VinFast Auto Ltd (VFS) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the VinFast Auto Limited Q4 2024 and full year earnings call.

您好，感謝您的支持。歡迎參加 VinFast Auto Limited 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

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

現在我想將會議交給今天的發言人 Nhi Nguyen。請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

This is Nhi Nguyen from VinFast Investor Relations.

我是 VinFast 投資者關係部門的 Nhi Nguyen。

Welcome to our fourth quarter earnings conference call.

歡迎參加我們的第四季財報電話會議。

Joining me today are Chairwoman of the Board, Madame Thuy Le; and our CFO, Ms. Ms. Thi Lan Anh Nguyen.

今天與我一起出席的還有董事會主席 Thuy Le 女士和財務長 Thi Lan Anh Nguyen 女士。

During the call, we will discuss our fourth quarter performance, business update and present our outlook for 2025. After management remark, we will have 30 minutes for Q&A and we will also reference a slide deck today which is accessible on the IR website.

在電話會議中，我們將討論第四季度的業績、業務更新並展望 2025 年。管理層發言後，我們將有 30 分鐘的時間進行問答，我們還將參考 IR 網站上提供的幻燈片。

Before I turn over to Madame 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 of financial and operating outlook, guidance, macroeconomic, industry trends, company initiatives, and other future events. These statements are based on the prediction and expectation as of today. Actual event or result may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the Risk Factor in our most recent filings with the US Securities and Exchange Commission. In addition, management will refer to non-GAAP financials 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 press release that we issued this morning. You can also find it in our slide deck.

在交給 Thuy 女士之前，請允許我提醒您，本次電話會議中的某些聲明包括聯邦證券法規定的前瞻性聲明。這包括但不限於有關未來財務和經營前景、指導、宏觀經濟、行業趨勢、公司舉措和其他未來事件的聲明。這些聲明是基於今天的預測和預期。由於存在許多風險和不確定性，實際事件或結果可能有所不同。我們請您參閱我們最近向美國證券交易委員會提交的文件中警示性語言和風險因素。此外，管理階層將在本次電話會議中參考非公認會計準則財務資料。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準則的原因以及有關非公認會計準則與公認會計準則的調節資訊。您也可以在我們的幻燈片中找到它。

And with that, I would like to invite Madame Thuy to start with management remark.

現在，我想邀請 Thuy 女士開始發表管理評論。

Thank you, Nhi, and hello, everyone.

謝謝你，Nhi，大家好。

Thank you for joining us today.

感謝您今天加入我們。

I'm thrilled to discuss VinFast outstanding Q4 and 2024, which was a year full of achievements that have set VinFast up well for 2025. It was a good year in which we exceeded our delivery target, established our market leadership in Vietnam, expanded to new markets, and made progress on our path to profitability.

我很高興討論 VinFast 出色的第四季度和 2024 年，這一年充滿了成就，為 VinFast 2025 年的發展奠定了良好的基礎。這是豐收的一年，我們超額完成了交付目標，確立了在越南的市場領導地位，拓展了新市場，並在盈利的道路上取得了進展。

Before I recap the year, I would like to take the opportunity to address the events that are currently reshaping the global trading landscape and will continue to take shape before stabilizing. Here at VinFast, we remain agile to the changes in regulatory and geopolitical landscape.

在回顧這一年之前，我想藉此機會談談目前正在重塑全球貿易格局並將在穩定之前繼續形成的一些事件。在 VinFast，我們對監管和地緣政治格局的變化保持敏銳的洞察力。

Our vertically integrated manufacturing capabilities and high localization rates are key competitive advantages of VinFast during this uncertain period. At the same time, we are taking proactive steps to safeguard and sustain sales performance, including strengthening customer and dealer engagement, optimizing go-to-market strategies, and reinforcing brand awareness.

我們的垂直整​​合製造能力和高在地化率是 VinFast 在這段不確定時期的關鍵競爭優勢。同時，我們正在採取積極措施來保障和維持銷售業績，包括加強客戶和經銷商的參與、優化市場進入策略以及加強品牌知名度。

We are focused on building greater products, investing in innovation, and ensuring that the customers get high quality affordable EVs. We are keeping our 2025 guidance, and we continue to evaluate and be flexible as the landscape evolves.

我們專注於打造更優質的產品、投資創新並確保客戶獲得高品質且價格合理的電動車。我們將堅持 2025 年的指導方針，並隨著情況的發展不斷評估和靈活應對。

Let us now look back at 2024. We ended 2024 with a total delivery of 97,399 EVs globally, exceeding our 80,000 delivery target. Q4 2024 saw a steep ramp up in our output where we set a new monthly delivery record for every month in the quarter.

現在讓我們回顧2024年。截至 2024 年，我們在全球共交付了 97,399 輛電動車，超過了 80,000 輛的交付目標。2024 年第四季度，我們的產量急劇上升，該季度每個月都創下了新的月度交付記錄。

VinFast continues to reshape customer behavior through a diverse vehicle lineup, first of its kind green mobility ecosystem, and pioneering incentives, including a free charging program in Vietnam. 2024 also saw important progress in our international expansion as non-Vietnam sales grew 10 times year over year, increasing contribution from 3% to 10% of our total deliveries.

VinFast 繼續透過多樣化的車型陣容、首創的綠色行動生態系統和開創性的激勵措施（包括越南的免費充電計劃）重塑客戶行為。 2024 年，我們的國際擴張也取得了重要進展，越南以外的銷售額年增 10 倍，占我們總交付量的貢獻從 3% 增加到 10%。

We also had our brand debut in new Asian markets and continued to strengthen the VinFast dealer network globally. As of March 31, 2025, VinFast has 322 showrooms, of which 89% are dealer stores compared to 123 showrooms as of December 31, 2023.

我們也在新的亞洲市場首次亮相我們的品牌，並繼續加強全球 VinFast 經銷商網路。截至 2025 年 3 月 31 日，VinFast 擁有 322 家展廳，其中 89% 為經銷店，而截至 2023 年 12 月 31 日，VinFast 擁有 123 家展廳。

And of which 78% were dealer stores. That is a 160% growth. Our three new CKD plants in Asia are expected to begin operations in 2025. They will ensure a holistic alignment between our market expansion and manufacturing capabilities.

其中78%為經銷商店。這是一個160%的成長。我們在亞洲的三家新的 CKD 工廠預計將於 2025 年開始運作。他們將確保我們的市場擴張和製造能力全面協調。

In addition to our strong top line growth, full year gross loss margin, excluding NRV and one-off accounting charges narrowed to minus 32% from minus 40% in 2023. Q4 2024 gross loss margin was impacted by an accounting charge we had to book for the VinFast free charging program for all EVs sold in Vietnam up until December 31, 2024.

除了強勁的營收成長外，不包括 NRV 和一次性會計費用的全年毛損率從 2023 年的-40% 收窄至-32%。2024 年第四季的毛虧損率受到了我們必須為 VinFast 免費充電方案（截至 2024 年 12 月 31 日在越南銷售的所有電動車）計入的會計費用的影響。

Our CFO, Lan Anh will touch more on this later. Our balance sheet was also strengthened with the disbursement of grants from our Founder and loans from Vingroup. More specifically, about deliveries during Q4 and recent business highlights, VinFast had the record deliveries in all three months of Q4, bringing total deliveries for the quarter to 53,139 electric vehicles globally, increased by 143% quarter over quarter and 342% year over year.

我們的財務長 Lan Anh 稍後將對此進行更詳細的闡述。我們的創辦人提供的贈款和 Vingroup 提供的貸款也增強了我們的資產負債表。具體來說，關於第四季度的交付情況和近期業務亮點，VinFast 在第四季度的所有三個月中都創下了交付量記錄，使該季度全球電動車交付量達到 53,139 輛，環比增長 143%，同比增長 342%。

Our B2C sales grew by 140% quarter over quarter and over 20 times year over year. Proportion of EV delivery to non-related third-party customers was 81%, which increased from 78% in Q3 '24 and 18% in Q4 '23.

我們的B2C銷售額較上季成長140％，年增20倍以上。交付給非關聯第三方客戶的電動車比例為 81%，高於 2024 年第三季的 78% 和 2023 年第四季的 18%。

During the quarter, we also delivered 31,170 e-scooters, which increased by 65% quarter over quarter and 41% year over year. In Southeast Asia, we continue to strengthen our presence through foundational work and strategic partnership with local businesses.

本季度，我們還交付了 31,170 輛電動滑板車，季​​增 65%，年增 41%。在東南亞，我們透過基礎工作和與當地企業的策略合作繼續加強我們的影響力。

Recall that in 2023 and early 2024, VinFast Founder also announced the launch of new separate entities GSM, a dedicated EV taxi and ride-hailing service, and V-Green, a charging network developer. Together with VinFast, these companies form a vertically integrated green mobility ecosystem, which combines electric vehicles, shared mobility services, and charging infrastructure, tackling the two biggest hurdles when it comes to early EV adoption, unfamiliarity with EV experience and anxiety overcharging.

回想一下，2023 年和 2024 年初，VinFast Founder 也宣布推出新的獨立實體 GSM（專門的電動車計程車和叫車服務）和 V-Green（充電網路開發商）。這些公司與 VinFast 共同構成了一個垂直整合的綠色移動生態系統，該生態系統結合了電動車、共享移動服務和充電基礎設施，解決了早期採用電動車時面臨的兩個最大障礙：對電動車體驗的不熟悉和對過度充電的焦慮。

Outside of Vietnam, Indonesia marked the debut of our green mobility ecosystem with the launch of GSM in Jakarta late December last year while V-Green also announced their commitment to build one of the largest charging networks in Indonesia to serve VinFast car owners.

在越南以外，印尼於去年 12 月下旬在雅加達推出 GSM，標誌著我們的綠色行動生態系統的首次亮相，同時 V-Green 也宣布致力於在印尼建立最大的充電網路之一，為 VinFast 車主提供服務。

The Philippines, which is the second international market for our green mobility ecosystem has seen V-Green announce MOUs to establish charging stations across key cities and GSM is expected to launch later this year.

菲律賓是我們綠色行動生態系統的第二個國際市場，V-Green 已宣布簽署諒解備忘錄，將在主要城市建立充電站，GSM 預計將於今年稍後推出。

As of March 31, 2025, we had 258 showrooms and dealer stores across Southeast Asia, including 22 in Indonesia and 6 in the Philippines. Our CKD plant in Indonesia is on track to be operational by end of 2025. Indonesia and the Philippines represent the key long term growth markets, and with Vietnam as the base for our broader Asia expansion, our whole market provides a strategic anchor that enhances our agility and strengthen our ability to scale successfully in new markets.

截至 2025 年 3 月 31 日，我們在東南亞擁有 258 家展廳和經銷店，其中印尼 22 家，菲律賓 6 家。我們位於印尼的 CKD 工廠預計將於 2025 年底投入營運。印尼和菲律賓代表著關鍵的長期成長市場，而越南作為我們更廣泛的亞洲擴張的基地，我們的整個市場提供了一個戰略支柱，增強了我們的靈活性並加強了我們在新市場成功擴展的能力。

In 2024, Vietnam served not only as our home market, but also as a testbed for VinFast end to end EV strategy. We address key adoption barriers, consumer unfamiliarity, pricing gaps, and charging access through consistent execution anchored in three core values, quality vehicles, competitive pricing, and exceptional after-sale service policy.

2024 年，越南不僅是我們的本土市場，也是 VinFast 端到端電動車策略的試驗台。我們透過一致的執行來解決關鍵的採用障礙、消費者不熟悉度、定價差距和充電存取問題，這些執行始終圍繞著三大核心價值：優質的車輛、有競爭力的價格和卓越的售後服務政策。

On the product side, 2024 marked the first year where all seven models in our lineup were in production and available in Vietnam. VF3 and VF 5, our most affordable models, reshape public perception of EVs from luxury products to practical everyday vehicles.

在產品方面，2024 年是我們產品線中所有七款車型首次在越南投入生產並上市。VF3 和 VF 5 是我們最實惠的車型，它們重塑了大眾對電動車的看法，從奢侈品轉變為實用的日常車輛。

Together, they accounted for 60% of total deliveries, which is remarkable considering we have three only started deliveries from last July. Our green mobility ecosystem has played a crucial role in overcoming consumer skepticism and reduce anxiety by offering low risk exposure to EV before purchase.

它們合計佔總交付量的 60%，考慮到我們只有三輛從去年 7 月才開始交付，這一成績非常了不起。我們的綠色移動生態系統透過在購買前提供低風險的電動車體驗，在克服消費者懷疑和減少焦慮方面發揮了至關重要的作用。

The VF e34, our first EV model, remains integral to our taxi operations and has paved the way for shared mobility adoption. Recognizing the importance of shared mobility services in accelerating EV transition, we launched the Green series, a dedicated lineup tailored for transportation use cases.

VF e34 是我們的第一款電動車車型，它仍然是我們計程車業務不可或缺的一部分，並為共享出行的採用鋪平了道路。認識到共享行動服務在加速電動車轉型方面的重要性，我們推出了綠色系列，這是專為交通用例量身定制的專用產品系列。

This includes tailored version of the VF 5 and VF e34 specifically adapted for our transportation purposes, as well as two new models, Limo Green, our entry into the MPV segment, and Minio Green designed to convert even more two-wheeler user into four-wheeler EV drivers.

其中包括專為我們的運輸目的而定制的 VF 5 和 VF e34 版本，以及兩款新車型 Limo Green（我們進入 MPV 領域的車型）和 Minio Green，旨在將更多的兩輪車用戶轉變為四輪車電動車駕駛員。

We observed that this trend is being well adopted by 100 local taxi brands who have started their journey of electrification. To complement our product offering, in late 2024, VinFast introduced a pioneering free charging program to all customers for over two years until 2027.

我們觀察到，這一趨勢正被100個已經開始電動化之旅的本地出租車品牌所採用。為了補充我們的產品供應，VinFast 於 2024 年底向所有客戶推出了一項開創性的免費充電計劃，有效期超過兩年，直至 2027 年。

This program was designed to minimize EV cost of ownership, making them even more accessible to a wider population and further driving EV adoption in Vietnam. As a result of our efforts, for data from Vietnam registration, VinFast ended 2024 with around 20% total passenger vehicles market share, up from just 2% in 2023, delivering over 87,000 vehicles, up by 171% year over year and driving Vietnam's EV penetration to one of the highest levels in Asia, establishing VinFast as the nation's number one auto brand.

該計劃旨在最大限度地降低電動車的擁有成本，使更廣泛的人群能夠購買電動車，並進一步推動電動車在越南的普及。在我們的努力下，根據越南註冊數據，VinFast 在 2024 年底佔據了約 20% 的乘用車市場份額，高於 2023 年的 2%，交付了超過 87,000 輛汽車，同比增長 171%，推動越南的電動汽車普及率達到亞洲最高水平之一，使 VinFast 成為越南的電動汽車品牌。

Realizing that we are entering into a new chapter, we also made an adjustment to our go-to-market strategy by removing the battery leasing program. This program has played a key role in narrowing the affordability gap between EVs and ICE vehicles over the past year.

意識到我們正在進入一個新的篇章，我們也調整了我們的市場進入策略，取消了電池租賃計劃。該計劃在過去一年中在縮小電動車和內燃機汽車之間的可負擔性差距方面發揮了關鍵作用。

Battery leasing was valuable in early days of EV adoption and has since served its purpose and was discontinued as of March 31, 2025. On the manufacturing side, as Southeast Asia's only vertically integrated EV OEM, our close proximity to key suppliers and manufacturing capabilities enables us to keep pace with strong demand.

電池租賃在電動車普及初期很有價值，但後來已經達到了目的，並於 2025 年 3 月 31 日停止。在製造方面，作為東南亞唯一垂直整合的電動車原始設備製造商，我們與主要供應商的緊密聯繫和製造能力使我們能夠跟上強勁的需求。

To further enhance efficiency and capacity, we broke ground on a second manufacturing facility in Vietnam last December. Scheduled to begin production in mid 2025, the new hitting CKD plant will support our affordable models and unlock platform level synergies across our global footprint.

為了進一步提高效率和產能，我們去年 12 月在越南破土動工建造第二家製造廠。新的 CKD 工廠計劃於 2025 年中期開始生產，它將支援我們經濟實惠的車型，並釋放我們全球業務範圍內的平台級協同效應。

Let's talk about India. In January, we made our brand debut in India at the Bharat Mobility Global Expo with the launch of the VF 6 and VF 7. We are diligently working to increase our brand awareness and local partnership ahead of the completion of our Tamil Nadu facility.

讓我們談談印度。今年 1 月，我們在印度巴拉特全球移動出行博覽會上首次亮相，推出了 VF 6 和 VF 7。在泰米爾納德邦工廠竣工之前，我們正在努力提高品牌知名度和本地合作夥伴關係。

This 400 acre integrated manufacturing facility is on track to begin operations by mid 2025. And in the commissioning phase with equipment, systems and processes are being tested. We will start this CKD assembly for 50,000 vehicles annually.

該佔地 400 英畝的綜合製造工廠預計將於 2025 年中期開始運作。並且正處於調試階段，設備、系統和流程正在測試中。我們將開始每年 50,000 輛汽車的 CKD 組裝。

Moving on to North America and Europe. 2024 was a year of healthy growth of VinFast in North America, with the US and Canada accounting for approximately 4% and 2% of our global deliveries respectively. The increased sales in the US were driven by the introduction of the dealership distribution model besides our direct to consumer showrooms.

接下來是北美和歐洲。 2024 年是 VinFast 在北美健康成長的一年，美國和加拿大分別占我們全球交付量的約 4% 和 2%。美國銷售額的成長得益於我們除了直接面向消費者的展廳之外還引入了經銷商分銷模式。

Our dealers local knowledge and connections have greatly helped us with our go-to-market, allowing us to widen our market reach in a more cost efficient manner. Since late 2023, we have been transitioning from a purely direct to consumer to a hybrid distribution model with heavy focus on dealer showrooms.

我們的經銷商的本地知識和人脈極大地幫助了我們進入市場，使我們能夠以更具成本效益的方式擴大市場範圍。自 2023 年底以來，我們一直在從純粹的直接面向消費者的模式轉變為混合分銷模式，並專注於經銷商展廳。

With a growing acceptance of the VinFast brand in the US and our strategic initiative to optimize our footprint, we are taking this one step further with a plan closer of our B2C showrooms in California by the end of June 2025.

隨著 VinFast 品牌在美國越來越受到認可，以及我們優化足蹟的策略性舉措，我們更進一步，計劃在 2025 年 6 月底之前關閉位於加州的 B2C 展廳。

This initiative comes with a gradual replacement by dealers showrooms, which is expected to drive greater efficiency in sales and marketing. In a similar fashion, VinFast is initiating plans for a dealer network in Europe.

這項措施將逐步取代經銷商展廳，預計將提高銷售和行銷效率。同樣地，VinFast 也正在歐洲啟動經銷商網路計畫。

The company has signed an agreement with Autohaus Hübsch to operate showrooms in Germany and plan to develop a dealer network across major cities in Germany, France, and the Netherlands. This approach enables VinFast to optimize operations, reduce risk, and leverage local market expertise.

該公司與 Autohaus Hübsch 簽署協議，在德國營運展廳，並計劃在德國、法國和荷蘭的主要城市建立經銷商網路。這種方法使 VinFast 能夠優化營運、降低風險並利用當地市場專業知識。

As of March 31, 2025, VinFast had 48 showrooms in North America and 14 in Europe. In the US, we have developed a network of 38 dealers.

截至 2025 年 3 月 31 日，VinFast 在北美擁有 48 間展廳，在歐洲擁有 14 間展廳。在美國，我們已經建立了由 38 家經銷商組成的網路。

Now let me walk you through our three pillar growth strategy, product, capacity, market, which will drive our 2025 target of doubling 2024. First, products. Our mission is simple, to make easy accessible to everyone with multiple brand segments to serve various use cases.

現在讓我向您介紹我們的三大支柱成長策略：產品、產能、市場，這將推動我們實現 2024 年翻倍的目標。第一，產品。我們的使命很簡單，讓每個人都能輕鬆使用多個品牌細分市場來滿足各種用例。

Next, capacity. With the new CKD facilities coming on in 2025, we are effectively adding capacity of up to 300,000 vehicles per year to our total design capacity roadmap with our focus market. Finally, market reach. Expansion in Asia will continue to be our top priority for 2025.

接下來是容量。隨著 2025 年新 CKD 設施的投入使用，我們將有效地在重點市場的總設計產能路線圖上增加每年高達 30 萬輛汽車的產能。最後，市場覆蓋範圍。在亞洲擴張仍將是我們的 2025 年首要任務。

At the same time, we will continue our strategic expansion of our dealer network in other regions and evaluate the local demand environment to determine which new models to introduce. Our 2025 guidance reflects a strong confidence in our ability to grow market share in Vietnam and expand internationally, especially in Asia, which remains central to our long term growth strategy.

同時，我們將繼續在其他地區策略性地擴展經銷商網絡，並評估當地的需求環境，以確定哪些新車型推出。我們對 2025 年的預期反映了我們對擴大越南市場份額和拓展國際市場（尤其是亞洲）的能力的強烈信心，這仍然是我們長期成長策略的核心。

To support this, we have taken proactive steps to localize manufacturing and build strong partnership with local dealers. These efforts help us better navigate different regulatory environments and operate more effectively in diverse markets.

為了支持這一點，我們採取了積極措施，實現在地化製造並與當地經銷商建立了牢固的合作夥伴關係。這些努力幫助我們更好地適應不同的監管環境並在不同的市場中更有效地運作。

Southeast Asia continues to attract attention from global automakers, but one of the things that sets VinFast apart is our ecosystem approach. By integrating services across our green mobility network, we are creating a strong foundation for long term EV adoption and building lasting brand value.

東南亞繼續吸引著全球汽車製造商的關注，但 VinFast 的與眾不同之處之一在於我們的生態系統方法。透過整合我們的綠色行動網路服務，我們為長期採用電動車奠定了堅實的基礎並打造了持久的品牌價值。

With that, I will hand it over to Lan Anh to discuss our financial results and outlook.

說完這些，我將把話題交給 Lan Anh 來討論我們的財務表現和前景。

Thank you, Madame Thuy.

謝謝你，Thuy 女士。

Despite a challenging macroeconomic backdrop, VinFast concluded 2024 with strong operational momentum, laying a foundation for further growth in 2025. As a young and dynamic EV manufacturer, we need to focus on continued innovation to build better quality and better performance vehicles.

儘管宏觀經濟背景充滿挑戰，VinFast 仍以強勁的營運勢頭結束了 2024 年，為 2025 年的進一步成長奠定了基礎。作為一家年輕且充滿活力的電動車製造商，我們需要專注於持續創新，打造出品質更好、性能更好的汽車。

At the same time, we are streamlining our operations and managing costs carefully to support our revenue growth and progress towards profitability to support our [AZR] growth, we plan to strategically deploy capital into three new CKD plants that are scheduled to begin operation in 2025, further strengthening our production flexibility.

同時，我們正在精簡營運並謹慎管理成本，以支持我們的收入成長和獲利能力的提高，為支持我們的 [AZR] 成長，我們計劃將資本策略性地部署到三家新的 CKD 工廠，這些工廠計劃於 2025 年開始運營，進一步增強我們的生產靈活性。

Now let me recap our 2024 performance. Revenue for the Q4 2024 was $678 million, up by 34% quarter over quarter and 70% year over year. Full year revenue was $1.8 billion, increased by 58% year over year. Cost of goods sold in Q4 2024 was $1.2 billion, increased by 93% quarter over quarter as volumes ramped up significantly.

現在讓我回顧一下我們 2024 年的表現。2024 年第四季營收為 6.78 億美元，季增 34%，年增 70%。全年營收18億美元，年增58%。2024 年第四季銷售成本為 12 億美元，由於銷量大幅成長，季增 93%。

Full year cost of goods sold was $2.8 billion, which increased by 67% versus 2023. Q4 2024 gross margin was minus 79% versus minus 24% in Q3. The pressure on this quarter's gross margin was due to an accounting charge that we booked in relation to the free charging program in Vietnam.

全年銷售成本為 28 億美元，較 2023 年成長 67%。2024 年第四季毛利率為-79%，而第三季為-24%。本季毛利率的壓力是由於我們計入了與越南免費充電計畫相關的會計費用。

Mr. Pham is responsible for paying the cost to implement the program for the EVs sold on or before December 31, 2024. The estimated amount to be paid directly by Mr. Pham for the entire free charging period is approximately $242 million.

范先生負責支付 2024 年 12 月 31 日或之前銷售的電動車實施該計劃的費用。預計整個免費充電期間范先生直接支付的金額約為 2.42 億美元。

This amount is recognized as a revenue deduction and deemed contribution to the owner in our financial statements for fiscal year 2024. Therefore, we need to book an adjustment on revenue corresponding to the charging benefits of own EVs sold on or before December 31, 2024.

該金額在我們 2024 財年的財務報表中被確認為收入扣除，並視為對所有者的貢獻。因此，我們需要對2024年12月31日或之前銷售的自有電動車的充電效益進行相應的收入調整。

It will remove for the impact of the pre-charging program. And NRV Q4 2024 gross profit margin was flat quarter over quarter and saw an improvement from minus 35% from a year prior to minus 26%. 2024 gross margin loss was minus 57% compared to the minus 49% in 2023.

它將消除預充電程序的影響。2024 年第四季 NRV 毛利率與上一季持平，從去年同期的-35% 改善至-26%。 2024 年毛利率損失為-57%，而 2023 年為-49%。

Again, if we adjust for the impact of the free charging program and NRV, full year gross loss margin saw an improvement from minus 40% in 2023 to minus 32% in 2024. To elaborate on improved efficiency, in Q4 2024, we continued to see average unit BOM and production costs for EVs declined by 16% and 43% respectively.

同樣，如果我們調整免費充電計劃和 NRV 的影響，全年毛損率將從 2023 年的負 40% 改善至 2024 年的負 32%。為了詳細說明效率的提高，在 2024 年第四季度，我們繼續看到電動車的平均單位 BOM 和生產成本分別下降了 16% 和 43%。

For 2024, average unit BOM and production cost for EV declined by 34% and 50% year over year, respectively. Some of our high volume models, if excluding NRV depreciation and amortization and free charging expenses, are now achieving positive gross profit, reflecting the benefits of scale and BOM optimization.

到 2024 年，電動車的平均單位 BOM 和生產成本分別較去年同期下降 34% 和 50%。我們的一些高產量車型，如果不包括NRV折舊攤銷和免費充電費用，現在已經實現了正毛利潤，反映了規模和BOM優化的好處。

Moving to operating expenses. Q4 2024 SG&A expense was $268 million, up by 89% quarter over quarter, and by 108% year over year. For the full year 2024, SG&A was $694 million, up by 50% year over year. The increase in SG&A compared to Q3 is a primarily attributable to our efforts to scale our sales operations globally and the impairment charge to battery production line due to business adjustments.

轉向營運費用。2024 年第四季銷售、一般及行政費用為 2.68 億美元，較上季成長 89%，較去年同期成長 108%。2024 年全年銷售、一般及行政費用為 6.94 億美元，較去年同期成長 50%。與第三季相比，銷售、一般及行政費用的增加主要歸因於我們努力擴大全球銷售業務，以及由於業務調整而對電池生產線產生的減值費用。

If we exclude the impact of the impairments and some one-off items during Q4 2024, SG&A as a percentage of revenue declined to 19% from 26% in Q3. For the R&D, Q4 2024 R&D spent was $110 million, up by 28% quarter over quarter and decreased by 15% year over year.

如果我們排除 2024 年第四季減損和一些一次性項目的影響，銷售、一般及行政費用佔收入的百分比將從第三季的 26% 下降到 19%。研發方面，2024 年第四季研發支出為 1.1 億美元，季增 28%，年減 15%。

For the full year 2024, R&D spend was $412 million, decreased by 35% year over year. The decrease over the Q4 2023 was primarily due to the reduction in engineering and development costs as we completed the majority of the product development work in our existing models.

2024年全年研發支出為4.12億美元，較去年同期下降35%。2023 年第四季的下降主要是由於我們完成了現有型號的大部分產品開發工作，導致工程和開發成本降低。

The increase over the Q3 2024 was primarily due to the introduction of the existing model to foreign markets. For EBITDA in bottom line, Q4 2024 EBITDA loss is minus $928 million. The EBITDA losses are widened in line with the increased sale volume in Q4 2024.

2024 年第三季的成長主要是由於現有車型引入國外市場。對於底線的 EBITDA，2024 年第四季 EBITDA 虧損為負 9.28 億美元。隨著 2024 年第四季銷售量的增加，EBITDA 損失也隨之擴大。

Full year 2024 net loss was minus $3.2 billion. If we exclude the impact of free charging program, NRV and impairment of assets, net loss margin improved to minus 128% in 2024 from minus 203% in 2023. For cash burn, Q4 2024 CapEx is a $251 million, 93% higher than Q3 due to CapEx on our facilities.

2024年全年淨虧損為負32億美元。如果排除免費充電計畫、NRV 和資產減損的影響，淨虧損率將從 2023 年的負 203% 改善至 2024 年的負 128%。就現金消耗而言，2024 年第四季的資本支出為 2.51 億美元，比第三季高出 93%，這歸因於我們設施的資本支出。

However, full year CapEx was $686 million, which decreased by 32% year over year. Our cash burn significantly improved in 2024, decreased by 39% year over year to $1.9 billion, reflecting our discipline in cost and capital management, among which cash burn from operating activities was only $1.25 billion compared to $2.1 billion in 2023.

然而，全年資本支出為 6.86 億美元，年減 32%。2024年，我們的現金消耗顯著​​改善，年減39%至19億美元，這反映了我們在成本和資本管理方面的紀律性，其中經營活動現金消耗僅為12.5億美元，而2023年為21億美元。

When it comes to quality of cash flow management, our cash burn in 2024 is equivalent to 104% of revenue compared to 267% in 2023. As stated earlier, we expect to continue investing in R&D and CapEx in 2025 as we continue to improve customer experience and innovation.

就現金流量管理品質而言，我們 2024 年的現金消耗相當於收入的 104%，而 2023 年這一比例為 267%。如前所述，我們預計在 2025 年將繼續投資研發和資本支出，以持續改善客戶體驗和創新。

This would be partially offset by cost savings in other areas. At the same time, we will continue making progress towards profitability by scaling our top line growth and further cost savings.

這將被其他領域的成本節省部分抵消。同時，我們將透過擴大營收成長和進一步節省成本，繼續實現獲利。

Turning to our liquidity position. Last November, we announced a capital support package from our Founder Mr. Pham and Vingroup through a combination of grants and loans. By December 31, 2024, we had received approximately $800 million, and by March 31, 2025, total disbursements has exceeded $1.5 billion, strengthening our balance sheet and runway.

談到我們的流動性狀況。去年 11 月，我們宣布了創始人 Pham 先生和 Vingroup 透過贈款和貸款相結合的方式提供的資本支持計劃。截至 2024 年 12 月 31 日，我們已收到約 8 億美元，截至 2025 年 3 月 31 日，總支出已超過 15 億美元，增強了我們的資產負債表和發展空間。

In addition to the commitments disbursed from Mr. Pham and Vingroup, VinFast has access to nearly $1 billion of liquidity, including an e-Lock facility. As of March 31, 2025, VinFast liquidity position stood at approximately $3 billion.

除了范先生和 Vingroup 的承諾外，VinFast 還擁有近 10 億美元的流動資金，包括電子鎖設施。截至 2025 年 3 月 31 日，VinFast 流動資金狀況約 30 億美元。

This includes a $968 million e-Lock facility, around $1.9 billion in funding from our Founder and loans from Vingroup. While we continue to be supported by our Founder and corporate parent, we are evaluating capital markets opportunities to diversify our funding sources.

其中包括價值 9.68 億美元的電子鎖設施、我們創辦人的約 19 億美元資金以及 Vingroup 的貸款。在我們繼續得到創辦人和母公司支持的同時，我們正在評估資本市場機會，以實現資金來源多元化。

Lastly, an update on the profitability perspective. 2024 marked a meaningful progress in our scaling journey and operational discipline. In 2025, we are focused on scaling volume through new product launch and deepening our market presence in Asia.

最後，關於獲利能力觀點的更新。 2024 年標誌著我們的擴展之旅和營運紀律取得了有意義的進展。2025 年，我們將專注於透過推出新產品來擴大產量並深化我們在亞洲的市場地位。

At the same time, we are executing against clear levels for BOM optimization, manufacturing efficiency, and strategic capital deployment to drive margin improvement and move towards full year EBITDA profitability.

同時，我們正在按照明確的水平執行BOM優化、製造效率和戰略資本部署，以推動利潤率的提高並實現全年EBITDA盈利。

Operator, let's now open for Q&A.

接線員，現在開始問答環節。

(Operator Instructions)

（操作員指示）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgeral

Congratulations on the quarter.

恭喜本季。

Hey, just the first question is so you're reaffirming your guidance for 2025, for now. I guess what gives you confidence in your guidance so far just given all of the macro conditions? And how should we think about deliveries for '25 in terms of Vietnam versus other markets like India, Indonesia?

嘿，第一個問題是，您現在重申對 2025 年的指導。我想，考慮到所有的宏觀條件，是什麼讓您對自己迄今為止的指導充滿信心？那麼，我們該如何看待 2025 年越南與印度、印尼等其他市場的交付情況呢？

What kind of breakdown should we be thinking about?

我們應該考慮什麼樣的故障？

So in terms of the confidence for the guidance, very similar to 2024, we expect that Q1 is going to be the slowest quarter. So we announced about 35,000 deliveries in Vietnam in Q1. Then we expect some uptick in Q2 as two of the new green models will start delivering toward the end of the quarter.

因此，就指導信心而言，與 2024 年非常相似，我們預計第一季將是最慢的一個季度。因此，我們宣布第一季在越南的交付量約為 35,000 輛。我們預計第二季會出現一些上漲，因為兩款新的綠色車型將在本季末開始交付。

And then the bulk of the 45,000 green non-cancellable pre-orders that we just received will start hitting in the second half of the year. So overall, we think that the first half contribution would be approximately 25%, 30%. And then you will see most of the -- the rest of the deliveries in the second half of the year with Q4 again being the strongest quarter.

我們剛收到的 45,000 份不可取消的綠色預訂單大部分將於今年下半年開始陸續發貨。因此總體而言，我們認為上半年的貢獻約為 25% 至 30%。然後，您將看到大部分剩餘的交付將在下半年完成，其中第四季度將再次成為最強勁的季度。

So we see a good result from the orders for the Green series in 2025. And in the first quarter this year, we already exceeded the first half of last year. And we continue building the momentum in Vietnam and in other markets.

因此，我們預計 2025 年綠色系列的訂單將會取得良好的結果。今年第一季度，我們的業績已經超過去年上半年了。我們將繼續在越南和其他市場保持強勁發展勢頭。

So basically, I mean looking at Vietnam and other markets, we have confidence that we should be able to deliver, at least, double what we did last year. In terms of the breakdown between Vietnam and other markets, we expect that other markets will contribute more than 10%, similarly to last year.

所以基本上，我的意思是看看越南和其他市場，我們有信心我們能夠實現至少比去年翻倍的業績。就越南與其他市場的分佈而言，我們預計其他市場的貢獻將超過 10%，與去年類似。

So yeah. So Indonesia and we expect Indonesia, Asia market, Indonesia, Philippines, and India will contribute quite significantly this year.

是的。因此，我們預計印尼、亞洲市場、印尼、菲律賓和印度今年將做出相當大的貢獻。

Just one last question. Just on gross margins, can you remind us the path to positive gross margins? It seems like most sales for this year will probably be the VF 3 and VF 5 again. So with lower ASPs, how should we think about the path to positive gross margins?

最後一個問題。僅就毛利率而言，您能否提醒我們實現正毛利率的途徑？看來今年銷售最好的可能還是 VF 3 和 VF 5。那麼，在平均售價較低的情況下，我們該如何考慮實現正毛利率的途徑呢？

Lan Anh?

蘭英？

Yeah. As for the gross profit margin, actually in 2024, we mark a significant progress in our scale, short of the execution. And it's an encouragement to the -- our path to profitability. The path also ended the year with strong momentum having more like a double quarterly revenue year over year.

是的。至於毛利率，實際上到2024年，我們的規模將會顯著進步，但缺乏執行力。這對我們實現盈利的道路來說是一種鼓勵。這項舉措也為今年的業績帶來了強勁成長勢頭，季度營收較去年同期翻了一番。

So excluding the NRV and one off accounting charges, we have narrowed our full year gross loss margin to minus 32% from minus 40% in 2023. So in 2025, we are focused on the scaling problem through the new product launches and deepening our market presence in Asia.

因此，扣除 NRV 和一次性會計費用後，我們已將全年毛損率從 2023 年的-40% 收窄至-32%。因此，到 2025 年，我們將重點放在透過推出新產品來擴大規模並深化我們在亞洲的市場影響力。

At the same time, that we are executing against a clear levels for BOM optimization, manufacturing efficiency, and strategic capital deployment to drive margin improvement and move toward the full year EBITDA profitability.

同時，我們正按照明確的水平執行BOM優化、製造效率和戰略資本部署，以推動利潤率的提高並實現全年EBITDA盈利。

Congratulations on the quarter.

恭喜本季。

Greg Lewis, BTIG, LLC.

格雷格·劉易斯（Greg Lewis），BTIG，LLC。

Hey, I was hoping to understand a little bit better the accounting treatment or how you're realizing the EV charging credit. It sounds -- yeah, if you could just walk us through like how much we realize at the point of sale and then is that something that since the charging is in place for a couple years, it's realized that over the life of the three year window?

嘿，我希望更好地了解會計處理或如何實現電動車充電信用。聽起來——是的，如果您可以向我們介紹我們在銷售點實現了多少，那麼由於收費已經實施了幾年，所以在三年的時間裡實現了多少？

So for the free charging program, actually, during the Q4 2024, we had the one-time charge, was recognized in the Q4 to account for the free charging expenses for the old EV that we sold on or before the December 31, 2024.

因此，對於免費充電計劃，實際上，在 2024 年第四季度，我們有一次性收費，並在第四季度確認，以計算我們在 2024 年 12 月 31 日或之前銷售的舊電動車的免費充電費用。

So you can see that we recognized $242 million deduction -- kind of the deduction in the revenue is in line with the US GAAP accounting treatment that we need to deduct to the revenue. And because Mr. Pham, our Founder, is responsible for this charging spend.

所以你可以看到，我們確認了 2.42 億美元的扣除額——收入中的扣除額符合我們需要從收入中扣除的美國 GAAP 會計處理。因為我們的創辦人 Pham 先生負責這筆收費支出。

But we increased for the deal contribution from the shareholder. So that's why you see the one-time charge, a big amount in the Q4 2024. Going forward, it's expected that this call is going to be recognized in line with the corresponding the vehicle sales for the duration of the free charging program that we are offering to customers.

但我們增加了股東對交易的貢獻。這就是為什麼你會看到 2024 年第四季的一次性費用是一筆很大的金額。展望未來，預計這項呼籲將根據我們向客戶提供的免費充電計畫期間的相應車輛銷售情況得到認可。

Currently, under the our sales policy, the free charging program is going to be ended on December 31 of 2027.

目前，根據我們的銷售政策，免費充電方案將於2027年12月31日結束。

And then when we think about ASPs and mix, I mean I guess the focus is going to be on the VF 3 and VF 5. So how should we think about the ASPs trending for the rest of the year? How are you guys thinking about that on pricing?

然後，當我們考慮 ASP 和混合時，我的意思是我猜重點將放在 VF 3 和 VF 5 上。那麼我們該如何看待今年剩餘時間的平均銷售價格趨勢呢？你們對於定價有什麼看法？

Yeah. You are correct that actually with the increasing of the VF 3, VF 5, heavily in the our mix in Q4, so ASP is around $16,000 per car is the average -- kind of the average in Q4. That compared to the around $20,700 in the Q3.

是的。您說得對，實際上，隨著 VF 3 和 VF 5 在第四季度的銷量大幅增加，因此每輛車的平均售價約為 16,000 美元——接近第四季度的平均價格。相比之下，第三季的價格約為 20,700 美元。

This actually for the decline of the over 22% in the ASP. So it's driven primarily by the VF 3, VF 5. And overall, in 2024, the ASP is around $19,300 per car. Expect that we see the ASP in the low range during the early adoption stage where customers tend to prefer small cars, a low priced car to explore and experience.

這實際上導致平均售價下降了 22% 以上。因此它主要由 VF 3、VF 5 驅動。總體而言，到 2024 年，每輛車的平均售價約為 19,300 美元。我們預計在早期採用階段，平均售價會處於較低水平，因為客戶往往更喜歡小型車，以及價格低廉的汽車來探索和體驗。

However, the ASP is only one part of the equation. The other part is unit growth. So our objective to introduce more affordable models is to capture a possibly underserved cohort of the consumer. That's prioritize value in both dollar terms, but also the environmental impact.

然而，ASP 只是等式的一部分。另一部分是單位成長。因此，我們推出更多價格更實惠的車型的目的是為了吸引可能未充分服務的消費者群體。這不僅優先考慮金​​錢方面的價值，也優先考慮環境影響。

So ultimately, strong unit growth should offset the ASP decline, and it lead to sustainable revenue growth.

因此，最終，強勁的單位成長應該能夠抵消平均售價的下降，並帶來可持續的收入成長。

James McIlree, Chardan Capital Markets.

James McIlree，Chardan Capital Markets。

When we look at capital spending for 2025 and 2026, are the amounts that you've budgeted similar to what you spent in 2024 or significantly higher or lower?

當我們考慮 2025 年和 2026 年的資本支出時，您預算的金額是否與 2024 年的支出相似，還是明顯更高或更低？

So you referred to the investment, so we can like. And so in our cash burn, that's -- I just like a hefty number that's in 2024. We have the cash burn $1.9 billion. And we expect that in 2025, approximately around $2.5 billion.

所以你提到了投資，所以我們可以喜歡。因此，就我們的現金消耗而言，這是——我只是喜歡 2024 年的一個巨大數字。我們的現金消耗量為 19 億美元。我們預計，到 2025 年，這一數字將達到約 25 億美元。

Out of that, we expect to spend $1.8 billion for the CapEx and R&D. And the CapEx is for our CKD facilities across Asia and that we are expected to be operational in 2025. And for the R&D, around most CapEx and OpEx is around $700 million or $750 million.

其中，我們預計將花費 18 億美元用於資本支出和研發。資本支出用於我們位於亞洲的 CKD 設施，預計將於 2025 年投入營運。對於研發而言，大多數資本支出和營運支出約為 7 億美元或 7.5 億美元。

So the cash burn from operation is reducing.

因此營運現金消耗正在減少。

The cash burn from the operation is around $800 million to $900 million. Yeah, slightly reduced for this last year.

該業務的現金消耗約為 8 億至 9 億美元。是的，比去年略有減少。

And secondly, when we evaluate the share of sales coming from the VF 3 and VF 5 in 2025, is that going to be approximately similar to what it was in Q4 of 2024?

其次，當我們評估 2025 年 VF 3 和 VF 5 的銷售份額時，它是否與 2024 年第四季的銷售份額大致相同？

Please stand by. Your conference will resume shortly.

請稍候。您的會議將很快恢復。

I think it's less than 50% because we have the Greens coming in as well. Less than Q4 last year change.

我認為這個比例應該低於 50%，因為還有綠黨加入。低於去年第四季的變化。

I hate to do this to you, but the conference blanked out for -- during your answer. So if you can just summarize.

我不想這樣對你，但是在你回答的時候，會議畫面一片空白。所以如果你能總結一下的話。

The percentage of VF 3 and VF 5 this year is expected to be less than 50% and which is less than Q4 last year. But we also -- we're adding the Green series this year. So that would account for almost a quarter of the deliveries for this year as well.

預計今年 VF 3 和 VF 5 的比例將低於 50%，低於去年第四季。但我們今年還將增加綠色系列。因此這也將佔今年交付量的近四分之一。

There are no further questions on the phone at this time.

目前電話中沒有其他問題。

I would like to hand over for any webcast questions now.

現在我想把問題交給大家來回答網路廣播問題。

Thank you, operator, and thank you, madame Thuy and Ms. Lan Anh.

謝謝接線員，也謝謝 Thuy 女士和 Lan Anh 女士。

We have the first question from the webcast. With the target to at least double volumes in 2025, what percentage do you expect international markets to contribute? I think this -- we have already addressed this.

我們收到了來自網路直播的第一個問題。目標是到 2025 年銷售量至少翻一番，您預期國際市場將貢獻多少百分比？我認為這一點——我們已經解決了這個問題。

So let's move on to the next one. With the recent announcement of shifting focus and not boosting US, Canada, Europe sales, what does that mean to the current owners, dealerships, and service centers?

那麼讓我們繼續下一個。隨著最近宣布轉移重點並且不提高美國、加拿大和歐洲的銷售，這對現有車主、經銷商和服務中心意味著什麼？

What is the update on the routine NHTSA investigation?

NHTSA 例行調查的最新進展如何？

Okay. Let me take it. So the first question is about the reactions to the US, Canada, and Europe sales. So our dealers in the market remain strategic partners and continue to play a vital role in our growth and market execution.

好的。讓我來拿吧。所以第一個問題是關於對美國、加拿大和歐洲銷售的反應。因此，我們在市場上的經銷商仍然是策略合作夥伴，並繼續在我們的成長和市場執行中發揮至關重要的作用。

So across all the markets, we are transitioning to a dealership model to enhance the efficiency and scale. This should enable cost optimization for us while expanding our reach faster, particularly in a high potential region where demand pipeline remains strong.

因此，在所有市場，我們都在向經銷商模式轉型，以提高效率和規模。這應該能夠幫助我們優化成本，同時更快地擴大我們的業務範圍，特別是在需求管道仍然強勁的高潛力地區。

So while the recent headlines have prompted increased caution among some of the dealers, the sentiment remained quite constructive in Asian markets as we build a brand momentum. We have proactively aligned supply with demand, accelerating shipments ahead of tariff implementation in the US to ensure dealer delivery is well-positioned to the summer season as well.

因此，儘管最近的頭條新聞促使一些經銷商更加謹慎，但隨著我們建立品牌勢頭，亞洲市場的情緒仍然相當積極。我們積極調整供應與需求，在美國關稅實施之前加速出貨，以確保經銷商在夏季也能順利交貨。

So far so good and we managed the relationship well with the strategic partners.

到目前為止一切順利，我們與策略夥伴的關係保持得很好。

On your second question about the, NHTSA routine investigation. So as we have repeated many times, safety is an important aspect to us. And we are cooperating with investigation by NHTSA as we have always been in the past.

關於您關於 NHTSA 例行調查的第二個問題。正如我們多次重申的那樣，安全對我們來說是一個重要方面。我們正在像過去一樣配合美國國家公路交通安全管理局的調查。

NHTSA generally does not close this type of investigation. They take no further action so long as VinFast continue to honor its commitment in terms of the settlement. So we continue cooperating with them. So far, no feedback for the past few months.

NHTSA 通常不會結束此類調查。只要 VinFast 繼續履行和解承諾，他們就不會採取進一步行動。因此我們繼續與他們合作。到目前為止，過去幾個月都沒有任何回饋。

We have the next question from the floor. What is the current status and projected plans for the USA manufacturing plant in North Carolina?

我們現在來回答下一個問題。美國北卡羅來納州製造工廠的現狀和預計計劃是什麼？

So the US remains one of our key markets and we are committed to it for the long term. This is reflected in the fact that we have made no changes to our plan to have a North Carolina facility by 2028. We will continue monitoring the macroeconomics and geopolitical developments and revise our plan if needed.

因此，美國仍然是我們的主要市場之一，我們將長期致力於此。這反映在我們沒有改變到 2028 年在北卡羅來納州建立工廠的計劃。我們將繼續關注宏觀經濟和地緣政治的發展，並在必要時修改我們的計劃。

With the current market backdrop has also provided us with an appropriate window to adjust our execution focus. So we are also focused on fostering dealer performance and also expanding our dealer pipeline across the US.

目前的市場背景也為我們調整執行重點提供了適當的視窗。因此，我們也專注於提高經銷商的表現並擴大我們在美國的經銷商通路。

We thank our dealers for their cooperation and support, and continue to have meaningful dialogues as we work together through the macro uncertainty. So we really thank them for that.

我們感謝經銷商的合作與支持，並在宏觀不確定性中繼續進行有意義的對話。所以我們真的感謝他們。

We have the next question from the floor. How is the expansion into Indonesia and the Philippines progressing?

我們現在來回答下一個問題。印尼和菲律賓的擴張進展如何？

Very well for both markets. We actually I'm very, very pleased with the progress in both markets. For Indonesia, we started delivering VF 3, VF 5, and VF e34. We have about -- we delivered about 3,000 VF e34 for GSM and about 500 vehicles for B2C customers in the market.

對於兩個市場來說都非常好。事實上，我對這兩個市場的進展感到非常非常高興。對於印度尼西亞，我們開始交付 VF 3、VF 5 和 VF e34。我們已向 GSM 交付了約 3,000 輛 VF e34，並向市場上的 B2C 客戶交付了約 500 輛汽車。

Indonesia is the first VinFast overseas market outside of Vietnam where we implement the whole full green mobility ecosystem, which means the GSM for the green taxi and the V-Green for charging station. We launched GSM in Jakarta last year -- at end of last year.

印尼是越南以外的第一個 VinFast 海外市場，我們在此實施完整的綠色行動生態系統，這意味著綠色計程車的 GSM 和充電站的 V-Green。我們去年（也就是去年年底）在雅加達推出了 GSM。

And we started expanding the V-Green charging network in Indonesia. Our dealership network consisted of 22 showrooms as of March 31, 2025, and we are on track with our target to have about 80 showrooms by the end of the year as we continue expanding our relationship with the dealers.

我們開始在印尼擴展 V-Green 充電網路。截至 2025 年 3 月 31 日，我們的經銷網絡由 22 個展廳組成，隨著我們繼續擴大與經銷商的關係，我們預計將實現到今年年底擁有約 80 個展廳的目標。

About Philippines, we have introduced five models in the Philippines with the VF 6 being the latest one to be introduced. We also started expanding our dealership network and service center. We have 6 showrooms by the end of March and aim to have 50 showrooms by the end of the year.

關於菲律賓，我們在菲律賓推出了五款車型，其中 VF 6 是最新推出的車型。我們也開始擴大我們的經銷商網路和服務中心。截至 3 月底，我們已擁有 6 間展廳，目標是到年底擁有 50 間展廳。

And V-Green, the charging station network is already present in the Philippines, and we expect to see GSM taxi in the Philippines soon as well.

充電站網路 V-Green 已在菲律賓投入使用，我們預計很快也會在菲律賓看到 GSM 計程車。

We have our next question is about tariff. What is your view on the potential impact of the new US tariff on consumer car spending both in Vietnam and in your key international markets? How is VinFast preparing to respond for each market and what forms of government support are you expecting?

我們的下一個問題是關於關稅的。您如何看待美國新關稅對越南以及貴國主要國際市場的汽車消費支出的潛在影響？VinFast 準備如何應對每個市場？您期待政府提供哪些形式的支持？

The government support in Vietnam or -- okay.

政府對越南的支持或－－好的。

In Vietnam.

在越南。

Yes. From the analysts in Vietnam. Okay. So I guess the tariff -- reciprocal tariff is the most popular keyword these days. I think we are closely monitoring and believe that at this stage, it remains premature to determine the final trajectory of the tariff as a further developments and influencing factors are yet to unfold.

是的。來自越南的分析師。好的。所以我猜關稅－互惠關稅是目前最受歡迎的關鍵字。我認為我們正在密切關注，並認為現階段確定關稅的最終走向還為時過早，因為進一步的發展和影響因素尚未顯現。

We have proactively brought in inventory of model year '25 vehicles to North America, which unaffected by the new tariffs, and we have sufficient inventory in the interim. In 2024, the US accounted for only 4% of total deliveries.

我們已主動將 25 年汽車庫存引入北美，這些汽車不受新關稅的影響，並且我們在此期間有足夠的庫存。2024年，美國僅佔總交付量的4%。

And so we believe that the impact of the US tariffs on automotive -- I mean we're impacted only by automotive tariff for now, not the reciprocal one. So we expect that the impact of the US automotive tariffs on us is less severe compared to other OEM.

因此，我們認為美國關稅對汽車的影響——我的意思是，我們目前只受到汽車關稅的影響，而不是互惠關稅的影響。因此，我們預計美國汽車關稅對我們的影響與其他 OEM 相比較小。

It's a heavy reliant on the US market. Our 2025 guidance announced in February already took into account potential political and economic uncertainty in the US, and it is important to highlight that majority of our growth in 2025 is expected to be from non-US market.

它嚴重依賴美國市場。我們在二月公佈的2025年指引已經考慮到了美國潛在的政治和經濟不確定性，值得強調的是，預計我們2025年的大部分成長將來自非美國市場。

We don't expect government support in Vietnam even though we -- I think in Vietnam, we do have like some waiver of some registration fee. But we don't expect -- at least, it's not in our projection to have any government support in any meaningful way.

我們並不期望越南政府提供支持，儘管我認為在越南我們確實可以免除一些註冊費。但我們並不期望──至少，我們預測不會得到任何政府有意義的支持。

We have the next question from the line. In the past, VinFast has talked about battery leasing as the unique differentiator of your market entry. Can you explain the rationale to discontinue this offering?

我們接下來要回答的是這個問題。過去，VinFast 曾表示電池租賃是其進入市場的獨特差異化因素。您能解釋一下停止此項服務的理由嗎？

Okay. I talked about it a little bit in my earlier speech. So battery leasing played a vital early role in the early days of EV adoption as it really had narrowed the price gap between internal combustion engine vehicles and EVs.

好的。我在之前的演講中稍微談到了這一點。因此，電池租賃在電動車普及初期發揮了至關重要的作用，因為它確實縮小了內燃機汽車和電動車之間的價格差距。

But as the consumer familiarity with EVs grow, battery leasing as a percentage of sales has dropped for us from 80% at the beginning to about 30% -- below 30% recently. So it's the right time for us to drop the battery leasing.

但隨著消費者對電動車的熟悉程度不斷提高，電池租賃佔銷售額的比例從最初的 80% 下降到 30% 左右——最近已低於 30%。因此現在是我們放棄電池租賃的最佳時機。

And to ease the transition, we extended free charging benefits to the customers. So six months for EV owners and one year for e-scooter owners through 2027.

為了簡化過渡，我們向客戶提供免費充電優惠。因此，到 2027 年，電動車車主的期限為六個月，電動滑板車車主的期限為一年。

We have the last question from the line. Can you remind us what are VinFast's key priorities for 2025 and how that aligns with your go-to-market strategy and what are you most excited about for VinFast over the next 24 months?

我們還有最後一個問題。您能否提醒我們 VinFast 在 2025 年的首要任務是什麼，以及這與您的市場進入策略如何保持一致，以及您對 VinFast 在未來 24 個月內最期待的是什麼？

So the priorities for us in 2025, first of all, solidifying the leadership position in Vietnam, and continuing to build brand awareness and strengthening performance and presence in new markets. Secondly, to employ enhanced CapEx manufacturing to support business growth with opening three more factories this year.

因此，2025 年我們的首要任務是鞏固在越南的領導地位，繼續建立品牌知名度，加強在新市場的績效和影響力。其次，今年將開設三家工廠，利用增強的資本支出製造來支持業務成長。

And then finally, driving product innovation through a segmentation and again, focus on cost optimization. So our go-to-market strategy built around three pillars, our products, manufacturing, capacity and market reach and we are -- and these are all aligned with our 2025 priorities and long-term goals.

最後，透過細分推動產品創新，並再次專注於成本優化。因此，我們的行銷策略圍繞著三大支柱建立，即我們的產品、製造、產能和市場範圍，這些都與我們的 2025 年優先事項和長期目標保持一致。

Well, what's exciting about -- I mean exciting development at VinFast on engineering front, we will be launching new vehicle platforms this year to simplify and increase platform commonalities across the models.

嗯，令人興奮的是——我的意思是 VinFast 在工程方面的令人興奮的發展，我們今年將推出新的汽車平台，以簡化和增加各個車型的平台通用性。

So this will in turn lead to more cost savings. And we are also working hard on new technologies and we'll share more details with you later. So all in all, the path ahead of us is very clear. I'm very excited about the future of VinFast.

因此這反過來會帶來更多的成本節約。我們也在努力研發新技術，稍後我們會與大家分享更多細節。總而言之，我們面前的道路非常清晰。我對 VinFast 的未來感到非常興奮。

I think we're coming up to the one hour mark and thank you everyone again for joining us today. If you need any further clarification, please let us know by sending an email to ir@vinfastauto.com.

我想我們已經快到一個小時了，再次感謝大家今天的加入我們。如果您需要任何進一步的說明，請發送電子郵件至ir@vinfastauto.com 告知我們。

Take care and goodbye.

保重，再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。