VinFast Auto Ltd (VFS) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to VinFast Auto Limited third-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 VinFast Auto Limited 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I'd now like to turn the call over to your first speaker today, Ms. Nhi Nguyen. Please go ahead.

現在我想把電話交給今天的第一位發言人，阮妮女士。請繼續。

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

謝謝接線員，大家早安。歡迎參加 VinFast 的季度財報電話會議。今天與我一同出席的有董事會主席黎翠女士、投資部副執行長安妮·範女士以及財務長阮蘭英女士。

Before we begin, please note today's call will include forward-looking statements under US federal securities law. These statements reflect our current views on future events, financial operational performance, and other matters that involve risks and uncertainties, which may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors.

在開始之前，請注意，今天的電話會議將包含美國聯邦證券法規定的前瞻性陳述。這些聲明反映了我們目前對未來事件、財務營運績效以及其他涉及風險和不確定性的事項的看法，這些因素可能導致實際結果與預期有重大差異。有關這些風險因素的討論，請參閱我們最近向美國證券交易委員會提交的文件。

We will also reference certain non-GAAP financial measures. A reconciliation of these measures to the most directly compatible GAAP figures, along with explanation of their use, is included in our presentation issued earlier today.

我們也會參考一些非GAAP財務指標。今天稍早發布的簡報中包含了這些措施與最直接相容的 GAAP 數據的核對錶，以及對其用途的解釋。

With that, I would like to invite Madam Thuy Le to begin the management remarks.

接下來，我謹請黎翠女士開始發表管理演說。

Thank you, Nhi. Hello, everyone, and thank you for joining us today. In addition to Lan Anh, our CFO, I'm very pleased to have Anne Pham, Deputy CEO of Investments, on the call with us today.

謝謝你，Nhi。大家好，感謝各位今天收看我們的節目。除了我們的財務長 Lan Anh 之外，我今天非常高興地邀請到投資部副執行長 Anne Pham 與我們一起參加電話會議。

This quarter, in fact, marks a significant milestone. We became the first automobile brand in Vietnam to surpass 100,000 vehicle sales within the first three quarters of a single year. This follows 13 consecutive months as the nation's best-selling carmaker, underscoring our unrivaled leadership in the domestic automotive market. Growth across our core international markets also continued to gain momentum.

事實上，本季標誌著一個重要的里程碑。我們成為越南第一個在一年的前三個季度銷售突破 10 萬輛的汽車品牌。此前，該公司已連續 13 個月成為全國最暢銷的汽車製造商，凸顯了我們在國內汽車市場中無可匹敵的領導地位。我們在核心國際市場的成長動能也持續增強。

Before I go into the country updates, I would like to start with three key takeaways for this quarter. First of all, VinFast remains in growth mode, both at home and abroad. In the third quarter, we delivered 38,195 EVs, representing a 74% increase year over year and 7% quarter-over-quarter growth. For the first nine months of 2025, VinFast delivered 110,362 EVs to customers globally, representing a 149% increase year over year.

在介紹各國最新情況之前，我想先總結本季的三個主要要點。首先，VinFast 無論是在國內還是國外，都保持著成長勢頭。第三季度，我們交付了 38,195 輛電動車，年增 74%，季增 7%。2025 年前九個月，VinFast 向全球客戶交付了 110,362 輛電動車，年增 149%。

We remain on track for our 2025 guidance to at least double the volume. VF 3 and VF 5, together, contributed 47% of total deliveries, while the Green Series accounted for 25% of deliveries.

我們仍有望實現2025年銷量至少翻倍的目標。VF 3 和 VF 5 合計佔總交付量的 47%，而綠色系列佔交付量的 25%。

We delivered 120,052 e-scooters and e-bikes, representing a 535% increase year over year and 73% quarter-over-quarter growth. The number of EV deliveries to related parties, including GSM, represents 26% of total deliveries. E-scooter deliveries to related parties, including GSM, accounted for less than 1% of total volumes, reflecting overwhelming demand from retail consumers.

我們交付了 120,052 輛電動滑板車和電動自行車，年成長 535%，季增 73%。交付給相關方（包括 GSM）的電動車數量佔總交付量的 26%。交付給相關方（包括 GSM）的電動滑板車數量佔總交付量的不到 1%，反映出零售消費者的強勁需求。

The strong momentum in our e-scooters volume showcases the accelerated shift towards electric two-wheelers, following the announcement of a new policy to restrict gasoline motorbikes from entering central districts in Hanoi and Ho Chi Minh City, starting in mid-2026. In Vietnam, we are strengthening our leadership position by broadening our EV e-scooter lineup and deepening our presence in the B2B fleet channel. Internationally, we continue to expand our green mobility ecosystem, a key differentiator for VinFast, while growing our dealership network and introducing new products as each market matures.

我們的電動滑板車銷量強勁成長，顯示在宣布一項新政策後，向電動兩輪車的轉變正在加速。該政策將於 2026 年中開始限制汽油摩托車進入河內和胡志明市的中心城區。在越南，我們正在透過擴大電動滑板車產品線和深化在 B2B 車隊通路的業務來鞏固我們的領先地位。在國際上，我們不斷擴展我們的綠色出行生態系統，這是 VinFast 的關鍵差異化優勢，同時隨著各個市場的成熟，我們也不斷擴大我們的經銷商網路並推出新產品。

The second takeaway for this quarter is about investing in innovation, which is central to VinFast's long-term competitiveness. Our R&D investments are focused on three critical areas: vehicle platform, electrical and electronic architecture, and autonomy. Anne will share more details shortly on this exciting roadmap.

本季的第二個要點是投資創新，這對 VinFast 的長期競爭力至關重要。我們的研發投資主要集中在三個關鍵領域：車輛平台、電氣和電子架構以及自動駕駛。Anne 稍後將分享有關這項令人興奮的計劃的更多細節。

Last, but not least, we are prioritizing top-line growth through targeted investment while viewing cost rationalization as a disciplined medium-term priority. As I have shared before, finding the balance between growth and cost remains a long-term priority. This principle continues to guide our decisions as we invest in expansion and R&D in the near term to strengthen our foundation for the future. Lan Anh will provide more color on this in her remarks.

最後，也是非常重要的一點，我們將透過有針對性的投資來優先實現營收成長，同時將成本合理化視為一項有紀律的中期優先事項。正如我之前所說，在成長和成本之間找到平衡仍然是一項長期優先事項。這項原則將繼續指導我們的決策，我們將在近期投資於擴張和研發，以加強我們未來發展的基礎。Lan Anh將在演講中對此進行更詳細的闡述。

Now, let me go into the details update by markets, starting with Vietnam. Based on aggregated data from Vietnam Automobile Manufacturers' Association and domestic manufacturers, the auto industry reported a mixed result for the quarter, with sales dipping in August due to a typhoon before rebounding in September. The industry delivered 94,593 passenger vehicles, flat compared to Q3 2024 volumes, whereas VinFast Vietnam volumes grew 82% year over year during the same period.

現在，讓我按市場詳細介紹最新情況，首先從越南開始。根據越南汽車製造商協會和國內製造商的匯總數據，汽車行業本季業績喜憂參半，8 月份受颱風影響銷量下滑，9 月份反彈。該行業交付了 94,593 輛乘用車，與 2024 年第三季的銷量持平，而 VinFast Vietnam 同期銷量同比增長 82%。

During this quarter, we ramped up production of the VF 3 at the Ha Tinh factory and launched two new models. The Limo Green, a seven-seater MPV, received strong market response with over 2,000 units delivered in September. We also proudly delivered the Lac Hong 900 LX fleet to the Ministry of Foreign Affairs, marking the first armored EV certified to VPAM VR7 standards, one of the most recognized international standards for vehicle armoring.

本季度，我們在河靜工廠提高了 VF 3 的產量，並推出了兩款新機型。Limo Green 是一款七人座 MPV，市場反應熱烈，9 月交付量超過 2000 輛。我們也自豪地向外交部交付了 Lac Hong 900 LX 車隊，這是第一輛獲得 VPAM VR7 標準認證的裝甲電動車，VPAM VR7 是國際公認的車輛裝甲標準之一。

In our two-wheeler segment, we continue to see strong momentum. As policies accelerate the phase-out of gasoline motorbikes, consumers are looking to switch to electric two-wheelers. VinFast now offers a full product range of electric two-wheelers, from affordable models for students to premium options for professionals. Two new e-scooter models with expanded range are planned for 2026. VGreen, an affiliated charging company, is expanding battery infrastructure nationwide.

在兩輪車領域，我們持續看到強勁的成長動能。隨著政策加速淘汰汽油摩托車，消費者正考慮轉向電動兩輪車。VinFast 現在提供全系列電動兩輪車產品，從學生的經濟型車型到專業人士的高階車型，應有盡有。計劃於 2026 年推出兩款續航里程更長的新型電動滑板車。VGreen是一家關聯充電公司，正在全國擴展電池基礎設施。

Now turning to our international market, starting with India. Our CKD factory in Tamil Nadu could commenced operations this August, partnering with an initial 38 local suppliers. We plan to further expand our local supplier network to enhance localization and strengthen the Made in India footprint of our vehicles.

現在轉向我們的國際市場，首先是印度。我們在泰米爾納德邦的 CKD 工廠預計將於今年 8 月開始運營，並與首批 38 家當地供應商合作。我們計劃進一步擴大本地供應商網絡，以增強本地化程度，並加強我們車輛的「印度製造」影響力。

Sales in our first month in India exceeded our internal forecast, reflecting a decisive market debut and a stronger start than any of our previous Asia launches. In October, VinFast ranked within the top eight for EV registration in the country. As of September 13, we opened 20 dealer stores, announcing financing partnerships with leading domestic banks and third-party after-sales service networks.

我們在印度的第一個月銷售額就超過了我們內部的預測，這反映出我們在市場上取得了決定性的首秀，並且比我們之前在亞洲的任何一次產品發布都更加強勁。10月份，VinFast在全國電動車註冊量排名中位列前八。截至9月13日，我們開設了20家經銷商門市，並宣布與國內領先銀行和第三方售後服務網絡建立融資合作關係。

Moving over to Indonesia, where the overall auto market declined about 11% year over year from January to September, though BEV sales grow roughly to around 55,000 units, up from about 43,000 units a year ago. VinFast joined the GAIKINDO Association recently and is now ranked fifth amongst the top five BEV brands year to date and 15th amongst the 45 automotives. Despite temporary disruption from the August protest, we have expanded our dealership network to 33 locations. Yesterday, VinFast has captured approximately 5% of Indonesia's BEV market.

再來看看印度尼西亞，該國整體汽車市場從 1 月到 9 月同比下降了約 11%，但純電動車的銷量增長了約 55,000 輛，高於一年前的約 43,000 輛。VinFast 最近加入了 GAIKINDO 協會，目前在今年迄今排名前五的純電動車品牌中排名第五，在 45 家汽車公司中排名第 15。儘管受到八月抗議活動的暫時幹擾，我們的經銷商網路已擴展到 33 個地點。昨天，VinFast 已佔據印尼電動車市場約 5% 的份額。

Indonesia is the first market where we introduced our green mobility ecosystem in partnership with GSM, an affiliated company. GSM now operates in four cities in Indonesia and serves passengers at Jakarta Soekarno-Hatta International Airport. With GSM using VinFast vehicles on the road and VGreen emerging as the second largest charging network in Indonesia, we are strengthening awareness of VinFast's holistic offerings and setting ourselves apart from other OEMs.

印尼是我們與關聯公司 GSM 合作推出綠色出行生態系統的第一個市場。目前，GSM已在印尼的四個城市開展業務，並為雅加達蘇加諾-哈達國際機場的旅客提供服務。隨著 GSM 使用 VinFast 車輛上路，以及 VGreen 成為印尼第二大充電網絡，我們正在加強對 VinFast 整體服務的認識，並使自己與其他 OEM 廠商區分開來。

In the Philippines, we are capitalizing on this momentum with a stronger marketing push in the last quarter to build awareness around our core products, the VF 3, VF 5, and VF 6. We are introducing a residual value guaranteed program this month and expanding our battery substitution model. These programs are unprecedented in the Philippines' auto market, and we are proud to be pioneering such consumer-first policies.

在菲律賓，我們正利用這一勢頭，在最後一個季度加強行銷力度，以提高人們對我們核心產品 VF 3、VF 5 和 VF 6 的認知度。本月我們將推出殘值保證計劃，並擴大電池更換模式。這些項目在菲律賓汽車市場是前所未有的，我們很自豪能夠率先推行這種以消費者為先的政策。

VinFast continues to grow in line with overall market. As of September 30, we had 13 showrooms. As consumer confidence in VinFast grows, local enterprises are also embracing our green mobility vision. GSM Philippines has partnered with Central Motors to deploy 2,000 VinFast EVs across Metro Manila and key urban centers, a strong endorsement of our sustainable mobility model.

VinFast 的成長與整體市場成長保持一致。截至9月30日，我們共有13家展廳。隨著消費者對 VinFast 的信心不斷增強，當地企業也開始接受我們的綠色移動願景。GSM Philippines 與 Central Motors 合作，在馬尼拉大都會區和主要城市中心部署 2,000 輛 VinFast 電動車，這有力地證明了我們可持續出行模式的有效性。

In the US, we opened our first dealership in California and aim to strengthen brand visibility across the US by partnering with our dealer network. Through joint participation in major events, such as Electrify Expo in Chicago, New York, and Dallas, a key market where our top dealers are based, we strengthen collaboration and amplify their local market presence. Planning also continues for our North Carolina manufacturing facility, which will support our long-term US growth strategy.

在美國，我們在加州開設了第一家經銷店，旨在透過與經銷商網路合作，加強品牌在美國的知名度。透過共同參與芝加哥、紐約和達拉斯（我們頂級經銷商所在的重要市場）等大型活動，例如 Electrify Expo，我們加強了合作，並擴大了他們在當地市場的影響力。我們位於北卡羅來納州的製造工廠的規劃也持續進行，這將支持我們在美國長期的成長策略。

Over in Europe, our debut at Busworld Brussels was well received, marking an important milestone for VinFast's entry into Europe's commercial vehicle segment. Our EB 12, the full-size 12-meter city bus, already meet UN ECE and CE standards, is now available for order in Europe, while the more compact EB 8 will be introduced at a later stage.

在歐洲，我們在布魯塞爾國際巴士展的首次亮相受到了熱烈歡迎，這標誌著 VinFast 進入歐洲商用車領域的一個重要里程碑。我們的 EB 12 是全尺寸的 12 公尺城市公車，已經符合聯合國 ECE 和 CE 標準，現在可以在歐洲訂購，而更緊湊的 EB 8 將在稍後階段推出。

In the Middle East, we announced our strategic partnership with the Arabian Automobile Association to launch comprehensive roadside assistance for VinFast customers across six countries in the region.

在中東，我們宣布與阿拉伯汽車協會建立戰略合作夥伴關係，為該地區六個國家的 VinFast 客戶提供全面的道路救援服務。

Taking a step back, when we look at the progress that we have made across our international market, we recognize that as a new engine, it will take time for both our brand and green mobility ecosystem to fully mature. From expanding our dealership network to improving charging accessibility through VGreen and ensuring consumers benefit from the competitive total cost of ownership, we are executing our vision to make sustainable mobility accessible to everyone, with deliberate thoughtfulness and discipline. As we look ahead, innovation remains at the heart of our journey.

退一步講，當我們審視我們在國際市場上的進展時，我們認識到，作為一個新興引擎，我們的品牌和綠色出行生態系統都需要時間才能完全成熟。從擴大經銷商網絡，到透過 VGreen 提高充電便利性，再到確保消費者享受具有競爭力的總擁有成本，我們正在以深思熟慮和嚴謹的態度，實踐讓每個人都能享受到可持續出行的願景。展望未來，創新仍是我們發展歷程的核心。

With that, let me turn it over to Anne, who will share more about our exciting R&D roadmap and how these investments are shaping VinFast's future.

接下來，我將把發言權交給 Anne，她將詳細介紹我們令人興奮的研發路線圖，以及這些投資如何塑造 VinFast 的未來。

Thank you, Madam Thuy.

謝謝您，翠女士。

At VinFast's Mobility Day held at Hai Phong Automotive Factory on November 10, we unveiled our product innovation and R&D roadmap as we're investing in shaping the future of mobility in years to come. In 2026, VinFast will offer three distinct brands: the first one, VinFast, comprised of smart EVs for everyday life designed for mainstream consumers who want reliability, safety, technology, attractive cost of ownership, and best-in-class warranties; the Green Series, EV solutions for commercial purpose and raised utilization for fleets; and last, but not least, the Lac Hong Series, which is designed and catered to the ultra-luxury market that embodies Vietnamese hospitality, premium materials, and quality craftsmanship.

11 月 10 日，在海防汽車工廠舉行的 VinFast 移動出行日活動上，我們公佈了產品創新和研發路線圖，因為我們正在投資塑造未來幾年的移動出行方式。2026 年，VinFast 將推出三個不同的品牌：第一個品牌 VinFast，主打麵向大眾消費者的智慧電動車，旨在滿足他們對可靠性、安全性、技術、極具吸引力的擁有成本和一流保固服務的需求；第二個品牌 Green Series，主打麵向商業用途和提高車隊利用率的電動車解決方案；最後一個設計出優質的 Hong Series，主打麵向商業用途和提高車隊利用率的電動車解決方案；最後一個設計設計給了。

We're investing in the latest technologies to enhance customer experience and strengthen our competitiveness. VinFast is evolving its technology stack around three pillars: vehicle platform, architecture, and autonomy. By increasing commonality and reducing components, our next-generation platform will be more cost efficient to produce and have more enhanced features.

我們正在投資最新技術，以提升客戶體驗並增強我們的競爭力。VinFast 正在圍繞三大支柱發展其技術堆疊：車輛平台、架構和自動駕駛。透過提高通用性並減少組件，我們的下一代平台將具有更低的生產成本和更強大的功能。

We are also re-engineering our EV system into zonal architecture. All core software will now be owned and controlled by VinFast for suppliers to provide standardized hardware platforms. The centralized computing hub, which is essentially a vehicle supercomputer, enables rapid OTA updates, faster feature deployment, and consistent system stability.

我們也將電動車系統重新設計成區域架構。所有核心軟體現在都將由 VinFast 擁有和控制，以便供應商提供標準化的硬體平台。集中式運算中心本質上是一個車載超級計算機，可實現快速 OTA 更新、更快的功能部署和持續的系統穩定性。

Finally, on autonomy, VinFast is taking a two-step approach towards our ADAS autonomous driving roadmap, choosing to work collaboratively with external partners while strengthening our in-house capabilities. At Mobility Day, we unveiled a demo of our robotaxi project, whose intelligent system utilizes low computing power and vision-only technology. This approach allows for lower hardware costs, higher energy efficiency, and greater scalability.

最後，在自動駕駛方面，VinFast 採取兩步驟的方式來推進我們的 ADAS 自動駕駛路線圖，選擇與外部合作夥伴合作，同時加強我們內部的能力。在移動出行日上，我們展示了我們的機器人計程車專案演示，其智慧系統利用了低運算能力和純視覺技術。這種方法可以降低硬體成本，提高能源效率，並增強可擴展性。

Our vision is that VinFast will be a multi-brand, full-line EV manufacturer, spanning passenger, commercial, and autonomous segments. We will move from building EVs to building an entire mobility ecosystem for everyone everywhere.

我們的願景是，VinFast 將成為涵蓋乘用車、商用車和自動駕駛領域的多品牌、全系列電動車製造商。我們將從製造電動車轉向為世界各地的人們建立完整的出行生態系統。

With VinFast still very much in its growth phase, achieving our vision requires continued investment in R&D to strengthen our long-term competitiveness. There are still significant white space opportunities across our core markets, and our strategy remains to stay nimble and responsive to market dynamics while creating the right conditions for sustained EV adoption over the long term.

VinFast目前仍處於快速發展階段，要實現我們的願景，需要持續投資研發，以增強我們的長期競爭力。我們在核心市場仍存在巨大的空白市場機會，我們的策略仍然是保持靈活，對市場動態做出快速反應，同時為電動車的長期持續普及創造合適的條件。

With that, I'll now hand it over to Lan Anh, who will walk you through the financial highlights for the quarter.

接下來，我將把麥克風交給 Lan Anh，她將為大家介紹本季的財務亮點。

Thank you, Anne. I'd like to frame our financial results within the context of our 100,000-vehicle milestone, a significant achievement reaching record time.

謝謝你，安妮。我想把我們的財務表現放在我們達到 10 萬輛汽車里程碑的背景下進行解讀，這是一個意義重大的成就，並且以創紀錄的速度實現了這一目標。

Now, let me walk you through our results in more details. The company's strategy in Q3 2025 continued to focus on driving top-line growth. As a result, total revenue was USD719 million, representing a 47% year-over-year increase and 9% quarter over quarter. We entered Q4 2025, which shone on the backlog from the Green Series. Cost of goods sold for this quarter was USD1.1 billion, an increase of 85% year over year and 21% quarter over quarter, reflecting the continued ramp-up in deliveries.

現在，讓我更詳細地向您介紹一下我們的結果。該公司2025年第三季的策略持續以推動營收成長為重點。因此，總收入為 7.19 億美元，年增 47%，季增 9%。我們進入了 2025 年第四季度，綠色系列的積壓訂單表現出色。本季銷售成本為 11 億美元，年增 85%，季增 21%，反映出交付量的持續成長。

Gross margin was negative 56.2% in the third quarter of 2025, compared to negative 24% in third quarter of 2024 and negative 41.1% in the second quarter of 2025. Gross margin this quarter was primarily impacted by the recognition of cost of goods sold for vehicles already delivered under customer contracts, while the revenue recognition will occur in the subsequent periods. The amount was USD176 million and reflects a timing difference rather than an economic loss.

2025 年第三季毛利率為負 56.2%，而 2024 年第三季為負 24%，2025 年第二季為負 41.1%。本季毛利率主要受到已根據客戶合約交付的車輛的銷售成本確認的影響，而收入確認將在後續期間進行。金額為 1.76 億美元，反映的是時間差異，而不是經濟損失。

We also recorded higher warranty costs in the US and Europe as we shifted to third-party service workshops. Excluding the impact mainly due to delay, revenue recognition, and NRV adjustments, gross margin would have been negative 17.1%, an improvement from negative 20.8% in Q2 2025 and negative 27.3% in the same period last year.

隨著我們轉向第三方服務車間，我們在美國和歐洲的保固成本也相應增加。剔除主要由於延遲、收入確認和淨可變現值調整造成的影響，毛利率將為負 17.1%，較 2025 年第二季度的負 20.8% 和去年同期的負 27.3% 有所改善。

Moving to the operating expenses. R&D expenses were USD106 million, an increase of 15% quarter over quarter and 28% year over year, as we booked the development costs for the Green Series, Lac Hong, and EC Van, and for models that we plan to launch on our new vehicle platform in 2026. As a percentage of revenue, R&D in Q3 2025 was 15%, marking the fifth consecutive quarter where this is under 20%. Our existing models will undergo a technology refresh on the new vehicle platform, which will drive additional R&D in 2026.

接下來是營運費用。研發費用為 1.06 億美元，季增 15%，年增 28%，因為我們計入了 Green Series、Lac Hong 和 EC Van 的開發成本，以及我們計劃於 2026 年在新車輛平台上推出的車型的開發成本。2025 年第三季度，研發支出佔營收的 15%，這是連續第五個季度低於 20%。我們現有的車型將在新的車輛平台上進行技術更新，這將推動2026年更多的研發投入。

SG&A expenses for the quarter was USD172 million, an increase of 27% quarter over quarter and 25% year over year. The higher SG&A expense was due to an impairment charge of USD49 million that we booked for the battery project and closure of our D2C showrooms in the US and Europe.

本季銷售、一般及行政費用為 1.72 億美元，較上季成長 27%，較去年同期成長 25%。銷售、一般及行政費用增加是由於我們對電池項目計提了 4900 萬美元的減值費用，以及關閉了我們在美國和歐洲的 D2C 展廳。

Adjusted EBITDA, which excludes net loss from financial instruments, was negative USD576 million, and adjusted EBITDA margin was negative 80.2%. Excluding the impact mainly due to the delayed revenue recognition and NRV assessment, adjusted EBITDA margin would have been negative 33.1% compared to the negative 44.9% in the same period last year.

經調整的 EBITDA（不含金融工具的淨虧損）為負 5.76 億美元，經調整的 EBITDA 利潤率為負 80.2%。剔除主要由於延遲確認收入和淨可變現值評估的影響，調整後的 EBITDA 利潤率為 -33.1%，而去年同期為 -44.9%。

Net loss for this quarter was similarly impacted. Net loss was negative USD953 million, and net loss margin was negative 132.7%. Excluding the impact mainly due to delayed revenue recognition and NRV, net loss was negative 81.8% compared to negative 109.1% in the same period last year.

本季淨虧損也受到類似影響。淨虧損為負9.53億美元，淨虧損率為負132.7%。剔除主要由於延遲確認收入和淨可變現值的影響，淨虧損年減 81.8%，而去年同期淨虧損為 109.1%。

CapEx for this quarter was USD261 million, an increase of 24% quarter over quarter and 108% year over year, driven by CapEx for the new factories overseas and for the expansion in Vietnam.

本季資本支出為 2.61 億美元，季增 24%，年增 108%，主要原因是海外新廠的資本支出和越南業務的擴張。

Finally, an update on our liquidity and the previously announced grant and borrowing commitment in late 2024. As of September 30, VinFast's outstanding borrowing from Vingroup under this commitment was USD460 million. The company received a total of USD1.1 billion, this person, from our Founder, pursuant to the grant agreement.

最後，更新我們的流動性情況以及先前宣布的 2024 年底的撥款和借款承諾。截至 9 月 30 日，VinFast 根據該承諾從 Vingroup 未償還的貸款為 4.6 億美元。根據贈款協議，公司從創始人處共收到 11 億美元。

Our total available liquidity as of September 30 is USD3.7 billion, which reflects cash proceeds from the Novatech spin-off transaction, fundraising commitment from Vingroup, our Founder, and an e-lock facility.

截至 9 月 30 日，我們可用的流動資金總額為 37 億美元，其中包括 Novatech 分拆交易的現金收益、Vingroup 的融資承諾、我們的創辦人以及電子鎖定融資。

Operator, let's open for Q&A.

操作員，現在開始問答環節。

(Operator Instructions) Anand Balaji, Cantor Fitzgerald.

（操作說明）Anand Balaji，Cantor Fitzgerald。

Hey, guys. This is Anand on for Andres Sheppard at Cantor. Congrats on the quarter, and thanks for taking our question. So I just wanted to start with some autonomy items from the Mobility Day a couple of weeks ago. So I was wondering maybe what's your expected timeline and cost expectations for developing your autonomy stack. Last we spoke, there's a lack of formal regulatory framework in Vietnam for EV. So what are the potential gating factors for this?

嘿，夥計們。這是 Anand 代表 Cantor 的 Andres Sheppard 發言。恭喜您本季取得佳績，感謝您回答我們的問題。所以我想先從幾週前「移動出遊日」上的一些自主出行相關內容開始談起。所以我想知道，您預計開發自主技術堆疊的時間表和成本是多少？我們上次談到時，越南缺乏針對電動車的正式監管架構。那麼，可能存在的限制因素有哪些呢？

Hi, Anand. Good to hear from you again. We developed both the autonomy stack internally as well as leveraging other suppliers. So I think the plan for launching is next year in 2026 for the low-cost version for like robotaxi in our -- in Vingroup ecosystem -- in Vingroup development probably around 2028.

你好，阿南德。很高興再次收到你的來信。我們既自主研發了自動駕駛技術棧，也利用了其他供應商的技術。所以我認為，低成本版本的推出計劃是在明年，也就是 2026 年，在我們 Vingroup 生態系統中，例如機器人出租車；而在 Vingroup 的開發中，可能要到 2028 年左右才會推出。

Got you. Thanks for that. And for the second question, I was wondering if you could refresh us on your capital needs and potentially when are you guys targeting a positive gross margin. If we could just get a little color on your trajectory on that front. Thank you.

抓到你了。謝謝。至於第二個問題，我想請您簡單介紹一下貴公司的資金需求，以及貴公司預計何時實現正毛利率。如果我們能了解你在那方面的進展軌跡就好了。謝謝。

Well, I think as of now, we have -- our total liquidity is like $3.7 billion at the end of the quarter. So we're good for another 18 months based on our current projection. And so right now, we're keeping our head down to execute on our operational milestones, and we'll wait for the market to be better for EV.

嗯，我認為截至目前，我們的總流動資金約為 37 億美元（截至本季末）。根據我們目前的預測，未來18個月內應該都沒問題。所以現在，我們正埋頭苦幹，努力完成營運里程碑，等待電動車市場環境好轉。

Awesome. Thanks again for the color. Interesting stuff. I'll pass it on.

驚人的。再次感謝您提供的顏色。很有意思的東西。我會轉達的。

Thank you.

謝謝。

James McIlree, Chardan Capital Markets.

James McIlree，Chardan Capital Markets。

Yes, thank you. Can you help me understand the percent of sales in Q4 you think are reasonable to come from outside of Vietnam? That is, in the first three quarters, it's been 90% to 95% of the vehicle sales in Vietnam. And the question is, is that likely to continue in Q4? Or is there a larger contribution from non-Vietnamese locations in Q4?

是的，謝謝。您能否幫我理解一下，您認為第四季銷售額中來自越南以外地區的合理比例是多少？也就是說，前三個季度，越南汽車銷量的 90% 到 95% 都來自越南。問題是，這種情況在第四季是否有可能持續？或者說，第四季非越南地區的貢獻較大？

Hi, James. Good to hear from you. I think in Q4, you will see a little bit more from outside of Vietnam, proportionately a little bit more from outside of Vietnam than in the first three quarters. The ramp-up will mostly come from India, a little bit from Indonesia, and some smaller -- relatively from US, Europe as well.

你好，詹姆斯。很高興收到你的來信。我認為在第四季度，你會看到更多來自越南以外的投資，與前三個季度相比，來自越南以外的投資比例會略高一些。產能提升主要來自印度，少量來自印度尼西亞，較小規模的來自美國和歐洲。

It takes time for our overseas market to ramp up. So it takes a few more months for manufacturing, for the whole organization to operate, to function seamlessly. But it's coming. You're going to see bigger portion next year coming from overseas market.

我們的海外市場需要時間才能成長。因此，還需要幾個月的時間才能完成生產製造，讓整個組織運作起來，無縫運作。但它終究會到來。明年海外市場所佔份額將會更大。

Okay, thank you. Appreciate that. And secondly, it was mentioned that there would be an increased R&D in order to support the new platform. I was hoping you could help me understand how much that increase might be. Are we talking a 5% increase over current levels, a 20% increase over current levels? I'm just trying to get a feel for how big that increase might be.

好的，謝謝。謝謝。其次，報告提到將加大研發投入以支持新平台的發展。我希望你能幫我了解這個成長幅度可能會有多大。我們說的是比目前水準成長 5%，還是比目前水準成長 20%？我只是想了解這個成長幅度可能會有多大。

So I think Lan Anh will give you a little bit more specifics. But I think this year, we target to spend about $1.6 billion in CapEx and R&D, and we have spent about $1.1 billion in the first three quarters.

所以我認為蘭安會給你更具體的資訊。但我認為今年我們的目標是在資本支出和研發方面投入約 16 億美元，而前三個季度我們已經投入了約 11 億美元。

Over 35% is capitalized R&D for the new models and product uplift, refreshes, and over 65% is to build the CKD facility across Asia, in Ha Tinh, in Vietnam, India, and Indonesia. And I think for the new platform, most of it has been spent so far because we already launched the new platform on the Limo Green, and we started rolling out onto other models in 2026. So most of the spending is already there.

超過 35% 的資金用於新車型和產品升級、更新的研發，超過 65% 的資金用於在亞洲各地（越南河靜省、印度和印尼）建造 CKD 工廠。我認為，新平台的大部分資金目前已經用完了，因為我們已經在 Limo Green 上推出了新平台，並且從 2026 年開始將其推廣到其他車型。所以大部分支出已經到位了。

Lan Anh, you want to go further into details?

蘭英，你想了解更多細節嗎？

Yeah. So for the R&D for the new platform that we focus in 2025 to 2026, the same for R&D is expected to normalize from 2027. And actually, for the flexible payment timing, we can manage the pace of spending to ensure about the target to launch the new platform, also improve for the BOM cost optimization. Thank you.

是的。因此，對於我們在 2025 年至 2026 年重點關注的新平台的研發，預計從 2027 年開始，研發也將恢復正常。實際上，靈活的付款時間可以幫助我們控制支出速度，確保實現新平台的上線目標，並優化物料清單成本。謝謝。

Yeah. Talking about BOM cost optimization, that's actually a very good point, because some of the vehicles, the BOM cost can be reduced by like 50%. So really, I mean, the investment is worthwhile.

是的。談到物料清單成本優化，這確實是一個很好的觀點，因為某些車輛的物料清單成本可以降低 50%。所以說，這筆投資真的很值得。

Okay. And one more, if I might. When we think about the new platform in 2026, can you give us an idea about how many of the units might come from the new platform?

好的。如果可以的話，我再補充一個問題。當我們展望 2026 年的新平台時，您能否預估一下有多少台設備可能會基於新平台生產？

How many units per year? How many units of which vehicle?

每年多少台？每種車型共有多少輛？

As a percent of sales for 2026, what percent of sales will come from the new platform?

2026 年，新平台將佔銷售額的百分之幾？

Pretty much, Asia will all come from the new platform. I think probably around 80% would come from the new platform, 70%, 80%. And then the rest will be old platform. But at the beginning of the year, they all roll out, but gradually in the new year. So at the beginning of the year, there will still be legacy platforms, and then we start going out one by one in the new year. Maybe a little bit positive, probably 50%, 50% or something.

基本上，亞洲市場將全部來自這個新平台。我認為大概 80% 的份額會來自新平台，70%、80% 也有可能。其餘部分將是舊平台。但在年初，它們都會陸續推出，但在新的一年裡會逐漸展開。所以年初的時候，還會有一些舊平台，然後我們會在新的一年裡一個接一個地淘汰它們。可能略微偏向正面，大概50%左右吧。

Okay. Understood. Thank you. Thank you very much.

好的。明白了。謝謝。非常感謝。

Thank you.

謝謝。

We have currently no more questions from the phone line. Please continue.

目前電話線路已無其他問題。請繼續。

Thank you. We have the first question from the webcast audience. As more dealerships close in the US, what are VinFast's plans for long-term support? Madam Thuy, would you like to take the question?

謝謝。我們收到來自網路直播觀眾的第一個問題。隨著美國越來越多的經銷商倒閉，VinFast 的長期支持計畫是什麼？Thuy女士，您願意回答這個問題嗎？

Well, realistically, we're waiting for the new platform to roll out in North America and Europe to get us to profitability. So we're not going to -- and in the US, given the tariff situation and the instability in the EV market, we just need to see how that settles before we kind of push hard in the US. So there will only be -- like this year and maybe next year as well, there will only be certain number of vehicles that we can share across the dealership.

說實話，我們正在等待新平台在北美和歐洲推出，才能獲利。所以我們不會——而且在美國，考慮到關稅情況和電動車市場的不穩定性，我們需要看看情況如何穩定下來，然後再在美國大力推進。所以，就像今年，也許明年也是如此，我們整個經銷店能夠共享的車輛數量將有限。

So of course, we would like our -- the dealerships are committed to us to be profitable and have enough vehicles to get to profitability quickly. So I think until we see some growth and stability in the US market, we don't intend to open more dealerships. Instead, we cultivate the relationship with the existing dealers and make sure that they can get to profitability faster.

所以，我們當然希望我們的經銷商能夠獲利，並擁有足夠的車輛，以便盡快實現盈利。所以我認為，在我們看到美國市場出現一些成長和穩定之前，我們不打算開設更多經銷店。相反，我們會維護與現有經銷商的關係，並確保他們能夠更快地實現盈利。

Thank you, Madam Thuy. We have the next question from the webcast. Why did loss per car increase Q over Q in Q3 despite surge in volume? What should we expect for loss per car in October and Q4? Ms. Lan Anh, would you like to take the question?

謝謝您，翠女士。我們收到網路直播的下一個問題。儘管銷量激增，但為什麼第三季每輛車的虧損反而比上一季增加？10月份和第四季每輛車的虧損預期是多少？蘭英女士，您願意回答這個問題嗎？

Yeah. For the hiker loss for this quarter, that's primarily due to the certain orders that we already deliver our vehicles but yet recognized as revenue. Even though the related goods like our vehicle transfer, our stock, that's because for the revenue recognition in line with the accounting standards, so we get recognized as revenue. So the revenue is expected to be recognized in the subsequent period. So on an adjusted basis, excluding these orders, the results show a slight improvement compared to the previous quarter. Thank you.

是的。本季度徒步旅行者虧損的主要原因是，我們已經交付了車輛，但尚未確認某些訂單的收入。即使相關商品（如我們的車輛轉移、我們的庫存）依照會計準則確認收入，我們也將其確認為收入。因此，預計該收入將在下一期間確認。因此，經過調整後，剔除這些訂單，結果顯示與上一季相比略有改善。謝謝。

Thank you, Ms. Lan Anh. We have the next question from the webcast. Please provide 2026 guidance for four-wheeler and two-wheeler delivery volumes and EBITDA expectations.

謝謝您，蘭英女士。我們收到網路直播的下一個問題。請提供 2026 年四輪車及兩輪車交車量及 EBITDA 預期指引。

So we plan to release our 2026 guidance early next year, and we expect that we maintain a strong growth trajectory in 2026 because we prioritize volume expansion to reach the economies of scale. Thank you.

因此，我們計劃在明年初發布 2026 年業績指引，並預計 2026 年將保持強勁的成長勢頭，因為我們優先考慮擴大銷量以實現規模經濟。謝謝。

Thank you, Ms. Lan Anh. We have the next question from the webcast. Do you plan to introduce a hybrid model? And when will it be launched? Ms. Anne, would you like to take the question?

謝謝您，蘭英女士。我們收到網路直播的下一個問題。你們有計劃推出混合模式嗎？它何時發布？安妮女士，您願意回答這個問題嗎？

Thank you, Nhi. Well, as an innovation-driven company, our R&D team continuously explores advanced technologies, including powertrain solutions, to enhance product performance and deliver superior customer experience. So today, our core team strategy remains focused on fully EVs. The decision to launch an EV product undergoes rigorous testing and commercial validation and will only do so once these standards have been fully met. At the moment, we're not working on any hybrid in the R&D plant.

謝謝你，Nhi。作為一家創新驅動型公司，我們的研發團隊不斷探索先進技術，包括動力總成解決方案，以提高產品性能並提供卓越的客戶體驗。所以今天，我們核心團隊的策略仍然專注於純電動車。電動車產品的推出需要經過嚴格的測試和商業驗證，只有在完全符合這些標準後才會進行。目前，我們的研發部門並沒有在研究任何混合動力技術。

Thank you, Ms. Anne. We have the next question from the webcast. You mentioned a solid order backlog going into Q4. Which models are seeing the strongest demand within that backlog? And are you on track for 2025 targets? Madam Thuy, would you like to take the question?

謝謝你，安妮女士。我們收到網路直播的下一個問題。您提到第四季訂單儲備充足。在積壓訂單中，哪些車型的需求最強勁？你們能否依計畫達成2025年的目標？Thuy女士，您願意回答這個問題嗎？

As of mid-October, we are seeing a very strong order backlog from the Green Series, particularly the Limo Green, the new MPV seven-seater, and the Minio Green, which together make up about 50% of our total backlog. So we can't deliver enough vehicles to meet our backlog.

截至 10 月中旬，我們看到 Green 系列的訂單積壓非常強勁，特別是 Limo Green、新款七人座 MPV 和 Minio Green，這三款車型加起來約占我們總積壓訂單的 50%。因此，我們無法交付足夠的車輛來滿足積壓訂單。

In October, deliveries in Vietnam surpassed 20,000 units, making VinFast the first brand in the country to sell more than 20,000 cars in a single month. And in Vietnam alone, we have cumulatively delivered over 120,000 EVs. We remain positive about our 2025 guidance, and I think we are going to have -- we're reaching a 30,000 vehicles delivery per month.

10 月份，VinFast 在越南的交付量超過 2 萬輛，使其成為該國第一個單月銷量超過 2 萬輛的汽車品牌。光是在越南，我們累計就交付了超過 12 萬輛電動車。我們對 2025 年的業績預期仍然保持樂觀，我認為我們將實現每月 3 萬輛汽車的交付量。

Thank you, Madam Thuy. We have the next question from the webcast. Regarding the cooperation agreement with Saigon Glory, what is the rationale for entering into a real estate development when cash flow should be focused on vehicle production? Are there any near-term plans to enter other real estate projects or partner with Vinhomes? Madam Thuy, would you like to --

謝謝您，翠女士。我們收到網路直播的下一個問題。關於與西貢榮耀的合作協議，現金流應該集中在汽車生產，那麼進行房地產開發的理由是什麼？近期是否有進軍其他房地產項目或與 Vinhomes 合作的計劃？Thuy女士，您想…--

Well, our core priority remains EV innovation and driving costs down. And the technology refresh program is fully funded with the cash that Madam Thuy has mentioned earlier and the liquidity that we've secured for the next few years.

我們的核心優先事項仍然是電動車創新和降低成本。技術更新計劃的資金完全來自 Thuy 女士之前提到的現金以及我們為未來幾年獲得的流動資金。

The investment cooperation that VinFast recently entered into is a five-year passive investment under which VinFast may contribute up to around USD800 million in VND equivalent while our partner provides development rights and expertise. The investment assures full capital recovery of the investment amount of around up to $800 million at maturity, generating a committed pre-tax profit of approximately above USD830 million, subject to the full amount of committed investment being invested.

VinFast 最近達成的這項投資合作是一項為期五年的被動投資，根據該合作，VinFast 最多可出資約 8 億美元越南盾，而我們的合作夥伴則提供開發權和專業知識。該投資保證在到期時收回約 8 億美元的全部投資額，並產生約 8.3 億美元以上的稅前利潤，前提是承諾投資金額將全部到位。

The capital contribution is supported by unused funds or spare liquidity to the extent that it has not been used. And the investment of capital is expected to be in line with the implementation progress of the invested project without materially affecting operating cash flow or global EV manufacturing and expansion plans of VinFast.

出資部分由未使用的資金或剩餘流動資金支持，但以未使用的資金或流動資金為限。預計該資金投入將與投資項目的實施進度保持一致，不會對 VinFast 的營運現金流量或全球電動車製造和擴張計畫產生實質影響。

Thank you, Ms. Anne. We have the next question from the webcast. Will ASP need to be much lower compared to Q3 in order to achieve '25 volume guidance? Ms. Lan Anh, would you like to take the question?

謝謝你，安妮女士。我們收到網路直播的下一個問題。為了實現 2025 年的銷售目標，平均售價是否需要比第三季大幅降低？蘭英女士，您願意回答這個問題嗎？

So far in 2025, our ASP has been weighted towards our more affordable models. So for the full year, we expect that the VF 3, VF 5 to make up just under 50% of total deliveries. So for the rest of the year, and now looking ahead to 2026, our current sales plan points to more balanced mix with VF 3, VF 5 on one side and the Green Series, along with VF 6, VF 7 on the other, especially as we begin ramping deliveries for India.

截至目前，2025 年我們的平均售價主要集中在價格較實惠的車款上。因此，我們預計 VF 3 和 VF 5 全年的交付量將佔總交付量的近 50%。因此，在今年剩餘的時間裡，以及展望 2026 年，我們目前的銷售計劃表明，產品組合將更加均衡，一邊是 VF 3、VF 5，另一邊是綠色系列，以及 VF 6、VF 7，尤其是在我們開始加大對印度的交付力度之際。

So for ASP, we are assuming it remains roughly flat in the coming period. The higher ASP from VF 6, VF 7 is expected to be offset by the slightly lower ASP from the Green Series.

因此，對於平均售價（ASP），我們假設其在未來一段時間內將保持大致穩定。VF 6、VF 7 較高的平均售價預計將被綠色系列略低的平均售價所抵銷。

Thank you, Ms. Lan Anh. We have the next question from the webcast. Could you give us an update on the production ramp-up at Ha Tinh plant?

謝謝您，蘭英女士。我們收到網路直播的下一個問題。可否向我們介紹一下河靜工廠的產能提升？

Sure. Thanks, Nhi. The Ha Tinh factory is ramping up very well. It is currently producing 15 jobs per hour compared to the maximum of 35 jobs per hour. We've shifted production of our smaller models from Hai Phong to Ha Tinh as well, and the plant has already produced several thousand VF 3 units in the third quarter as part of its ramp-up. Looking ahead, Ha Tinh will be the main production site for the Minio Green, VF 3, and the EC Van.

當然。謝謝，Nhi。河靜工廠的產能提升進展非常順利。目前該設備每小時可生產 15 個工作崗位，而最高產能為每小時 35 個工作崗位。我們也已將小型機型的生產從海防轉移到河靜，該工廠在第三季度已生產了數千台 VF 3 機型，作為其產能提升計劃的一部分。展望未來，河靜將成為 Minio Green、VF 3 和 EC Van 的主要生產基地。

Thank you, Ms. Anne. We have the next question from the webcast. As you look into 2026, which markets or product lines will be VinFast's biggest growth drivers?

謝謝你，安妮女士。我們收到網路直播的下一個問題。展望 2026 年，您認為 VinFast 最大的成長動力將來自哪些市場或產品線？

In 2026, we expect more contributions as the Green Series scale more and the new VF 6 and VF 7 platforms will come online. These products are designed to be more competitive, both from the cost as well as market perspective. So their contributions should build steadily as we move through 2026 and into 2027.

2026 年，隨著 Green Series 規模的擴大以及新的 VF 6 和 VF 7 平台的上線，我們預計會有更多貢獻。這些產品在設計上旨在更具競爭力，無論從成本或市場角度來看都是如此。因此，隨著我們進入 2026 年和 2027 年，他們的貢獻應該會穩定成長。

Across our international footprint, we anticipate more meaningful volume coming from India, Indonesia, and the Philippines as we expand the lineup in each of the markets. Vietnam will remain our anchor market in the near term. For the next year, we expect Vietnam to account for roughly 70% to 80% of total deliveries, with the balance coming from international markets as they continue to scale up.

在我們的國際業務範圍內，隨著我們在各個市場擴大產品線，我們預計來自印度、印尼和菲律賓的銷售將更加顯著。短期內，越南仍將是我們的主要市場。預計明年越南將佔總交付量的 70% 至 80%，其餘部分將來自國際市場，因為國際市場正在不斷擴大規模。

Thank you, Madam Thuy. We have the next question from the webcast. Healthy battery costs tracking in the past few quarters, how is it expected to trend in the upcoming quarters?

謝謝您，翠女士。我們收到網路直播的下一個問題。過去幾季電池成本保持健康水平，預計未來幾季電池成本將如何變化？

Thank you, Nhi. Battery costs have continued to decline quarter over quarter, extending the downward trajectory established in 2024. On the average, we have seen battery prices come down by approximately 10% or 12% year over year across various models. We are transitioning to a new, more cost-efficient battery generation, underpinned by our suppliers of technology advancement. That will mean a meaningfully lower unit cost. And also, we expect further cost optimization going forward, driven by continued improvements in battery technology and manufacturing efficiency.

謝謝你，Nhi。電池成本持續逐季下降，延續了自 2024 年以來的下降趨勢。平均而言，我們看到各種型號的電池價格比去年同期下降了約 10% 或 12%。我們正在向新一代更具成本效益的電池過渡，這要歸功於我們供應商的技術進步。這意味著單位成本將大幅降低。此外，我們預計未來在電池技術和製造效率不斷提高的推動下，成本將進一步優化。

Thank you, Ms. Lan Anh. We have the next question from the webcast. Further sharing regarding the new lines of vehicle, you mentioned three brands. Can you share the philosophy around that? And what is the split percentage for each line brand to contribute?

謝謝您，蘭英女士。我們收到網路直播的下一個問題。關於新車型系列的進一步分享，您提到了三個品牌。能分享一下背後的理念嗎？每個產品線品牌應貢獻的份額比例是多少？

Thank you. I think, first of all, it is still a little bit early for us to break out the expected financial contribution from each brand. The primary objective behind establishing the three brands is really to sharpen our customer segmentation, ensuring that each brand has a clearly defined audience and purpose.

謝謝。首先，我認為現在就細分每個品牌的預期財務貢獻還為時過早。設立這三個品牌的主要目的是為了更好地進行客戶細分，確保每個品牌都有明確的目標受眾和目標。

With a portfolio that spans more than a dozen models, creating intuitive brand spaces help our customers immediately understand what each line represents and which use case the brand serves. Strong brand segmentation also allows us to fine-tune pricing strategies, tailor our marketing messages, and run more targeted campaigns for each customer group.

我們的產品組合涵蓋十幾個型號，創建直覺的品牌空間可以幫助我們的客戶立即了解每個系列代表什麼以及品牌服務於哪個使用情境。強大的品牌細分也能讓我們更能調整定價策略，客製化行銷訊息，並針對每個客戶群進行更有針對性的行銷活動。

It helps us to optimize our product roadmap and go-to-market approach by reducing overlap and minimizing cannibalization between brands. Over time, as the brand architecture matures and our market scales, we'll also have better visibility to commenced on individual brand contributions towards our top line and bottom line. Thank you.

它有助於我們優化產品路線圖和市場推廣策略，減少品牌間的重疊和相互蠶食。隨著品牌架構的成熟和市場規模的擴大，我們將更了解各個品牌對公司營收和利潤的貢獻。謝謝。

Thank you, Ms. Anne. We have the next question from the webcast. How is VinFast and VGreen planning to accelerate the rollout of its battery swap network for e-scooters?

謝謝你，安妮女士。我們收到網路直播的下一個問題。VinFast 和 VGreen 計劃如何加快電動滑板車電池更換網路的推廣？

Okay. So VGreen plans to leverage the strategic partnership to accelerate the rollout of battery swapping for e-scooters in Vietnam. VGreen is working with really large retail organizations in Vietnam, like IPTV Retail, the [Life Side] Electronic Retail Network, with Viettel Post to allow us to put the battery swapping stations at the shop locations, co-locate shopping stations with the postal and distribution hubs for Viettel Post. So this not only gives us access to large, high-traffic sites, but also creates synergies with existing delivery and shipping fleets.

好的。因此，VGreen計劃利用這項策略合作夥伴關係，加速在越南推廣電動滑板車電池更換服務。VGreen 正在與越南的大型零售組織合作，例如 IPTV Retail、[Life Side] 電子零售網路以及 Viettel Post，以便我們可以在商店位置設置電池更換站，並將購物站與 Viettel Post 的郵政和配送中心放在一起。這不僅讓我們能夠進入大型、高流量的網站，還能與現有的配送和運輸車隊產生綜效。

To scale even faster, we could explore a franchise or revenue sharing model like we did with the EV charging station. And we expect that the cooperation as well as the rollout of the battery swapping locations to increase very quickly, especially now that in major cities in Vietnam, like in Hanoi, Ho Chi Minh City, from mid-2026, the two-wheeler -- internal combustion engine two-wheelers are no longer allowed in central locations.

為了更快地擴大規模，我們可以探索特許經營或收益分成模式，就像我們之前在電動車充電站所做的那樣。我們預計，電池更換地點的合作和推廣將會迅速增加，尤其是在越南的主要城市，如河內、胡志明市，從 2026 年年中開始，兩輪車——內燃機兩輪車將不再被允許在中心區域行駛。

Yeah. Thank you, Madam Thuy. And on that topic, we also have another question from the webcast. Your two-wheeler business has delivered exceptional volume growth this year, and we've seen at least one major legacy competitor publicly acknowledge the impact that recent government policies have had on their sales. VinFast appears to be one of the clearest beneficiaries of this policy to shift towards encouraging electric two-wheelers. With these tailwinds in place, how are you thinking about the outlook for two-wheeler business in 2026?

是的。謝謝您，翠女士。關於這個主題，我們還有一個來自網路直播的問題。貴公司的兩輪車業務今年實現了非凡的銷售成長，我們已經看到至少一家主要的傳統競爭對手公開承認了近期政府政策對其銷售的影響。VinFast 似乎是這項鼓勵電動兩輪車發展的政策的最大受益者之一。在這些有利因素的推動下，您如何看待2026年兩輪車產業的市場前景？

I think in 2026, the two-wheeler business for VinFast will grow at an accelerated level, demonstrative of the ongoing electrification, major trend in policy tailwinds in Vietnam. While we have not provided the guidance for two-wheeler business yet, VinFast has been continuously increasing our production in response to the market opportunities and remains optimistic about the outlook for this market segment.

我認為到 2026 年，VinFast 的兩輪車業務將加速成長，這反映了越南正在進行的電氣化進程，也是越南政策利好的主要趨勢。雖然我們尚未對兩輪車業務做出指導，但 VinFast 一直在不斷提高產量以應對市場機遇，並且對該細分市場的前景保持樂觀。

This year is the first time we have seen two-wheeler volumes outpace four-wheelers in our business, and this segment's contribution to overall revenue is still under 10%. So next year is going to be a big year for two-wheeler in Vietnam, and two-wheeler -- so we target like 1.5 million two-wheeler deliveries in 2026 in Vietnam alone, so about 50% of the total new sales in Vietnam. So that is our target.

今年是我們業務中兩輪車銷售首次超過四輪車，而該細分市場對總收入的貢獻仍不到 10%。所以明年將是越南兩輪車市場的重要一年，我們的目標是到 2026 年僅在越南就交付 150 萬輛兩輪車，約佔越南新車總銷量的 50%。這就是我們的目標。

And we will start rolling out in, I think, earlier in the year in Indonesia, in the Philippines, and later in the year in India, and maybe other markets as well. So it's going to be -- next year is going to be a good year for two-wheeler. Thank you.

我認為，我們將在今年稍早在印尼和菲律賓開始推出，今年稍後在印度推出，也許還會推廣到其他市場。所以明年對兩輪車來說將會是好年。謝謝。

Thank you. And we have the next question from the webcast. How do you view VinFast international markets in terms of near-term profitability versus long-term ecosystem development?

謝謝。接下來是來自網路直播的下一個問題。您如何看待 VinFast 的國際市場，從短期獲利能力和長期生態系統發展角度來看？

Thank you. Well, first of all, VinFast does not disclose profitability on a market-by-market basis. As with most global OEMs, the development of our ecosystem in new international markets will take time to reach scale and mature, as what Madam Thuy has explained a little bit earlier on this call. It's important to underscore that we manage profitability at the enterprise level, reflecting the full portfolio of product, region, and ecosystem services, rather than evaluating performance by individual model or individual geography.

謝謝。首先，VinFast 不會逐一市場揭露獲利情況。與大多數全球 OEM 廠商一樣，我們在新的國際市場中發展生態系統需要時間才能達到規模和成熟，正如 Thuy 女士在本次電話會議中早些時候解釋的那樣。需要強調的是，我們在企業層級管理獲利能力，反映的是產品、地區和生態系統服務的完整組合，而不是以單一模型或單一地理位置評估績效。

Thank you, Ms. Anne. We have the next question from the webcast. Can you provide a little bit of update on the North Carolina facility?

謝謝你，安妮女士。我們收到網路直播的下一個問題。您能否提供一下北卡羅來納州工廠的最新進展？

There's still no change to our plan to have our North Carolina facility SOP by 2028, and we will provide more updates on the assumption of construction in 2026.

我們仍計劃在 2028 年前製定北卡羅來納州工廠的標準作業程序 (SOP)，並將在 2026 年就建設情況提供更多最新消息。

Thank you, Madam Thuy. We have the next question from the webcast. Can you please break down the liquidity runway that the company has continued to implement its strategy over the next 12 months? Ms. Lan Anh, would you like to take the question?

謝謝您，翠女士。我們收到網路直播的下一個問題。請您詳細說明公司在未來 12 個月內如何透過流動性支援來繼續實施其策略？蘭英女士，您願意回答這個問題嗎？

So for our total liquidity as of September 30, 2025, is USD3.7 billion, providing us with approximately 18 months of runway of support operations and growth plans. So for the cash and cash equivalents, we have USD349 million. We have the USD930 million of the fundraising commitment from Vingroup, $837 million from our Founder, and the remaining from the e-lock activity and also for the announced competitive Novatech spin-off transaction.

因此，截至 2025 年 9 月 30 日，我們的總流動資金為 37 億美元，為我們提供了約 18 個月的支援營運和成長計畫。因此，現金及現金等價物為 3.49 億美元。我們已經獲得了 Vingroup 提供的 9.3 億美元融資承諾、創始人提供的 8.37 億美元，以及透過電子鎖交易活動和已宣布的 Novatech 競爭性分拆交易獲得的剩餘資金。

Thank you, Ms. Lan Anh. We have the next question from the webcast. Are new dealerships currently in the pipeline still planned to open in California? Madam Thuy, would you like to take the question?

謝謝您，蘭英女士。我們收到網路直播的下一個問題。目前正在籌備中的新經銷店是否仍計劃在加州開幕？Thuy女士，您願意回答這個問題嗎？

We are exploring a few dealership candidates in California right now with the opening of the first dealership in San Diego in August. Right now, we still have two or three territories open in California for application. And California accounts for about 35% of the EV sales in the whole US, so we need a strong presence in California.

我們目前正在加州考察幾個經銷商候選地點，第一家經銷商將於 8 月在聖地牙哥開幕。目前，我們在加州還有兩到三個地區開放申請。加州電動車銷量約佔全美電動車銷量的 35%，因此我們需要在加州建立強大的市場地位。

Thank you, Madam Thuy. On the US topic, we have the next question from the webcast. How much inventory does VinFast have in the US? And do you expect to sell in the US in 2026? Madam Thuy?

謝謝您，翠女士。關於美國話題，我們來看網路直播中的下一個問題。VinFast在美國有多少庫存？你們預計2026年能在美國銷售產品嗎？Thuy女士？

So VinFast has practically reached a batch of vehicles to the US before April 20. The remaining stock is still sufficient for a few months of sales. And we are planning new shipments to the US as well.

因此，VinFast 實際上已經在 4 月 20 日之前向美國運送了一批車輛。剩餘庫存還足以維持幾個月的銷售。我們也計劃向美國進行新的貨物運輸。

Thank you, Madam Thuy. Thank you, Ms. Lan Anh, Ms. Anne Pham. That's all the questions we get from the webcast today. Thank you, everyone, for attending.

謝謝您，翠女士。謝謝蘭英女士、安妮·範小姐。這就是我們今天從網路直播中收到的所有問題。謝謝各位的出席。

Operator, back to you.

接線員，已接通。

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

謝謝。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。