year over year. This was still much lower than revenue growth. As a percentage of sales, SG&A was 28% compared to 44% in Q2 we benefited from economies of scale. R&D expenses as a percentage of sales were 17% or USD87 million. R&D declined 21% quarter over quarter and 42% year over year.

SG&A 方面，SG&A 費用為 1.44 億美元，較上季下降 10%，較去年同期成長 23%。這仍然遠低於收入成長。SG&A 佔銷售額的百分比為 28%，而第二季為 44%，我們受益於規模經濟。研發費用佔銷售額的百分比為 17%，即 8,700 萬美元。研發環比下降 21%，年減 42%。

We expect R&D as a percentage of sales to continue to trend downwards in the coming years, given that we have reloaded our product development work. The incremental spending on R&D going forward will be mostly on technological enhancements, (inaudible) and market-specific adjustments.

鑑於我們已經重新加載了產品開發工作，我們預計研發佔銷售額的百分比在未來幾年將繼續呈下降趨勢。未來研發的增量支出將主要用於技術改進、（聽不清楚）和針對特定市場的調整。

EBITDA and EBITDA margin in Q3 2024 was minus USD232 million and minus 45.3%, respectively, a significant improvement from minus USD484 million and minus 134.4% in Q2 2024, and for minus USD400 million and minus 116.8% in Q3 2023, respectively.

2024 年第三季的EBITDA 和EBITDA 利潤率分別為負2.32 億美元和負45.3%，較2024 年第二季的負4.84 億美元和負134.4%，以及2023 年第三季的負4 億美元和負116.8% 顯著改善。

On cost savings and higher volume has held our net loss for the quarter declined to minus USD550 million versus minus USD779 million in Q2, narrowing by 29% quarter over quarter and 15% year over year. CapEx in the third quarter was USD132 million, a 21% increase quarter over quarter and a 33% decline year over year.

由於成本節約和銷量增加，我們本季的淨虧損從第二季的負 7.79 億美元降至負 5.5 億美元，環比收窄 29%，年比收窄 15%。第三季資本支出為1.32億美元，較上季成長21%，年減33%。

The sequential increase in CapEx was due to our investments in wrapping up the contraction in our India and Indonesia factories as planned. Cash flow from operations was minus USD465 million, a 42% increase quarter over quarter from minus USD326 million in Q2 2024. On a year-over-year basis comparison, though, cash flow from operations improved by 47% from minus USD871 million in Q3 2023. Total cash burn for Q3 2024 was USD596 million. This figure accounts for both cash flow from operations and cash flow from investing.

資本支出環比增長是由於我們按計劃進行投資以結束印度和印尼工廠的收縮。營運現金流為負 4.65 億美元，較 2024 年第二季的負 3.26 億美元成長 42%。不過，與去年同期相比，營運現金流較 2023 年第三季的負 8.71 億美元成長了 47%。2024 年第三季的現金消耗總額為 5.96 億美元。該數字同時考慮了營運現金流和投資現金流。

About cash balance and liquidity, we ended Q3 2024 with USD79 million in cash and USD968 million in e-Lock facility. On top of this, we have recently announced an additional capital injection of USD3.5 billion by the end of 2026. This amount includes USD1.4 billion loans from Vingroup and USD2.1 billion grant from VinFast founder.

關於現金餘額和流動性，截至 2024 年第三季度，我們擁有 7,900 萬美元的現金和 9.68 億美元的 e-Lock 融資。除此之外，我們最近也宣佈到 2026 年底追加註資 35 億美元。該金額包括 Vingroup 的 14 億美元貸款和 VinFast 創始人的 21 億美元贈款。

Overall, I'm pleased by the business result in Q3 and happy that we have a clear visibility on overall financial position to support our growth and profitability plan. With that, I'd like to hand it back to Madam Thuy for her closing remarks.

總的來說，我對第三季的業務成果感到滿意，並很高興我們對整體財務狀況有清晰的了解，以支持我們的成長和獲利計畫。至此，我想將其交還給 Thuy 女士做總結發言。

Thank you, Lan Anh. Looking ahead to 2025, VinFast is preparing for a growth trajectory similar to what we have seen in 2024. We have started setting our footprint in several new markets this year. It is not the first time we have done so. And with the progress in the highly demanding markets of North America, we feel more confident and more equipped in our further expansion journey. Mindful that we ask you a relatively newcomer in the EV industry, we are taking all necessary steps to remain competitive in the long term.

謝謝你，蘭安。展望 2025 年，VinFast 正在為與 2024 年類似的成長軌跡做準備。今年我們已開始涉足幾個新市場。這不是我們第一次這樣做。隨著北美高要求市場的進展，我們對進一步的擴張之旅充滿了信心和準備。請注意，我們要求您在電動車行業相對較新，我們正在採取一切必要措施以保持長期競爭力。

We strive to be nimble in our execution as we stay true to our mission of creating a sustainable future for everyone. Building a sustainable green mobility business is a big undertaking, and our recent liquidity boost will enable management to concentrate on executing our profitability road map. It does not mean that VinFast will not explore and seize external funding opportunities on the TAM and the deals are right.

我們努力靈活執行，恪守為每個人創造永續未來的使命。建立可持續的綠色旅遊業務是一項艱鉅的任務，我們最近的流動性增加將使管理層能夠專注於執行我們的獲利路線圖。這並不意味著 VinFast 不會探索和抓住 TAM 的外部融資機會，而且這些交易是正確的。

Producing high-quality electric vehicles is a complex test, one that requires unwavering dedication and fortitude to navigate ongoing uncertainties. Every day, we are learning how to make durable, exciting EV that will be a key part of the global transition to green mobility. The path to green mobility is challenging, but our commitment to this future is resolute because the future is without a question electric.

生產高品質電動車是一項複雜的測試，需要堅定不移的奉獻和毅力來應對持續的不確定性。我們每天都在學習如何製造耐用、令人興奮的電動車，這將成為全球轉型為綠色的關鍵部分。通往綠色出行的道路充滿挑戰，但我們對未來的承諾是堅定的，因為未來毫無疑問是電動的。

Let us now open for Q&A.

現在讓我們開始問答。

(Operator Instructions)

（操作員說明）

Thank you, operator. We have the first question from the floor. Can you share any color on confidence in hitting the full-year 2024 target? Given that you have only met 55% of the 80,000 of Q3, also ramping up to 40,000 in the last three months can be daunting, do you see any challenges to production?

謝謝你，接線生。我們有與會者提出的第一個問題。您能否分享一下對實現 2024 年全年目標的信心？鑑於您只滿足了第三季度 80,000 個中的 55%，並且在過去三個月內增加到 40,000 個可能會令人畏懼，您認為生產面臨任何挑戰嗎？

We're very confident about hitting the 80,000 targets, especially having seen October and November numbers as well. We had a very robust Q3 number where we hit a number of milestones. We became a number one OEM in Vietnam and have exceeded our internal forecast for deliveries in the US. In Canada as well, we saw three consecutive bestselling months.

我們對實現 80,000 人的目標非常有信心，尤其是在看到 10 月和 11 月的數字之後。我們的第三季業績非常強勁，達到了許多里程碑。我們成為越南第一大原始設備製造商，並且在美國的交付量超出了我們的內部預測。在加拿大，我們也連續三個月暢銷。

So we continue the traction to solidify our market-leading position in October in Vietnam, and for the first 10 months in 2024 in the domestic market. We expect that this momentum will continue through Q4. And like I said, having seen the number in October and November, we're very confident to hit the 80,000-delivery target.

因此，我們將繼續努力鞏固我們 10 月在越南的市場領先地位，以及 2024 年前 10 個月在國內市場的領先地位。我們預計這種勢頭將持續到第四季。正如我所說，看到 10 月和 11 月的交付量後，我們非常有信心達到 80,000 輛的交付目標。

Thank you, Ma'am Thuy. We have the next question from the floor. You have talked about BOM optimization for the last two quarters, can you share more specifics on what areas are you focused on with regards to BOM optimization and how does this impact your EV architecture?

謝謝你，翠女士。我們有下一個問題。您在過去兩個季度談到了 BOM 優化，您能否詳細介紹一下您在 BOM 優化方面重點關注哪些領域以及這對您的 EV 架構有何影響？

We have a number of planned initiatives for BOM optimization that's undergoing, and the testing, and validation phase. Optimizing and upgrading an electric vehicle, electronics architecture is complex (inaudible) that given that the safety is the overarching priority. We also have the -- look for the discussion with the many long-term relationships with the suppliers that we support with the better terms in payments.

我們有許多計劃中的 BOM 優化計劃以及測試和驗證階段正在進行中。鑑於安全是首要任務，優化和升級電動車的電子架構非常複雜（聽不清楚）。我們也尋求與許多長期合作關係的供應商進行討論，我們支持這些供應商提供更好的付款條件。

Besides, we also have the -- we are also optimizing some features like ADAS features for various models and better sourcing for the other components that we have seen very good result for the negotiation or favorable material price changes.

此外，我們也正在優化一些功能，例如針對各種型號的 ADAS 功能，以及更好地採購其他組件，我們已經看到談判或有利的材料價格變化取得了非常好的結果。

Thank you, Ms. Lan Anh. I see there are some hands for live questions. Operator, please open the line.

謝謝蘭英女士。我看到有人在現場提問。接線員，請開通線路。

Andrew Sheppard, Cantor Fitzgerald.

安德魯·謝潑德，康托·菲茨杰拉德。

Congratulations on the quarter. And thank you so much for taking our questions. Thuy, I was just wondering if you wouldn't mind just walking us through the liquidity one more time. Just given the recent $3.5 billion capital injection, can you maybe just remind us when you're expecting to receive this? And what is the expected cash runway as a result of this recent capital raise?

恭喜本季。非常感謝您回答我們的問題。Thuy，我只是想知道您是否介意再向我們介紹一下流動性。鑑於最近 35 億美元的注資，您能否提醒我們預計何時收到這筆資金？最近這次融資的預期現金跑道是什麼？

As we have previously shared the injection of USD3.5 billion (inaudible) over the year period to 2026. We will disclose the timing and amount from grants and loans as it happens. Our liquidity provision, as I just mentioned in the remarks, that at the end of Q3 2024 stood at USD1 billion, which includes USD79 million in cash and USD968 million in e-Lock facilities. We expect conservatively that our cash burn to be roughly in line with the historical spend even as the revenue growth is expected.

正如我們之前分享的，截至 2026 年的一年內將注資 35 億美元（聽不清楚）。我們將及時揭露贈款和貸款的時間和金額。正如我剛才在演講中提到的，截至 2024 年第三季末，我們的流動性供應為 10 億美元，其中包括 7,900 萬美元現金和 9.68 億美元 e-Lock 設施。我們保守地預計，即使收入成長是預期的，我們的現金消耗也將與歷史支出大致一致。

The use of this for the capital injection will go into our CapEx and debt repayments. The major CapEx items to consider, including our factories, ongoing battery leasing expenses, and in CapEx R&D. For the -- our capital deployment strategy, balance is near-term growth, investment with long-term sustainability. And our committed capital support gives us the confidence in executing our growth plan while maintaining financial discipline.

使用這筆資金注入將用於我們的資本支出和債務償還。需要考慮的主要資本支出項目，包括我們的工廠、持續的電池租賃費用以及資本支出研發。對於我們的資本部署策略，平衡是近期成長和長期永續性投資。我們承諾的資本支持使我們有信心執行我們的成長計劃，同時保持財務紀律。

So Andrew, just to add a little bit to that. As you could appreciate that when we did the calculation for all these -- all sort of approval at VinFast as well as Vingroup level, we calculated to make sure that we have enough runway until we get to EBITDA -- like to get to profitability, even in the worst-case scenario where we cannot raise capital from external sources.

安德魯，我想補充一點。正如你所理解的，當我們對所有這些進行計算時——VinFast 以及 Vingroup 層面的各種批准，我們計算以確保我們有足夠的跑道，直到我們達到 EBITDA——比如實現盈利，即使在最壞的情況下，我們也無法從外部來源籌集資金。

We believe this is not going to be the case. We believe that the market will get better. But to give us confidence that we can keep our head down and focus on executing on our plan, our shareholders have already provided us with sufficient capital so that we can get to profitability.

我們相信情況不會如此。我們相信市場會變得更好。但為了讓我們有信心低調並專注於執行我們的計劃，我們的股東已經為我們提供了足夠的資本，以便我們能夠實現盈利。

Wonderful. That's super helpful. I appreciate all that detail. Maybe just as a follow up, there was a very good improvement in gross margins this quarter. Just wondering if you're still on track to achieve positive gross margins next year and kind of what that path between here and there might look like?

精彩的。這非常有幫助。我很欣賞所有這些細節。也許只是作為後續，本季毛利率有了非常好的改善。只是想知道明年您是否仍有望實現正毛利率，以及這裡和那裡之間的路徑可能會是什麼樣子？

For now, we still maintain the -- our forecast for 2025 and 2026. We are in the middle of the budget season right now and making changes to the five-year plan. So we expect that we're going to be able to provide more guidance at the end of this quarter.

目前，我們仍維持 2025 年和 2026 年的預測。我們現在正處於預算季節中期，並對五年計劃進行修改。因此，我們預計我們將能夠在本季末提供更多指導。

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

精彩的。非常感謝，並再次恭喜本季。我會把它傳遞下去。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧，BTIG。

Thank you for taking the questions. Appreciate the time. I wanted to follow up on some of the comments in the press release about the respond to increasing demand with the new EV facility in Vietnam, the completely knockdown concept. I guess I'm just curious to get a little bit more color on the rationale for that facility. It seems like it's just going to be -- to manufacture the VF 3 and VF 5, which makes sense given the demand you're seeing. I guess I'm just curious, why pursue this route and the strategic rationale here for this new facility?

感謝您提出問題。珍惜時間。我想跟進新聞稿中有關越南新電動車設施不斷增長的需求的一些評論，這是一個完全可拆卸的概念。我想我只是好奇想更多地了解該設施的基本原理。看起來它只是要製造 VF 3 和 VF 5，考慮到您所看到的需求，這是有道理的。我想我只是好奇，為什麼要選擇這條路線以及這個新設施的戰略理由？

We still have a backlog for VF 3. We've been trying very hard in the last month to deliver on the backlog orders of VF 3, but we don't think we'll be able to finish it this year. And the demand for VF 3 and VF 5 continue growing, these are the bestselling models for Vietnamese market. Having seen the other markets like Indonesia, like Philippines, we see the same trend as well. And we see the excitement for the VF 3 pretty much everywhere globally. So to this factor -- CKD factory are dedicated to VF 3 and VF 5 is to meet the growing need for those affordable models.

我們還有 VF 3 的積壓工作。上個月我們一直在努力交付 VF 3 的積壓訂單，但我們認為今年無法完成。VF 3和VF 5的需求持續成長，這些是越南市場最暢銷的車款。看到印尼、菲律賓等其他市場後，我們也看到了同樣的趨勢。我們在全球各地幾乎都看到了 VF 3 帶來的興奮。因此，就這個因素而言，CKD 工廠致力於 VF 3 和 VF 5 是為了滿足人們對這些經濟實惠車型日益增長的需求。

Okay. Great. And then just to follow up here on the India and Indonesia facilities. I guess given those comments, how does this maybe change how you think about the production capabilities of those two facilities? And then also on those two, at this point, what's still left to be completed on those two to get them up and running next year?

好的。偉大的。然後跟進印度和印度尼西亞的設施。我想考慮到這些評論，這可能會如何改變您對這兩個設施生產能力的看法？然後，對於這兩個項目，目前來說，這兩個項目還需要完成哪些工作才能讓它們明年啟動並運行？

So the India and Indonesia facility are still necessary for the tax reasons in those countries. So these are the countries that are quite like very protective of the domestic manufacturing. So having the facilities in those markets are necessary to be competitive. The new CKD facility in Vietnam, are meant to meet the need for mostly domestic market and maybe some other markets as well. So they are complementary with each other.

因此，出於稅收原因，印度和印尼的設施仍然是必要的。這些國家對國內製造業非常保護。因此，在這些市場上擁有設施對於保持競爭力是必要的。越南的新 CKD 工廠旨在滿足大部分國內市場以及其他一些市場的需求。所以它們是互補的。

Okay, great. Thank you for the time. Really appreciate it. I'll 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。

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

現在我想回到房間接受大家的提問。

We have the next question from [Tuc-tan]. In the nine-month 2024, what is the contribution of the Vietnamese market to overall car deliveries for 2025? How many EV or expected growth versus 2024 do you project to deliver? And what would be the projected split between Vietnam and international markets for B2C and B2B channels?

我們有下一個問題[圖克坦]。2024年的9個月裡，越南市場對2025年整體汽車交車量的貢獻是什麼？與 2024 年相比，您預計將交付多少電動車或預期成長？越南和國際市場的 B2C 和 B2B 通路預計將如何劃分？

On nine-months 2024, Vietnam contributed around 90% as the markets continue to be the stronger foundation driving our growth. VinFast in Vietnam market, we saw nine months of 2024 result is very encouraging, we rose by 504% year over year. This is also the highest year-over-year growth in the Vietnam industry and also the significantly higher than the other players.

2024 年的 9 個月中，越南貢獻了約 90%，因為市場繼續成為推動我們成長的更堅實基礎。VinFast在越南市場，我們看到2024年九個月的結果非常令人鼓舞，我們比去年同期成長了504%。這也是越南產業最高的年成長，也明顯高於其他產業。

So for the 2025, internally, we are in the process of reviewing our 2025 business plan and the budget. We are not providing the formal guidance until around this year or next year. However, what we can share is that we expect increasing market share in Vietnam to be one of the shortages stats would continue.

因此，對於 2025 年，我們內部正在審查 2025 年業務計畫和預算。直到今年或明年左右，我們才會提供正式的指導。然而，我們可以分享的是，我們預計越南市場份額的增加將成為短缺統計數據之一。

Thank you, Ms. Lan Anh. We have the next question from the line. Can you elaborate more on the finance fleet for the new factory?

謝謝蘭英女士。我們有下一個問題。能否詳細介紹一下新工廠的財務團隊？

Okay, so the new facility is on the long-term lease structure, similar to the sales lease by (inaudible) structure where we don't have to invest initial capital, and we pay the lease on annual basis. And we have the option to buy back -- to add the option to buy the facility from the lessor in the future. This structure allows VinFast to carry out prudent management of capital and enabling the company to allocate resources efficiently while balancing growth and profitability.

好的，新設施採用長期租賃結構，類似於（聽不清楚）結構的銷售租賃，我們不必投資初始資本，並且我們按年支付租金。我們可以選擇回購－增加未來從出租人購買設施的選擇。這種結構使VinFast能夠進行審慎的資本管理，使公司能夠有效地配置資源，同時平衡成長和獲利能力。

Thank you, Madam Thuy. We have the next question regarding ASP trends. Can you comment about your ASP? Is VinFast overly focused on lower-priced models and targeting lower-income countries?

謝謝你，翠女士。我們有關於 ASP 趨勢的下一個問題。能評論一下您的 ASP 嗎？VinFast 是否過度專注於低價型號並針對低收入國家？

In Q3, ASP was USD21,000 per unit compared to USD24,000 per unit in Q2, a decline of over 10% in ASP, driven primarily by we introduced VF 3 into the mix. We expect to see ASP maintaining range during the early adoption phase, where customers tend to prefer small cars, low-priced cars to explore and experience. We expect ASP to pick up once the early adoption wave is done, and customers are more comfortable with EVs. First becoming more willing to pay for higher [price] bigger cars.

第三季度，平均售價為每台 21,000 美元，而第二季度為每台 24,000 美元，平均售價下降了 10% 以上，這主要是由於我們在產品組合中引入了 VF 3。我們預計在早期採用階段，平均售價將保持在一定範圍內，此時客戶往往更喜歡小型汽車、低價汽車來探索和體驗。我們預計，一旦早期採用浪潮結束，平均售價就會回升，客戶對電動車更加滿意。首先變得更願意支付更高[價格]的大型汽車。

However, ASP is only one part of the equation. The other part is unit growth. Our objective is ensuring --introduction of the more affordable models is to capture a particular undeserved cohort of consumers that prioritized value in both dollar terms and environmental impact. So ultimately strong unit growth offset the ASP decline, and it leads to the sustainable revenue growth.

然而，ASP 只是等式的一部分。另一部分是單位成長。我們的目標是確保推出更實惠的型號，以吸引特定的不值得的消費者群體，他們優先考慮美元價值和環境影響。因此，最終強勁的銷售成長抵消了平均售價的下降，並帶來了可持續的收入成長。

Thank you, Ms. Lan Anh. We have the next question from the floor regarding VF 9 in the US. Exciting to see that VinFast introduced another model in North America, especially at the time when you -- your peers seem to be retreating or putting their EV plans on hold. Can you share what the initial dealer feedback has been on VF 9 and which models will the VF 9 be competing with? Is your target demographic for the VF 9 different from the VF 8?

謝謝蘭英女士。我們的下一個問題是關於美國的 VF 9。令人興奮的是，VinFast 在北美推出了另一種車型，尤其是當你——你的同行似乎正在撤退或擱置他們的電動車計劃時。您能否分享一下經銷商對 VF 9 的初步回饋以及 VF 9 將與哪些車型競爭？VF 9 的目標族群與 VF 8 不同嗎？

So VF 9, a long awaiting model in the US. If you recall, originally, two-third of the pre-orders in the US were for the VF 9. This is -- VF 9 is one of the very seven-seater, three-row electric car models on the market globally. We believe that the VF 9 will be an ideal vehicle for large families, delivering the premium quality and luxurious experience while maintaining excellent value, and it's going to be a good product for the market in the US. Adding the VF 9 will help us widen the customer base in North America market, where there are currently quite limited choices for quality and reasonably priced three-row EVs.

VF 9 是美國期待已久的車款。如果你還記得的話，最初美國三分之二的預訂都是 VF 9。這是－VF 9 是全球市場上最獨特的七人座三排電動車車型之一。我們相信，VF 9將成為大家庭的理想用車，在提供優質品質和豪華體驗的同時，保持卓越的價值，也將成為美國市場的好產品。增加 VF 9 將幫助我們擴大北美市場的客戶群，目前北美市場優質且價格合理的三排電動車的選擇相當有限。

Thank you, Madam Thuy. Next question from the line regarding comment on related party customer, GSM. Can you share the deliveries to GSM in the third-quarter '24 as well the guidance for future deliveries to GSM?

謝謝你，翠女士。下一個問題來自有關對關聯方客戶 GSM 的評論。您能否分享 24 年第三季向 GSM 的交付情況以及未來向 GSM 交付的指導？

For GSM in Q3 2024 account for 22% of the our total volume less than the Q1 because you -- as you may remember that in Q1, GSM accounted for 46% of the total volume. So in the total nine months of the '24, total volume from related party is much less significant than it was in last year 2023, like 38% versus 72%. So we see that the GSM's B2B customer has been (inaudible) -- had pushed for the EV adoption, bringing VinFast EV closer to the consumers through real-life experiences. Building a brand awareness, not just in Vietnam but also in the markets that GSM is expanding into.

對於 GSM，2024 年第三季占我們總銷量的 22% 比第一季少，因為您可能還記得，在第一季度，GSM 佔總銷量的 46%。因此，在 2024 年的總共 9 個月中，來自關聯方的總交易量比去年 2023 年小得多，分別為 38% 和 72%。因此，我們看到 GSM 的 B2B 客戶一直在（聽不清楚）推動電動車的採用，透過現實生活體驗使 VinFast EV 更接近消費者。不僅在越南，而且在 GSM 正在拓展的市場中建立品牌知名度。

As we have been able to grow our customer base, we also expect GSM contribution to the VinFast revenue will be less significant in 2024 compared to 2023.

由於我們已經能夠擴大客戶群，我們也預計 2024 年 GSM 對 VinFast 收入的貢獻將較 2023 年下降。

Maybe can I share a little bit about the GSM, right? Because last year, I remember we had a lot and a lot of questions about related party transaction, we had 72% of your sales to your related party. And this is exactly how we explained it last year and it turned out to be exactly that way. GSM help us get the customer into the vehicles, get them familiar with the EVs, and help itself more to the retail customer.

也許我可以分享一些關於 GSM 的信息，對吧？因為去年，我記得我們有很多關於關聯方交易的問題，我們有 72% 的銷售額給了你的關聯方。這正是我們去年的解釋，結果也正是如此。GSM 幫助我們讓客戶進入車輛，讓他們熟悉電動車，並為零售客戶提供更多協助。

And this happened, I mean, it increased like almost six-fold compared to last year, the sales to retail customer in Vietnam. Another interesting fact is actually other taxi companies in Vietnam started buying EVs now that they see they can save -- I mean, some of the taxi company told me that we can save like up to 38%, 40% of operating costs within (technical difficulty).

我的意思是，這種情況發生了，與去年相比，越南零售客戶的銷售額幾乎增加了六倍。另一個有趣的事實是，實際上越南的其他出租車公司現在開始購買電動車，因為他們看到電動車可以節省- 我的意思是，一些出租車公司告訴我，我們可以節省高達38%、40 % 的營運成本（技術難度）。

We have contract with like 120 different taxi companies in Vietnam, so like 90% something of the taxi companies in Vietnam, some of them have few cars, some of them have contracts for like 3,000, 5,000 cars in a few years. So GSM was great and has been great to us, and the introduction of GSM in other markets also expect to have a similar impact. We might sell to GSM a little bit more at the beginning, but bring us a lot more results by bringing the retail customer and B2B customers.

我們與越南大約120家不同的計程車公司有合同，所以就像越南90%的計程車公司一樣，有些公司只有很少的汽車，有些公司在幾年內簽訂了3,000、5,000輛汽車的合約。所以 GSM 很棒，對我們來說也很棒，在其他市場引進 GSM 也有望產生類似的影響。一開始我們可能會向 GSM 銷售更多一點，但是透過引入零售客戶和 B2B 客戶為我們帶來更多的成果。

Thank you, Madame Thuy. Back to the operator. Please open the line.

謝謝你，翠女士。回到運營商。請打開線路。

Dan Ives, Wedbush.

丹艾夫斯，韋德布希。

It's a solid progress to the team. I am -- so can you talk about what the -- as we think about 2025, what the ramp is going to look like when you think about in Indonesia, in the US. Like is that going to be something where it's more of like a second-half ramp? Or first half? Can you just maybe talk about as much as you could explain as we go into 2025?

這對團隊來說是一個堅實的進步。我——那麼你能談談我們對 2025 年的看法嗎？這會更像是下半場的斜坡？還是上半場？當我們進入 2025 年時，您能否盡可能多地談談您能解釋的內容？

So 2025, we still think that Vietnam will contribute a significant part to the deliveries in the year. And it's actually a good thing that we have Vietnam as the whole market, the deflation market that allow us to get closer to profitability. We also expect -- we just barely started in Indonesia in the Philippines. Next year, we're opening in India. We continue having traction in North America, the Middle East as well.

因此，到2025年，我們仍然認為越南將為當年的交付量貢獻很大一部分。事實上，我們擁有越南作為整個市場，通貨緊縮市場，使我們能夠更接近獲利能力，這實際上是一件好事。我們也預計—我們剛在印尼和菲律賓起步。明年，我們將在印度開業。我們在北美和中東也持續保持吸引力。

So we believe that next year, we're going to expand further in international markets. We need to balance between growth and profitability. So that balancing act will continue into next year as well.

因此，我們相信明年我們將進一步拓展國際市場。我們需要在成長和獲利之間取得平衡。因此，這種平衡行為也將持續到明年。

Okay. Great. And then Vietnam -- does it feel like going -- I guess we go -- as you are going into 2025 versus 2024, does it feel like you have a better line of sight in terms of deliveries, growth variability as we go into '25 versus '24? Can you just maybe compare? Like --?

好的。偉大的。然後越南——我想我們會去——當你進入 2025 年和 2024 年時，當我們進入‘2025 年’時，你是否感覺在交付、增長變化方面有更好的視野？能簡單比較一下嗎？喜歡——？

We started gathering a lot of momentum in Vietnam. In September, we celebrated the first time in Vietnam, and in probably in the history of many countries, that our local OEM beat other international brands in Vietnam. We were ahead of Toyota, we were ahead of [Hyundai]. October, we affirm that number as well. We -- I think in Vietnam, we hit about 11,500 deliveries in October alone, in Vietnam alone. And Toyota was like 9,000, something like that.

我們開始在越南累積很大的動力。九月份，我們在越南慶祝了我們的當地 OEM 首次在越南擊敗了其他國際品牌，這可能是許多國家歷史上的第一次。我們領先豐田，我們領先豐田[現代]。十月，我們也確認了這個數字。我認為在越南，光是 10 月我們就交付了約 11,500 輛，光是在越南。豐田大約有 9,000 人，類似的東西。

So year to date, we are ahead of everybody else in the market. EV and internal combustion engine combined. So that momentum -- and we started feeling the momentum -- people just started talking about EVs and started moving to EVs. So you can feel very clearly the sentiment and the momentum on the market.

因此，今年迄今為止，我們領先於市場上的其他公司。電動車和內燃機結合。因此，這種勢頭——我們開始感受到這種勢頭——人們開始談論電動車並開始轉向電動車。所以你可以非常清楚地感受到市場的情緒和動力。

And we don't even -- we didn't have all the models for the whole year in Vietnam, right? So we think that next year, it's going to be a good year for us in Vietnam with all the models out, a lot of issues fixed, and all the momentum that we have altogether in 2024. So this year, we anticipate that by the end of the year, we're going to have about a little bit shy of the quarter of the market share in Vietnam for the whole year. Next year, maybe we get 50% of market share, who knows, but that's the target. And in addition to that, we would continue growing international markets as well.

我們甚至沒有 - 我們沒有在越南全年提供所有型號，對嗎？因此，我們認為明年對我們在越南來說將是美好的一年，所有模型都已推出，許多問題已解決，並且我們在 2024 年將擁有所有動力。因此，今年，我們預計到年底，我們全年在越南的市佔率將略低於四分之一。明年，也許我們會獲得 50% 的市場份額，誰知道呢，但這就是目標。除此之外，我們也將持續發展國際市場。

Thank you.

謝謝。

I'll hand back to the room for questions on the floor.

我將返​​回會議室回答大家的問題。

We have the next question from the line regarding charging solution new market. Could you let us know how you intend to be competitive overseas when it comes to charging and related services?

我們有關於充電解決方案新市場的下一個問題。您能否告訴我們您打算如何在充電和相關服務方面保持海外競爭力？

At VinFast, we can see that services are a very important factor for the EV experience. So we keep repeating good quality (technical difficulty), affordable pricing, and excellent after-sales service so that we are leaving -- we staying true to that. And we build our brand loyalty through our battery leasing to warranty packages and add-on connected services as well as charging solution. VinFast vehicles have, through V-Green through our sister company, which was part of VinFast before, have a connection to more than 1 million charging points all over the world.

在 VinFast，我們可以看到服務是電動車體驗的一個非常重要的因素。因此，我們不斷重複良好的品質（技術難度）、實惠的價格和優質的售後服務，以便我們可以離開——我們堅持這一點。我們透過電池租賃、保固包、附加連接服務以及充電解決方案來建立品牌忠誠度。VinFast 車輛透過我們的姊妹公司 V-Green（之前是 VinFast 的一部分）連接到世界各地超過 100 萬個充電點。

In -- we have access to -- VinFast customers have access to more than 90% of the smart public third-party charging stations in the US. We have access to about 900,000 charging point. In Europe, in Vietnam, V-Green charging network is growing very quickly and is expanding to other markets as well.

在—我們可以使用—VinFast 客戶可以使用美國 90% 以上的智慧型公共第三方充電站。我們擁有約 90 萬個充電點。在歐洲、越南，V-Green 充電網路發展非常迅速，並且正在擴展到其他市場。

The good thing about VinFast charging is the VinFast charging -- VinFast app actually aggregates and simplifies the public charging user experience, update live data to every minute, and allowing the user to plan the [travel] routes, and easily pay as you go for charging within the app. So instead of having to use multiple apps and different digital wallets for different third-party providers. So we continue experiencing the -- we continue improving on the changing experience of our customers.

VinFast充電的好處在於VinFast充電—VinFast應用程式實際上聚合並簡化了公共充電用戶體驗，即時更新資料到每分鐘，並允許用戶規劃[出行]路線，並輕鬆按量付費在應用程式內充電。因此，不必為不同的第三方提供者使用多個應用程式和不同的數位錢包。因此，我們繼續體驗——我們繼續改進客戶不斷變化的體驗。

Thank you, Madam Thuy. We have the next question from the floor. What are the main international markets contributing to sales in nine-month 2024? And which models are driving those sales?

謝謝你，翠女士。我們有下一個問題。2024 年 9 個月內，哪些主要國際市場對銷售有貢獻？哪些型號正在推動這些銷售？

So for the international markets, contributing the main to the sales in nine-months 2024, we account for the North America, so the model is to VF 8 as a sold model. But we have just introduced VF 9 to this market, and we see that the North America market now has started to pay off for the -- our calibration that we made.

所以對於國際市場來說，2024年9個月的銷售貢獻主要是北美，所以車款以VF 8作為銷售車款。但我們剛剛將 VF 9 引入這個市場，我們看到北美市場現在已經開始為我們所做的校準帶來回報。

In September, September was also the best month in the high history (inaudible) for North American market, thanks to the our full growing dealer network and continuous improvement in our EVs. Taking Canada as an example, we observed three consecutive months of growth in July, August, and September.

九月份，九月也是北美市場歷史上最好的一個月（聽不清楚），這要歸功於我們全面發展的經銷商網路和我們電動車的不斷改進。以加拿大為例，我們觀察到7月、8月和9月連續三個月成長。

Thank you, Ms. Lan Anh. We have the last question from the floor. What are the key milestones we should be on the lookout for the remaining months of the year or heading into 2025?

謝謝蘭英女士。我們有最後一個問題。在今年剩下的幾個月或進入 2025 年之前，我們應該關注哪些關鍵里程碑？

Well, I think in 2025, we continue focusing on the domestic market. This is like very, very important for us. But the groundwork that we have laid in 2024 for international strategy, we continue to gather momentum in 2025. Firstly, we continue to diversify our product offering in North America with the recent delivery of VF 9. And we're looking to add like a VF 6 and VF 7 to the market next year.

嗯，我認為到2025年，我們繼續關注國內市場。這對我們來說非常非常重要。但我們在 2024 年為國際戰略奠定的基礎，將在 2025 年繼續累積動力。首先，隨著最近交付的 VF 9，我們繼續在北美實現產品供應多元化。我們計劃明年在市場上增加 VF 6 和 VF 7 等產品。

Secondly, we have put in place two key levers for our Indonesia strategy. Battery leasing, which is already being offered in the country and get a lot of interest, and the upcoming launch of GSM in Indonesia as well.

其次，我們為印尼策略制定了兩個關鍵槓桿。電池租賃已在該國推出並引起了廣泛關注，而 GSM 也即將在印尼推出。

For the Philippines, we expect to take the same approach as Indonesia. We also have new CKD facility in Indonesia and India coming online in 2025, which will be an integral part to our international strategies and allow us to be competitive in these two important markets. And finally, in 2025, we planned our first ever Investor Day in the first half of 2025. So we hope to be able to see a lot of you, and I hope to introduce our leaders and different people from management team to the investment community in Indonesia.

對於菲律賓，我們希望採取與印尼相同的做法。我們還在印尼和印度建立了新的 CKD 工廠，將於 2025 年上線，這將成為我們國際戰略不可或缺的一部分，並使我們能夠在這兩個重要市場上保持競爭力。最後，在 2025 年，我們計劃在 2025 年上半年舉辦首個投資者日。因此，我們希望能夠見到你們，我希望向印尼的投資界介紹我們的領導者和管理團隊的不同人員。

Thank you, Madam Thuy. That was the last question we got from the live today. Thank you, everyone, again, for joining VinFast and for your continued support. If you need any clarification, please don't hesitate to let us know by sending an e-mail to ir@vinfastauto.com. Goodbye, and take care.

謝謝你，翠女士。這是我們今天直播中得到的最後一個問題。再次感謝大家加入 VinFast 並給予我們持續的支持。如果您需要任何說明，請隨時發送電子郵件至 ir@vinfastauto.com 告知我們。再見，保重。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。