VinFast Auto Ltd (VFS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to VinFast Q1 2025 financial results and Q&A Webcast. (Operator Instructions)

您好，感謝您的支持。歡迎收聽 VinFast 2025 年第一季財務業績和問答網路廣播。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the call over to Amandae Baey, VP of Investor Relations. Thank you. Please go ahead.

請注意，今天的會議正在錄音。現在我想將電話交給投資者關係副總裁 Amandae Baey。謝謝。請繼續。

Thank you, operator, and good morning, everyone. This is Amandae Baey, Vice President of Investor Relations. Welcome to VinFast first-quarter 2025 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。我是投資者關係副總裁 Amandae Baey。歡迎參加 VinFast 2025 年第一季財報電話會議。今天與我一起出席的還有董事會主席 Thuy Le 女士和財務長 Lan Anh Nguyen 女士。

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. These include, without limitation, statements regarding the future financial and operating outlook, guidance, macroeconomics, industry trends, company initiatives and other future events. These statements are based on the predictions and expectations as of today.

在我將電話轉給 Thuy 女士之前，請允許我提醒您，本次電話會議中的某些聲明包括聯邦證券法規定的前瞻性聲明。這些包括但不限於有關未來財務和經營前景、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。

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。

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

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。有關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財務報表的對帳資訊的討論，請參閱我們今天上午發布的新聞稿。

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

下面，我想請 Thuy 女士開始發表管理演講。

Thank you, Amandae, and hello, everyone. I appreciate you joining us today. I am pleased with the progress made over the past year. Given that the first quarter is typically the slowest seasonally, it is encouraging to see signs of improved operating leverage driven by economies of scale. Compared to the same period last year, our volume growth and streamlined operational footprint are increasingly reflected in a more efficient cost structure and subsequently, the narrowing of our profit margins year-over-year.

謝謝你，阿曼達，大家好。感謝您今天加入我們。我對過去一年的進展感到高興。鑑於第一季通常是季節性最慢的季度，看到規模經濟推動營運槓桿改善的跡象令人鼓舞。與去年同期相比，我們的銷售成長和精簡的營運佈局越來越多地反映在更高效的成本結構中，因此，我們的利潤率同比有所縮小。

Today, I'll be sharing updates on three key fronts: one, deliveries performance; two, the pace of EV adoption and performance in our key markets; and lastly, our future R&D road map that we mentioned last quarter. On the deliveries front, I'm pleased to share that Q1 '25 deliveries alone have already exceeded our total for the first half of last year. Achieving this in the typically slowest quarter of the year marks an encouraging start to 2025, especially given ongoing global macroeconomic and trade uncertainties.

今天，我將分享三個關鍵面向的最新情況：一、交付表現；二、我們主要市場電動車的採用速度和表現；最後，我們上個季度提到的未來研發路線圖。在交貨方面，我很高興地告訴大家，光是 25 年第一季的交貨量就已經超過了去年上半年的總量。在一年中通常最慢的季度實現這一目標標誌著 2025 年有一個令人鼓舞的開端，尤其是在全球宏觀經濟和貿易不確定性持續存在的情況下。

In Q1 2025, VinFast delivered 36,330 electric vehicles, representing a 296% increase year-over-year and a 32% decline quarter over quarter. It's important to remember that Q1 is typically our seasonally slowest quarter, primarily due to the extended Lunar New Year holiday in Vietnam.

2025年第一季度，VinFast交付了36,330輛電動車，較去年同期成長296%，季減32%。重要的是要記住，第一季通常是我們季節性最慢的季度，主要是由於越南農曆新年假期延長。

On the two-wheeler front, we delivered 44,904 units, marking a 473% year-over-year increase and a 44% rise quarter over quarter. This strong growth was driven by the expansion of our dealer network in Vietnam and a sharpened product focus following the discontinuation of older models in favor of more competitive offerings.

在兩輪車方面，我們交付了 44,904 輛，較去年同期成長 473%，較上季成長 44%。這一強勁成長得益於我們在越南的經銷商網路的擴張，以及在停產舊款車型後更加重視產品以提供更具競爭力的產品。

Deliveries to related parties, which include GSM, the EV taxi platform owned by our founder, accounted for 21% of Q1 deliveries. With this, our B2C deliveries have consistently accounted for over 70% of total sales for three consecutive quarters through Q1 '25. As GSM expands in Indonesia and the Philippines, we anticipate continued vehicle deliveries to support their fleet growth. Charging infrastructure remains the biggest barrier to EV adoption.

向關聯方的交付量佔第一季交付量的 21%，其中包括我們創辦人擁有的電動計程車平台 GSM。由此，截至 2025 年第一季度，我們的 B2C 配送量連續三個季度佔總銷售額的 70% 以上。隨著 GSM 在印尼和菲律賓的擴張，我們預計將持續交付車輛以支持其車隊的成長。充電基礎設施仍然是電動車普及的最大障礙。

Our charging partner, V-GREEN, is actively addressing this challenge by working with local businesses to roll out exclusive charging networks for VinFast customers. GSM and V-GREEN together has normalized EV usage in Vietnam, and we believe their international expansion as part of our ecosystem approach will help drive a similar trajectory of consumer adoption in other markets.

我們的充電合作夥伴 V-GREEN 正在積極應對這項挑戰，與當地企業合作為 VinFast 客戶推出專屬充電網路。GSM 和 V-GREEN 共同使越南的電動車使用正常化，我們相信，作為我們生態系統方法的一部分，他們的國際擴張將有助於推動其他市場消費者採用電動車的類似軌跡。

Let me now walk you through the pace in EV adoption and performance in our current markets. Across our key markets, EV adoption continues to gain traction at different speeds, supported by varying degrees of regulatory incentives and a broader range of product offerings for consumers. In Southeast Asia, unlike Vietnam, where VinFast has driven EV penetration to nearly 40% in Q1, battery EV or BEV adoption is still nascent in other regional markets.

現在讓我向您介紹一下當前市場中電動車的採用和性能的速度。在我們的主要市場中，在不同程度的監管激勵措施和更廣泛的消費者產品支持下，電動車的普及繼續以不同的速度獲得發展。在東南亞，與越南不同，VinFast 在第一季已將電動車普及率推高至近 40%，而其他區域市場對電動車或純電動車的採用仍處於起步階段。

In Indonesia, according to Gaikindo data, BEVs made up 7% of total auto sales in Q1, up from 3% a year ago. In the Philippines, data from CAMPI show that BEVs accounted for only 3% of total auto sales. For VinFast in Indonesia, we've made meaningful progress in establishing a strong foundation for long-term growth in the first quarter of the year. We launched the VF 3 for sale in February and began deliveries in March.

在印度尼西亞，根據 Gaikindo 的數據，第一季純電動車佔汽車總銷量的 7%，高於去年同期的 3%。在菲律賓，CAMPI 的數據顯示，純電動車僅佔汽車總銷量的 3%。對於印尼的 VinFast 而言，我們在今年第一季取得了有意義的進展，為長期成長奠定了堅實的基礎。我們於二月推出 VF 3 並於三月開始交付。

In a market where consumers are spoiled for choice, our industry-leading offering, including one year of free charging, has started to differentiate VinFast Today, we have four models available in Indonesia with the VF 7 and Green series expected to launch soon, further broadening our portfolio.

在消費者選擇眾多的市場中，我們領先業界的產品（包括一年免費充電）已經開始讓 VinFast 脫穎而出。目前，我們在印尼有四種車型可供選擇，其中 VF 7 和 Green 系列預計很快就會推出，這將進一步擴大我們的產品組合。

We are rapidly scaling our retail and service footprint. To support this growth, we have announced a strategic partnership with a respective distributor with a proven track record representing legacy automotive brands. their alignment with a new entrant like VinFast underscores the long-term confidence in our value proposition for Indonesian consumers. Our green mobility ecosystem is taking shape with GSM expanding into additional major cities. GSM is already operating a fleet of 3,000 EVs in Greater Jakarta, accelerating consumer familiarity with our EVs.

我們正在迅速擴大我們的零售和服務足跡。為了支持這一成長，我們宣布與一家擁有代表傳統汽車品牌的良好業績記錄的相關經銷商建立戰略合作夥伴關係。他們與 VinFast 等新進者的結盟凸顯了對我們為印尼消費者提供的價值主張的長期信心。隨著 GSM 擴展到更多主要城市，我們的綠色移動生態系統正在形成。GSM 已在大雅加達地區營運 3,000 輛電動車，加速了消費者對我們電動車的熟悉程度。

In parallel, V-GREEN Indonesia, our exclusive charging network operator, has deployed over 2,000 charging locations across 36 provinces out of 38 provinces in the country, with approximately 16% already operational. V-GREEN provides reliable infrastructure to support our growing customer base.

同時，我們的獨家充電網路營運商 V-GREEN Indonesia 已在全國 38 個省份中的 36 個省份部署了 2,000 多個充電站，其中約 16% 已經投入營運。V-GREEN 提供可靠的基礎設施來支援我們不斷成長的客戶群。

Next, the Philippines. Similar to our foundational work in Indonesia, we have announced partnerships to establish service workshops and dealerships. Our partners, V-GREEN and GSM will play a key role. V-GREEN is setting up a dedicated EV charging network to support early adopters while GSM will soon be launched in the Philippines. Our MOU with Goodyear Philippines includes a working relationship to open 50 authorized VinFast service workshops and an agreement with 6 established distributors announced at the Manila International Auto Show to open over 60 new showrooms in the Philippines this year.

接下來是菲律賓。與我們在印尼的基礎工作類似，我們已宣佈建立合作夥伴關係以建立服務車間和經銷店。我們的合作夥伴 V-GREEN 和 GSM 將發揮關鍵作用。V-GREEN 正在建立專用的電動車充電網路以支援早期採用者，同時 GSM 即將在菲律賓推出。我們與固特異菲律賓公司簽署的諒解備忘錄包括建立合作關係，開設 50 家 VinFast 授權服務車間，並與 6 家現有經銷商達成協議，該協議在馬尼拉國際車展上宣布，今年將在菲律賓開設 60 多家新展廳。

Coming back to Vietnam, our core market. According to data from the Vietnam Automobile Manufacturers Association and other industry groups in the region, Vietnam led Southeast Asia in automotive sales growth with a 24% year-over-year increase, outpacing larger regional markets. This performance was underpinned by strong macro fundamentals. GDP growth accelerated to 6.9% in Q1, the highest since 2020. Based on Vietnam registration data, VinFast market share of overall auto sales increased to nearly 40% in Q1 2025 from approximately 20% last year.

回到我們的核心市場越南。根據越南汽車製造商協會和該地區其他行業組織的數據，越南汽車銷量成長領先東南亞，年增 24%，超過了其他較大的區域市場。這一表現受到強勁的宏觀基本面支撐。第一季GDP成長加速至6.9%，為2020年以來最高。根據越南註冊數據，VinFast 在整體汽車銷售中的市佔率從去年的約 20% 成長至 2025 年第一季的近 40%。

This remarkable increase reflects the strong brand recognition we enjoy, which is further amplified by the entrenchment of our green mobility ecosystem. The launch of the Green series opens a new market segment for VinFast to maintain our industry leadership in our home market.

這一顯著增長反映了我們享有的強大品牌認知度，而我們綠色行動生態系統的鞏固則進一步增強了這種認知度。Green系列的推出為VinFast開闢了一個新的細分市場，以保持我們在本土市場的行業領先地位。

In Vietnam, VinFast continued to be the proxy for EV penetration and led the auto market during Q1 2025 with over 35,100 vehicles delivered, equivalent to the next three players combined, two of our top selling models, the VF 3 and VF 5 were also best-selling passenger vehicle models in Vietnam during Q1 '25 and accounted for 68% of VinFast total domestic deliveries. This was followed by the VF 6, which has become the new popular mass premium car in Vietnam. It accounted for 12% of VinFast total domestic deliveries.

在越南，VinFast 繼續成為電動車普及率的代表，並在 2025 年第一季引領汽車市場，交付量超過 35,100 輛，相當於緊隨其後的三家公司的總和，我們的兩款最暢銷車型 VF 3 和 VF 5 也是 2025 年第一季度最暢銷的乘用車型 VF 3 和 VF 5 也是 2025 年第一季度最暢銷的乘用車款。緊隨其後的是 VF 6，它已成為越南新的熱門大眾高檔車。它佔 VinFast 國內總交付量的 12%。

At around $26,000, VF 6 offers a modern design with comfortable cabin and standard features that are rare to find in the B2B segment, such as voice control, multilink rear suspension and adaptive cruise control. VF 6 owners agree this model delivers a segment up experience at a B-SUV price.

VF 6 售價約為 26,000 美元，採用現代設計，配備舒適的駕駛室和 B2B 領域罕見的標準功能，例如語音控制、多連桿後懸吊和自適應巡航控制。VF 6 車主一致認為，這款車型以 B-SUV 的價格提供了更高級的體驗。

During the quarter, we began taking preorders for the Green series, a dedicated lineup tailored for transportation use cases. Since its introduction in late 2024, the four model EV series have attracted elevated interest from local taxi fleet operators who were starting their journey to electrification. More recently, we commenced our first deliveries of the Herio Green and Nerio Green in April. We are also broadening our product lineup into commercial vehicles with the introduction of an electric school bus and an electric minivan model in May.

本季度，我們開始接受綠色系列的預訂，該系列是專為交通用途而設計的。自 2024 年底推出以來，這四款電動車系列引起了剛開始電氣化之旅的當地計程車車隊營運商的濃厚興趣。最近，我們在四月開始交付第一批 Herio Green 和 Nerio Green。我們也將把產品線拓展到商用車領域，並於五月推出電動校車和電動小型貨車車型。

Outside of Vietnam, we are exploring opportunities in Asia and Europe with plans to offer electric buses in 6, 8, 10, and 12-meter sizes.

在越南以外，我們正在探索亞洲和歐洲的機會，計劃提供 6 公尺、8 公尺、10 公尺和 12 公尺尺寸的電動公車。

Moving on to India. We are pleased to announce the opening of our CKD factory in Tamil Nadu in July. We will soon announce our dealer partners and ahead of the sales opening for VF 6 and VF 7, we plan to launch extensive marketing campaigns in Delhi and Mumbai to build brand awareness. With India's EV market still in its early stage and significant white space across segments, we see a compelling opportunity to deliver premium value and accessible innovation to Indian consumers.

繼續前往印度。我們很高興地宣布，我們將於 7 月在泰米爾納德邦開設 CKD 工廠。我們很快就會宣布我們的經銷商合作夥伴，在 VF 6 和 VF 7 開始銷售之前，我們計劃在德里和孟買開展廣泛的營銷活動以建立品牌知名度。由於印度的電動車市場仍處於早期階段，且各個領域都存在大量空白，我們看到了為印度消費者提供優質價值和便利創新的絕佳機會。

In Europe and North America, as part of our ongoing strategic initiative to optimize our footprint, VinFast will close its direct-to-consumer showrooms in Germany and the Netherlands in June and start replacing them with new dealer showrooms. This is a long-term strategy that VinFast initiated to transition from purely direct to consumer to a more dealer-led distribution model. Our transfer of all showrooms in Vietnam last year to our dealer partners was a prime example.

在歐洲和北美，作為我們優化足跡的持續戰略舉措的一部分，VinFast 將於 6 月關閉其在德國和荷蘭的直接面向消費者的展廳，並開始用新的經銷商展廳取而代之。這是 VinFast 發起的長期策略，旨在從純粹的直接面向消費者向經銷商主導的分銷模式轉變。我們去年將越南所有展廳轉讓給我們的經銷商合作夥伴就是一個很好的例子。

To ensure seamless services to our customers, we have recently signed dealership agreements with dealers in France and Germany. In the Netherlands, we announced partnerships with LKQ and DHL to deliver high-quality aftersales experience, including the delivery of spare parts within the day. Our commitment to fostering electric mobility in Europe remains unchanged, and the shift in our distribution model is set to improve our operational efficiency to address growing customer demands.

為了確保為客戶提供無縫服務，我們最近與法國和德國的經銷商簽署了經銷協議。在荷蘭，我們宣布與 LKQ 和 DHL 合作，提供高品質的售後體驗，包括當天送達備件。我們致力於促進歐洲電動車的發展，而我們分銷模式的轉變將提高我們的營運效率，以滿足日益增長的客戶需求。

Looking over to Canada, we are closing three short-term shopping center stores and two showrooms in outlying areas to refocus our resources to the best-performing showrooms. As of April 30, 2025, we had 388 showrooms globally, of which over 90% were dealer stores.

在加拿大，我們將關閉三家短期購物中心商店和兩家位於偏遠地區的展廳，將資源重新集中到表現最好的展廳。截至2025年4月30日，我們在全球擁有388個展廳，其中90％以上為經銷商店。

Finally, I'd like to share some of the exciting innovations underway at VinFast as we develop our next generation of electric vehicles. As a young and dynamic EV manufacturer, we remain committed to delivering higher quality, better performing vehicles while keeping them accessible to a broad range of consumers. Our new platform and E/E architecture will enable further bill of material cost optimization, driving efficiency across every aspect of the business.

最後，我想分享一下 VinFast 在開發下一代電動車時正在進行的一些令人興奮的創新。作為一家年輕而充滿活力的電動車製造商，我們始終致力於提供更高品質、性能更好的汽車，同時讓廣大消費者能夠購買它們。我們的新平台和 E/E 架構將進一步優化物料清單成本，並提高業務各方面的效率。

Our first-generation vehicle platforms prioritize speed and market readiness, allowing us to bring seven models to market in under three years, effectively establishing VinFast as the EV brand for every customer's needs.

我們的第一代汽車平台優先考慮速度和市場準備度，使我們能夠在不到三年的時間內將七款車型推向市場，有效地將 VinFast 確立為滿足每個客戶需求的電動車品牌。

Looking ahead, our next-generation vehicle architecture is guided by the principles of the three Cs: competitiveness, commonality and cost efficiencies. This strategic evolution underscores our sharpened focus on optional efficiency and scalability as we steer the company towards long-term profitability.

展望未來，我們的下一代汽車架構將遵循三個C原則：競爭力、通用性和成本效益。這項策略演變凸顯了我們在引導公司實現長期獲利的過程中更加重視可選效率和可擴展性。

Our new vehicle platforms will be designed to simplify the engineering process while integrating world-class technologies and supporting a wide range of product offerings. Each platform will underpin multiple models, significantly increasing component commonality. This approach enables more streamlined procurement and manufacturing processes, ultimately driving cost reductions through economies of scale and improved operational synergy.

我們的新汽車平台將旨在簡化工程流程，同時整合世界一流的技術並支援廣泛的產品。每個平台將支援多種型號，從而顯著提高組件的通用性。這種方法可以簡化採購和製造流程，最終透過規模經濟和改善的營運協同作用來降低成本。

In parallel, VinFast E/E architecture is undergoing a major transition to its second phase of development, which introduces zonal architecture controlled by a centralized supercomputer. This reduces ECU complexity and minimizes the use of traditional wire harnesses, further contributing to bill of materials cost optimization and production efficiency. More importantly, this transition will also enhance customer experience.

同時，VinFast E/E 架構正在經歷向第二階段發展的重大轉變，該階段引入了由集中式超級電腦控制的區域架構。這降低了 ECU 的複雜性並最大限度地減少了傳統線束的使用，進一步促進了物料清單成本的最佳化和生產效率的提高。更重要的是，這種轉變也將提升客戶體驗。

I'm pleased to share that the first model to debut with a next-generation platform and zonal E/E architecture will be the new MPV model, Limo Green, going to market in quarter three this year. Various existing models will also undergo a technology refresh beginning in 2026, as we continue to elevate our product offering and deliver a smart, software-defined vehicle.

我很高興地告訴大家，第一款採用下一代平台和區域 E/E 架構的車型將是新款 MPV 車型 Limo Green，該車型將於今年第三季上市。隨著我們不斷提升產品供應並推出智慧、軟體定義的汽車，各種現有車型也將從 2026 年開始進行技術更新。

I will now hand it over to our CFO, to discuss the financial results.

現在我將把它交給我們的財務官，討論財務結果。

Thank you, Madam Thuy. Good morning, everyone. I'm pleased to walk you through our financial results for the first quarter of 2025. Our business is now at an inflection point where we expect economies of scale to drive greater operating leverage going forward.

謝謝您，Thuy 女士。大家早安。我很高興向您介紹我們 2025 年第一季的財務表現。我們的業務現在正處於一個轉捩點，我們預期規模經濟將推動未來更大的經營槓桿。

We've made meaningful progress in optimizing our cost base, both in terms of cost of goods sold and operating expenses. As we continue to grow our top line while streamlining our operational footprint, we remain focused on identifying additional cost-saving opportunities.

我們在優化成本基礎方面取得了重大進展，包括銷售成本和營運費用。在我們不斷增加營業收入並精簡營運範圍的同時，我們仍然專注於尋找額外的成本節約機會。

As Madam Thuy noted, our new vehicle platforms and our new zonal E/E architecture would serve as a foundation for longer-term cost savings. These changes not only reduce complexity and component redundancy, but also enable us to secure more favorable supply contracts supported by our growth scale. Our view of material optimization program is ongoing, and we expect to see a more material impact once the new platforms are fully commercialized over the next 18 months.

正如 Thuy 女士所指出的，我們的新車輛平台和新區域 E/E 架構將成為長期成本節約的基礎。這些變化不僅降低了複雜性和組件冗餘，而且使我們能夠獲得由成長規模支援的更有利的供應合約。我們對材料優化計畫的看法是持續進行的，我們預計，一旦新平台在未來 18 個月內完全商業化，將會看到更實質的影響。

Now let me walk you through our results in more detail. Net revenue for Q1 2025 was USD657 million, an increase of 150% year-over-year and largely in line with Q4 2024. Cost of goods sold for the quarter was USD888 million, an increase of 113% year over year and down 25% quarter over quarter, reflecting the continued ramp-up in deliveries.

現在讓我向您更詳細地介紹我們的結果。2025 年第一季淨收入為 6.57 億美元，年增 150%，與 2024 年第四季基本持平。本季銷售成本為 8.88 億美元，年增 113%，季減 25%，反映出交付量持續成長。

Cost of goods sold as a percentage of revenue was 135% for the quarter, compared to 179% in Q4 and 159% from the year prior. Q1 2025 gross margin was minus 35%, a notable improvement from minus 59% in the same period last year, driven by increased scale and ongoing cost optimization efforts. Excluding the impact of NRV and one-off items, gross margin was minus 28% compared to minus [57%] during the same period last year.

本季銷售成本佔營收的百分比為 135%，而第四季為 179%，去年同期為 159%。2025 年第一季毛利率為負 35%，較去年同期的負 59% 有顯著改善，這得益於規模擴大和持續的成本優化努力。不計入NRV和一次性項目的影響，毛利率為-28%，去年同期為-[57%]。

Moving on to operating expenses. SG&A expenses for the quarter totaled USD51 million, representing a 23% increase year over year, but a 43% decline quarter-over-quarter. As a percentage of revenue, SG&A was 23%, significantly improving from 47% in the same period last year. This reduction reflects our ongoing shift from a direct to customer model to a dual based model, a transition that began in late 2023 and is helping streamline our cost structure.

繼續討論營運費用。本季銷售、一般及行政費用總計 5,100 萬美元，較去年同期成長 23%，但較上季下降 43%。銷售、一般及行政費用佔收入的百分比為 23%，較去年同期的 47% 有顯著改善。這項削減反映了我們正在從直接面向客戶模式轉向雙重基礎模式的轉變，這一轉變始於 2023 年底，有助於簡化我們的成本結構。

We recorded a USD20 million impairment charge this quarter, which the majority was impairment charge related to the closure of existing D2C showrooms in California. We expect to incur additional impairment charges in the coming quarters as the transition progresses in the other markets.

本季我們記錄了 2000 萬美元的減損費用，其中大部分是與關閉加州現有的 D2C 展廳相關的減損費用。隨著其他市場的轉型進展，我們預計未來幾季將產生額外的減損費用。

R&D expenses came in at USD81 million, down 22% year over year and 25% quarter over quarter. As a percentage of revenue, R&D was 12% compared to the 40% in the same quarter last year. While we saw a decline this quarter. we anticipate higher R&D spending in the coming periods as we invest in the development of our next-generation platforms and technologies.

研發費用為 8,100 萬美元，年減 22%，季減 25%。研發費用佔營收的百分比為 12%，去年同期為 40%。雖然本季出現了下滑，但隨著我們對下一代平台和技術開發的投資，我們預計未來一段時間的研發支出將會增加。

EBITDA for the first quarter of 2025 was minus USD396 million with an EBITDA margin of minus 60%. This represents a significant improvement from minus 130% in the same period last year, reflecting early benefits from increased scale.

2025年第一季EBITDA為負3.96億美元，EBITDA利潤率為負60%。這比去年同期的負 130% 有了顯著改善，反映了規模擴大帶來的早期效益。

Net loss for the quarter was minus USD712 million, with a net loss margin of minus 109% compared to minus 226% in the first quarter of 2024, again, highlighting the benefits of scale. These improvements underscore the progress we're making as we scale our operations and continue executing on our path towards profitability.

本季淨虧損為負 7.12 億美元，淨虧損率為負 109%，而 2024 年第一季為負 226%，再次凸顯了規模效益。這些改進凸顯了我們在擴大營運規模和持續實現獲利的過程中所取得的進展。

Now turning to CapEx and cash flow. CapEx for the quarter was USD147 million, down 24% year over year and 40% quarter over quarter. We anticipate higher spending in the coming quarters as we enter the final phases of contractions for our new CKD facilities in Vietnam, India and Indonesia.

現在轉向資本支出和現金流。本季資本支出為 1.47 億美元，年減 24%，季減 40%。隨著我們在越南、印度和印尼的新 CKD 設施的建設進入最後階段，我們預計未來幾季的支出將會增加。

Operating cash flow for the quarter was minus USD607 million compared to the minus USD500 million in the Q1 2024, largely due to the changes in the net working capital. In terms of cash flow efficiency, our cash burn in Q1 2025 was equivalent to 115% of revenue, a significant improvement from 256% in the same period last year.

本季經營現金流為負 6.07 億美元，而 2024 年第一季為負 5 億美元，這主要是由於淨營運資本的變化造成的。在現金流效率方面，我們2025年第一季的現金消耗相當於營收的115%，較去年同期的256%有顯著改善。

This reflects stronger cash flow management as well as the initial benefits of scale. This improvement in the quality of cash flow mirrors the operating leverage we are starting to realize as we scale our operations and optimize costs.

這體現出更強的現金流管理以及規模的初步效益。現金流品質的改善反映了我們在擴大營運規模和優化成本時開始實現的營運槓桿。

We expect to continue investing in R&D and CapEx for the remainder of the year and to drive innovation and enhance the customer experience. These investments will be balanced by continued discipline in execution and cost optimization, and our profitability target remains unchanged.

我們預計在今年剩餘時間內繼續投資研發和資本支出，推動創新並提升客戶體驗。這些投資將透過持續的執行和成本優化來平衡，我們的獲利目標保持不變。

Finally, an update on our liquidity. As of May 31 this year, Vingroup has disbursed USD1.2 billion in loans, and our founder disbursed USD825 million in grants to VinFast. Besides cash and cash equivalent, our liquidity stands at around USD2.4 billion, including USD968 million ELOC facility, and the remaining USD1.4 billion from Vingroup loan and our founder grant.

最後，更新一下我們的流動性。截至今年 5 月 31 日，Vingroup 已發放 12 億美元貸款，我們的創辦人向 VinFast 發放了 8.25 億美元的贈款。除了現金和現金等價物外，我們的流動資金約為 24 億美元，其中包括 9.68 億美元的 ELOC 貸款，以及來自 Vingroup 貸款和創始人贈款的剩餘 14 億美元。

Operator, let's open for Q&A.

接線員，我們開始問答環節。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員指示） Andres Sheppard、Cantor Fitzgerald。

Congratulations on the quarter and all of the vehicle delivery ramp-up, very exciting. Madam Thuy, just wondering if you could maybe remind us just the timeline on the new factories, the one in Vietnam, the one in India, the one in Indonesia. When do you expect them to be operational exactly? I know you touched on it briefly. And what do they do to the total production capacity?

恭喜本季所有車輛交付量的成長，非常令人興奮。Thuy 女士，您能否向我們介紹新工廠的時間表，一個在越南，一個在印度，一個在印尼。您預計它們具體什麼時候可以投入使用？我知道您曾簡要地談及這一點。它們對總生產能力有何影響？

Thank you, Andres, Okay. So as announced before, all our facilities in Asia are expected to start operations this year. So the majority of the vehicles, about 90% will still be manufactured out of -- in Vietnam with a better production concentration. With the existing facility, I found that you already visited, focuses on more like high-end models, VF 6, VF e34, Limo Green, VF 7, VF 8, and VF 9.

謝謝你，安德烈斯，好的。正如之前宣布的那樣，我們在亞洲的所有工廠預計將於今年開始運作。因此，大多數車輛（約 90%）仍將在生產集中度更高的越南生產。就現有設施而言，我發現您已經參觀過，更側重於高端車型，VF 6、VF e34、Limo Green、VF 7、VF 8 和 VF 9。

And our new facilities, I think, will make more affordable models like Nerio Green, and VF 3 and VF 5. In terms of timing, the India factory will open in July this year, and the Hai Phong one before that, and the Indonesia after that, but all of them will be open this year.

我認為，我們的新工廠將生產更多更實惠的型號，如 Nerio Green、VF 3 和 VF 5。從時間來看，印度工廠將於今年7月投產，之前是海防工廠，之後是印尼工廠，但所有工廠都將在今年投產。

Got it. Very helpful. And maybe just as a quick follow-up. I'm wondering if you can maybe remind us, what are some of the key catalysts you think investors should be looking at either for remaining of this year or into next year? Just making sure we're capturing all the major big highlights, that catalyst that you want us to be aware of.

知道了。非常有幫助。或許只是作為一個快速的後續行動。我想知道您是否可以提醒我們，您認為投資者在今年剩餘時間或明年應該關注哪些關鍵催化劑？只是確保我們捕捉到所有主要的亮點，即您希望我們注意的催化劑。

Okay. Thank you. The catalyst for the growth. So actually, VinFast is entering a very critical inflection point across three strategic pillars: scaling operations, accelerating product development and executing on cost optimization, which all lay the groundwork for a clear path to profitability.

好的。謝謝。成長的催化劑。因此，實際上，VinFast 正在進入三大策略支柱的關鍵轉折點：擴大營運規模、加速產品開發和執行成本優化，所有這些都為實現盈利奠定了基礎。

So first of all, on the scaling for growth. We're targeting to double vehicle deliveries in 2025, at this level, the delivery in 2025 and maintain a strong momentum into 2026. This growth will be driven by deeper market penetration in key international markets, particularly across Asia and enabled by our new CKD manufacturing facilities.

首先，關於成長的擴展。我們的目標是到 2025 年將汽車交付量翻一番，在這個水平上，2025 年的交付量將在 2026 年保持強勁勢頭。這一成長將得益於我們在主要國際市場（尤其是亞洲）的更深層次的市場滲透，以及我們新的 CKD 製造設施。

About the next generation products, our upcoming EC lineup will deliver enhanced technology offerings while being more cost effective to produce. So this will position us to stay competitive and aligned with evolving consumer preference.

關於下一代產品，我們即將推出的 EC 系列將提供增強的技術產品，同時生產成本更低。因此，這將使我們保持競爭力並與不斷變化的消費者偏好保持一致。

And finally, on cost optimization. As mentioned before, 2025 is a foundational investment year in our platforms and zonal architecture. This advancement of our design could significantly improve the manufacturing efficiency and reduce -- significantly reduce the round costs of vehicles, making VinFast more agile and cost-competitive OEM. Like I mentioned in my speech before, the first model will be released in October this year.

最後，關於成本優化。如前所述，2025 年是我們平台和區域架構的基礎投資年。我們的設計進步可以顯著提高製造效率，並顯著降低車輛的整體成本，使 VinFast 成為更靈活、更具成本競爭力的 OEM。我之前在演講中提到過，第一款車型將於今年10月發布。

Congratulations again.

再次恭喜。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

I appreciate the comments around the CapEx and I guess, the expected ramp. I was hoping just as we think about the remainder of 2025 and obviously, there's a lot happening with the expansions for the CKD, the continuing R&D. Just kind of hoping you could maybe provide some color around the timing of this CapEx and really as kind of you're thinking about the whole year, when could we see CapEx kind of peak out on -- is that a Q2 or Q3 type of thing we're thinking about?

我很欣賞有關資本支出的評論，我想，還有預期的成長。我希望，正如我們思考 2025 年剩餘時間時一樣，顯然，CKD 的擴展和持續的研發將會發生很多事情。只是希望您能提供一些有關這次資本支出時間的詳細信息，並且您真的在考慮全年，我們什麼時候可以看到資本支出達到峰值 - 我們正在考慮的是第二季度還是第三季度？

Thank you for your question. We -- for the CapEx, we plan to spend a total of [$1.6 billion] in 2025. over 50% of this will go towards research and development, including both R&A expenses and capitalized R&D investments for developing new models and refreshing our current product line. The remaining amount under 50% will primarily be allocated to build our CKD facilities across Asia like Myanmar and Tibet.

感謝您的提問。我們—對於資本支出，我們計劃在 2025 年總共花費 [16 億美元]。其中 50% 以上將用於研發，包括研發費用和用於開發新車型和更新現有產品線的資本化研發投資。剩餘 50% 以下的金額將主要用於在緬甸和西藏等亞洲地區建造 CKD 設施。

Okay. Great. And then one other question for me is on the decision to kind of pivot into the bus market. You clearly highlighted Europe and I guess, to the core markets around Asia. Kind of curious, as you think about rolling out the bus expansion, where are we in that process?

好的。偉大的。我還想問一個問題，關於進軍公車市場的決定。您明確地強調了歐洲，我想，還有亞洲週邊的核心市場。有點好奇，當您考慮推出公車擴展計劃時，我們處於這個過程的哪個階段？

Maybe strategically, how you thought about moving into that sector? And do we kind of have any realizing, I think you just announced this, realizing it's early days and these things don't happen overnight. When could we potentially see VinFast start delivering buses?

也許從策略角度來看，您是如何考慮進入該領域的？我們是否意識到，我想你剛剛宣布了這一點，意識到現在還為時過早，這些事情不會在一夜之間發生。我們什麼時候可以看到 VinFast 開始交付公車？

Thank you for the question. So we already started delivering buses in big volume in Vietnam, but after testing our VinFast fleet. I think this year, we expect to deliver about -- probably around 1,000 in Vietnam to other operators. We also started the process of selling e-buses in other markets. So we set up the team in Indonesia, in Europe already, very soon in the Middle East, and the US. So gradually we're expanding market by market to capture the growth in electric bus penetration.

謝謝你的提問。因此，我們已經開始在越南大量交付公車，但先前已對我們的 VinFast 車隊進行了測試。我認為今年我們預計將向越南的其他營運商交付約 1,000 台。我們也開始了在其他市場銷售電動公車的進程。因此，我們已經在印尼、歐洲、中東和美國設立了團隊。因此，我們正在逐步擴大市場，以抓住電動公車普及率的成長機會。

Jim McIlree, Chardon Capital.

Chardon Capital 的 Jim McIlree。

Yeah. It's Jim McIlree at Chardan Capital. It looks like the average selling price for the vehicles was flat quarter to quarter. Can you project what you think the trajectory of ASPs are going to be for the rest of the year?

是的。我是 Chardan Capital 的 Jim McIlree。看起來這些車輛的平均售價與上一季持平。您能否預測今年剩餘時間內 ASP 的走勢？

Thank you for your question. For the Q1 2025, the ASP was largely in line with the Q4 2024, at around USD15,000. And compared to the USD19,000 for the full year of 2022 -- 2024. For full year 2025 ASP, it's likely to remain under USD20,000. We see our smaller model like VF 3 and [VF 5] expected to contribute around 50% of the delivery. We also expect the increasing contribution from the new Green series.

感謝您的提問。2025 年第一季的平均銷售價格與 2024 年第四季基本一致，約為 15,000 美元。相比之下，2022 年至 2024 年全年的價格為 19,000 美元。2025 年全年平均銷售價格可能仍將保持在 20,000 美元以下。我們看到，VF 3 和 [VF 5] 等較小型號預計將貢獻約 50% 的交付量。我們也期待新的 Green 系列能帶來越來越多的貢獻。

That's very helpful. And then secondly, the adjusted gross margin this quarter was, if my data is correct, a little bit higher than -- no, excuse me, it was about even to Q4, even though volumes were much lower this quarter. Can you comment on the variable margin versus fixed costs and your production and when it might be reasonable to expect variable margins to be -- to cross over and then when you would get -- then when you would get the full gross margin to cross over?

這非常有幫助。其次，如果我的數據正確的話，本季度的調整後毛利率略高於——不，對不起，與第四季度持平，儘管本季度的銷量要低得多。您能否評論一下浮動利潤與固定成本以及您的產量，什麼時候可以合理地預期浮動利潤 - 跨越，然後您何時可以獲得 - 然後您何時可以獲得全部毛利率跨越？

Thank you for your question. For this year gross margin, as you know that this quarter, we have the selling -- the delivery is quite like relatively lower than the volume of Q4 last year. For -- to remind that in Q4 of last year, we delivered about 53,000 vehicles compared to the 36,000 in Q1 this year.

感謝您的提問。就今年的毛利率而言，正如您所知，本季度我們的銷售量 - 交付量與去年第四季度相比相對較低。需要提醒的是，去年第四季度，我們交付了約 53,000 輛汽車，而今年第一季交付了 36,000 輛。

And especially for the Q1 is typically like the lowest season in the year in Vietnam, primarily due to the Lunar New Year holiday. And also to remind that for last quarter, our gross margin, if we -- excluding the onetime recharging program and inventory write-down charges, that was minus 26%.

尤其是第一季通常是越南一年中淡季，主要是因為農曆新年假期。還要提醒的是，上個季度，我們的毛利率（不包括一次性充電計劃和庫存減損費用）為-26%。

But if we then, of course, like we're excluding the onetime recharging and inventory write-down charges for this quarter also. So the margin is going to be like or minus 20%. So that means it's better than the Q4 2024. This is also the illustration for our effort to improving in terms of the BOM optimization and the production cost even that (inaudible) for this quarter, that the delivery is relatively lower than the Q4 2024.

但是如果我們那麼當然也排除本季的一次性充電和庫存減記費用。因此利潤率將會是 20% 左右。這意味著它比 2024 年第四季更好。這也說明了我們在 BOM 優化和生產成本方面所做的改進努力，甚至（聽不清楚）本季的交付量也相對低於 2024 年第四季。

So the whole company, we put the effort to reduce the BOM optimization. I mean initiatives for the BOM optimization as well as for the idea to improve the production cost. That means we improve the variable cost to like a towards for the target of the per even in term of the gross margin in 2026, like our guidance previously.

因此，我們全公司都在努力減少BOM優化。我指的是針對BOM優化的措施以及改善生產成本的想法。這意味著我們將改善變動成本，以實現 2026 年毛利率的目標，就像我們之前的指導一樣。

There are no more questions from the phone line. I'll hand it back to the management to continue.

電話那頭沒有其他問題。我會將其交還給管理層繼續處理。

Management, we have a question on the line. Can you share more details on the new vehicle platform and E/E architecture? What changes are being made to the key model?

管理層，我們在線上有一個問題。您能否分享更多有關新車輛平台和 E/E 架構的細節？關鍵模型有哪些變化？

So our next generation vehicle platform, the significance that we saw in terms of cost efficiency, commonality, modularity, and logical integration. This is something that we've been studying for the last three years. The new platform will integrate [various] on the vehicle side, improving energy efficiency and (inaudible)

因此，我們的下一代汽車平台在成本效益、通用性、模組化和邏輯整合方面具有重要意義。這是我們過去三年一直在研究的事情。新平台將整合車輛方面的各種功能，提高能源效率和（聽不清楚）

Secondly, electric drive unit initiatives. We are deploying more powerful (inaudible) providing improved performance while optimizing the scalability across all the product lines. And finally, very important is the new E/E architecture. Our zonal electrical and electronic architecture is designed internally with its wiring complexity and enhance our software for that scalability, which support long-term cost reductions and future scalability as well [as sales].

其次，電力驅動單元舉措。我們正在部署更強大的（聽不清楚），以提供更高的效能，同時優化所有產品線的可擴展性。最後，非常重要的是新的 E/E 架構。我們的區域電氣和電子架構在內部設計時考慮了其佈線複雜性，並增強了我們的軟體以實現可擴展性，從而支援長期成本降低和未來的可擴展性[作為銷售]。

In addition to the new platform, we also improved the [top hat] architecture. The top hats are being redesigned from the ground up to align with the platform. This provides a critical opportunity to reduce costs, standardize interfaces and improve manufacturing efficiency without compromising the brand's design flexibility.

除了新平台之外，我們還改進了[Top Hat]架構。禮帽正在從頭開始重新設計，以與平台保持一致。這為降低成本、標準化介面和提高製造效率提供了重要機會，同時又不損害品牌的設計靈活性。

Thank you, Madam Thuy. The next question on the line, as we look ahead to expected improvement in profitability, how do you assess the relative contribution of volume growth versus all optimization?

謝謝您，Thuy 女士。下一個問題是，當我們展望預期的獲利能力提高時，您如何評估銷售成長與所有優化的相對貢獻？

Thank you for your question. We expect meaningful contributions from both vertical integration and supplier optimization, but the greater impact will likely come from the BOM optimization and given that our current cost structure, variety cost improvements will have a stronger effect on operating leverage.

感謝您的提問。我們期望垂直整合和供應商優化都能帶來有意義的貢獻，但更大的影響可能來自 BOM 優化，並且考慮到我們目前的成本結構，各種成本的改進將對經營槓桿產生更大的影響。

That VinFast is at a unique point where we can put both legal effectively. Demand and adoption are growing in our core markets, which give us momentum. And also, at the same time, our current generation of the vehicles carries a relative high [clamp] cost. We acknowledge there were only inefficiencies and costly material choices that gives us a significant room for improvement.

VinFast 處於一個獨特的位置，我們可以有效地將兩者合法化。我們核心市場的需求和採用正在成長，這給了我們動力。同時，我們目前這一代車輛的[夾具]成本相對較高。我們承認，效率低和昂貴的材料選擇為我們帶來了很大的改進空間。

As our volume increased, we also gain more bargaining power with suppliers, which creates a buy rule, lower cost, leads to the better pricing for customers, which in turn support for the growth in volume.

隨著產量的增加，我們與供應商的議價能力也增強，從而形成了購買規則，降低了成本，為客戶提供了更優惠的價格，進而支持了產量的成長。

Our next question, can you elaborate on the rationale and timing of closing VinFast DTC showrooms in North America and Europe?

我們的下一個問題是，您能詳細說明關閉北美和歐洲的 VinFast DTC 展廳的理由和時間嗎？

We are closing the B2C showrooms in North America and Europe. This was an illicit flat model that we've been pursuing for a while. This will further enhance efficiency and scale for VinFast globally. Our dealers remain strategic partners and continue to play a pivotal role in our growth and market execution. North America and Europe remain our key markets.

我們正在關閉北美和歐洲的 B2C 展廳。這是我們一直在追求的非法平面模型。這將進一步提高 VinFast 的全球效率和規模。我們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關鍵作用。北美和歐洲仍然是我們的主要市場。

Regarding marketing, VinFast will still engage in direct marketing and branding activities in general and also coordinate with our dealers to execute any sales or promotion activities in market. Regarding after-sales and warranty, VinFast is currently working with third-party service providers to set up VinFast accounts and work forward in maintenance service.

在行銷方面，VinFast 仍將從事直接行銷和品牌推廣活動，並與我們的經銷商協調在市場上進行任何銷售或促銷活動。關於售後和保修，VinFast 目前正在與第三方服務提供者合作，建立 VinFast 帳戶並進行維修服務。

Madam Thuy, there is a follow up question on that. How much do you expect Europe and North America volume deliveries in 2025 and '26? And do you plan to continue selling in the US after you run out of it?

Thuy 女士，關於這一點還有一個後續問題。您預計 2025 年和 2026 年歐洲和北美的交付量是多少？售完之後您還打算繼續在美國販售嗎？

Yes, we plan to continue selling in the US after we run out of it. We plan to continue Manage and expand our service dynamics. That said, a volunteer commitment to this market remains key to our planned operations in our North Carolina country.

是的，我們計劃在售完後繼續在美國銷售。我們計劃繼續管理和擴展我們的服務動力。話雖如此，志工對這個市場的承諾仍然是我們在北卡羅來納州計劃開展業務的關鍵。

Thank you, Madam Thuy. The next question on the line, what steps are you taking with key suppliers to further reduce BOM costs?

謝謝您，Thuy 女士。下一個問題是，您正在與主要供應商採取哪些措施來進一步降低 BOM 成本？

We've shifted away from turnkey development to a more collaborative engineering model with key suppliers. For example, interior seating, common seat structures are being co-developed for which we use across models. For chassis, body and wide, and exterior closures, we've simplified design across these models, working with suppliers to lower complexity and cost with soft-sink optimized for scale. And with the Madame's thesis that we expect for the economy of scale for the soft-sink for this year, with the high volume.

我們已經從交鑰匙開發轉向與主要供應商更具協作性的工程模式。例如，我們正在共同開發內部座椅和通用座椅結構，並將其用於各種車型。對於底盤、車身和寬體以及外部封閉件，我們簡化了這些型號的設計，並與供應商合作，透過規模優化的軟沉來降低複雜性和成本。根據 Madame 的論點，我們預計今年的軟沉將實現規模經濟，並且產量很高。

Next question on the line. Can you remind us of the liquidity status of VinFast?

下一個問題就此展開。您能否提醒我們一下 VinFast 的流動性狀況？

As of May 31, Vingroup has disbursed USD1.2 billion in loans. And our founder disbursed USD825 million in grants to VinFast. Besides cash and cash equivalents, our liquidity stands approximately USD2.4 billion, including USD968 million ELOC flexibility and the remaining USD1.4 billion from Vingroup loans and our founder grants. The use of proceeds from the capital injection is for operation and investment activities to support the next growth phase.

截至5月31日，Vingroup已發放12億美元貸款。我們的創辦人向 VinFast 發放了 8.25 億美元的補助金。除了現金和現金等價物外，我們的流動資金約為 24 億美元，其中包括 9.68 億美元的 ELOC 靈活性以及剩餘的 14 億美元來自 Vingroup 貸款和我們的創始人贈款。本次注資所得款項將用於經營及投資活動，以支持下一階段的成長。

Our capital development strategy balanced near-term growth investments with the long-term sustainability. In 2025, this year, we expect our total cash burn, including OpEx and CapEx to be around USD2 billion to USD2.5 billion. of which the majority of the OpEx has incurred during the Q1 2025, as we stock up inventories to get ready for sales ramp up in the remaining quarter of the year.

我們的資本發展策略平衡了近期成長投資和長期永續性。到 2025 年，我們預計包括營運支出和資本支出在內的總現金消耗約為 20 億美元至 25 億美元。其中大部分營運支出發生在 2025 年第一季度，因為我們正在儲備庫存，為今年剩餘季度的銷售成長做好準備。

For the capital expenditure, makes up less than 50% of the total USD1.6 billion that I mentioned in the early questions that we allocated for the CapEx and R&D combined. The majority of this CapEx is dedicated to develop our CKD activities across the year.

對於資本支出，占我早期問題中提到的我們為資本支出和研發總額分配的 16 億美元的不到 50%。該資本支出的大部分將用於全年開展我們的 CKD 活動。

There's a follow up question on profitability. It was reported in local media that VinFast sells [200,000] EVs in Vietnam to reach breakeven point. Can you elaborate more on this comment?

還有一個關於獲利能力的後續問題。根據當地媒體報導，VinFast 在越南銷售了 [200,000] 輛電動車，達到了收支平衡。您能否進一步詳細說明此評論？

Back to the guidance that Madam Thuy already shared that we remain committed to our full year target of at least doubling the 97,000 deliveries in 2024, and continue to emphasize execution, particularly in key Asian markets. Maintaining and strengthening our market leadership in Vietnam is our priority. However, consistent with our disclosure practice, we do not provide guidance or financial breakdown by individual markets.

回到 Thuy 女士已經分享的指導意見，我們仍然致力於實現全年目標，即到 2024 年將交付量至少增加一倍，達到 97,000 架，並繼續強調執行力，特別是在亞洲主要市場。維持和加強我們在越南的市場領導地位是我們的首要任務。但是，根據我們的揭露慣例，我們不提供按單一市場劃分的指導或財務細目。

When evaluating profitability, if we adjust for items such as NRV, for reasons of depreciation and amortization, and on-off expenses from our complimentary charging program, we see that certain vehicle models with sufficient scale already got profit [positive].

在評估盈利能力時，如果我們調整NRV等項目，考慮到折舊和攤銷的原因，以及免費充電計劃的開關費用，我們會發現某些具有足夠規模的車型已經實現了盈利[積極的]。

Thank you. So now we have a final question from the webcast. Industry norms suggest an average product life of six years in Europe and longer in Japan, yet your oldest model was launched just two years ago. At this faster refresh rate, you reflect a fundamentally different product philosophy or market strategy compared to traditional OUs.

謝謝。現在我們有來自網路直播的最後一個問題。行業標準表明，歐洲的產品平均壽命為六年，日本的產品壽命更長，但您最老的型號才兩年前才推出。在這種更快的刷新率下，您反映出與傳統 OU 根本不同的產品理念或市場策略。

Given our centric approach to product development, combined with our engineering focus on cost efficiency, traditional OEMs, consumer preferences, and trends, so long-term, our product lifecycle will be shorter than the industry norms.

鑑於我們以產品開發為中心的方法，加上我們對成本效率、傳統 OEM、消費者偏好和趨勢的工程關注，因此從長遠來看，我們的產品生命週期將比行業標準更短。

Madam Thuy, it looks like we have another question on the line regarding fast commitment to the current and future North American customers in the US and Canada. What is the future of VinFast in the US?

Thuy 女士，看來我們還有另一個問題，是關於對美國和加拿大現有和未來北美客戶的快速承諾。VinFast 在美國的前景如何？

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 in our plan to have a North Carolina facility by 2028. We thank our dealers for their cooperation and support and continue to have meaningful dialogue as we work together through macro uncertainties.

美國仍然是我們的主要市場之一，我們將長期致力於此。這反映在我們到 2028 年在北卡羅來納州建立工廠的計劃沒有發生任何變化。我們感謝經銷商的合作與支持，並在我們共同應對宏觀不確定性的過程中繼續進行有意義的對話。

As we close our D2C showrooms in North America, we are also focused on fostering dealers' performance and also expanding our dealer pipeline both in California and across North America. The current market backdrop has provided us with an appropriate window to adjust our execution focus, which is why we are flexing the highest priority in Asia in the near term, given this is a reason where the trajectory for EV adoption is clearer.

在關閉北美 D2C 展廳的同時，我們也致力於提升經銷商的業績，並擴大我們在加州和整個北美的經銷商通路。目前的市場背景為我們提供了調整執行重點的適當窗口，這就是為什麼我們在短期內將亞洲作為最高優先事項，因為這是電動車採用軌跡更加清晰的原因。

Thank you, Ms. Lan Anh, and that concludes today's conference call. Thank you, everyone.

謝謝 Lan Anh 女士，今天的電話會議到此結束。謝謝大家。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。