VinFast Auto Ltd (VFS) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to VinFast second-quarter 2025 financial results and Q&A webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎收聽 VinFast 2025 年第二季財務表現與問答網路廣播。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給第一位發言者，投資者關係副總裁 Amandae Baey 女士。請繼續。

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

謝謝您，接線生。大家早安。歡迎參加 VinFast 季度財報電話會議。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 Le, let me remind you that some of the statements on this call include forward-looking statements under federal securities law. These include, without limitation, statements regarding the future financial and operating outlook, guidance, macroeconomics, industry trends, company initiatives, and other future events. These statements are based on the predictions and expectations as of today. Actual events or results may differ due to a number of risks and uncertainties. We refer you to the cautionary language and respective in our most recent filings with the US SEC.

在我將電話轉給 Thuy Le 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。由於存在多種風險和不確定性，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的相關警示性語言。

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。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財務狀況的調節資訊。

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。

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

大家早安，感謝大家今天加入我們。距離我們上次談話已經有一段時間了。首先，我想談談第二季的三個重要要點。首先，我們的本土市場越南仍然是我們強勁的支柱，推動了另一個強勁的季度。我們第二季的交付量年增 172%，營收年增 92%。我們預計將實現 2025 年的交付目標，即至少將 2024 年的交付量增加一倍。

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

其次，我們繼續專注於國際擴張，並以產品、市場和製造為戰略重點。隨著越南和印度兩個新工廠的落成，我們的製造能力得到了擴大，在設計能力翻倍方面取得了重大進展。同時，我們持續投資下一代汽車平台的研發。

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

最後，隨著我們已完成的研發資產的剝離，我們的財務狀況得到了加強，並且我們繼續得到父親和母公司的支持。

Before diving into the specifics, I would like to take a step back and look at the global EV landscape. Macroeconomic headwinds and evolving regulations have introduced greater uncertainties in some markets, while in others, supported policies, accelerating adoption, and intensifying competition. VinFast is not immune to these changes, but our long-term vision remains firmly intact. That is to be a global leader in electric mobility.

在深入探討具體細節之前，我想先回顧一下全球電動車的格局。宏觀經濟逆風和不斷變化的法規給一些市場帶來了更大的不確定性，而在其他市場，則出現了支持性政策、加速採用和加劇競爭。VinFast 也無法免受這些變化的影響，但我們的長期願景仍然堅定不移。那就是成為電動車領域的全球領導者。

We continue to see strong momentum in our business, supported by the expansion of our green mobility ecosystem internationally and regulatory tailwinds driving EV adoption in our home market. To capture these opportunities, we are making deliberate investment in R&D and customer incentives to drive adoption. These are strategic choices to reinforce our long-term position in core markets.

我們的業務持續保持強勁勢頭，這得益於我們綠色移動生態系統在國際上的擴張以及推動本土市場採用電動車的監管順風。為了抓住這些機會，我們正在對研發和客戶激勵措施進行刻意投資，以推動採用。這些都是鞏固我們在核心市場的長期地位的策略選擇。

With that, let me begin with our delivery recap before moving to key market updates. First, let's look at EVs. In Q2, we delivered 35,837 units, representing 172% increase year-over-year. Over the first half of 2025, we delivered 72,167 units, representing a 223% increase year-over-year. VF 3 and VF 5 continue to be the company's two best-selling models in the second quarter of 2025, contributing 61% of total deliveries. VF 6 model ranks third contributing 12% of total deliveries.

首先，讓我回顧一下我們的交付情況，然後再介紹主要的市場更新。首先，讓我們來看看電動車。第二季度，我們交付了 35,837 輛，較去年同期成長 172%。2025 年上半年，我們交付了 72,167 輛，較去年同期成長 223%。VF 3 和 VF 5 繼續成為該公司 2025 年第二季最暢銷的兩款車型，佔總交付量的 61%。VF 6 車型排名第三，貢獻了總交付量的 12%。

Deliveries from the Green series, which include our Electric A and C segments SUV accounted for 15% of total deliveries during the quarter. Our EV deliveries to related parties, which include GSM and others, accounted for 22% of Q2 delivery. Most importantly, our B2C deliveries have now accounted for over 70% of total deliveries for four consecutive quarters through Q2 2025.

綠色系列（包括我們的電動 A 和 C 級 SUV）的交付量佔本季總交貨量的 15%。我們向包括 GSM 和其他公司在內的相關方交付的電動車佔第二季交付量的 22%。最重要的是，截至 2025 年第二季度，我們的 B2C 配送量已連續四個季度佔總配送量的 70% 以上。

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

關於電動滑板車和電動自行車，我們在第二季度交付了 69,580 輛，季增 55%，年增 432%。2025年上半年，我們累計交付114,484輛，較去年同期成長447%。兩輪車業務的驚人增長得益於政府的優惠政策，進一步加速了電動車的普及，我將在後面進一步闡述，同時，VinFast 作為綠色出行領域的先行者，也在不斷努力支持這一轉變。截至 6 月 30 日，我們在全球擁有 394 個展廳，並為客戶提供遍布市場的超過 100 萬個充電點。

Now, let's turn into market updates, starting with Vietnam. Vietnam auto market grew rapidly in the first half of 2025 with deliveries rising 1.6 times year-over-year to 254,794 units driven by surge in EV demand. VinFast outpaced the market with 3.4 times volume growth in 67,569 units more than the combined delivery of the next two players.

現在，讓我們來看看市場動態，從越南開始。2025 年上半年，受電動車需求激增的推動，越南汽車市場快速成長，交車量年增 1.6 倍，達到 254,794 輛。VinFast 銷量成長 3.4 倍，達到 67,569 輛，比緊隨其後的兩家公司的總交付量還多，領先於市場。

We have maintained our number one position in Vietnam since September 2024. Three of the five best-selling models in the country during the first half of 2025 were VinFast EVs, including our VF 6, our V-segment electric SUV, which has maintained strong, consistent momentum with monthly deliveries exceeding 1,000 units throughout the first half of the year.

自 2024 年 9 月以來，我們一直保持越南第一的位置。2025 年上半年，全國五款最暢銷車型中有三款是 VinFast 電動車，其中包括我們的 V-Class 電動 SUV VF 6，該車型保持強勁、持續的發展勢頭，上半年每月交付量超過 1,000 輛。

Policy momentum is also accelerating EV adoption as Vietnam's goal is to have 30% of cash in circulation to be electric by 2030 and 100% of cars and taxi to be electric by 2050. VinFast is at the heart of this ambitious core. Since 2022, EV-friendly incentive, including lower special consumption tax for EVs, registration fee expansion until 2027, and 0% import duty on green auto part have been implemented.

政策動能也在加速電動車的普及，越南的目標是到 2030 年實現流通現金的 30% 為電動車，到 2050 年實現汽車和計程車的 100% 為電動車。VinFast 是這雄心勃勃的核心。自 2022 年起，政府開始實施電動車友善型激勵措施，包括降低電動車特別消費稅、延長註冊費至 2027 年以及對綠色汽車零件實施 0% 進口關稅。

In second quarter 2025, Hanoi and Ho Chi Minh City have announced plans to phase out gasoline motorbikes in the urban areas, further accelerating the shift to electrification. Together with public private investment in charging infrastructure, Vietnam is merging as one of the most ambitious EV adopters in Southeast Asia with EV penetration already around 30% as of June 2025.

2025年第二季度，河內和胡志明市宣布計劃逐步淘汰市區內的汽油摩托車，進一步加速向電氣化的轉變。加上公私對充電基礎設施的投資，越南正成為東南亞最雄心勃勃的電動車採用者之一，截至 2025 年 6 月，電動車普及率已達 30% 左右。

We are also making strong progress in B2B electrification. VinFast and GSM have partnered with nearly all major taxi operators to convert their fleet to EVs, a strong endorsement of our vehicle technology and long-term vision. Bringing this all together, VinFast has set a flywheel in motion. Consumer education, attractive EV, and e-scooter offering and our green mobility ecosystem are working in tandem with supportive regulations to accelerate electrification in Vietnam. The same model underpins our international expansion strategy.

我們在 B2B 電氣化方面也取得了長足的進步。VinFast 和 GSM 幾乎與所有主要計程車業者合作，將其車隊轉換為電動車，這是對我們的汽車技術和長遠願景的有力認可。綜合所有這些因素，VinFast 已啟動飛輪。消費者教育、有吸引力的電動車和電動滑板車產品以及我們的綠色移動生態系統正與支持性法規協同作用，以加速越南的電氣化進程。同樣的模式也支撐著我們的國際擴張策略。

The opportunity in our key Asian markets is compelling, growing middle class, low vehicle ownership rates and even lower EV penetration. With broadly similar socioeconomic conditions, this market is prime for EV adoption.

我們主要的亞洲市場機會引人注目，中產階級不斷壯大，汽車擁有率較低，電動車普及率更低。由於社會經濟條件大致相似，這個市場非常適合採用電動車。

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

讓我們從印度開始。我們於 7 月中旬開放了 VF 6、VF 7 的短期預訂，隨後於今年 8 月在泰米爾納德邦開設了 CKD 製造工廠，這標誌著我們進入印度市場的一個重要里程碑。VinFast India 已與某些經銷商集團簽署策略協議，在各城市開設經銷店。該合作夥伴經過精心挑選，提供全方位的 3S 支援：銷售、服務和備件，符合我們的客戶至上的理念。作為印度早期的純電動車引擎，我們採取了嚴謹的方法。由於我們專注於提供強大的客戶滿意度並在競爭激烈的市場中保護經銷商的盈利能力，因此預計初始銷售將不大。

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

繼續前往東南亞。我們將持續深化在綠色移動生態系統和產品陣容的拓展，為消費者提供更多選擇。在印度尼西亞，我們的關聯公司V-Green正在與四個合作夥伴一起部署充電埠。在菲律賓，V-Green 和 GSM 與菲律賓最大的配電公司 Meralco 簽署了一份諒解備忘錄，共同開發充電站和技術專長。印尼占我們本季電動車總交付量的約 5%，反映出東南亞最具前景的市場之一的早期發展勢頭。VF 3 車型最近在印尼國際車展上榮獲「最佳電動城市車」稱號。該車型占我們在該國交付量的 35%，表現出強勁的初始吸引力，並開始吸引消費者，成為緊湊型電動車領域更成熟的品牌。

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

為了讓印尼消費者更容易購買電動車，VinFast 提供了一系列有競爭力的激勵措施，包括免費充電、有吸引力的融資利率以及高達 90% 的轉售價值保證。截至 6 月 30 日，我們在印尼擁有 24 家展廳，以及由當地合作夥伴營運的授權服務網路。為了彰顯我們對印尼市場的長期承諾，VinFast 加入了全國領先的汽車產業協會。

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

在製造方面，我們位於梳邦的 CKD 工廠預計在 2025 年底實現技術 SOP。本季度，GSM Indonesia 也迅速擴張，計劃擴大其機隊並將其業務擴展到新的城市。該公司宣布與印尼第二大叫車平台 Gojek 建立戰略合作夥伴關係，此舉大大提升了我們在該國的知名度和影響力。我們預計，這種曝光度的提高和生態系統的建設將推動 B2C 的採用，為長期的消費者成長奠定基礎。

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

繼續前往菲律賓。電氣化在很大程度上是由混合動力汽車和電池電動車的採用所推動的，儘管混合動力汽車佔據了較小但日益重要的市場份額。根據印度汽車工業協會CAMPI的數據，今年上半年，電動車銷量為13,419輛，其中純電動車銷量為2,439輛。到 2025 年上半年，VinFast 將在電動車領域佔據約 25% 的市場。再次感謝 VF 3 獨特的設計和誘人的價格吸引了菲律賓消費者。

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

我們的銷售策略的關鍵部分是專注於車隊銷售機會以維持公司。雖然我們在菲律賓的擴張還處於早期階段，但我們相信，隨著我們推出我們的模式以及 GSM 機隊的擴張，菲律賓消費者將越來越認識到我們價值主張的優勢。GSM 成為菲律賓第一家升級計程車的外商獨資公司，首先擁有 500 輛電動車，從而顛覆了傳統的計程車產業。我們看到消費者最初對嘗試 GSM 表現出濃厚的興趣。我們的銷售團隊正在積極尋求將這種熱情轉化為長期的 B2C 銷售，將叫車乘客轉變為 VinFast 車主。

I'll move on to North America and Europe. We are continuingly to rightsize our operational footprint following the strategic transition from direct-to-consumer to a dealer-led distribution model. In August, our first third-party dealership opened in California, and we continue to focus on offering the best value in the market.

我將繼續前往北美和歐洲。在從直接面向消費者到經銷商主導的分銷模式的策略轉型之後，我們將繼續調整我們的營運規模。8 月，我們的第一家第三方經銷店在加州開業，我們將繼續致力於提供市場上最有價值的產品。

In Europe, we expect to make our e-bus debut at Busworld Brussel in October where we will showcase two e-bus models. Our brand reputation is enhanced by customer testimony and word-of-mouth recommendation. We want to thank our dealer partners and customers for trusting us throughout this transition period. As of June 30, we have 30 showrooms in North America and Europe with over 80% of that being dealer showroom.

在歐洲，我們預計將於 10 月在布魯塞爾 Busworld 展會上首次推出我們的電動公車，屆時我們將展示兩款電動公車車型。客戶的評價和口碑推薦提高了我們的品牌聲譽。我們要感謝我們的經銷商合作夥伴和客戶在整個過渡時期對我們的信任。截至 6 月 30 日，我們在北美和歐洲擁有 30 個展廳，其中 80% 以上是經銷商展廳。

Turning into manufacturing and R&D activities in Vietnam, which are essential to our long-term competitiveness. In June, we inaugurated our second factory in Vietnam located in Ha Tinh, Central Vietnam, completing construction and installation in under seven months, one of the fastest built auto plants in the world. The facility had an initial design capacity of up to 200,000 vehicles per year and we'll focus on compact urban EVs. It is also expected to attract suppliers to the zone, supporting our goal of reaching over 80% localization by 2026.

在越南進行製造和研發活動，這對我們的長期競爭力至關重要。6月，我們在越南中部河靜省開設了越南第二家工廠，該工廠在不到七個月的時間內完成了建造和安裝，是世界上建造速度最快的汽車工廠之一。該工廠的初始設計產能為每年 20 萬輛汽車，我們將專注於緊湊型城市電動車。預計該區域還將吸引供應商，支持我們在 2026 年實現 80% 以上本地化的目標。

Our innovation, the Limo Green MPV which is our first model and one of the next-generation vehicle platforms with zonal E/E architecture was delivered to customers in early August. Clearly, with a diversified and evolving product portfolio, strengthened manufacturing base, and next-generation platform, VinFast is well positioned to meet diverse customer needs and accelerate the adoption of electric mobility globally.

我們的創新產品 Limo Green MPV 是我們的第一款車型，也是具有區域 E/E 架構的下一代汽車平台之一，已於 8 月初交付給客戶。顯然，憑藉多樣化和不斷發展的產品組合、強化的製造基礎和下一代平台，VinFast 完全有能力滿足多樣化的客戶需求並加速全球電動車的普及。

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

在將工作交給我們的財務長 Lan Anh 之前，我想簡要地解釋一下我們在八月宣布的已完成資產的策略分拆。VinFast 將已完成的研發資產組合轉移給新實體 Novatech，我們的創辦人 Pham Nhat Vuong 先生同意以 16 億美元現金收購該公司。該交易預計將於第三季完成，凸顯了范先生對支持 VinFast 長期成長的持續承諾。VinFast 將維持對透過授權協議轉讓的所有技術的使用權，確保我們的創新和產品開發路線圖的連續性。

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

現在，請 Lan Anh 就財務問題發表評論和討論。

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

謝謝您，Thuy 女士。大家好。正如 Thuy 女士所解釋的那樣，我們看到，在提高消費者協議和政府支持電氣化政策的支持下，我們的核心亞洲市場存在著巨大的機會。為了抓住這一勢頭，我們正在加快對促銷活動和客戶激勵措施的投資。這些舉措對於建立長期品牌資產和市場份額至關重要。同時，我們仍然致力於投資研發以推進我們的產品路線圖。

Now, let me walk you through our results in more detail. The company's strategy in Q2 2025 continued to focus on driving top line growth. As a result, total revenue reported USD663 million, representing a 92% year-over-year increase and a 2% quarter-over-quarter gain, driven by an increasing EV sales volume in Vietnam.

現在，讓我更詳細地向您介紹我們的結果。該公司 2025 年第二季的策略繼續專注於推動營收成長。因此，受越南電動車銷量成長的推動，總營收達到 6.63 億美元，年增 92%，季增 2%。

Within our product portfolio, the VF 3 sustained its strong momentum, emerging as the best-selling car in Vietnam's auto market during the first half of 2025. Our second-best seller, the VF 5 delivered a solid 35% year-over-year increase in the sales volume, while the VF 6, our [rising] electric B-SUV, posted an impressive 297% year-over-year growth.

在我們的產品組合中，VF 3 保持強勁勢頭，成為 2025 年上半年越南汽車市場最暢銷的汽車。我們的第二暢銷車型 VF 5 的銷量同比增長了 35%，而我們 [正在崛起的] 電動 B-SUV VF 6 的銷量同比增長了 297%。

Cost of goods sold for the quarter was USD935 million, an increase of 66% year-over-year and 6% quarter-over-quarter, reflecting the continued ramp-up in deliveries.

本季銷售成本為 9.35 億美元，年增 66%，季增 6%，反映出交付量的持續成長。

Gross margin was negative 41% in the second quarter 2025 compared to negative 63% in the second quarter of 2024, a negative 35% in the first quarter of 2025. The improvement in gross margin over the second quarter of 2024 was attributed to increased sales and improved costs. The decrease in gross margin compared to the first quarter of 2025 was primarily driven by the higher warranty provision risk, an increase in cost of vehicles sold, excluding sales reduction relating to free charging program, NRV, and other. Gross margin was minus 20.9% in Q2 2025 compared to minus 19.3% in Q1 2025 and minus 33.7% in Q2 2024.

2025 年第二季的毛利率為負 41%，而 2024 年第二季的毛利率為負 63%，2025 年第一季的毛利率為負 35%。2024 年第二季毛利率的提高歸因於銷售額的成長和成本的改善。與 2025 年第一季相比，毛利率下降主要是由於保固準備金風險增加、銷售車輛成本增加（不包括與免費充電計劃、NRV 等相關的銷售額減少）。2025 年第二季毛利率為負 20.9%，而 2025 年第一季為負 19.3%，2024 年第二季為負 33.7%。

Moving on to operating expenses. R&D expenses were USD93 million, decreased 12% year-over-year and increased 15% quarter-over-quarter. The decrease in R&D costs compared to the second quarter of 2024 was primarily due to a reduction in engineering and development costs. As VinFast has completed the product development in our work on multiple models in the previous year, the increase in R&D costs compared to the first quarter of 2025 was attributable to R&D costs in relation to its new models, such as the GREEN series and EC Van.

繼續討論營運費用。研發費用為 9,300 萬美元，較去年同期下降 12%，較上季成長 15%。與 2024 年第二季相比，研發成本的下降主要是由於工程和開發成本的減少。由於 VinFast 已於去年完成了多款車型的產品開發，因此與 2025 年第一季相比，研發成本的增加歸因於與其新車型（例如 GREEN 系列和 EC Van）相關的研發成本。

As noted previously, our existing models will undergo a technology refresh on the new vehicle platforms, which will drive additional R&D over the next 12 months. As a percentage of revenue, R&D in Q2 2025 was [14%], an improvement from 31% in Q2 2024.

如前所述，我們現有的車型將在新車平台上進行技術更新，這將在未來 12 個月內推動額外的研發。以營收百分比計，2025 年第二季的研發費用為 [14%]，較 2024 年第二季的 31% 有所提升。

SG&A expenses for the quarter was USD136 million, decreased 11% year-over-year and 9% quarter-over-quarter. The decrease over the second quarter of 2024 was driven by no additional impairment charge being required for the battery production lines. The decrease compared to the first quarter of 2025 was due to lower impairment charges for battery leasing activities. As a percentage of revenue, SG&A improved to 20% compared with the 23% in Q1 2025 and 44% in Q2 2024.

本季銷售、一般及行政費用為 1.36 億美元，年減 11%，季減 9%。2024 年第二季的下降是由於電池生產線不需要額外的減損費用。與 2025 年第一季相比，下降的原因是電池租賃活動的減損費用較低。作為收入的百分比，銷售、一般及行政費用 (SG&A) 改善至 20%，而 2025 年第一季為 23%，2024 年第二季為 44%。

Adjusted EBITDA, which excludes net loss on financial instruments at fair value through profit and loss for the second quarter of 2025 was minus USD419 million with an EBITDA margin of minus 63% compared to minus 56% in Q1 2025 and minus 123% in Q2 2024. The improvement from minus 123% in the same period last year reflects benefits from increased scale. Net loss for the quarter was minus USD812 million with a net loss margin of minus 122% compared to minus 109% in the first quarter of 2025.

2025 年第二季調整後 EBITDA（不包括以公允價值計量且其變動計入損益的金融工具淨損失）為負 4.19 億美元，EBITDA 利潤率為負 63%，而 2025 年第一季為負 56%，2024 年第二季為負 123%。與去年同期的負 123% 相比，這項改善反映了規模擴大帶來的好處。本季淨虧損為負 8.12 億美元，淨虧損率為負 122%，而 2025 年第一季為負 109%。

Now, turning to the CapEx and cash flow. CapEx for the quarter was of USD212 million (sic – see slide 22, "minus USD212 million"), an increase of 46% quarter-over-quarter and 102% year-over-year, driven by the incurred CapEx for the new plants.

現在，轉向資本支出和現金流。本季資本支出為 2.12 億美元（原文如此 - 請參閱投影片 22，「減 2.12 億美元」），季增 46%，年增 102%，主要得益於新廠產生的資本支出。

Operating cash flow for the quarter was minus USD463 million compared to the minus USD314 million in Q2 2024 and minus USD602 million in Q1 2025. On a sequential basis, the improvement in cash flow from operations was due to improvements in net working capital.

本季經營現金流為負 4.63 億美元，而 2024 年第二季為負 3.14 億美元，2025 年第一季為負 6.02 億美元。從環比來看，經營活動現金流的改善是由於淨營運資本的改善。

In Q1 2025, we recorded higher changes in inventories due to stocking up ahead of the Lunar New Year in Asia.

2025 年第一季度，由於亞洲農曆新年前囤貨，我們的庫存變化較大。

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

在現金流效率方面，我們 2025 年第二季的現金消耗相當於營收的 101%，而去年同期為 116%。

Finally, an update on our liquidity and the previously announced grant and borrowings commitment in late 2024. As of June 30. 2025, VinFast outstanding borrowings from Vingroup under this commitment was USD1.2 billion. The company received a total of USD1.1 billion disbursement from from our founder pursuant to the grant agreement.

最後，我們來更新我們的流動性以及之前宣布的 2024 年底的贈款和借款承諾。截至 6 月 30 日。2025年，VinFast根據此承諾向Vingroup未償還的借款為12億美元。根據贈款協議，該公司從我們的創始人處獲得了總計 11 億美元的撥款。

Our total liquidity as of June 30 is USD4.2 million, which reflects cash and cash equivalents compared with the USD1.6 billion expected cash proceeds from the recently announced completed R&D access spin-off transaction. The remainder of the fundraising commitment from Vingroup and our founder and ELOC facility.

截至 6 月 30 日，我們的總流動資金為 420 萬美元，反映了現金和現金等價物，而最近宣布的完成研發分拆交易預計產生的現金收益為 16 億美元。剩餘的籌款承諾來自 Vingroup 和我們的創始人以及 ELOC 設施。

Operator, let's open for Q&A.

接線員，讓我們開始問答環節。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員指示）安德烈斯·謝潑德 (Andres Sheppard)、康托·菲茨杰拉德 (Cantor Fitzgerald)。

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

Thuy 女士，我很好奇您是否可以向我們詳細介紹您正在實施的成本控制措施。我注意到，本次的利潤率比前幾季略低。我們該如何看待今年下半年和明年的成本控制，特別是我們應該如何看待下半年和明年的毛利率和混合平均銷售價格？

Nice talking to you again. Well, I think on the -- over the past few quarters, as you can see, we delivered meaningful BOM cost savings, so about like 16% reduction in Q4 2024 and another 11% in Q1 2025. In Q2 2025, the mix was more concentrated on models like the VF 3, VF 5, and VF e34 with the most optimization that has already been realized. So further savings this quarter were more limited until we move on to the new platform.

很高興能再次和你交談。嗯，我認為在過去幾個季度中，正如您所見，我們實現了有意義的 BOM 成本節約，因此 2024 年第四季度降低了約 16%，2025 年第一季又降低了 11%。2025 年第二季度，產品組合將更集中在 VF 3、VF 5 和 VF e34 等已實現最多優化的車款上。因此，在我們轉向新平台之前，本季的進一步節省將更加有限。

So looking ahead, we see a greater potential in upcoming versions of VF 6 and VF 7. This will be produced on our new vehicle platform as we talked it about before, which will benefit more from the optimized design and in-house battery production and deeper collaboration with suppliers.

因此展望未來，我們看到即將推出的 VF 6 和 VF 7 版本具有更大的潛力。正如我們之前談到的，這將在我們的新汽車平台上生產，這將受益於優化的設計和內部電池生產以及與供應商的更深入合作。

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

所以，是的，雖然更高的產量確實讓我們在定價上更有優勢，但我們的成本效率不僅僅來自於規模。他們受到技術創新、與供應商的長期合作以及其他因素的推動，以改善 BOM 成本。因此，根據組合情況，每個季度的情況可能會有所不同。

Got it. Okay. That's super helpful. And just as a maybe a quick follow-up. So you've reaffirmed your outlook to more than double sales this year versus last year, which is great to see.

知道了。好的。這非常有幫助。也許這只是一個快速的後續行動。因此，您重申了今年的銷售額將比去年增加一倍以上的預期，這真是令人高興。

Just curious if you can maybe help us understand where is the second half growth going to be coming from primarily? Is it continued penetration in Vietnam? Or is it India, Indonesia, Philippines? How should we think about that growth for the second half?

我只是好奇，您是否可以幫助我們了解下半年的成長主要來自哪裡？是否繼續滲透到越南？還是印度、印尼、菲律賓？我們該如何看待下半年的成長？

So we're very confident we are on track to hit our 200,000 unit delivery target. Historically, the first half of the year makes up less than 30% of annual volume. And as you recall, last year, it was only, I think, like 22% of 2024 volumes. This is largely because of seasonality in Vietnam, where the consumers tend to hold back big-ticket purchases earlier in the year.

因此，我們非常有信心能夠實現 20 萬台的交付目標。從歷史上看，上半年的產量佔全年產量的不到30%。大家還記得，去年，我認為它只佔 2024 年交易量的 22%。這主要是因為越南的季節性，消費者傾向於在年初抑制大宗商品的購買。

But even with that seasonality, our growth has been strong this year versus last year. And looking forward, we expect a significant ramp-up in the second half, supported by a few key drivers, continued very robust demand in Vietnam, a stronger dealer and aftersales network internationally and also the rollout of charging infrastructure, new model launches like VF 6, VF 7 as well as a growing fleet sale to like GSM and other transport operators.

但即使有季節性因素，今年我們的成長仍然比去年強勁。展望未來，我們預計下半年銷售將大幅成長，這得益於幾個關鍵驅動因素，包括越南持續強勁的需求、更強大的國際經銷商和售後網路、充電基礎設施的推出、VF 6、VF 7 等新車型的推出，以及對 GSM 和其他運輸業者的車隊銷售不斷增長。

On top of that, we will be expanding our Green Series with the model like Limo Green, Minio Green, and other EC Vans, and we are seeing quite a lot of demand for this -- for the Green Series as well.

除此之外，我們還將擴大我們的綠色系列，推出 Limo Green、Minio Green 和其他 EC Vans 等車型，而且我們看到對綠色系列的需求相當大。

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

出色的。那太棒了。恭喜本季。我們會傳遞它。

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

目前電話線沒有其他問題。我將把問題交還給網路直播室。

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

謝謝您，接線生。我們有一個來自網路直播的問題。您能否詳細說明下一代平台對利潤率提高的影響並幫助量化其貢獻？Lan Anh 女士將回答這個問題。

Yes. In August, we delivered the first Limo Green, our new entrant into the MPV segment with novel vehicle platform and the EE 2.0 architecture. The feedback so far has been positive. And due to the recency of the product launch, we are in a position to disclose the margin impact. However, the next-generation vehicle platform are expected to drive meaningful cost savings like Madam Thuy just mentioned.

是的。8 月份，我們交付了第一輛 Limo Green，這是我們進入 MPV 領域的新車型，採用新穎的車輛平台和 EE 2.0 架構。到目前為止的回饋都是正面的。由於產品剛推出，我們可以揭露其對利潤率的影響。然而，正如 Thuy 女士剛才提到的，下一代汽車平台有望帶來顯著的成本節約。

Moreover, it also drives a significant improvement in customer experience. The OTA update time is cut from hours to less than one hour with more reliable remote updates via high-speed Internet protocol linking our key components. We are also working on the new vehicles in the pilot to hit the market in the coming months, such as like Minio Greens and EC Vans.

此外，它還顯著改善了客戶體驗。透過連接我們關鍵組件的高速網路協定進行更可靠的遠端更新，OTA 更新時間從數小時縮短至不到一小時。我們也正在努力研發試點中的新車型，以便在未來幾個月內上市，例如 Minio Greens 和 EC Vans。

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

我們有下一個線上問題。請詳細說明對第二季毛利率的影響，特別是更高的保固撥備率和已遞延收入的銷售車輛成本的增加。Lan Anh 女士，您願意回答這個問題嗎？

Yes. To recover our gross margin was negative 41% in Q2 2025 compared to the negative 35% in Q1. However, if we exclude sales reduction related to the free charging program, the impact of NRV at the cost of vehicles sold for which revenue has been deferred and other provisions. Gross margin was minus 20.9% in the Q2 2025 compared to the minus 19.3% in the Q1 2025.

是的。為了恢復，我們的毛利率在 2025 年第二季為負 41%，而第一季為負 35%。然而，如果我們排除與免費充電計劃相關的銷售減少、已遞延收入的車輛銷售成本對NRV的影響以及其他準備金的影響。2025 年第二季的毛利率為負 20.9%，而 2025 年第一季的毛利率為負 19.3%。

The higher warranty provision during the period is typically -- I mean, in the early years of the first production generation, we expect this to go down and align with the industry benchmarks as our product [major]. We recognized cost of goods sold for a small number of vehicles already delivered under customer contracts, while the revenue recognition will occur in the subsequent periods once contractual acceptance milestones are met. This accounting treatment reflects a timing difference rather than an economic loss.

在此期間，保固條款通常會更高——我的意思是，在第一代產品的早期，我們預計保固條款會下降，並與行業基準保持一致，因為我們的產品[主要的]。我們確認了已根據客戶合約交付的少量車輛的銷售成本，而收入確認將在達到合約驗收里程碑後的後續期間發生。這種會計處理反映的是時間差異，而不是經濟損失。

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

你好。接線員，我們可以檢查線路上是否有問題嗎？

We currently have no further questions from the phone line. (Operator Instructions)

目前，我們還沒有接到任何其他來自電話線的問題。（操作員指示）

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

謝謝您，接線生。我們的下一個問題是關於我們的電動公車業務。能分享一下電動公車業務的計畫嗎？我們是否應該期待海外電動巴士業務成為 VinFast 的重要推手？Thuy 女士，請您收下這個好嗎？

So last quarter, we shared that we plan to expand VinFast e-bus presence into Asia and Europe. I'm happy to announce that we also just hired a new person to head e-bus business in North America. We have since received a lot of inbound interest from international partners, which reflects the attractiveness of our products. That said, our overseas e-bus strategy is still in early stage, and we haven't disclosed any specific targets here.

因此，上個季度，我們宣布計劃將 VinFast 電動巴士業務擴展到亞洲和歐洲。我很高興地宣布，我們也剛聘請了一位新員工來負責北美的電動巴士業務。從那時起，我們就收到了許多來自國際合作夥伴的關注，這反映了我們產品的吸引力。話雖如此，我們的海外電動巴士策略仍處於早期階段，我們尚未透露任何具體目標。

This year will be mostly on starting the business. But as an update, we will debut two e-bus models for European markets at the Busworld Brussels. So the press conference will be on October 4, 2025. Please help us spread the word out if you can.

今年主要將用於創業。但作為更新，我們將在布魯塞爾 Busworld 上首次推出兩款面向歐洲市場的電動公車車型。因此記者會將於2025年10月4日舉行。如果可以的話，請幫助我們傳播這個消息。

And I think we're starting with European market because it's particularly very promising for us as well. But looking ahead, we think that e-bus business will evolve as part of our broader green mobility strategy. And we'd be happy to report more in the coming quarters.

我認為我們從歐洲市場開始，因為這對我們來說也非常有前景。但展望未來，我們認為電動公車業務將作為我們更廣泛的綠色交通策略的一部分而發展。我們很高興在接下來的幾季報告更多消息。

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

謝謝您，Thuy 女士。我們的下一個問題是關於電動滑板車的。該部門對 2025 年上半年收入和毛虧損的貢獻率為多少？您計劃在 2025 財政年度交付多少台？電動滑板車業務目前的生產能力和擴張計畫如何？

Ms. Lan Anh, would you like to take this question?

Lan Anh 女士，您願意回答這個問題嗎？

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

對於前半部來說，貢獻與整體相比只佔很小的比例。我們將在 6-K 表格中揭露其完整的財務報表。對於指導，雖然我們今年沒有提供電動滑板車的指導，但我們預計今年剩餘時間的交付量將大幅增加。這是今年迄今強勁銷售動能的延續。這也要歸功於政府為進一步加速電動車普及而推出的優惠政策，以及 VinFast 在綠色出行早期階段為支持這項轉變所做的持續努力。

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

謝謝您，Lan Anh 女士。下一個問題是，VF 6 和 VF 7 在北美的預計發佈時間表是什麼？Thuy 女士，您要拿這個嗎？

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

嗯，我們正在製定北美五年計劃。我認為事情仍在進展中。我們確實有——至少是 VF 7 的計劃，但我們希望在年底解決這個問題。

Thank you, Madam Thuy. And there's a follow-on question about the e-scooter business. So this quarter, two-wheeler deliveries far exceeded EV growth. Does the company plan a structural shift in this business model? Or do you still expect four-wheelers to dominate long-term revenue?

謝謝您，Thuy 女士。還有一個關於電動滑板車業務的後續問題。因此本季兩輪車的交付量遠遠超過了電動車的成長。公司是否計劃對這一商業模式進行結構性轉變？或者您仍然預計四輪車將在長期收入中佔據主導地位？

Madam Thuy or Ms. Lan Anh, would you like to take this question?

Thuy 女士或 Lan Anh 女士，您願意回答這個問題嗎？

Well, it's not really a structural shift per se because the average selling price for the e-scooter is a lot lower than the EVs. However, we did see a significant pickup in Vietnam for e-scooter. This just reflects the market dynamics where in Vietnam or in Southeast Asia in general, the motorbikes are a lot -- the motorbikes sold each year a lot higher than vehicles. So in Vietnam, in particular, it's about over 3 million motorbikes are sold annually versus about to 400,000 cars.

嗯，這本身並不是一個結構性轉變，因為電動滑板車的平均售價比電動車低很多。然而，我們確實看到越南的電動滑板車銷量大幅成長。這只是反映了市場動態，在越南或整​​個東南亞，摩托車的數量很多——每年摩托車的銷量遠高於汽車。特別是在越南，每年銷售的摩托車約有 300 多萬輛，而汽車約有 40 萬輛。

And what is interesting is the consumer in Vietnam are showing strong readiness to switch from gasoline motorbikes to electric scooters and also this certain shift in regulation as well that are driving this movement to greener transportation. So going forward, we still believe that the 4-wheelers will remain the longer-term revenue drivers. However, e-scooter, electric buses will be adding more to the revenues going forward.

有趣的是，越南消費者表現出強烈的意願，願意從汽油摩托車轉向電動摩托車，而且監管方面的某些轉變也在推動這項綠色交通運動。因此，展望未來，我們仍然相信四輪車仍將是長期的收入驅動力。然而，電動滑板車和電動公車未來將會為收入增加更多。

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

謝謝您，Thuy 女士。下一個問題是關於影響第二季度的保固利潤率拖累。我們是否應該預期這會成為 2025 年下半年的阻力？

Lan Anh, would you like to take the question?

Lan Anh，您願意回答這個問題嗎？

Yes, sure. The Q2 margin impact was mainly an effect that's very common with the first product generations. With the ongoing design upgrades, more major manufacturing processes and stronger aftersales support, warranty costs are expected to trend down over time and normalize closer to the industry levels. So we don't see it like a sustained headwind in the back half of 2025.

是的，當然。第二季利潤率的影響主要是第一代產品中非常常見的效應。隨著設計的不斷升級、更多主要製造流程的改進和更強大的售後支持，保固成本預計將隨著時間的推移而下降，並趨於接近行業水平。因此，我們認為 2025 年下半年不會有持續的逆風。

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

謝謝你，Lan Anh。下一個問題是關於國外市場的交付情況。在國外市場的總交付量中，關聯方佔多大比例？Lan Anh 女士，您能回答這個問題嗎？

So for the related party transaction that we disclose for the global level, not just specific for the foreign market. So across the market of the first half of 2025, the overall, our B2C deliver -- actually, if we accounted for the consecutive fourth quarter through Q2 2025, that accounted for the over 70% of the total delivery. Yes.

因此，我們揭露的關聯方交易是全球層面的，而不僅僅是針對國外市場。因此，在 2025 年上半年的整個市場中，總體而言，我們的 B2C 交付量 - 實際上，如果我們將連續第四季度到 2025 年第二季度計算在內，那麼這佔了總交付量的 70% 以上。是的。

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

謝謝您，Lan Anh 女士。我們的下一個問題是關於我們位於印度和印尼的工廠的最新情況。請問 Thuy 女士嗎？

In Vietnam, as you probably saw from the news, we opened the factory in Ha Tinh at the end of June. And the factory has a capacity of up to 200,000 compact EVs. And we're building models like VF 3, the EC Van on a very flexible line.

在越南，正如您可能從新聞中看到的，我們在六月底在河靜開設了工廠。該廠的緊湊型電動車產能高達20萬輛。我們正在一條非常靈活的生產線上生產 VF 3、EC Van 等車型。

In India, in early August, we opened the factory in Tamil Nadu with the initial capacity of 50,000 units per year and scalable to 250,000 units per year. We are producing the VF 6 and VF 7 for India as well for export from the factory.

在印度，我們於 8 月初在泰米爾納德邦開設了工廠，初始產能為每年 50,000 台，可擴展至每年 250,000 台。我們正在為印度生產 VF 6 和 VF 7，同時也從工廠出口。

In Indonesia, the construction at Subang factory is progressing well, and we target to open by the end of the year as well.

在印尼，蘇邦工廠的建設進展順利，我們的目標是在今年底開幕。

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

謝謝您，Thuy 女士。我們的下一個問題是關於綠色移動生態系統。此項計劃在國際上進展如何？

I think in the previous quarter, we discussed our strategy -- taking the strategy from Vietnam, where we're rolling out not just VinFast vehicles, but the whole green ecosystem and bringing it to other markets. So I'm happy to report that we started doing that in the markets closer to us.

我想在上一季度，我們討論了我們的策略——採用越南的策略，我們不僅推出 VinFast 汽車，還推出整個綠色生態系統並將其推廣到其他市場。因此我很高興地報告，我們開始在離我們更近的市場這樣做。

In Indonesia, GSM has already scaled quickly since our launch late last year. We have about 3,000 cars on the road today. The utilization rate is running at about 95%. And with our recent partnership with Gojek, that give us a broader reach to the customers. On the charging side, V-GREEN in Indonesia is targeting about 63,000 charging portal in the country by end of 2025.

自去年年底推出以來，GSM 在印尼已經迅速擴張。今天路上大約有 3,000 輛汽車。利用率約為95%。透過我們最近與 Gojek 的合作，我們可以更廣泛地接觸客戶。在充電方面，印尼的 V-GREEN 的目標是到 2025 年底在該國建立約 63,000 個充電門戶。

In the Philippines, GSM is the first fully foreign-owned taxi operator. We offer fares as well as traditional taxi and about one-thirds of other platforms at peak hours while also giving drivers better income and benefits. So currently, we have about 500 taxi in Metro Manila, supported by two depots and about 100 charging stations either live or under development. V-GREEN is working on the target to have about 15,000 charging points in the Philippines by the end of 2027.

在菲律賓，GSM 是第一家外商獨資計程車業者。我們在尖峰時段提供的票價與傳統計程車和約三分之一的其他平台相同，同時也為司機提供更好的收入和福利。目前，我們在馬尼拉大都會擁有大約 500 輛計程車，由兩個停車場和大約 100 個現有或正在開發的充電站提供支援。V-GREEN 的目標是到 2027 年底在菲律賓設立約 15,000 個充電站。

In India, it's still early for us, but V-GREEN already established the company there and is looking for partners. And GSM is also exploring to enter India in -- very, very soon.

在印度，我們仍處於早期階段，但 V-GREEN 已在那裡建立了公司並正在尋找合作夥伴。GSM 也正在探索很快進入印度市場。

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

謝謝您，Thuy 女士。我們還有一些問題需要回答。消費者對該公司退回車輛的回購計畫的回饋如何？您預計中期情況會發生怎樣的變化？

Okay. I think the buyback program has helped build consumer confidence in EV adoption. But given the strong value proposition of our vehicles, we expect customer will have written reason to exercise it and its relevance will naturally diminish over time.

好的。我認為回購計畫有助於增強消費者對電動車採用的信心。但鑑於我們車輛的強大價值主張，我們預計客戶會有書面理由來行使它，並且它的相關性會隨著時間的推移而自然減弱。

Thank you, Madam Thuy. Our next question is regarding our positioning in India. Why has VinFast initially launched the VF 6 and VF 7 in India while choosing VF 5 and VF e34 for the Indonesia market? Please give more colors on the key differences for these two markets.

謝謝您，Thuy 女士。我們的下一個問題是關於我們在印度的定位。為什麼 VinFast 首先在印度推出 VF 6 和 VF 7，而在印尼市場選擇推出 VF 5 和 VF e34？請詳細說明這兩個市場的主要差異。

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

我想我們會在未來幾天宣布印度的消息。我打算等到宣布的時候再說，現在還不談論它。但我認為，從社會經濟角度來看，印尼與越南非常相似，因此到目前為止，我們的做法與我們在越南的做法非常相似。所以再等幾天，就會有一個公告——關於印度的令人興奮的公告。

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

謝謝您，Thuy 女士。我們的下一個問題是關於產品線，某些產品線，哪些已經達到正常的毛利率？我們該如何看待未來的 BOM 成本趨勢？擴大產量是否足以抵銷高端產品的壓力？

Lan Anh?

蘭英？

Yes. On a normalized basis, excluding the NRV provisions, exceptional items and a noncash like depreciation and amortization, our VF 3 and VF 5 models are already gross margin positive. For high spec models like VF 6 and VF 7, we focus on improving margins through platform simplification, supplier resourcing and localization.

是的。在正常化基礎上，不包括 NRV 準備金、特殊項目和非現金項目（如折舊和攤銷），我們的 VF 3 和 VF 5 模型的毛利率已經為正。對於 VF 6 和 VF 7 等高規格型號，我們專注於透過平台簡化、供應商資源和本地化來提高利潤率。

As a volume scale, we expect to see the sequential improvements. From an offshore perspective, we anticipate a normalized gross margin turning positive at scale and localization fully take effect. We will continue to update you on that progress each quarter.

就數量規模而言，我們期望看到連續的改進。從離岸角度來看，我們預計正常化的毛利率將在規模上轉為正值，並且本地化將全面生效。我們將在每季繼續向您通報進度。

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

謝謝您，Lan Anh 女士。我們的下一個問題實際上是關於電動滑板車的。VinFast 宣布了加速電動滑板車普及的新措施，例如提供免費充電和與融資夥伴合作。我們該如何看待這些舉措的財務影響？

For the -- our e-scooter business, the e-scooter business is still loss-making, and we expect that to continue in the near term as we roll out adoption support measures. For example, in July, we signed a cooperation agreement with the 12 major banks in Hanoi. Under this program, buyers receive a 10% discount on VinFast e-scooter. Pay just 10% upfront and enjoy free charging at the V-GREEN public station until May 2027. For the profitability for e-scooters remain a long-term goal.

對於我們的電動滑板車業務，電動滑板車業務仍然處於虧損狀態，隨著我們推出採用支援措施，我們預計這種情況將在短期內持續下去。例如，7月份，我們與河內12家主要銀行簽署了合作協議。根據該計劃，購買 VinFast 電動滑板車的買家可享 10% 的折扣。只需預付 10% 即可在 V-GREEN 公共充電站享受免費充電，有效期至 2027 年 5 月。因為電動滑板車的獲利能力仍然是長期目標。

Right now, the focus is on the making electric two-wheelers more accessible and aligning with Vietnam's green mobility agenda. While we don't provide specific delivery guidance for e-scooters, it is reasonable to expect volume to remain materially higher than our four-wheeler business in the coming years.

目前的重點是讓電動兩輪車更容易普及，並符合越南的綠色交通議程。雖然我們沒有提供電動滑板車的具體交付指導，但有理由預計未來幾年電動滑板車的銷量將大幅高於我們的四輪車業務。

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

謝謝您，Lan Anh 女士。我們的下一個問題是關於在印尼重新引入電池租賃的決定。恢復電池租賃對該公司在印尼的定價有何影響？Thuy 女士，您要拿這個嗎？

Well, I think if you've been following VinFast, you remember that at the beginning, we offer battery leasing in Vietnam for the first few years, and we just phase it out recently. Battery leasing allow the consumer to adopt EV faster because the up-front payment is lower than the gasoline car as well as the monthly payment is less than the gasoline consumption for the vehicle and total cost of ownership will be lower. So when we first introduced, about 95% of our customers chose this option.

嗯，我想如果你一直關注 VinFast，你會記得，一開始我們在越南提供電池租賃服務，持續了幾年，但最近我們才逐步停止這項服務。電池租賃使消費者能夠更快地採用電動車，因為前期付款低於汽油車，且每月付款低於車輛的汽油消耗量，總擁有成本將更低。因此，當我們首次推出時，大約 95% 的客戶選擇了此選項。

Gradually, when customers get more familiar with EVs in the market like Vietnam, for example, and more comfortable with EVs, then we phase it out. So we're doing the same thing in Indonesia right now, and we believe that it's going to have a similar impact like it did in Vietnam. By offering battery leasing, we are building a broader customer base, accelerating EV adoption and also strengthening our foothold in Indonesia, which is one of the Asia's fastest-growing EV markets.

逐漸地，當客戶對越南等市場上的電動車更加熟悉，並且對電動車更加適應時，我們就會逐步淘汰它。因此，我們現在正在印尼做同樣的事情，我們相信它會產生與在越南類似的影響。透過提供電池租賃服務，我們正在建立更廣泛的客戶群，加速電動車的普及，並鞏固我們在印尼（亞洲成長最快的電動車市場之一）的立足點。

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

謝謝您，Thuy 女士。順便說一下，後續問題是關於我們核心亞洲市場的競爭強度？我們預計促銷活動會持續多久？這些促銷活動是為了回應該地區的競爭嗎？

Competition is good for our consumers, right? So that's what we're facing in every market. But competition is indeed very strong across Asia, and that is to be expected with how quickly EV adoption is accelerating. Our promotions are just like reaction. They are deliberate strategy to build awareness and accelerate adoption, especially in early stages of entering a market.

競爭對我們的消費者來說是好事，對嗎？這就是我們在每個市場都面臨的問題。但亞洲各地的競爭確實非常激烈，隨著電動車普及速度的加快，這也是可以預料的。我們的促銷就像是反應。它們是經過深思熟慮的策略，旨在提高知名度並加速採用，尤其是在進入市場的早期階段。

For example, we just introduced the battery leasing in Indonesia, as I mentioned before. We partner with the banks to offer 0% interest financing and run selective cash discount on zero down payment program, for example. But that said, our differentiation goes beyond just pricing. We are investing heavily in building the full ecosystem, expanding the V-GREEN charging infrastructure with local partners and growing GSM ride-hailing fleet. Over time, as we gain scale and as our ecosystem matures, we expect promotions to normalize and the ownership experience with strong warranty, excellent aftersales and good registered value will become the real driver for consumer confidence.

例如，正如我之前提到的，我們剛剛在印尼推出了電池租賃。例如，我們與銀行合作提供 0% 利率融資，並在零首付計劃中提供選擇性現金折扣。但話雖如此，我們的差異化不僅僅在於定價。我們正在大力投資建造完整的生態系統，與當地合作夥伴一起擴大 V-GREEN 充電基礎設施，並擴大 GSM 叫車車隊。隨著時間的推移，隨著我們規模的擴大和生態系統的成熟，我們預計促銷活動將正常化，而強大的保固、優質的售後服務和良好的註冊價值的擁有體驗將成為消費者信心的真正驅動力。

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

謝謝您，Thuy 女士。後續問題是關於國際銷售狀況如何？

In the first half of 2025, international markets made up less than 10% of our total deliveries, which is similar to last year. The mix has shifted though. Today, Indonesia and the Philippines are the main contributors, whereas last year, it was US and Canada. We are seeing encouraging progress.

2025年上半年，國際市場占我們總交付量的不到10%，與去年同期持平。但組合已經改變了。如今，印尼和菲律賓是主要貢獻者，而去年則是美國和加拿大。我們看到了令人鼓舞的進展。

In the Philippines, VinFast captured 25% share of the battery -- the BEV segment in the first half. And in Indonesia, about 5% of our quarterly delivery came from there -- from Indonesia, mostly led by VF 3, which was recognized as the best EV City Car. Sales in India are set to begin in Q3.

在菲律賓，VinFast 在上半年佔據了電池（即在純電動車領域）25% 的份額。在印度尼西亞，我們季度交付量的約 5% 來自那裡——主要由 VF 3 主導，它被公認為最佳電動城市車。印度的銷售將於第三季開始。

So looking ahead, we are building scale across Asia with three key priorities. First, we're rolling out the full Green mobility ecosystem with GSM ride-hailing and with V-GREEN charging network. Secondly, we're making EVs more accessible through expanded product offerings and strong financing partnerships. And finally, we're working closely with the government and partners in the Philippines, India, everywhere to push the green transition in those countries.

因此，展望未來，我們將透過三個主要優先事項在亞洲擴大規模。首先，我們正在推出完整的綠色行動生態系統，包括 GSM 叫車服務和 V-GREEN 充電網路。其次，我們透過擴大產品供應和建立強大的融資合作夥伴關係，使電動車更容易獲得。最後，我們正與菲律賓、印度等各國政府和合作夥伴密切合作，推動這些國家的綠色轉型。

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

謝謝您，Thuy 女士。我們的最後一個問題是，是什麼推動了本季現金餘額的增加，以及 2026 年和 2027 年現金消耗的前景如何。請問 Lan Anh 女士嗎？

Yes. Thank you. The high cash balance mainly reflects the financing inflows of about USD1.2 billion, which more than offset operating outflows of around USD463 million and investing outflow of around USD305 million. This created a net uplift of roughly USD500 million. The key driver of new term loan agreement with the Dutch Bank AG and SeaTown Holdings at the end of the first half of 2025.

是的。謝謝。高現金餘額主要反映了約12億美元的融資流入，足以抵銷約4.63億美元的經營性流出和約3.05億美元的投資性流出。這帶來了約 5 億美元的淨增值。2025 年上半年末與荷蘭銀行股份公司和 SeaTown Holdings 簽訂的新定期貸款協議的主要驅動力。

For looking ahead, we expect operating outflows of USD400 million to USD600 million per quarter in the near term. This is tied to having operations investment in the -- our overseas plants, R&D for the next-generation models and broader global operating costs. Over time, we expect that this to improve as operating leverage builds and margin strengthen.

展望未來，我們預計近期每季的營業流出量將達到 4 億至 6 億美元。這與我們對海外工廠的營運投資、下一代車型的研發以及更廣泛的全球營運成本有關。隨著時間的推移，我們預計隨著經營槓桿的增加和利潤率的提高，這種情況將會改善。

On liquidity, as I mentioned earlier, as of the 30th of June, our liquidity stood at USD4.2 billion, which includes cash and cash equivalents combined with the USD1.6 billion that we expect that the cash -- going to be like that the cash proceeds from the recently announced completed R&D assets are spin-off transaction.

關於流動性，正如我之前提到的，截至 6 月 30 日，我們的流動性為 42 億美元，其中包括現金和現金等價物，加上我們預計的 16 億美元現金——將像最近宣布的已完成研發資產的分拆交易所得現金一樣。

I mean the Novatech and the remainder of the fundraising commitment from Vingroup, our founder and ELOC facility. Also, we are well supported by project financing from our Indonesia and India plants, assisting bank loans. So together, this provides with ample runway to execute growth strategy through 2026 and 2027.

我指的是 Novatech 和來自我們的創辦人和 ELOC 設施 Vingroup 的剩餘籌款承諾。此外，我們還得到了印尼和印度工廠的專案融資和銀行貸款的大力支持。因此，這為在 2026 年和 2027 年實施成長策略提供了充足的空間。

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

謝謝您，Lan Anh 女士。營運商，我們的第二季財報電話會議到此結束。謝謝。

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

感謝大家參加今天的會議。該計劃確實就此結束。現在您可以斷開線路了。