VinFast Auto Ltd (VFS) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the VinFast Q4 2025 financial results and Q&A webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 VinFast 2025 年第四季財務表現及問答網路直播。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Amanda Baey, Head of Investor Relations. Please go ahead.

現在我謹將會議交給今天的演講人，投資者關係主管阿曼達·貝伊。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; Deputy CEO of Investments, Ms. Anne Pham; and our CFO, Ms. Lan Ahn Nguyen.

謝謝接線生。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安女士。

Before we begin this call, 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. These may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors.

在本次電話會議開始之前，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、財務營運表現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, and a reconciliation of these measures to GAAP figures, along with an explanation are included in our presentation issued earlier today.

我們還將提及一些非公認會計準則財務指標，這些指標與公認會計準則數據的調節表以及相關解釋已包含在我們今天早些時候發布的簡報中。

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

接下來，我謹請翠女士開始發表管理演說。

Hello, everyone. It's great to be with you again. 2025 was another landmark year for VinFast, but more importantly, it was a year of disciplined investment behind our core mission, making electric mobility accessible to everyone.

大家好。很高興能再次與大家相聚。 2025年對VinFast而言又是具有里程碑意義的一年，但更重要的是，這一年我們始終堅持以穩健的投資實踐核心使命，致力於讓每個人都能享受到電動出行的便利。

Fourth quarter of 2025 was our strongest quarter to date across several key financial metrics. Every strategic decision we make, including investing in technology, industrial capabilities, and global expansion, is anchored to that objective. Let me briefly reflect on our evolution.

2025年第四季是我們迄今為止在幾個關鍵財務指標上表現最好的一個季度。我們所做的每一項策略決策，包括對技術、工業能力和全球擴張的投資，都圍繞著這個目標。請容許我簡單回顧一下我們的發展歷程。

From 2017 to 2023, we established our brand and industrial foundation with the firm belief that electrification is the future of mobility. In 2024, we earned the trust of customers in our home market, Vietnam, and became the number one mobility brand in the country by vehicle sales, a position that we continue to maintain to date. So during 2025, we rolled out a comprehensive product portfolio to serve diverse mobility use cases, laid the foundation for a green mobility ecosystem in international markets, and shared plan about our next generation of vehicles that built on a new platform and new EE architecture.

從 2017 年到 2023 年，我們堅信電氣化是未來出行的發展方向，並以此建立了我們的品牌和產業基礎。2024年，我們贏得了本土市場越南客戶的信任，並成為該國汽車銷售第一的旅遊品牌，我們至今仍保持著這一地位。因此，在 2025 年，我們推出了全面的產品組合，以滿足各種出行需求，為國際市場的綠色出行生態系統奠定了基礎，並分享了基於新平台和新 EE 架構的下一代車輛的計劃。

Across the industry, there is a clear shift as electric mobility companies move toward AI-driven software-defined vehicles. VinFast has been working on this since day one with our R&D philosophy centered around a vertically integrated software-defined EV platform. With over 400,000 cumulative cars delivered and more than four years of real-world driving data accumulated, our engineers are able to design ADAS and software road maps with the customers in mind.

整個產業正在發生明顯的轉變，電動車公司正朝著人工智慧驅動的軟體定義汽車方向發展。VinFast 從成立之初就致力於此，我們的研發理念以垂直整合的軟體定義電動車平台為中心。累計交付車輛超過 40 萬輛，累積了四年多的真實駕駛數據，我們的工程師能夠以客戶為中心設計 ADAS 和軟體路線圖。

For 2026, our strategic investment focus on scale and unit cost optimization, which are the primary levels in our path to profitability. This will be supported by overseas capacity expansion, the commercialization of the next-gen vehicles, and the integration of more AI across our vehicles and factories to deliver smart cars and more efficient production.

2026 年，我們的策略投資重點是規模和單位成本優化，這是我們獲利的主要途徑。這將得益於海外產能擴張、下一代汽車的商業化，以及在我們的汽車和工廠中整合更多人工智慧，從而提供智慧汽車和更高效的生產。

With that, I would like to frame the three key points that you should take away from this call. First, VinFast is more than just an EV manufacturer. We are a vertically integrated software-defined EV platform with smart manufacturing to deliver scalable electric mobility solutions.

最後，我想總結一下您從這次通話中應該記住的三個要點。首先，VinFast 不僅僅是一家電動車製造商。我們是一家垂直整合的軟體定義電動車平台，擁有智慧製造能力，可提供可擴展的電動出行解決方案。

Second, we are expanding our capacity to enter international markets in the coming years. We are deliberate in making this investment now as it provides us with flexibility to enter new markets quickly.

其次，我們將在未來幾年擴大進入國際市場的能力。我們特意選擇現在進行這項投資，因為它能讓我們靈活快速地進入新市場。

Finally, scale matters at VinFast. With scale comes further operational efficiencies. We deliver 196,919 EVs for the full year. This exceeded our guidance to at least doubling the numbers of EVs delivered in 2024. In Q4 alone, we deliver 86,557 EVs. That was a new quarterly record for the company. Our two-wheeler segment also reached a new high. Full year deliveries grew 5.7 times to 406,496 units.

最後，規模對 VinFast 來說至關重要。規模擴大後，營運效率會進一步提高。我們全年交付電動車196919輛。這超過了我們先前的預期，即2024年電動車交付數量至少翻倍。僅在第四季度，我們就交付了 86,557 輛電動車。這是該公司創下的新的季度紀錄。我們的兩輪車業務也創下了新高。全年交車量成長5.7倍，達到406496輛。

Looking ahead, our 2026 guidance is targeting at least 300,000 EV deliveries. This is supported by introducing new models in our international markets, the build-out of our dealer network across Asia, Europe, and North America, and lastly, the continued expansion in international markets.

展望未來，我們 2026 年的目標是交付至少 30 萬輛電動車。這得益於我們在國際市場推出新車型、在亞洲、歐洲和北美建立經銷商網絡，以及在國際市場持續擴張。

Following the strong momentum of VinFast e-scooter segment achieved in 2025, we expect two-wheeler deliveries to be at least 2.5 times last year volume for 2026. This growth will be driven by VinFast e-scooter expansion into Asian markets, the rollout of V-GREEN battery swapping network for e-scooters, and our focused positioning in the largest product segments.

繼 VinFast 電動滑板車領域在 2025 年取得的強勁成長動能之後，我們預計 2026 年兩輪車交車量將至少是去年的 2.5 倍。這一增長將由 VinFast 電動滑板車向亞洲市場的擴張、V-GREEN 電動滑板車電池更換網路的推出以及我們在最大產品細分市場的重點定位所推動。

Turning to our new markets and manufacturing operations. Starting with Vietnam, where VinFast has maintained the number one OEM position and taken market share from other OEMs. We ended 2025 with an estimated 36% market share compared to 22% in 2024. VF 3 and VF 5 accounted for 51% of domestic volume. We are also pleased to see the increased contribution from VF 6 and Limo Green.

轉向我們的新市場和生產營運。從越南說起，VinFast 一直保持著越南第一 OEM 的地位，並從其他 OEM 手中奪取了市場份額。預計到 2025 年底，我們的市佔率將達到 36%，而 2024 年的市佔率為 22%。VF 3 和 VF 5 佔國內銷售量的 51%。我們也很高興看到 VF 6 和 Limo Green 的貢獻增加。

On the two-wheeler segment, we ended the year as number one electric scooter player in Vietnam. For the first time since we started selling internationally, overseas market accounted for 18% of our fourth quarter delivery. For the full year 2025, international markets contributed 11% of our deliveries.

在兩輪車領域，我們以越南電動滑板車市場第一的成績結束了這一年。自從我們開始進行國際銷售以來，海外市場首次占到我們第四季度交付量的 18%。2025 年全年，國際市場貢獻了我們交付量的 11%。

Our disciplined approach to overseas expansion is also reflected in our ranking. In particular, in India, we made steady progress in Vahan registration amongst BEV brands, ranking number eight in October, number seven in November, and number four in December. We have maintained our position since then to date. In Indonesia, we ended 2025 as number three BEV brand according to GAIKINDO, and as the number two BEV brand in the Philippines, according to CAMPI.

我們在海外擴張方面採取的嚴謹方法也體現在我們的排名上。尤其是在印度，我們在電動車品牌中，Vahan 的註冊量穩定成長，10 月排名第八，11 月排名第七，12 月排名第四。自那時起，我們一直保持著這個立場。根據 GAIKINDO 的數據，我們在印尼 2025 年底成為第三大純電動車品牌；根據 CAMPI 的數據，我們在菲律賓成為第二大純電動車品牌。

Product expansion has further broadened VinFast market reach. We introduced Green, our commercial-focused product line, and Lac Hong, our ultra-luxury brand. VinFast now has three distinct brands catering to different customer segments. In the fourth quarter, our commercial line, Green, saw strong traction from fleet and B2B customers and accounted for nearly half of total deliveries.

產品線擴張進一步擴大了VinFast的市場覆蓋範圍。我們推出了商業用途的產品線 Green 和超豪華品牌 Lac Hong。VinFast目前有三個不同的品牌，分別服務不同的客戶群。第四季度，我們的商用產品線 Green 獲得了車隊和 B2B 客戶的強勁需求，佔總交付量的近一半。

In 2025, approximately 27% of our deliveries were to related parties, primarily the EV ride-hailing platform, GSM, are broadly stable year-over-year, with a higher share of approximately 33% in the fourth quarter as GSM rapidly scale its fleet network in Indonesia and the Philippines as part of its Southeast Asia expansion.

2025 年，我們約 27% 的交付量將交付給關聯方，主要是電動車叫車平台 GSM。這一比例同比基本保持穩定，第四季度佔比將上升至約 33%，因為 GSM 正在迅速擴大其在印尼和菲律賓的車隊網絡，作為其東南亞擴張計劃的一部分。

Manufacturing utilization and operational efficiency continue to improve with the Hai Phong plant rolling out its 200,000 vehicles of the year and producing nearly 26,000 EVs in December alone. Last year, we inaugurated our manufacturing facility in Ha Tinh, Vietnam. Our first overseas manufacturing facility was opened in Tamil Nadu, India in August; and in December, we opened our second factory overseas in Subang, Indonesia.

隨著海防工廠今年累計生產20萬輛汽車，光是12月就生產了近2.6萬輛電動車，生產利用率和營運效率持續提高。去年，我們在越南河靜省落成生產基地。8 月，我們在印度泰米爾納德邦開設了第一家海外製造工廠；12 月，我們在印尼梳邦開設了第二家海外工廠。

Now, turning to our priorities for 2026. Let's start with manufacturing. VinFast today operates four manufacturing facilities globally with combined annual capacity of 600,000 EVs and 500,000 e-scooters. Looking ahead, we will continue to strengthen this foundation by expanding production capacity for EVs and e-scooters in Vietnam while evaluating further development phases in India and Indonesia to position these facilities as future export hubs.

現在，讓我們來看看2026年的工作重點。我們先從製造業說起。VinFast 目前在全球營運四家製造工廠，年產能合計為 60 萬輛電動車和 50 萬輛電動滑板車。展望未來，我們將繼續加強這一基礎，擴大在越南的電動車和電動滑板車產能，同時評估在印度和印尼的進一步發展階段，以將這些工廠打造成為未來的出口中心。

We also expect to resume construction of our North Carolina factory in 2026 with a plan to SOP in 2028. We will provide further details in the coming months. It is important to note that VinFast has embedded smart manufacturing processes across all our facilities to enable scalable electric mobility solutions and will provide further updates on this area shortly.

我們也預計將於 2026 年恢復北卡羅來納州工廠的建設，並計劃於 2028 年實現標準作業程序 (SOP)。我們將在未來幾個月內提供更多細節。值得注意的是，VinFast 已在我們所有工廠中嵌入智慧製造流程，以實現可擴展的電動出行解決方案，並將很快提供這方面的更多最新資訊。

On the product front, VinFast has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity. The VinFast brand, comprising VinFast core passenger EV lineup from VF 3 to VF 9. The Green brand of commercial EVs for fleet use, including Limo, Herio, Nerio, and Minio Green. And lastly, the ultra-luxury Lac Hong series.

在產品方面，VinFast 已完成旗下三個不同品牌的電動車產品組合的策略性發布，每個品牌都有明確的市場定位和品牌形象。VinFast 品牌，包括 VinFast 核心乘用電動車產品線，從 VF 3 到 VF 9。Green品牌是面向車隊使用的商用電動車品牌，包括Limo、Herio、Nerio和Minio Green。最後，還有超豪華的樂鴻系列。

As part of this repositioning, we are introducing two seven-seater MPV models, the Limo Green and the VF MPV7, to address different customer segments with plans to launch both across key Asian markets. Additionally, the next generation of VF 6 and VF 7 is expected to SOP in the second half 2026. These four models are designed to deliver a lower BOM cost by reducing complexity and number of components through our new platform and next generation EE architecture.

作為重新定位的一部分，我們將推出兩款七人座 MPV 車型，分別是 Limo Green 和 VF MPV7，以滿足不同客戶群的需求，並計劃在亞洲主要市場推出這兩款車型。此外，下一代 VF 6 和 VF 7 預計將於 2026 年下半年投產。這四款模型旨在透過我們的新平台和下一代 EE 架構，降低複雜性和組件數量，從而降低物料清單成本。

I'm also pleased to share that VinFast is developing several range extender EV models, beginning with VF 8 REEV. Introducing range extender vehicles allow us to address a broader segment of electrification market. We view range extender technology as a practical interim step in the transition from internal combustion engine to fully battery electric vehicles, particularly in markets where charging infrastructure is still developing. We will provide additional updates on this program in the coming quarters.

我也很高興告訴大家，VinFast 正在開發幾款增程型電動車車型，首先是 VF 8 REEV。推出增程型汽車使我們能夠滿足更廣泛的電氣化市場需求。我們認為增程器技術是從內燃機汽車過渡到純電動車的實用過渡步驟，尤其是在充電基礎設施仍在發展的市場中。我們將在未來幾季提供有關該計劃的更多最新資訊。

In our core Asian markets, we will continue expanding our dealer network to support long-term growth. We plan to double our dealer footprint in India and partner with large dealership group in Indonesia and the Philippines. This expansion will move in parallel with GSM international growth as we continue building out the broader green mobility ecosystem.

在亞洲核心市場，我們將繼續擴大經銷商網絡，以支持長期成長。我們計劃將我們在印度的經銷商數量翻一番，並與印尼和菲律賓的大型經銷商集團建立合作關係。隨著我們不斷建構更廣泛的綠色出行生態系統，此次擴張將與GSM的國際成長同步進行。

At the same time, we are expanding our two-wheeler strategy across Asia, with plans to introduce our e-scooter business in five markets, including Thailand, Malaysia, and the other three existing Asian markets, while GSM is also exploring opportunities to enter the US and European markets.

同時，我們正在亞洲範圍內拓展兩輪車策略，計劃在包括泰國、馬來西亞和其他三個現有亞洲市場在內的五個市場推出電動滑板車業務，而GSM也在探索進入美國和歐洲市場的機會。

For Europe, we plan to introduce the next generation of B SUV, the VF 6 model. For North America markets, we plan to bring the VF 7, a C-segment electric SUV, and to also launch our e-bus business later this year.

對於歐洲市場，我們計劃推出下一代B級SUV，即VF 6車型。對於北美市場，我們計劃引進 C 級電動 SUV VF 7，並在今年稍後推出我們的電動巴士業務。

Now, I will turn it over to Anne, who will take you through the latest on VinFast technology platform.

現在，我將把麥克風交給安妮，她將為大家介紹 VinFast 技術平台的最新進展。

Thank you, Madam Thuy. VinFast is more than an EV manufacturer. Our mission is to make electric mobility accessible to everyone, which directly shapes how we allocate capital and make strategic investments. We are deliberately investing in owning more of our technology stack so that we can deliver more compelling features at a lower cost over time.

謝謝您，翠女士。VinFast 不僅僅是一家電動車製造商。我們的使命是讓每個人都能享受電動出行，這直接影響我們如何分配資本和進行策略性投資。我們正在有意識地投資，以擁有更多我們自己的技術棧，以便隨著時間的推移，我們能夠以更低的成本提供更具吸引力的功能。

At Mobility Day last November, we shared our autonomy roadmap for Level 2+ and Level 2++ towards Level 4, with a demonstration of a self-driving Robo-Car in partnership with Autobrains at Vinhomes Ocean Park, a project in Vietnam. A leading AI mobility company based in Israel, Autobrains has been working with us for a number of years. VinFast have taken a capital efficient approach with an in-house ADAS research institute while working with strategic technology partners for Level 4. We also plan to expand our trials of Robo-Car to larger cities and international markets.

在去年 11 月的移動出行日上，我們分享了從 L2+ 到 L2++ 再到 L4 的自動駕駛路線圖，並與 Autobrains 合作，在越南 Vinhomes Ocean Park 專案現場演示了自動駕駛 Robo-Car。Autobrains 是一家總部位於以色列的領先人工智慧旅遊公司，已與我們合作多年。VinFast採取了資本高效的策略，建立了內部ADAS研究機構，同時與策略技術合作夥伴合作開發L4級自動駕駛系統。我們還計劃將無人駕駛汽車的試驗擴展到更大的城市和國際市場。

We are also pleased to share that we've entered into a collaboration with Tensor, a pioneering AI company developing personally owned Level 4 autonomous Robo-Cars company based in California. Under this partnership, VinFast will serve as the manufacturing and industrialization partner for Tensor's Robo-Car program. Fully functional prototypes of the program have already been tested by Tensor across multiple regions, and the program is currently in the pre-production phase and is being advanced towards commercialization.

我們也很高興地宣布，我們已與 Tensor 達成合作。 Tensor 是一家位於加州的先鋒人工智慧公司，致力於開發個人擁有的 L4 級自動駕駛汽車。根據這項合作協議，VinFast 將擔任 Tensor 的機器人汽車專案的製造和產業化合作夥伴。Tensor 已在多個地區測試了該程式的全功能原型，該程式目前處於預生產階段，並正朝著商業化方向推進。

This collaboration is compelling for both a commercial and financial standpoint, while reinforcing VinFast's strategic role in the next generation of mobility solutions. In parallel, we are also in active discussions with a number of technology and mobility companies exploring robotaxi development. We look forward to sharing further updates as these discussions progress in the coming quarters.

從商業和財務角度來看，此次合作極具吸引力，同時也鞏固了 VinFast 在下一代出行解決方案中的策略地位。同時，我們也積極與多家科技和旅遊公司探討機器人計程車的發展。我們期待在接下來的幾個季度裡，隨著討論的深入，與大家分享更多最新進展。

Internally, we continue to make steady progress in owning more of our core technology stack and expanding our in-house software capabilities. Earlier this year, we introduced a suite of subscription packages in Vietnam that include proprietary remote-control functions and smart features developed internally at VinFast and across the broader Vingroup ecosystem.

在公司內部，我們不斷穩定地推進，逐步掌握更多核心技術棧，並擴展內部軟體能力。今年早些時候，我們在越南推出了一系列訂閱套餐，其中包括 VinFast 內部以及整個 Vingroup 生態系統開發的專有遠端控制功能和智慧功能。

At the same time, we are advancing our transition to EE 2.0 as part of a structural cost initiative this year. This shift is expected to drive meaningful reductions in our BOM cost structure through ECU consolidation, simplified wiring harness design, and greater component commonality across models.

同時，作為今年結構性成本控制計劃的一部分，我們正在推進向 EE 2.0 的過渡。預計這一轉變將透過 ECU 整合、簡化線束設計以及提高各車型間組件的通用性，顯著降低我們的物料清單成本結構。

Our new EE 2.0 demonstrates how our in-house software capabilities are doing more than enhancing the next generation of VinFast vehicles. We're beginning to see interest from external parties in this technology as a standalone solution, which provides early validation of our R&D capabilities and could represent a potential new revenue stream over the longer term.

我們的全新 EE 2.0 展示了我們內部的軟體能力如何不僅增強了下一代 VinFast 車輛的性能，而且還帶來了更多好處。我們開始看到外部各方對這項技術作為獨立解決方案表現出興趣，這可以早期驗證我們的研發能力，並且從長遠來看，可能代表著潛在的新收入來源。

In the near term, we plan to expand these subscription offerings to additional markets alongside the rollout of localized voice assistance strategies across key Asian markets. We look forward to sharing more details as these initiatives continue to develop.

短期內，我們計劃將這些訂閱服務擴展到更多市場，同時在亞洲主要市場推出在地化的語音助理策略。隨著這些計劃的不斷推進，我們期待與大家分享更多細節。

Finally, turning to manufacturing. As Madam Thuy shared earlier, VinFast has embedded smart manufacturing processes across all of its facilities. This is a key pillar of our vertically integrated software-defined EV platform and central to our long-term profitability.

最後，我們來談談製造業。正如翠女士之前分享的那樣，VinFast 已在其所有工廠中嵌入了智慧製造流程。這是我們垂直整合的軟體定義電動車平台的關鍵支柱，也是我們長期獲利能力的核心。

Within the Vingroup ecosystem, VinFast works very closely with a sister company called VinRobotics to accelerate the development of advanced robotics and intelligent automation across its operations. VinRobotics focuses on two core segments, industrial humanoid robots developed in-house, and a scalable non-humanoid physical AI platform that combines robotics hardware with intelligent software.

在 Vingroup 生態系統中，VinFast 與一家名為 VinRobotics 的姊妹公司密切合作，以加速其營運中先進機器人和智慧自動化的發展。VinRobotics專注於兩個核心領域：自主研發的工業人形機器人，以及將機器人硬體與智慧軟體結合的可擴展非人形物理AI平台。

By integrating VinRobotics proprietary mechanical systems, intelligent controls, and AI-driven computer vision into VinFast manufacturing operations, the partnership aims to enhance productivity, improve quality, and reduce operating costs while advancing the broader goal of building the smart factory of the future. VinFast also expects to be the manufacturing partner to VinRobotics, along with two other robotics companies within the Vingroup ecosystem, namely VinMotion and VinDynamics.

透過將 VinRobotics 專有的機械系統、智慧控制和 AI 驅動的電腦視覺技術整合到 VinFast 的製造營運中，該合作旨在提高生產率、改善品質並降低營運成本，同時推進構建未來智慧工廠的更廣泛目標。VinFast 也希望成為 VinRobotics 的製造合作夥伴，以及 Vingroup 生態系統中的另外兩家機器人公司，即 VinMotion 和 VinDynamics。

Now, taking a step back, I'd like to highlight the in-house R&D capabilities at VinFast and the broader Vingroup technology ecosystem that supports VinFast long-term innovation roadmap. At the core of these efforts are our in-house ADAS and battery research institutes, which are focused on developing next-generation technologies that will be integrated into future VinFast vehicles.

現在，退一步講，我想重點介紹一下 VinFast 的內部研發能力以及支援 VinFast 長期創新路線圖的更廣泛的 Vingroup 技術生態系統。這些努力的核心是我們的內部 ADAS 和電池研究機構，它們專注於開發下一代技術，這些技術將整合到未來的 VinFast 汽車中。

Within the Vingroup ecosystem, a number of specialized technology companies are developing capabilities that can be leveraged across multiple businesses. What initially began with VinFast at the center of a green mobility ecosystem, spanning EVs, charging infrastructure through VGreen, and electric mobility services through GSM, is now evolving into a broader platform of advanced technologies.

在 Vingroup 生態系統中，許多專業技術公司正在開發可供多個企業利用的能力。VinFast 最初以綠色出行生態系統為中心，涵蓋電動車、透過 VGreen 提供的充電基礎設施以及透過 GSM 提供的電動旅遊服務，如今正發展成為一個更廣泛的先進技術平台。

Across this ecosystem, teams are developing core capabilities ranging from software platforms and cybersecurity to robotics and automation. A notable example is our collaboration with VinRobotics, which I have highlighted earlier. As Vingroup continues to incubate new technology platforms, VinFast expects to deepen collaboration across the ecosystem and provide further updates on these initiatives in the coming quarters.

在這個生態系統中，各個團隊正在開發從軟體平台和網路安全到機器人和自動化等核心能力。一個值得注意的例子是我們與 VinRobotics 的合作，我之前已經重點介紹過。隨著 Vingroup 不斷孵化新的技術平台，VinFast 預計將在未來幾季深化與整個生態系統的合作，並提供有關這些舉措的更多最新資訊。

Now, I'll hand it over to Lan Anh to discuss our financial results for the fourth quarter and full year of 2025. Lan Anh, please.

現在，我將把發言權交給 Lan Anh，由她來討論我們 2025 年第四季和全年的財務表現。蘭安，拜託了。

Thank you, Anh. Our 2025 result reflects a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance and operating at roughly two-thirds of our flagship factory's capacity during December, we have demonstrated our ability to scale in a disciplined manner. At the same time, the sales policies and promotional initiatives introduced to strengthen brand awareness in our key markets are starting to gain traction.

謝謝你，安。我們2025年的業績反映了我們致力於加速收入成長，同時不斷提高營運效率的策略。透過超額完成 2025 年的業績預期，並在 12 月以旗艦工廠約三分之二的產能運營，我們證明了我們有能力以嚴謹的方式擴大規模。同時，我們在重點市場推出的旨在加強品牌知名度的銷售政策和促銷活動也開始取得成效。

Concurrently, our ongoing cost optimization programs are beginning to deliver tangible results, and we are seeing early signs of operating leverage emerge in the business. Fourth quarter of 2025 reflected the strongest financial performance we have delivered to date, with several key metrics reaching new levels as we begin to see early benefits at scale.

同時，我們正在實施的成本優化計劃開始取得切實成果，我們已經看到業務營運槓桿效應的早期跡像出現。2025 年第四季是我們迄今為止取得的最強勁的財務業績，多項關鍵指標達到新水平，我們開始看到規模化的早期效益。

As Madam Thuy and Anh highlighted, strengthening VinFast competitiveness requires deliberate strategic investments that are essential to improving efficiency, enhancing cost control, and positioning the company for the more sustainable margin profile over the long term.

正如 Thuy 女士和 Anh 先生所強調的那樣，增強 VinFast 的競爭力需要進行深思熟慮的策略性投資，這對於提高效率、加強成本控制以及使公司在長期內獲得更永續的利潤率至關重要。

Now, let me walk you through our results in more detail. Revenue for the fourth quarter of 2025 was USD1.6 billion, up by 118% quarter-over-quarter and 139% year-over-year. Full-year revenue was USD3.6 billion, increased by 105% year-over-year. Gross margin was negative 40% in Q4 2025, compared to negative 79% in Q4 2024.

現在，讓我更詳細地向您介紹一下我們的結果。2025 年第四季營收為 16 億美元，季增 118%，年增 139%。全年營收達36億美元，年增105%。2025 年第四季毛利率為負 40%，而 2024 年第四季毛利率為負 79%。

For the full year, gross margin improved to negative 43% compared to a negative 57% in 2024. With full year revenue increased by 105% and fourth quarter revenue up 139% year-over-year, higher production volumes allowed us to better absorb a fixed manufacturing overhead and improve operating leverage.

全年毛利率改善至負 43%，而 2024 年的毛利率為負 57%。全年營收年增 105%，第四季營收年增 139%，更高的產量使我們能夠更好地吸收固定製造費用並提高營運槓桿。

Recall that in fiscal year 2024, revenue was impacted by a one-time adjustment related to our free charging program. We applied the program retrospectively to all vehicles delivered through December 31, 2024, which resulted in revenue reduction recorded in that quarter. If we exclude the impact mostly due to the free charging program, vehicles sold for which revenue has been deferred, and NRV adjustment, we are seeing a clearer view of the underlying improvement in our operating performance.

請記住，在 2024 財年，收入受到與我們的免費充電計劃相關的一次性調整的影響。我們將該計劃追溯應用於截至 2024 年 12 月 31 日交付的所有車輛，導致該季度收入減少。如果我們排除主要由於免費充電計劃、已售出車輛的收入已遞延以及淨現值調整而產生的影響，我們就能更清楚地看到我們營運績效的根本改善。

Excluding these items, gross margin for Q4 2025 would have been negative 28% compared to negative 26% in Q4 2024. On a full-year basis, gross margin would have been negative 24% as compared to negative 32% in 2024.

剔除這些項目後，2025 年第四季的毛利率將為 -28%，而 2024 年第四季的毛利率為 -26%。以全年計算，毛利率將為負 24%，而 2024 年則為負 32%。

Moving to the operating expenses. R&D expenses were USD114 million, increasing 7% quarter-over-quarter and 7% year-over-year. R&D spending in the quarter was primarily driven by continued investment in our next-generation vehicle platforms and core technology stack, particularly in ADAS L2+ development and our EE 2.0 architecture, as well as ongoing model refreshing programs across vehicles.

接下來是營運費用。研發費用為 1.14 億美元，較上季成長 7%，較去年同期成長 7%。本季研發支出主要由對下一代車輛平台和核心技術堆疊的持續投資所驅動，特別是 ADAS L2+ 開發和 EE 2.0 架構，以及正在進行的車輛更新換代計畫。

R&D as a percentage of revenue was 7%, the lowest in the past five quarters, reflecting the benefits of scale. As revenue growth outpaced R&D spend, fixed R&D investment will leverage more efficiency across larger volumes, improving operating leverage while we continue to advance our core technology roadmap.

研發支出佔收入的比例為 7%，為過去五個季度以來的最低水平，反映了規模效益。由於營收成長超過了研發支出，固定研發投資將提高更大產量的效率，並提高營運槓桿，同時我們將繼續推進核心技術路線圖。

SG&A expense were USD391 million, increasing 126% quarter-over-quarter and 50% year-over-year. The sequential increase was primarily driven by higher marketing expenses associated with the launch of new models across multiple markets.

銷售、一般及行政費用為 3.91 億美元，較上季成長 126%，較去年同期成長 50%。環比成長主要是由於在多個市場推出新車型相關的行銷費用增加所致。

During the quarter, we also booked approximately USD236 million impairment for our North Carolina factory. This impairment charge is a one-off expense and reflects management's decision to take a disciplined approach to accounting adjustment associated with changes in project timing and development assumptions. It does not represent a change in our long-term strategic commitment to the US market. As Madam Thuy mentioned earlier, we expect to resume construction in the North Carolina factory this year.

本季度，我們也對位於北卡羅來納州的工廠提列了約 2.36 億美元的減損準備。這項減損費用是一次性支出，反映了管理層決定對與專案進度和開發假設變化相關的會計調整採取嚴謹的方法。這並不代表我們對美國市場的長期策略承諾改變。正如翠女士之前提到的，我們預計今年將恢復北卡羅來納州工廠的建設。

Excluding this one-off impairment charge, SG&A expenses as a percentage of revenue would have been 10% compared to 24% in Q3 2025 and 40% in the first quarter of 2024. This improvement reflects the benefits of scale and the cost optimization achieved through our transition to a dealer model.

若排除這筆一次性減損費用，銷售、一般及行政費用佔收入的百分比將為 10%，而 2025 年第三季為 24%，2024 年第一季為 40%。這項改進體現了規模效益以及我們轉型為經銷商模式所實現的成本優化。

Adjusted EBITDA for the fourth quarter was negative USD1 billion, a 20% decline year-over-year. Adjusted EBITDA margin came in at negative 65% compared to negative 80% in Q3 2025 and negative 129% in the prior year period. Adjusted EBITDA for fiscal year 2025 came in at negative 66% compared to negative 103% in fiscal year 2024.

第四季調整後 EBITDA 為負 10 億美元，較去年同期下降 20%。經調整的 EBITDA 利潤率為 -65%，而 2025 年第三季為 -80%，去年同期為 -129%。2025 財政年度調整後 EBITDA 為 -66%，而 2024 財年為 -103%。

Excluding the impact mostly due to delayed revenue recognition, impairment charge relating to the US factory, and adjusting for NRV, adjusted EBITDA margin would have been negative 37% in Q4 2025 compared to negative 36% in Q3 2025 and negative 52% in the same period last year.

剔除主要由於延遲確認收入、與美國工廠相關的減損費用以及調整淨可變現值的影響，2025 年第四季調整後的 EBITDA 利潤率為 -37%，而 2025 年第三季為 -36%，去年同期為 -52%。

Net loss for the quarter was negative USD1.4 billion. Net loss margin for the quarter improved to negative 89% compared to negative 186% a year ago, an improvement of 96% year-over-year. Fiscal year 2025 net loss margin is negative 108% compared to negative 176% in fiscal year 2024, an improvement of 58% year-over-year.

本季淨虧損為負14億美元。本季淨虧損率改善至-89%，去年同期為-186%，較去年同期改善96%。2025 財年淨虧損率為 -108%，而 2024 財年淨虧損率為 -176%，較去年同期改善 58%。

Excluding the impact mostly due to delayed revenue recognition, impairment charges, which mostly related to changes in project timing of US factory, and adjusting for NRV, net loss margin would have been negative 62% in Q4 2025 compared to negative 84% in Q3 2025 and negative 94% in the same period last year.

剔除主要由於收入確認延遲、減損費用（主要與美國工廠專案進度變動有關）以及調整淨可變現值的影響後，2025 年第四季淨虧損率為 -62%，而 2025 年第三季為 -84%，去年同期為 -94%。

Finally, EPS for the fourth quarter of 2025 was negative USD0.6, a decline of 15% year-over-year from the fourth quarter of 2024. Full year 2025 EPS was negative USD1.65 compared to full year 2024 EPS of negative USD1.32.

最後，2025 年第四季的每股盈餘為負 0.6 美元，比 2024 年第四季下降了 15%。2025 年全年每股收益為負 1.65 美元，而 2024 年全年每股收益為負 1.32 美元。

Excluding similar items, EPS for the fourth quarter of 2025 would have been USD0.41, and full-year 2025, it would have been USD1.25, a decline of 15% year-over-year.

剔除類似項目後，2025 年第四季每股收益為 0.41 美元，2025 年全年每股收益為 1.25 美元，年減 15%。

CapEx for the quarter was USD304 million, an increase of 16% quarter-over-quarter and 25% year-over-year, driven by CapEx across our new overseas factories and expansion at our Vietnam facilities. Total CapEx for 2025 was USD922 million.

本季資本支出為 3.04 億美元，季增 16%，年增 25%，主要得益於我們在海外新工廠的資本支出以及在越南工廠的擴建。2025 年總資本支出為 9.22 億美元。

Finally, an update on our liquidity and previously announced grant and borrowings commitment in late 2024. As of December 31, 2025, VinFast's outstanding borrowings from Vingroup under this commitment was USD413 million. The company received a total USD1.1 billion disbursement from our founder pursuant to the grant agreement. Our total liquidity as of December 31, 2025, is USD3.1 billion, which reflects cash, funding commitment from Vingroup and our founder and an ELOC facility.

最後，我們將更新我們在 2024 年底的流動性狀況以及先前宣布的補助金和借款承諾。截至 2025 年 12 月 31 日，VinFast 根據該承諾從 Vingroup 未償還的借款為 4.13 億美元。根據捐贈協議，公司從創辦人處共收到 11 億美元的撥款。截至 2025 年 12 月 31 日，我們的總流動資金為 31 億美元，其中包括現金、Vingroup 和我們創辦人的資金承諾以及 ELOC 融資。

Turning to our 2026 outlook. As Madam Thuy noted earlier, scale will be the key driver of operational efficiency. This will be supported by our priorities of expanding manufacturing capacity, strengthening product competitiveness, and accelerating international expansion. We expect revenue growth in 2026 to be driven by a combination of higher volumes, modest improvement of ASP, and product mix evolution across markets.

接下來展望2026年。正如翠女士之前指出的那樣，規模將是營運效率的關鍵驅動因素。我們將優先擴大生產能力、增強產品競爭力、加速國際擴張，以支持此目標的實現。我們預計 2026 年的營收成長將由銷量增加、平均售價略有提高以及各市場產品組合演變共同推動。

Operator, let's open for Q&A.

操作員，現在開始問答環節。

(Operator Instructions) Lisa Seng, Finvest.

（操作員說明）Lisa Seng，Finvest。

Operator, let's go to the next question.

操作員，我們進入下一個問題。

Jesse Sobelson, BTIG.

Jesse Sobelson，BTIG。

Operator, while we get the live questions, let's move on to the WebEx questions. We've got a few of them.

操作員，在我們接收現場提問的同時，讓我們先來看 WebEx 提問。我們有好幾個。

The first question we have is from Jesse actually. There have been rumors you'll be interested in launching a hybrid vehicle. Can you confirm this is something you're interested in pursuing? And if so, how could it impact your future financial results?

我們收到的第一個問題其實是傑西提出的。有傳言說您會對推出混合動力汽車感興趣。能確認一下這是你有興趣從事的領域嗎？如果真是如此，這會對您未來的財務表現產生怎樣的影響？

Anne, would you like to take this question?

安妮，你願意回答這個問題嗎？

Certainly. Well, VF REV was planned for launch in Vietnam starting 2027 with overseas rolled out expected over time. The development basically leverages our existing best platforms and incremental R&D requirements will be fairly manageable.

當然。VF REV計劃於2027年在越南上市，隨後逐步推廣至海外市場。該開發項目基本上利用了我們現有的最佳平台，因此新增的研發需求將相當可控。

We also expect limited impact on broader R&D priorities for the next couple of years as we have very well planned out our R&D road map, our ADAS as well as our EE architecture. Our EV for us is viewed as a practical interim solution to expand EV accessibility and address a broader market segment as opposed to a material shift. Thank you.

我們也預計未來幾年對更廣泛的研發重點不會產生太大影響，因為我們已經非常完善地規劃了研發路線圖、ADAS以及EE架構。對我們來說，電動車被視為擴大電動車普及範圍、滿足更廣泛市場需求的實用過渡方案，而不是實質的轉變。謝謝。

Thank you, Ann. The next question is from Trang Ho of HSC. Congratulations on the quarter's results. Could you please elaborate on the drivers behind the narrowing of the gross profit loss and whether these improvements are sustainable in the coming quarters. Additionally, could you share the recent results or achievements in your key export markets and the company's plans for these markets going forward.

謝謝你，安。下一個問題來自 HSC 的 Trang Ho。恭喜貴公司取得本季業績。請詳細說明毛利虧損收窄背後的驅動因素，以及這些改善能否在未來幾季持續下去。此外，能否分享一下貴公司在主要出口市場的最新業績或成就，以及公司未來在這些市場的計畫？

Lan Anh, would you like to take this?

蘭英，你想收下這個嗎？

Okay. So for the narrowing of the gross profit loss, the improvement is mainly driven by BOM optimization and production scale, supplier pricing, localization and engineering optimization. And we believe these drivers are sustainable.

好的。因此，為了縮小毛利潤損失，改善主要由物料清單優化和生產規模、供應商定價、在地化和工程優化所驅動。我們相信這些驅動因素是可持續的。

The largest reduction in BOM cost of VF 6, around 13%, and VF 7, around 23%, in BOM cost reduction. In 2026, we expect further improvements across multiple models, with around 20% to 30% cost reduction, supported by our transition to next generation vehicle platforms in the following years. We also expect more moderate around 5% annual BOM optimization.

VF 6 的物料清單成本降幅最大，約 13%；VF 7 的物料清單成本降幅最大，約 23%。2026 年，我們預計多款車型將進一步改進，成本降低約 20% 至 30%，這得益於我們在未來幾年向下一代汽車平台的過渡。我們也預期年度物料清單優化幅度將較為溫和，約 5%。

So for the part of the international markets, we also saw a very strong ramp up in deliveries in Indonesia, the Philippines and India in Q4 2025, with the international deliveries accounting for about 17% of total deliveries. For India, we also India positioned as a strategic long-term growth market.

因此，就國際市場而言，我們也看到 2025 年第四季印尼、菲律賓和印度的交付量大幅成長，國際交付量約佔總交付量的 17%。對於印度，我們也將其定位為具有戰略意義的長期成長市場。

For the other market like Indonesia and the Philippines that we leverage for the brand awareness with the cooperation with GSM for the brand awareness boost for the consumer, like a perspective. So we expect that we can boost our overseas sales in 2026 also. Thank you.

對於像印尼和菲律賓這樣的其他市場，我們利用與 GSM 的合作來提高品牌知名度，從而提升消費者的品牌認知度，這是一種觀點。因此，我們預計2026年海外銷售額也能有所成長。謝謝。

Thank you, Lan Anh. The next question we have is a macro question. So I think Madam Thuy would take this. with oil prices trending higher, do you expect that to influence EV adoption dynamics? And separately, could you comment on the current macro environment and how that could potentially affect VinFast operating outlook?

謝謝你，蘭英。下一個問題是一個宏觀問題。所以我認為翠女士會接受這個觀點。隨著油價上漲，您認為這會影響電動車的普及速度嗎？另外，您能否就當前的宏觀環境以及這可能對 VinFast 的營運前景產生的影響發表一些看法？

Thank you, Amanda. Well, we -- I think everywhere Vietnam as well, we -- immediately, we saw the impact of higher oil prices. When people started switching to EVs or even for the white healing of taxi, we started seeing people choosing consciously our GSM platform because the normal taxi.

謝謝你，阿曼達。嗯，我想在越南各地也是如此，我們很快就看到了油價上漲的影響。當人們開始轉向電動車，甚至轉向白色計程車時，我們開始看到人們有意識地選擇我們的 GSM 平台，因為普通計程車也是如此。

Higher oil prices reinforced the long-term EV value position as consumers focus more on total cost of ownership. So fuel prices may influence short-term sentiment, but structural EV adoption drivers remain affordability, product availability, and charging infrastructure, which are everything that we're working to work to.

油價上漲鞏固了電動車的長期價值地位，因為消費者更關注總擁有成本。因此，燃油價格可能會影響短期市場情緒，但電動車普及的結構性驅動因素仍然是價格可負擔性、產品供應和充電基礎設施，而這些正是我們努力的方向。

Our strategy focused on improving cost competitiveness and expanding the product lineup to broaden EV accessibility. We monitor macro developments closely, especially now, but no material impact on operating outlook at the states right now. Our expansion focus on markets where EV adoption remains early with strong long-term growth potential.

我們的策略重點是提高成本競爭力並擴大產品陣容，以擴大電動車的普及範圍。我們密切關注宏觀經濟情勢的發展，尤其是在當前情勢下，但目前來看，這對各州的經營前景沒有實質影響。我們的擴張重點是電動車普及仍處於早期階段且具有強勁長期成長潛力的市場。

Our priority remains scaling production improving cost efficiency and executing the product road map well. The industry commentary suggests about $4 per gallon gasoline could accelerate mass EV adoption. So in some of the states in the US right now, we're exceeding that level as well. Thank you.

我們的首要任務仍然是擴大生產規模、提高成本效益並順利執行產品路線圖。業內人士認為，汽油價格每加侖上漲約 4 美元可能會加速電動車的大規模普及。所以目前在美國的一些州，我們也已經超過了這個水準。謝謝。

Thank you, Madam Thuy. The next question on -- from the Webex is regarding our North Carolina factory. It's good to share an update about the North Carolina factory. Could you elaborate on your decision to proceed with a US manufacturing presence when EV demand is expected to be slower? And could you also share some more color on the impairment charge that you took?

謝謝您，翠女士。Webex 會議的下一個問題是關於我們在北卡羅來納州的工廠。很高興能和大家分享北卡羅來納州工廠的最新情況。鑑於電動車需求預計會放緩，您能否詳細解釋為何決定在美國設立生產基地？能否再詳細介紹一下您提列的減損準備金？

So like for the last years, right, we've been saying that we are committed to the US market and US is an important market to us. And we still commit to that. US still remains an important strategic market for us and US manufacturing base provides flexibility as the market conditions and regulations involved. North Carolina factory construction expected to resume this year. We have been working in the background towards them and the SOPs targeted for 2028.

所以就像過去幾年一樣，我們一直說我們致力於美國市場，美國對我們來說是一個重要的市場。我們依然會堅持這一點。美國仍然是我們重要的策略市場，美國的製造業基礎為我們提供了應對市場條件和相關法規的靈活性。預計北卡羅來納州的工廠建設將於今年恢復。我們一直在幕後努力製定這些標準作業程序，目標是在 2028 年實施。

For out of prudence, we recorded $236 million impairment in Q4 2025. This was a one-off charge reflecting the revised project timing. However, we expect that the -- we will reverse this impairment in the future as the factory construction we start again. Again, there's no change to long-term commitment to the US market

出於謹慎考慮，我們在 2025 年第四季提列了 2.36 億美元的減損準備。這是一次性費用，反映了專案時間表的調整。但是，我們預計——隨著工廠建設的重新啟動，我們將在未來扭轉這一不利局面。再次重申，我們對美國市場的長期承諾並沒有改變。

Thank you, Madam Thuy. The next question is regarding our ADAS strategy. How much of the cost reduction will come from simplifying the hardware stack or tailoring features to different markets?

謝謝您，翠女士。下一個問題與我們的ADAS策略有關。成本降低有多少將來自簡化硬體架構，又有多少將來自針對不同市場客製化功能？

Anne, would you like to take that question?

安妮，你願意回答這個問題嗎？

Well, I think, first of all, the next-generation ADAS stack will launch with refreshes in the VF 6, VF 7. SOP is started to be from the second half of 2026 onwards. So it will be a combination of both simplifying the hyper stack as well as tailoring features to different markets that will really be the anchors of our strategy.

我認為，首先，下一代 ADAS 堆疊將隨著 VF 6、VF 7 的更新而推出。標準作業程序（SOP）將於2026年下半年開始實施。因此，簡化超技術堆疊和針對不同市場客製化功能這兩方面將真正成為我們策略的支柱。

So the new architecture basically will use more integrated computing and simplified hardware stock. And at the same time, we're also increasing the component of in-house development in order to reduce reliance on third parties and being able to tailor the features to different markets. And both of these features, as I've mentioned, will help us lower the cost. I hope that answers the question.

因此，新架構基本上將採用更整合的運算和更簡化的硬體配置。同時，我們也在增加內部研發的比例，以減少對第三方的依賴，並能夠根據不同的市場客製化功能。正如我之前提到的，這兩個特點都將有助於我們降低成本。希望這能解答你的疑問。

Thank you, Anne. The next question is regarding the company's CapEx plans. What -- can you please share what the company's CapEx plans are for 2026?

謝謝你，安妮。下一個問題是關於公司的資本支出計劃。什麼？能否透露一下公司2026年的資本支出計畫？

Lan Anh, would you like to take this?

蘭英，你想收下這個嗎？

Yeah. Okay. So in 2026, most of the -- our CapEx is still going into building out the core manufacturing footprint roughly USD400 million for domestic and around USD600 million for international factories. And then additional CapEx like for machinery and equipment.

是的。好的。因此，到 2026 年，我們的大部分資本支出仍將用於建造核心製造基地，國內工廠大約需要 4 億美元，國際工廠大約需要 6 億美元。此外還有額外的資本支出，例如用於機械和設備的支出。

So in 2026, 2027, our CapEx needs a continuation of our intention to scale our manufacturing globally as we position the overseas factory as export hubs. We expect to incur CapEx for two of Indonesia and India factories. And CapEx for one of US factory, as Madam Thuy just mentioned. So that's a kind of action to account for the future business plans to introduce a scooter and buses also in those markets. Thank you.

因此，在 2026 年和 2027 年，我們的資本支出需要繼續推進我們擴大全球製造規模的計劃，並將海外工廠定位為出口中心。我們預計將在印尼和印度的兩家工廠投入資本支出。正如翠女士剛才提到的，還有美國工廠的資本支出。所以，這是為了配合未來在這些市場推出踏板車和公車的商業計畫而採取的一種行動。謝謝。

Thank you, Lan Anh. The next question is regarding the VF 7. Can you walk us through the VF 7's current status for North America, specifically where it stands in the regulatory approval process, expected timeline for deliveries, and weather production will come out of the India or Vietnam facility. And separately, any update on dealership and service center expansion in the region?

謝謝你，蘭英。下一個問題與VF 7有關。您能否詳細介紹 VF 7 目前在北美的狀況，特別是其在監管審批流程中的進展、預計交付時間表，以及天氣預報產品將在印度還是越南工廠生產？另外，該地區的經銷商和服務中心擴張方面有任何最新進展嗎？

Madam Thuy, please?

翠女士，請問？

So we are preparing to bring the BF 7 to the US before the end of the year. I think we're pretty much done with all the regulatory approval process, homologation, and other approvals.

因此，我們正準備在年底前將 BF 7 帶到美國。我認為我們已經基本完成了所有監管審批流程、認證和其他審批手續。

I think the target is to start the production by the end of next month and with the plan to bring the VF 7 soon after. This is going to be a midsize crossover SUV in that segment. We focus on the customer experience, the feature competitiveness and ownership value rather than other features. So this is going to be a very good addition to the market and will help elevate the VF 8 as we bring more VF 8 to the market.

我認為目標是在下個月底開始生產，並計劃在此之後不久推出 VF 7。這將是一款定位在該細分市場的中型跨界SUV。我們更關注客戶體驗、功能競爭力和擁有價值，而不是其他功能。因此，這將是市場上的一個很好的補充，隨著我們向市場推出更多 VF 8 產品，這將有助於提升 VF 8 的市場地位。

Regarding the dealers, the dealership network the service center, we -- until -- I mean, with all the uncertainties in the US market with the EVs in the US and the automotive tariff, right? So until we have the factory open in 2028, we will take a very disciplined approach with expanding our dealership network.

關於經銷商、經銷商網路和服務中心，我們——直到——我的意思是，考慮到美國電動車市場以及汽車關稅帶來的種種不確定性，對吧？因此，在工廠於 2028 年投產之前，我們將採取非常嚴謹的方式來拓展我們的經銷商網路。

And I think this year, we're looking to add more like two more dealers in California or sell what EV sell the most and we maintained the existing dealership network. I think our focus is trying to make sure that the dealers will be profitable and retain the dealers that we're willing to invest in the brand and continue to stay with us for the long run.

我認為今年，我們計劃在加州增加兩家經銷商，或銷售銷售最好的電動車，同時我們也會維持現有的經銷商網路。我認為我們的重點是確保經銷商能夠獲利，並留住我們願意投資於品牌並長期與我們合作的經銷商。

In terms of repair, the service shop. Our strategy is to expand also the third-party service network. Last year, I think in California alone, we added about 55 service shop. This year, we're adding a few malls, but what is more important is to improve the quality of the service network and gradually really improve and improve the quality of those service network rather than focusing on the quantity. Thank you.

就維修而言，就是維修店。我們的策略是擴大第三方服務網絡。去年，光是在加州，我們就新增了大約 55 家服務店。今年，我們新增了一些商場，但更重要的是提高服務網絡的質量，逐步真正改善和提升服務網絡的質量，而不是只關注數量。謝謝。

Thank you, Madam Thuy. Operator, can we check for live questions?

謝謝您，翠女士。操作員，我們可以查看是否有線上提問嗎？

Jim McIlree, Chardan.

吉姆·麥克伊爾裡，查丹。

Yes. You've talked about the gross margin improvements and the BOM cost improvements that you're looking for this year. When do you think that you can achieve a positive gross margin? Is that something that could happen at the end of this year? Or is that something that's more likely to occur in 2027?

是的。您已經談到了今年您希望實現的毛利率提高和物料清單成本降低。您認為什麼時候可以達到正毛利率？這件事有可能在今年底發生嗎？或者，這種情況更有可能發生在 2027 年？

Jim, thank you for the question. Lan Anh, over to you.

吉姆，謝謝你的提問。Lan Anh，該你了。

Yeah. So for profitability framework, especially mention about gross margin, we see that for the framework, we're consistent, we see many scaling EV manufacturers like we focus on the execution milestones such as margin improvement.

是的。因此，就獲利能力框架而言，特別是提到毛利率，我們看到，在這個框架中，我們保持一致，我們看到許多規模化的電動車製造商都像我們一樣，專注於執行里程碑，例如利潤率的提高。

For VinFast, we have the two primary levers, like the first one for the high-volume deliveries spread fixed costs, of course manufacturing, R&D and SG&A, improving operating leverage. And also, for the BOM costs, yes, we have the next generation platforms designed with the optimized architecture.

對 VinFast 而言，我們有兩個主要槓桿，第一個槓桿是高產量交付，可以分攤固定成本，當然包括製造、研發和銷售、管理及行政費用，從而提高營運槓桿。另外，就物料清單成本而言，是的，我們有採用最佳化架構設計的下一代平台。

The next generation vehicles also expected to deliver around 30% to 40% lower of the bill of materials, I mean, the BOM costs versus earlier models. And because as these models scale in production, because we have the production expansion, the unit economics are expected to improve meaningfully.

預計下一代汽車的物料清單成本將比之前的車型降低 30% 到 40%。而且，隨著這些型號的生產規模擴大，由於生產規模的擴大，預計單位經濟效益將顯著改善。

In addition, that for platform transition and volume run and continue for the cost discipline expected to make the path to profitability increasingly like a visible over the medium term. That's a lot of things to do to boost for the margin improvement for both Vietnam and also for the overseas. And we expect that to like the path to profitability increasingly visible over the like in the medium term. Thanks.

此外，平台轉型和銷售運行以及成本控制預計將使中期內獲利之路越來越清晰可見。為了提高越南和海外市場的利潤率，需要做很多事情。我們預計，在中期內，實現盈利的道路將越來越清晰可見。謝謝。

Thanks, Lan Anh. Operator, are there any more live questions? Or Jim, do you have a follow-up question?

謝謝，蘭安。接線員，還有其他現場提問嗎？吉姆，你還有後續問題嗎？

Yes, I was curious if you could share with us what your expected cash usage will be this year?

是的，我很好奇您能否告訴我們您今年的預期現金支出是多少？

Yes. For the CapEx for this year, we expect that around USD1.6 billion for cash spending CapEx and for R&D with the next generation models. We expect that we spend around USD1.4 billion for R&D. Yeah.

是的。今年的資本支出方面，我們預期現金支出資本支出和下一代車型的研發支出約為 16 億美元。我們預計在研發方面投入約14億美元。是的。

Jesse Sobelson, BTIG.

Jesse Sobelson，BTIG。

There is no response, and we have no further questions in the queue.

沒有收到回复，我們也沒有其他問題需要提問了。

Thanks, operator. Actually, Jesse had sent in his question on the Webex, so I'm going to read it out. This is regarding our guidance of 300,000 global EV deliveries in 2026. From a manufacturing standpoint, are you already capable of producing at that annualized run rate today? And what are the key milestones, either utilization, supply chain, labor or localization that needs to happen to support that volume?

謝謝接線生。實際上，傑西已經透過 Webex 發送了他的問題，所以我將把它讀出來。這是關於我們2026年全球電動車交車量達到30萬輛的預期目標。從生產製造的角度來看，您目前是否已經具備達到該年化生產力的能力？為了支持這項產量，在利用率、供應鏈、勞動力或在地化方面需要取得哪些關鍵進展？

There's also been discussions of competitors extending their manufacturing footprints into Southeast Asia and namely Vietnam. So how do you want investors to think about VinFast's core differentiation, whether it's product, pricing, ecosystem or after-sales, and where do you believe you have the most defensible advantage over the next 12 to 18 months? Thank you for that question, Jesse. That's very comprehensive.

此外，也有人討論競爭對手將生產基地擴展到東南亞，特別是越南。那麼，您希望投資者如何看待 VinFast 的核心差異化優勢，無論是產品、定價、生態系統還是售後服務？您認為在未來 12 到 18 個月內，您在哪些方面擁有最可靠的競爭優勢？謝謝你的提問，傑西。非常全面。

Madam Thuy, over to you.

Thuy女士，該您了。

Yeah. Absolutely, we're capable of manufacturing and delivering that volume of at least 300,000 vehicles in 2026. Regarding the at least 300,000 delivery target for 2026, the growth will mainly be driven by Vietnam and our core Asian markets.

是的。當然，我們有能力在 2026 年生產和交付至少 30 萬輛汽車。關於 2026 年至少 30 萬輛的交付目標，成長將主要由越南和我們的核心亞洲市場推動。

From a manufacturing perspective, we already have sufficient capacity. I think with, as I mentioned in my speech, with facilities in Hai Phong, Ha Tinh, and India, our combined capacity exceeds 600,000 vehicles per year already, so that will support our growth target.

從生產製造的角度來看，我們已經擁有足夠的產能。正如我在演講中提到的，憑藉我們在海防、河靜和印度的工廠，我們的總產能已經超過每年 60 萬輛，這將支持我們的成長目標。

As an example, our flagship factory in Hai Phong has ramped up to above 70% capacity at the end of 2025 and still have headroom to produce more. From the supply chain perspective, we have developed a global supplier network of 1,700 partners and about 800 direct suppliers that are, you know, ready to supply to us.

例如，我們在海防的旗艦工廠到 2025 年底產能已提升至 70% 以上，並且還有產能提升的空間。從供應鏈的角度來看，我們已經建立了一個由 1700 個合作夥伴和約 800 個直接供應商組成的全球供應商網絡，他們隨時準備為我們供貨。

Well, I think, on your second question, beyond pricing, we differentiate through our EV ecosystem, including the rollout of the V-GREEN charging infrastructure, and the expansion of GSM ride-hailing fleet, which help build the long-term consumer confidence. Over time, our scale increases and our ecosystem matures.

關於你的第二個問題，我認為，除了價格之外，我們透過電動車生態系統實現差異化，包括 V-GREEN 充電基礎設施的推出和 GSM 叫車車隊的擴張，這些都有助於建立消費者的長期信心。隨著時間的推移，我們的規模不斷擴大，我們的生態系統也日益成熟。

We expect, you know, promotions to normalize with differentiation increasingly driven by great value to money, the vehicle products, and enhanced ownership experience and after-sales service, and, of course, the best-in-class warranty coverage. I think those are the differentiating points between us and other competitors that might want to enter Southeast Asia and Vietnam in particular. Thank you.

我們預計，促銷活動將趨於正常化，差異化將越來越依賴高性價比的車輛產品、增強的擁有體驗和售後服務，當然還有一流的保固服務。我認為這些是我們與其他可能想要進入東南亞，特別是越南市場的競爭對手之間的差異。謝謝。

Thank you, Madam Thuy. Our next question is regarding robotics manufacturing. Can you give us a sense of the time line for when VinFast would begin manufacturing robots for the robotics companies within the Vingroup ecosystem and would that require additional CapEx or changes to existing production lines? Anne, would you like to take this, please?

謝謝您，翠女士。我們的下一個問題是關於機器人製造的。您能否大致說明一下 VinFast 何時開始為 Vingroup 生態系統內的機器人公司生產機器人？這是否需要額外的資本支出或對現有生產線進行改造？安妮，請問你想拿著這個嗎？

Sure. Thanks, Amanda. Basically, I think humanoid robot trials are already planned for the second half of 2026 across two of our factory plants in Vietnam for certain operational tasks. We'll continue to conduct ongoing evaluation of robotics integration within our smart manufacturing roadmap and making sure that the humanoid or the robot arms visual AI programs work seamlessly with what we currently have, which is already fairly highly automated.

當然。謝謝你，阿曼達。基本上，我認為我們已經計劃在 2026 年下半年在越南的兩家工廠進行人形機器人試驗，以執行某些操作任務。我們將繼續對智慧製造路線圖中的機器人整合進行持續評估，並確保人形機器人或機械手臂的視覺人工智慧程式能夠與我們目前擁有的、已經高度自動化的系統無縫協作。

At the same time, we also do not want you know, our testing to disrupt the core EV production because the plant in Haiphong is basically operating at full capacity, and the one in Ha Tinh is also ramping up very fast. I'm very excited, and we hope to share further updates in the coming quarters. Thank you.

同時，我們也不希望我們的測試幹擾電動車的核心生產，因為海防的工廠基本上已經滿載運轉，而河靜的工廠也在快速提高產能。我感到非常興奮，我們希望在接下來的幾個季度分享更多最新消息。謝謝。

Thank you, Anne. Our next question is from Harry of Edison Research. Could you possibly give a little bit more color on the geographic breakdown of the e-scooter growth you're expecting this year? Will the majority of the growth be driven by an increased number of scooters sold in Vietnam? Or do you expect it to be driven by international markets? And a follow-up question is, should -- with this growth, should we expect e-scooters to have a meaningful margin impact moving forward?

謝謝你，安妮。我們的下一個問題來自愛迪生研究公司的哈利。能否更詳細介紹一下您預計今年電動滑板車成長的地理分佈？越南摩托車銷量的增加是否會成為推動成長的主要動力？或者您認為它將由國際市場驅動？還有一個後續問題是，隨著這種成長，我們是否應該預期電動滑板車在未來會對利潤率產生顯著影響？

Madam Thuy, please?

翠女士，請問？

Well, last year experienced a very strong growth in e-scooter for us, and that was all in Vietnam. This year, we expect to expand to five international markets in Asia as well. As you know, you go to Asia, you know, you see mostly a lot of two-wheeled vehicles in Asia.

去年，我們的電動滑板車業務成長非常強勁，而且全部都集中在越南。今年，我們預計也將拓展到亞洲的五個國際市場。如你所知，你去亞洲，你會發現亞洲大部分地區都是兩輪車。

There's a very strong market just beyond Vietnam. We expect most of the growth for 2026 will still come from Vietnam for various reasons driven by, like, the policy tailwinds in Vietnam, including the expected restrictions on gasoline motorbikes in Hanoi and Ho Chi Minh City, the two big cities in Vietnam, in the middle of 2026.

越南週邊地區擁有非常強勁的市場。我們預計，由於各種原因，2026 年的大部分成長仍將來自越南，例如越南的政策利好，包括預計在 2026 年年中越南兩大城市河內和胡志明市對汽油摩托車實施限制。

We focus on the largest segment of two wheels, the student and daily commuters. The adoption is accelerating as well. I mentioned the international expansion before. We will expand into India, Indonesia, Malaysia, Thailand, and the Philippines.

我們專注於兩輪車市場中最大的群體——學生和日常通勤者。採用速度也在加快。我之前提到過國際擴張。我們將拓展到印度、印尼、馬來西亞、泰國和菲律賓。

Another interesting fact about our e-scooter is the battery swapping rollout by V-GREEN that reduces the charging barriers, especially for people that use e-scooter or use two-wheeled vehicles for, you know, food deliveries or for delivery purposes. As of January 2026, there are only 4,500 battery swapping stations installed across Vietnam, supported by retail and logistics partnerships.

關於我們的電動滑板車，另一個有趣的事實是 V-GREEN 推出的電池更換服務，這降低了充電門檻，尤其對於使用電動滑板車或兩輪車進行外帶或送貨的人來說更是如此。截至 2026 年 1 月，越南全國僅安裝了 4500 個電池更換站，這些更換站得到了零售和物流合作夥伴的支持。

Well, as the two-wheeler segment scales, we expect it to become an increasingly meaningful contributor to both revenues and profitability for VinFast, and it will be a great support for our four-wheels business. Thank you.

隨著兩輪車市場的規模不斷擴大，我們預計它將成為 VinFast 收入和盈利能力的重要貢獻者，並將為我們的四輪車業務提供強大的支援。謝謝。

Thank you, Madam. We are just at about time. So we're going to end with the last question from the WebEx regarding our guidance. Can you provide a breakdown or give us a sense of which markets or models do you expect to contribute the most to your target of at least 300,000 EVs this year?

謝謝您，女士。我們差不多到時間了。最後，我們將回答WebEx會議上關於我們指導意見的最後一個問題。您能否提供一份細分數據，或者讓我們了解您預計哪些市場或車型將對您今年至少 30 萬輛電動車的目標貢獻最大？

Well, I think even for 2026, the primary growth expected still from Vietnam and the core Asian markets. There will be new models, launches in India, Indonesia and the Philippines and the expansion of GSM operations in international market will also drive the growth as well. We are building the dealership network across Vietnam and Asia. So just those are the factors that would help drive the EV guidance to at least 300,000 vehicles this year.

我認為即使到了 2026 年，主要的成長預計仍然來自越南和亞洲核心市場。將會有新車型推出，在印度、印尼和菲律賓上市，GSM業務在國際市場的擴張也將推動成長。我們正在越南和亞洲各地建立經銷商網路。因此，正是這些因素推動今年電動車銷售目標至少達到 30 萬輛。

Thank you, Madam Thuy. Operator, that concludes the earnings call.

謝謝您，翠女士。接線員，財報電話會議結束。

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

謝謝。今天的會議就到此結束。感謝您的參與。您現在可以斷開連線了。