VinFast Auto Ltd (VFS) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to VinFast's first-quarter 2026 financial results and Q&A webcast.

各位好，感謝您撥冗等候。歡迎收看 VinFast 2026 年第一季財務業績與問答網路直播。

(Operator Instructions)

(接線員指示)

Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Ms. Amandae Baey, Vice President of Investor Relations. Please go ahead, ma'am.

提醒各位，今天的會議將進行錄音。現在我想把會議交給今天的第一位講者，投資人關係副總裁 Amandae Baey 女士。女士，請開始。

Thank you, operator, and good morning, everyone. Welcome to VinFast first-quarter 2026 earnings call. Joining me today are Chairman of the Board, Mr. Pham Nhat Quan Anh; Deputy CEO of Investments, Ms. Anne Pham; and our CFO, Ms. Lan Anh Nguyen.

謝謝接線員，各位早安。歡迎參加 VinFast 2026 年第一季財報電話會議。今天與我一同出席的有董事會主席 Pham Nhat Quan Anh 先生；投資副執行長 Anne Pham 女士；以及財務長 Lan Anh Nguyen 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 of 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.

在我們開始之前，請注意今天的電話會議將包含依據美國聯邦證券法所作的前瞻性陳述。這些陳述反映我們目前對未來事件、財務與營運表現及其他事項的看法，並涉及風險與不確定性。這些因素可能導致實際結果出現重大差異。關於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（SEC）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.

我們也將提及若干非 GAAP 財務衡量指標；這些指標與 GAAP 數字的調節表及相關說明，已包含在我們今天稍早發布的簡報中。

With that, I would like to invite Mr. Quan Anh to begin with the management remarks.

接下來，我想邀請 Quan Anh 先生先進行管理層致詞。

Thank you, Amandae. I'm honored to assume the role of Chairman of Board of VinFast at an important stage in the company's development. I would also like to express my sincere appreciation to Madam Thuy Le for her leadership and contributions over the past several years. Under her leadership, VinFast successfully entered international markets and established the foundation for its global expansion, helping bring the VinFast brand to customers around the world.

謝謝你，Amandae。在公司發展的重要階段，我很榮幸接任 VinFast 董事會主席一職。我也要對 Thuy Le 女士在過去數年中的領導與貢獻致上誠摯的感謝。在她的帶領下，VinFast 成功進入國際市場並奠定全球擴張的基礎，協助將 VinFast 品牌帶給世界各地的客戶。

Today, VinFast enters its next phase with a stronger foundation, a growing global ecosystem and a clear long-term strategic direction. As the company continues its transition towards a more asset-light operating model, we remain focused on strengthening operational execution, enhancing customer experience and advancing innovation in an era increasingly defined by software-defined mobility and autonomous technologies.

今天，VinFast 以更穩固的基礎、日益成長的全球生態系，以及清晰的長期策略方向，邁入下一個階段。隨著公司持續轉型為更輕資產的營運模式，我們仍專注於強化營運執行、提升客戶體驗，並在日益由軟體定義移動（software-defined mobility）與自動駕駛技術所主導的時代推進創新。

Together with our leadership team, employees, partners, dealers, and customers, we remain committed to building a globally competitive mobility company positioned for sustainable long-term growth. I look forward to working closely with all stakeholders as VinFast continues its next chapter of development and global expansion.

我們與領導團隊、員工、合作夥伴、經銷商及客戶攜手，持續致力於打造具全球競爭力的移動出行公司，並為可持續的長期成長做好定位。我期待與所有利害關係人密切合作，陪伴 VinFast 持續開啟下一篇章的發展與全球擴張。

Turning to recent developments in the global energy markets, higher oil prices continue to reinforce a long-term case for electrification, particularly across import-dependent economies. In Asia, where many markets rely heavily on oil shipments through critical routes such as the Strait of Hormuz, recent price volatility has had an immediate impact. This has accelerated government policy support aimed at reducing fuel dependence and strengthening the energy security.

談到近期全球能源市場的發展，油價走高持續強化電動化的長期趨勢，尤其是在依賴進口的經濟體。在亞洲，許多市場高度依賴經由荷姆茲海峽等關鍵航道的石油運輸，近期價格波動已帶來即時影響。這也加速了政府政策支持，旨在降低燃料依賴並強化能源安全。

As a result, Southeast Asia and other emerging markets are increasingly leading global EV adoption trends. This structural shift is translating into tangible demand across VinFast core markets and aligned closely with the green mobility ecosystem. In Vietnam, VinFast recorded a new daily sales high of 3,520 EVs on March 28, alongside a record month for the E2W orders. To support and scale this momentum, VinFast has taken additional steps to strengthen its long-term operating model. These include a new strategic partnership with GSM and the spin-off of our Vietnam manufacturing assets.

因此，東南亞及其他新興市場正日益引領全球電動車（EV）採用趨勢。這種結構性轉變正轉化為 VinFast 核心市場的實質需求，並與綠色移動生態系高度一致。在越南，VinFast 於 3 月 28 日創下單日銷售 3,520 輛電動車的新高，同時電動二輪車（E2W）訂單也創下單月新紀錄。為了支撐並擴大這股動能，VinFast 已採取額外措施以強化長期營運模式。包括與 GSM 建立新的策略合作夥伴關係，以及分拆我們在越南的製造資產。

Together, the initiatives are expected to enhance financing flexibility and support the company's transition to a more capital-light business model. I will now pass it over to Anh to recap the key highlights of the quarter. Thank you.

綜合而言，這些舉措預期將提升融資彈性，並支持公司轉型為更輕資本的商業模式。接下來我將把時間交給 Anh，回顧本季的重點亮點。謝謝。

Thank you, Quan Anh. Q1 '26 deliveries were 58,577 units, an increase of 61% year-over-year, despite being the seasonally slowest quarter. International deliveries accounted for 8%, while non-related parties accounted for 87% of deliveries. Q1 '26 electric two-wheeler deliveries also rose 219% year-over-year to approximately 143,000 units, with the Evo and Feliz models making up 81% of deliveries.

謝謝你，Quan Anh。2026 年第一季交付量為 58,577 輛，年增 61%，儘管第一季通常是季節性最淡的季度。國際交付占比為 8%，而非關聯方交付占比為 87%。2026 年第一季電動二輪車交付量亦年增 219% 至約 143,000 輛，其中 Evo 與 Feliz 車型合計占交付量的 81%。

In March alone, VinFast received more than 135,000 e-scooter orders and shipped over 93,000 e-scooters to dealers in Vietnam. In Vietnam, total automotive sales grew 36% year-over-year in the quarter to 162,000 units approximately. VinFast continued to outperform the industry with EVs deliveries increasing 61% year-over-year as we maintained our position as the number one OEM for every month since September 2024 to date. While we have been at the forefront of driving Vietnam's EV option rate to approximately 40%, we continue to see significant runway for future growth.

僅在 3 月，VinFast 就收到超過 135,000 筆電動機車訂單，並向越南經銷商出貨超過 93,000 輛電動機車。在越南，本季汽車總銷量年增 36% 至約 162,000 輛。VinFast 持續跑贏產業，電動車交付量年增 61%，並自 2024 年 9 月以來每個月都維持第一大 OEM 的地位至今。雖然我們一直站在推動越南電動車採用率提升至約 40% 的最前線，但我們仍看到未來成長的巨大空間。

In March, the government issued a directive calling for 50% of city public transportation to transition to EVs, alongside increased use of biofuels as part of a broader effort to reduce reliance on energy imports. Regarding Vietnam's two-wheeler market, according to our internal research, our overall two-wheels registered volume increase of 26% year-on-year in Q1 of '26. VinFast has rapidly emerged as one of the country's leading brands. In March, we crossed the 10% threshold market share for the first time, reaching a record 17% market share of the total two-wheel industry and becoming the number two player in the market, only after Honda.

3 月，政府發布指令，要求城市公共運輸有 50% 轉型為電動車，同時提高生質燃料使用，作為更廣泛降低對能源進口依賴的努力之一。就越南二輪車市場而言，根據我們的內部研究，2026 年第一季我們的二輪車整體掛牌量年增 26%。VinFast 已迅速崛起為該國領先品牌之一。3 月，我們首次突破 10% 市占門檻，並創下二輪車全產業總量 17% 的市占新高，成為市場第二大業者，僅次於 Honda。

Turning to international markets, Southeast Asia and India continue to be a core growth engine for VinFast. Across Indonesia and the Philippines, there are clear signs that EV adoption is moving beyond the early stage and VinFast strategy is gaining traction. In Indonesia, the BEV segment has outperformed the broader automotive market, with rising consumer interest since February, supported by higher fuel prices.

再看國際市場，東南亞與印度仍是 VinFast 的核心成長引擎。在印尼與菲律賓，明顯可見電動車採用正逐步走出早期階段，而 VinFast 的策略也正在取得成效。在印尼，純電動車（BEV）細分市場表現優於整體汽車市場，自 2 月以來在油價上升的支持下，消費者興趣持續升溫。

In the Philippines, momentum has been particularly strong, with March sales reaching a new monthly high for VinFast. Together, these trends signify an inflection point for EV adoption in the region. A key driver of this growth is increasing B2B demand, particularly from fleet operators. [Systemic] programs such as battery subscriptions and residual value guarantees are reinforcing VinFast total cost of ownership advantage and supporting adoption at scale. VinFast continues to strengthen our position through new product launches and expanded distribution.

在菲律賓，動能尤其強勁，3 月銷售創下 VinFast 單月新高。綜合而言，這些趨勢象徵該區域電動車採用的拐點已然出現。推動此成長的關鍵因素之一，是 B2B 需求增加，特別來自車隊營運商。[Systemic] 電池訂閱與殘值保證等方案，正強化 VinFast 在總持有成本（TCO）上的優勢，並支持規模化採用。VinFast 也透過新產品上市與擴大通路，持續鞏固我們的市場地位。

In India, VinFast opened its 50 dealership during the quarter and remains on track to double its footprint by year-end. In less than a year, VinFast has launched three products, received multiple industry awards, and we expect to launch our two-wheel business in India later this year.

在印度，VinFast 於本季開設第 50 家經銷據點，並仍按計畫在年底前將據點數量翻倍。在不到一年的時間內，VinFast 已推出三款產品、獲得多項產業獎項，並預期於今年稍晚在印度推出我們的二輪車業務。

At the end of the first-quarter, VinFast was ranked the number one BEV brand in the Philippines, the number four brand in India, and the number eight brand in Indonesia. I would like to address our new strategic partnership with GSM. The partnership plays an important role in accelerating EV adoption in Vietnam as well as internationally for VinFast, while serving as an effective platform for brand building and free marketing.

截至第一季末，VinFast 在菲律賓被評為第一大 BEV 品牌、在印度排名第四、在印尼排名第八。我想談談我們與 GSM 的新策略合作夥伴關係。該合作夥伴關係在加速越南以及國際市場的電動車採用方面，對 VinFast 扮演重要角色，同時也作為有效的品牌建立與免費行銷平台。

Under the new agreement, VinFast will supply GSM with approximately 1 million electric vehicles and 4 million electric scooters over the five-year period of 2026 to 2030. GSM is eligible for incentives and commercial support, reflecting a combination of base discounts, volume-based incentives, and go-to-market support. From an operational perspective, this partnership provides visibility into our order book, and in turn, this demand visibility is valuable during a scaling phase, especially in international markets, and support eventual cost optimization.

根據新協議，VinFast 將在 2026 年至 2030 年的五年期間內，向 GSM 供應約 100 萬輛電動車及 400 萬輛電動機車。GSM 有資格獲得獎勵與商業支援，反映出基礎折扣、按量計算的獎勵，以及市場導入（go-to-market）支援的組合。從營運角度來看，此合作夥伴關係可提升我們對訂單簿的可視性；反過來，這種需求可視性在擴張階段（尤其是在國際市場）極具價值，並有助於最終的成本最佳化。

We are also pleased to share another milestone in our long-term autonomy ambition. VinFast signed an MOU with Autobrains, our Level 4 autonomy partner and NVIDIA, who will be a key supplier for our Level 4 autonomy initiatives. The agreement unveiled on the 1s of June this year at GPU Technology Conference Taipei, confirms that VinFast's future robotaxi platform will be powered by NVIDIA's Hyperion architecture, reinforcing VinFast's commitment to leveraging best-in-class technologies to support the development of advanced autonomous solutions. We'll be sharing further updates on our autonomous Vehicle road map in due course.

我們也很高興分享我們長期自動駕駛願景的另一項里程碑。VinFast 與 Autobrains（我們的 Level 4 自動駕駛合作夥伴）以及 NVIDIA（將成為我們 Level 4 自動駕駛計畫的關鍵供應商）簽署了一份 MOU（合作備忘錄）。該協議於今年 6 月 1 日在 GPU Technology Conference Taipei 公布，確認 VinFast 未來的 robotaxi 平台將採用 NVIDIA 的 Hyperion 架構，進一步強化 VinFast 致力於運用同級最佳技術，以支持先進自動駕駛解決方案的開發。我們將在適當時機分享更多關於自動駕駛車輛路線圖的更新。

Now turning to the recently announced spin-off of our Vietnam manufacturing assets. Recently, VinFast has taken a deliberate and phased transformation of its corporate structure with the objective of building a leaner organization that enhances operational efficiency and supports scalable long-term growth.

接下來談談近期宣布將我們越南製造資產分拆的事項。近期，VinFast 以審慎且分階段的方式推動公司架構轉型，目標是打造更精實的組織，以提升營運效率並支持可擴展的長期成長。

In May of this year, VinFast announced a proposed reorganization under which certain assets and operations of VinFast Trading and Production or VFTP, will be separated into a newly formed entity, VinFast Vietnam JSC, VFVN. VFVN is expected to hold VinFast R&D, intellectual property, sales, and after-sales businesses, while VFTP will continue operating the manufacturing business in Vietnam.

今年 5 月，VinFast 宣布一項擬議的重組方案，將 VinFast Trading and Production（VFTP）的部分資產與營運分拆至新成立的實體 VinFast Vietnam JSC（VFVN）。預期 VFVN 將持有 VinFast 的研發（R&D）、智慧財產權、銷售與售後業務，而 VFTP 將繼續在越南經營製造業務。

Following the separation, VinFast will transfer its interest in VFTP to a group of purchasers led by Future Investment Research and Development Joint Stock Company for approximately USD530 million. The transaction has been approved by share..holders and remains subject to customary closing conditions. The reorganization will not affect the company's international operations, including its manufacturing facilities in Indonesia and India. Parties to the transaction will enter into a long-term manufacturing agreement to ensure continuity across production, supply chain, and customer deliveries.

分拆完成後，VinFast 將以約 5.30 億美元，將其在 VFTP 的權益轉讓予由 Future Investment Research and Development Joint Stock Company 領導的一組買方。該交易已獲股東批准，仍須滿足慣常的交割條件。本次重組不會影響公司的國際營運，包括其在印尼與印度的製造設施。交易各方將簽訂長期製造協議，以確保生產、供應鏈與客戶交付的連續性。

Importantly, the transaction does not change VinFast's commitment to manufacturing scale, product quality, or customer service. Strategically, the new structure also enables VinFast to concentrate resources on higher value activities, including R&D, design, software, and go-to-market capabilities, while improving capital allocation and management focus on innovation and growth.

重要的是，該交易不會改變 VinFast 對製造規模、產品品質或客戶服務的承諾。在策略層面，新架構亦使 VinFast 能將資源集中於更高價值的活動，包括研發、設計、軟體與市場導入能力，同時改善資本配置，並讓管理層更聚焦於創新與成長。

Now, I would like to turn it over to Lan Anh to cover the financial results and outlook. Lan Anh, please.

現在，我想把時間交給 Lan Anh，請她說明財務結果與展望。Lan Anh，請。

Thank you, Anne. Revenue for the first-quarter of 2026 grew 41.7% year-over-year, a strong start despite the Lunar New Year seasonality. Q1 2026 gross margin was negative 73.6%, compared to negative 46.4% in Q4 2025, and negative 35.2% in the same period last year. The pressure on this quarter's gross margin was primarily driven by USD192 million revenue deduction, representing approximately 20% of revenue related to the extension and amendment of certain free charging programs across our markets. Under these programs, eligible VinFast vehicles sold through 10 February 2029 will receive free charging benefits for up to three years.

謝謝你，Anne。2026 年第一季營收年增 41.7%，儘管受到農曆新年季節性影響，仍是強勁的開局。2026 年第一季毛利率為負 73.6%，相較於 2025 年第四季的負 46.4%，以及去年同期的負 35.2%。本季毛利率承壓主要來自 1.92 億美元的營收扣減，約占營收的 20%，與我們在各市場延長並修訂部分免費充電方案有關。在這些方案下，於 2029 年 2 月 10 日前售出的符合資格 VinFast 車輛，將可享有最長三年的免費充電福利。

Accordingly, USD192 million was recognized for all vehicles sold through 31 of March 2026, as this is the value of the extended benefits. The extended charging program was introduced to accelerate EV adoption, enhance customer affordability and total cost of ownership, and support early-stage market development, particularly in Vietnam and other Asian markets.

因此，針對截至 2026 年 3 月 31 日售出的所有車輛，已認列 1.92 億美元，因其代表延長福利的價值。延長充電方案的推出旨在加速電動車普及、提升客戶可負擔性與總持有成本（TCO），並支持早期市場發展，特別是在越南及其他亞洲市場。

In addition, similar with the prior quarter's, gross margin was impacted by revenue deferral on certain vehicles sales and NRV adjustments, will represent approximately 12% and 14% of revenue respectively. Excluding these items, we continue to see a clear improvement in the underlying operating trajectory of the business. On this adjusted basis, gross margin would have improved to negative 22.5% in Q1 2026, compared with negative 47.2% in Q4 2025, and negative 28.1% in Q1, 2025.

此外，與前一季類似，毛利率亦受到部分車輛銷售的營收遞延以及 NRV（可變現淨值）調整影響，分別約占營收的 12% 與 14%。排除這些項目後，我們持續看到公司基本營運走勢明顯改善。在此調整基礎上，2026 年第一季毛利率將改善至負 22.5%，相較於 2025 年第四季的負 47.2%，以及 2025 年第一季的負 28.1%。

Moving to the operating expenses. R&D expenses were USD101 million, decreasing 12.4% quarter-over-quarter, and increased by 25.8% year-over-year. The increase in R&D costs compared to the first-quarter of 2025 was attributable to R&D cost for the Green models, Lac Hong, and models that VinFast plans to launch on its new vehicle platforms and E/E 2.0 architecture in 2026. The decrease in R&D costs compared to the fourth-quarter of 2025 was attributable to the completion of certain projects, including the M Green model, in the fourth-quarter of 2025.

接著看營業費用。研發費用為 1.01 億美元，較前一季下降 12.4%，但較去年同期增加 25.8%。相較於 2025 年第一季，研發成本增加主要歸因於 Green 車型、Lac Hong，以及 VinFast 計畫於 2026 年在新車平台與 E/E 2.0 架構上推出之車型的研發支出。相較於 2025 年第四季，研發成本下降則主要歸因於部分專案在 2025 年第四季完成，包括 M Green 車型。

R&D as a percentage of revenue was 11%, as compared to the 12.4% in the first-quarter of 2025. SG&A expenses were USD101 million, decreasing at 73.9% quarter-over-quarter, and 32.3% year-over-year. The decrease compared to the first-quarter of 2025 and the fourth-quarter of 2025 was primarily attributable to no impairment charges being required in the first-quarter of 2026, whereas impairment charges was recognized in the prior period. SG&A as a percentage of revenue was 11%, compared to the 23% in the first-quarter of 2025.

研發費用占營收比重為 11%，相較於 2025 年第一季的 12.4%。SG&A（銷售、一般及行政）費用為 1.01 億美元，較前一季下降 73.9%，較去年同期下降 32.3%。相較於 2025 年第一季與 2025 年第四季的下降，主要歸因於 2026 年第一季不需要認列減損費用，而前期曾認列減損費用。SG&A 占營收比重為 11%，相較於 2025 年第一季的 23%。

Adjusted EBITDA for the first-quarter was negative USD783 million, decreased 29.9% sequentially. On a year-over-year basis, adjusted EBITDA loss was adversely impacted because of the impact from the extended free charging program. Excluding the impact mainly from extended free charging, revenue deferrals on certain vehicle sales, and NRV, adjusted EBITDA margin would have been negative 32% compared to the negative 46.2% in the same period last year.

第一季調整後 EBITDA 為負 7.83 億美元，較前一季減少 29.9%。以年對年來看，調整後 EBITDA 虧損因延長免費充電方案的影響而惡化。排除主要來自延長免費充電、部分車輛銷售的營收遞延以及 NRV 的影響後，調整後 EBITDA 利潤率將為負 32%，相較於去年同期的負 46.2%。

Net loss margin for the quarter was negative 121.6% as compared to the negative 95.8% in the Q4 2025, and negative 108.5% in the same period last year. Excluding the impact mainly from extended free charging, revenue deferrals on certain three vehicle sales and NRV, net loss margin was negative 62.2%, improved by 21.4% as compared to the fourth-quarter -- Q4 of 2025, and by 36.1% as compared to the same period last year.

本季淨損失率為負 121.6%，相較於 2025 年第四季的負 95.8%，以及去年同期的負 108.5%。排除主要來自延長免費充電、部分三款車輛銷售的營收遞延以及 NRV 的影響後，淨損失率為負 62.2%，較 2025 年第四季（Q4 2025）改善 21.4%，較去年同期改善 36.1%。

Finally, EPS for the first-quarter of 2026 was negative $0.48, representing a 25% improvement compared to negative $0.64 in the fourth-quarter of 2025. Excluding the items discussed above, EPS for the first-quarter of 2026 would have been negative $0.30, representing a 42% improvement year-over-year. CapEx for the quarter was USD198 million, mainly for the expansion of our manufacturing facilities.

最後，2026 年第一季每股盈餘（EPS）為負 0.48 美元，較 2025 年第四季的負 0.64 美元改善 25%。排除上述討論項目後，2026 年第一季 EPS 將為負 0.30 美元，年對年改善 42%。本季資本支出（CapEx）為 1.98 億美元，主要用於擴建我們的製造設施。

As of 31 March 2026, VinFast has total available liquidity of up to USD2.6 billion, which consisted of cash and cash equivalents of USD219.3 million, an undrawn credit line from Vingroup of up to USD607.3 million, remaining grants from Mr. Pham Nhat Vuong of up to USD677.2 million, an available commitment of USD969 million under a standby equity subscription agreement, and USD125.4 million the company expects to receive from the share transfer after retiring the keynotes that was previously issued to VinFast Trading and Production JSC.

截至 2026 年 3 月 31 日，VinFast 的可用流動性總額最高達 26 億美元，包括 2.193 億美元的現金及約當現金、來自 Vingroup 最高 6.073 億美元的未動用授信額度、來自 Pham Nhat Vuong 先生最高 6.772 億美元的剩餘補助、依據備用股權認購協議可動用的 9.69 億美元承諾額度，以及公司預期在償還先前發行予 VinFast Trading and Production JSC 的票據後，將自股權轉讓中收取的 1.254 億美元。

Finally, I'd like to conclude by emphasizing that our priorities remain centered on disciplined financial management, operational excellence, and the efficient deployment of capital. We continue to focus on improving productivity, optimizing our cost base, and strengthening the financial resilience of the business. These efforts are intended to support sustainable growth while maintaining the flexibility needed to execute our long-term strategic objectives.

最後，我想以強調作結：我們的優先事項仍然聚焦於嚴謹的財務管理、卓越的營運，以及資本的高效率配置。我們將持續專注於提升生產力、優化成本結構，並強化企業的財務韌性。這些努力旨在在維持執行長期策略目標所需彈性的同時，支持可持續成長。

Operator, let's open for Q&A.

接線員，讓我們開始問答環節。

(Operator Instructions)

(接線員指示)

I'll pass it over to Amandae for questions coming through the webcast.

我把時間交給 Amandae，請她提問從網路直播傳來的問題。

Thank you, operator. The first question from the call -- from the webcast is for Mr. Quan Anh. As VinFast is scaling rapidly across Asia, what do you see as the company's most important competitive advantages in the long run? Mr. Quan Anh?

謝謝你，接線員。第一個問題來自電話會議——來自網路直播，提問對象是 Quan Anh 先生。隨著 VinFast 在亞洲快速擴張，您認為公司長期最重要的競爭優勢是什麼？Quan Anh 先生？

Thanks, Amandae. That's a really good question. I believe VinFast's most important competitive advantage is that we are not just building an EV company in isolation. We are building a broader green mobility ecosystem partnership with GSM and Green. Over the next three to five years, our focus is on three key points.

謝謝你，Amandae。這是個非常好的問題。我認為 VinFast 最重要的競爭優勢在於，我們並非孤立地打造一家電動車公司。我們正與 GSM 與 Green 共同建立更廣泛的綠色移動生態系合作夥伴關係。在未來三到五年，我們將聚焦三個關鍵重點。

First and foremost, we will continue to offer products that are well suited to local customers in each respective market. Second, we will keep expanding our dealerships as well as our aftersales network, including the charging network, which is very important. Last but not least, we will continue investing in technologies, including software, smart services, and autonomous driving capabilities. Thank you.

第一也是最重要的，我們將持續提供在各個市場都能貼近當地客戶需求的產品。第二，我們將持續擴展經銷據點以及售後服務網路，包括非常重要的充電網路。最後但同樣重要的是，我們將持續投資於技術，包括軟體、智慧服務與自動駕駛能力。謝謝。

Thank you, Mr. Quan Anh. We have another question on the line regarding our India business. Can you provide an update on your India expansion plans and key priorities over the next two years? Mr.

謝謝你，Quan Anh 先生。我們線上還有另一個關於印度業務的問題。能否請您更新一下未來兩年在印度的擴張計畫與關鍵優先事項？先生。

Quan Anh, would you like to take this, please?

Quan Anh，請問您願意回答這題嗎？

Thank you for your question. India is a very important market for us. VinFast business performance in India has been very positive. In fact, in quarter one, 2026, VinFast has ranked top four BEV in terms of sales numbers in India. Our goal is to become one of the top players in the market and establish ourselves as a meaningful market participant.

謝謝您的提問。印度對我們而言是非常重要的市場。VinFast 在印度的業務表現非常正面。事實上，在 2026 年第一季，VinFast 以銷量計在印度 BEV（純電動車）排名前四。我們的目標是成為市場上的領先玩家之一，並建立我們作為重要市場參與者的地位。

We have a clear strategy to grow in India. In the market with multiple competition, customers ultimately stand to benefit the most thrpough the greater choice, stronger competition, as well as continuous innovation. Thank you.

我們有一套清晰的印度成長策略。在競爭者眾多的市場中，客戶最終將因為更多選擇、更強競爭以及持續創新而獲得最大利益。謝謝。

The next question on the line is regarding the recent decision for VinFast to spin out its Vietnam factories, and why now? Anne, would you take this question, please?

下一個問題是關於 VinFast 最近決定分拆其越南工廠，為什麼選在現在？Anne，請您回答這個問題。

Thanks Amandae. Well, the transaction is basically a strategic move to restructure VinFast's operating model towards a more capital-efficient and sustainable future. So following the transaction, VinFast capital-intensive manufacturing activities in Vietnam, which are already well established in operation and optimized in terms of capacity, will be spun off and become an independent third-party owned and operated manufacturing platform.

謝謝你，Amandae。這項交易基本上是一項策略性舉措，旨在重塑 VinFast 的營運模式，邁向更具資本效率且更可持續的未來。因此，在交易完成後，VinFast 在越南的資本密集型製造活動——這些產能已在營運上相當成熟，且在產能利用方面已完成優化——將被分拆，並成為由獨立第三方持有與營運的製造平台。

It is also important to note that, firstly, VinFast retain and focus on the development of our brand through core competencies, including research, development, technology, branding, sales, and aftersales in Vietnam as well as globally. We'll also have control and oversight over the manufacturing outputs of our partner through the manufacturing contract. And we will also have control over certain rights over supplier selection. So we continue to believe that the quality of the products we produce from our partner will be up to our standard. Thank you.

同時也必須指出，第一，VinFast 將保留並專注於透過核心能力來發展品牌，包括研發、技術、品牌、銷售與售後服務，涵蓋越南以及全球市場。我們也將透過製造合約，對合作夥伴的製造產出保有控制與監督。此外，我們也將對供應商選擇的某些權利保有控制。因此，我們仍然相信合作夥伴所生產的產品品質將符合我們的標準。謝謝。

Thank you, Anne. Operator, let's open for live questions.

謝謝你，Anne。接線員，讓我們開放現場提問。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

This is Anand on for Andres. Congrats on the quarter. I was wondering, firstly, if we could get maybe a little bit more color on the North Carolina factory. What's the potential financial and operational exposure from the complaint? And what's the latest on the progress on construction and SOP on that facility?

我是 Anand，代替 Andres 發言。恭喜本季表現。我想先請教，能否再多提供一些關於北卡羅來納州工廠的細節。針對該起申訴，可能帶來的財務與營運曝險有多大？另外，該設施的建設進度以及 SOP（量產啟動）的最新情況如何？

Hey, Anand. At this juncture, we are not going to comment on any North Carolina specifics because this is an active litigation. What we can say is that VinFast remains committed to the US market.

嗨，Anand。在此階段，我們不會評論任何北卡羅來納州的具體事項，因為這是一宗正在進行的訴訟。我們能說的是，VinFast 仍然致力於美國市場。

And maybe as a follow-up, given the free charging revenue deduction. I was wondering maybe when does this program roll off as a meaningful drag? And how do you expect that to impact your GAAP gross margin trajectory in the future?

再追問一下，考量到免費充電的收入扣減。我想請教這個方案何時會不再構成顯著拖累？以及您預期這將如何影響未來 GAAP 毛利率的走勢？

Yes. So you can see from the -- our results of the Q1. One of the main reasons for the decreasing of the gross margin is that we have been in the, like I said, extended free charging program that we implemented from 9 of February 2026. So it's worth USD192 million. So because for the US GAAP standards, this support is recorded as a deemed capital contribution, and it accounted for a reduction in revenue, representing approximately 20% of revenue. So accumulated recognizing in the first-quarter of 2026.

是的。從——我們第一季的業績可以看到，毛利率下降的主要原因之一，是我們正處於我先前提到的延長免費充電方案中，該方案自 2026 年 2 月 9 日起實施。其金額為 1.92 億美元。依照美國 GAAP，這項支持被記錄為視同資本投入（deemed capital contribution），並以收入減項入帳，約占收入的 20%。因此在 2026 年第一季累計認列。

However, this is a very short-term impact. In the long term, VinFast still aim to break even in the Vietnamese market by 2027. So based on the two main driver, like we increase sales volume and reduced production costs through vehicle lines developed in the new technology platform. So we still like to recognize the support from this free charging program. Thank you.

不過，這是非常短期的影響。長期而言，VinFast 仍以在 2027 年於越南市場達到損益兩平為目標。這主要基於兩個驅動因素：提升銷售量，以及透過新技術平台所開發的車型產品線來降低生產成本。因此，我們仍希望認列這項免費充電方案的支持。謝謝。

Got you. Thanks so much for the color. Appreciate it. Congrats again on the quarter.

了解。非常感謝補充說明。感謝。再次恭喜本季表現。

James McIlree, Chardan Capital Markets.

James McIlree，Chardan Capital Markets。

Can you talk a little bit about average selling prices for the quarter as well as your expectations for the year? And specifically how sales to GSM would impact that, as well as the increased share coming from non-Vietnamese markets, how that would impact average selling prices for the year and for the quarter.

能否談談本季的平均售價（ASP），以及您對今年的預期？並且特別說明對 GSM 的銷售將如何影響平均售價，以及來自非越南市場的占比提高，將如何影響今年與本季的平均售價。

Thank you. This is Anne. I'll take this question. First of all, I think we expect GSM's sales for the first year or so to be approximately, in terms of two wheels, approximately -- roughly about 300,000 vehicles. And then Subsequently, collectively between 26% to 30%, up to about nearly 4 million vehicles.

謝謝。我是 Anne。我來回答這個問題。首先，我想我們預期 GSM 在第一年左右的銷售量，就兩輪車而言，大約——約略在 300,000 輛左右。之後，合計將在 26% 到 30% 之間提升，最高接近 400 萬輛。

So it will ramp up. And similarly for cars as well, I think we expect the volumes to start trending up. Historically, GSM has accounted for about 15, approximately percent of VinFast total sale. And for the first year or so when this program is launched, because GSM also takes up vehicle that it owns in international markets, and it's expanding very rapidly. Right now, GSM is present in five countries.

因此會逐步爬升。汽車方面也類似，我想我們預期銷量將開始呈上升趨勢。過去，GSM 約占 VinFast 總銷量的 15% 左右。而在該方案啟動後的第一年左右，由於 GSM 也會在國際市場承接其自有車輛，且擴張非常迅速。目前，GSM 已進入五個國家。

It launched in India just this weekend, and it's going to launch in another five countries by the end of the year, increasing visibility for both its own brand and VinFast cars. We believe that the initial phases of GSM owning its own vehicles to standardize customer service as well as brand perception is good, again, for the image of the VinFast vehicle as a whole.

它就在這個週末於印度推出，並將在年底前於另外五個國家推出，提升其自有品牌以及 VinFast 車款的能見度。我們認為，GSM 在初期階段自有車隊以標準化客戶服務與品牌觀感，對 VinFast 車輛整體形象而言同樣是正面的。

In the subsequent years, more cars will run on GSM's platform on the asset-light drivers and partners model. And again, this will -- this is basically expected to increase demand for VinFast vehicles, both from a B2B, B2C demand perspective. Does that answer your question?

在後續幾年，將有更多車輛在 GSM 的平台上運行，採取輕資產的司機與合作夥伴模式。同樣地，這基本上預期將提升 VinFast 車輛的需求，無論從 B2B 或 B2C 的需求角度來看。這有回答到您的問題嗎？

Yes, partially. When you're looking at GSM, vehicle sales, not two-wheeled, but the vehicle sales. For this year, I think you're saying that you expect it to be higher than that historical 15% of total sales. Did I hear you say that? Is that what you're saying?

是的，部分有。當你在看 GSM 的車輛銷售（不是二輪車，而是汽車銷售）。就今年而言，我想你是說你預期它會高於過去佔總銷量 15% 的歷史水準。我有聽到你這麼說嗎？你是這個意思嗎？

Yes, that's correct, James.

是的，沒錯，James。

Okay. And the impact on average selling prices?

好的。那對平均售價（ASP）的影響呢？

Sorry, can you repeat the question, the impact on?

抱歉，你可以重複一下問題嗎？影響到……？

Yes. So it's understanding that since GSM sales are in greater volumes, that they do get some price flexibility. And so my question is the impact to average selling prices with a greater percentage of sales going to GSM.

好的。我的理解是，由於 GSM 的銷量規模更大，因此在價格上會有一些彈性。所以我的問題是：當更高比例的銷售流向 GSM 時，對平均售價（ASP）的影響是什麼？

In the earlier years, ASP will basically be reduced by approximately, say, 10%, 15% because of the higher contribution from GSM. But that's only expected to be for the first year or so. In subsequent years, the percentage of GSM's contribution will be a lot smaller. And right now, I think we're taking a conservative approach in not assuming a knock-on impact of more demand for -- more customer demand for cars in international markets driven by GSM. So our assumptions only look at GSM's additional volume as a base case.

在較早期的年份，因為 GSM 的貢獻占比更高，ASP 基本上會下降約 10% 到 15%。但這預期只會發生在第一年左右。在後續年份，GSM 的貢獻占比會小很多。而且目前我們採取較保守的作法，並未假設 GSM 會在國際市場帶動更多車輛的連帶需求（knock-on impact）。因此，我們的假設僅將 GSM 的額外銷量作為基準情境（base case）。

Right? And already, we're seeing ASP normalizing in the subsequent years. Of course, I think with this knock-on effect, the dilution in ASP by GSM should be reduced even faster.

對吧？而且我們已經看到 ASP 在後續年份趨於正常化。當然，我認為若有這種連帶效應，GSM 對 ASP 的稀釋應該會更快減輕。

Jesse Sobelson, BTIG.

Jesse Sobelson，BTIG。

I'm curious on autonomy. The Autobrains and NVIDIA DRIVE MOU, it points to some Level 4 robotaxi capabilities. How does autonomy fit into the longer-term strategy? Is it a product line, a fleet, or a GSM enabler, or primarily just a technology and brand signal at this stage?

我想了解自動駕駛（autonomy）。Autobrains 與 NVIDIA DRIVE 的 MOU 指向一些 Level 4 機器人計程車（robotaxi）能力。自動駕駛如何融入長期策略？它會是一條產品線、一個車隊、或是 GSM 的推動因素（enabler），還是目前主要只是技術與品牌訊號？

So first of all, I think VinFast has consistently outlined a phased autonomy strategy, rather than claiming full and immediate autonomy. Our current vehicles are grounded in Level 2+ ADAS systems with future upgrade planned already for Level 2++ in the next generation of VinFast vehicles.

首先，我認為 VinFast 一直以來都清楚說明採取分階段的自動駕駛策略，而不是宣稱立即達到完全自動駕駛。我們目前的車款以 Level 2+ 的 ADAS 系統為基礎，並已規劃在下一代 VinFast 車款升級至 Level 2++。

Concurrently, we also will be testing -- pilot testing autonomous-driven vehicles in one of our Smart City projects in Ho Chi Minh City next year, 2027. And that is really a pathway towards eventual fully robotaxi fleet that will be either operated by GSM or also sold to external parties if there are demands.

同時，我們也將在明年（2027 年）於胡志明市的一個智慧城市專案中測試——進行自動駕駛車輛的試點測試（pilot testing）。這將是通往最終完整 robotaxi 車隊的路徑；該車隊將由 GSM 營運，或在有需求時也可銷售給外部客戶。

Great. Is there anything specific when it comes to the rollout internationally? Can you kind of -- explain what the strategy is going to be to bring this technology to more countries than just Vietnam after that?

很好。在國際推廣方面有什麼具體規劃嗎？你能否——說明一下之後要如何把這項技術帶到越南以外、更多國家的策略？

Certainly, the idea is to offer robotaxis in international markets where VinFast is present and where there will be demand. Similarly, for GSM, the idea is also to gradually replace a manned fleet with one that's contributed by robotaxis to the extent that the respective local regulations, as well as the readiness in terms of homologation, is done in each of the markets.

當然，我們的想法是在 VinFast 已進入且存在需求的國際市場提供 robotaxi。同樣地，對 GSM 而言，我們也希望在各市場的當地法規以及型式認證（homologation）準備就緒的前提下，逐步以 robotaxi 取代有人駕駛的車隊。

Given our home ground and the GSM itself also has a market dominant market share in Vietnam, it is natural that robotaxis will be pilot tested as well as offered here as a commercial service first. But the idea, of course, is to roll out in international markets in gradual phases. We expect to be able to share more about our robotaxi plans in the upcoming quarters. So if this quarter, it's kind of limited its because we are planning to say more in the subsequent quarters.

鑑於我們的主場，以及 GSM 在越南也擁有市場主導的市占率，robotaxi 自然會先在這裡進行試點測試並作為商業服務推出。但整體構想當然是分階段逐步在國際市場推廣。我們預期在接下來幾個季度能分享更多 robotaxi 計畫的細節。因此本季度的資訊相對有限，因為我們計畫在後續季度再說明更多。

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

目前電話線上沒有其他問題。我把時間交還給 Amandae 來回答網路直播的提問。

Thank you, operator. We'll continue taking questions from the webcast. The next question is for Lan Anh. Regarding the Vietnam manufacturing spin-off, could you please provide revised guidance for the expected total cash needs, CapEx and R&D in 2026?

謝謝，接線員。我們將繼續回答網路直播的提問。下一個問題給 Lan Anh。關於越南製造業分拆（spin-off），請提供 2026 年預期總現金需求、資本支出（CapEx）與研發（R&D）的更新指引。

Thank you. The transaction has -- VMS transition to an asset-light model, like Anne just mentioned. Meaning that reduce the capital raising needs, especially like CapEx, improve free cash flow, and improve our profitability. For the post spin-off, we expect that the CapEx, like when we reduce around USD400 million for the Vietnam factories and another kind of the USD500 million to consider the international opportunities.

謝謝。這筆交易將使 VMS 轉型為輕資產模式，正如 Anne 剛才提到的。也就是降低資金募集需求，特別是像資本支出（CapEx），改善自由現金流，並提升我們的獲利能力。在分拆後，我們預期 CapEx 方面，例如越南工廠將減少約 4 億美元，另外約 5 億美元則用於評估國際機會。

So in 2026, we expect a total CapEx spend R&D of USD300 million to USD400 million per quarter. For forecast 2027, currently, we do not disclose this forecast yet, and it's going to be updated later. Thank you.

因此在 2026 年，我們預期 CapEx 與研發（R&D）合計每季支出約 3 億至 4 億美元。至於 2027 年的預測，目前我們尚未揭露，之後會再更新。謝謝。

Thank you, Lan Anh. As a follow-up question to that, will the Vietnam manufacturing spin-off result in any onetime gain recognition in VinFast P&L? And if so, could you provide the potential amount?

謝謝你，Lan Anh。針對剛才的追問：越南製造業分拆是否會在 VinFast 的損益表（P&L）認列一次性收益？若是，能否提供可能的金額？

Actually, the company is currently evaluating the accounting and financial implications of the Vietnam manufacturing spin-off, including the appropriate accounting treatment under applicable accounting standards. And we expect that we're going to have the gain recognition in the P&L. But further, the updates will be provided once the evaluation has been completed and the accounting treatment has been finalized. Thank you.

其實公司目前正在評估越南製造業分拆在會計與財務上的影響，包括在適用會計準則下的適當會計處理方式。我們預期會在損益表（P&L）中認列收益。不過，待評估完成且會計處理定案後，我們會再提供進一步更新。謝謝。

Thanks, Lan Anh. The next question is regarding the US Considering that there has not been any new deliveries recently, and with the current lawsuit in North Carolina, how do you intend on addressing this to your US customers?

謝謝你，Lan Anh。下一個問題是關於美國：考量到近期沒有新的交付，以及目前在北卡羅來納州的訴訟，你們打算如何向美國客戶處理與回應？

I'll take this question. We continue to deliver vehicles in the US as we still have inventory available for sale. While we have not imported new vehicle shipments recently, our existing inventory continues to support customer demand, and we remain focused on serving our US customers through our sales and service network.

我來回答這個問題。我們仍在美國交付車輛，因為我們仍有可供銷售的庫存。雖然我們近期沒有進口新的車輛批次，但現有庫存仍可支撐客戶需求，我們也將持續透過銷售與服務網路專注服務美國客戶。

The next question is regarding, again, the North America business and any update on the product release such as the VF 7, the VF 8, and the expansion of service network.

下一個問題同樣是關於北美業務，以及像 VF 7、VF 8 等產品發布的最新進展，還有服務網路擴張的更新。

I'll take this question also. As we've said previously, the US remains an important market, and we continue to invest in our commercial presence. VinFast has been selling vehicles in the US, and we plan to bring the next generation of vehicles to the US market.

我也來回答這個問題。如我們先前所說，美國仍是重要市場，我們會持續投資我們的商業布局。VinFast 已在美國銷售車輛，我們也計畫將下一代車款引進美國市場。

We are still targeting to expand our dealer network across states like California, Florida, Texas, North Carolina, and so on. Although we do expect that North America, together with Europe, will represent a modest share of total volumes this year, we are still very much focused on evaluating and bringing new products to the US market.

我們仍以擴展經銷商網路為目標，涵蓋加州、佛州、德州、北卡羅來納州等各州。儘管我們預期北美與歐洲合計在今年總銷量中僅占較小比重，但我們仍非常專注於評估並將新產品導入美國市場。

Okay. The next question is regarding the planned VinFast reorganization. When is VinFast going to transfer its interest in VFTP to new shareholders? Anne, would you like to take this question, please?

好的。下一個問題是關於規劃中的 VinFast 重組。VinFast 何時會將其在 VFTP 的權益轉讓給新股東？Anne，請問你願意回答這個問題嗎？

Sure. We obtained shareholders' approval on the 27 of May, and we target to complete the transaction by the third-quarter of '26 upon completion of customary closing conditions.

當然。我們已於 5 月 27 日取得股東核准，並以在完成慣常交割條件後，於 2026 年第三季完成交易為目標。

Thank you, Anne. The next question is regarding the free charging program. Could you please elaborate on how you expect the extension and amendment of the free charging platform to play out for the remainder of the year? Lan Anh, would you like to take this, please?

謝謝你，Anne。下一個問題是關於免費充電方案。請你進一步說明，你們預期免費充電平台的延長與修訂在今年剩餘期間將如何發展？Lan Anh，請問你願意回答嗎？

Yes. The current free charging program has been extended through like in -- February 2029, providing customers with a very relatively long-term benefit. So as we described in our financial impact for 2026, the Q1 impact included the adjustment related not only to the vehicles sold during the quarter, but also to the vehicles delivered in the prior periods. So you can see that the impact for the remainder of the year is expected to be significantly less material.

好的。目前的免費充電方案已延長至——大約到 2029 年 2 月，為客戶提供相對長期的利益。因此，如同我們在 2026 年財務影響中所描述，第一季的影響包含了不僅與當季售出車輛相關的調整，也包含先前期間交付車輛的調整。因此你可以看到，今年剩餘期間的影響預期將顯著不那麼重大。

Thank you, Lan Anh. The next question is regarding two-wheelers. Are you seeing the rising threat to VinFast from partnership of Yadae and Petrolimax Vietnam to expand charging network for two-wheelers in Vietnam? What are VinFast's competitive advantages now, given that charging infrastructure is no longer exclusive? Anne, could you take this, please?

謝謝你，Lan Anh。下一個問題是關於二輪車。你們是否看到 Yadae 與越南 Petrolimex 合作擴展越南二輪車充電網路，對 VinFast 造成日益上升的威脅？鑑於充電基礎設施不再具有獨占性，VinFast 目前的競爭優勢是什麼？Anne，請你回答這題可以嗎？

I think, first of all, it is important to highlight that we have done quite well in the first-quarter for two-wheel sales. So versus our target and considering the fact that the first-quarter is the slowest quarter in the entire year for us, and our target is to exceed -- to be at least 2.5 times the two-wheel sales of last year.

我想，首先要強調的是，我們在第一季的二輪車銷售表現相當不錯。因此，相較於我們的目標，並考量第一季對我們而言是一年中最淡的季度，而我們的目標是超越——至少達到去年二輪車銷量的 2.5 倍。

We've met 22% of this target so far, and that sets us well on track to meeting the target by the end of the year. So we currently have number two market share in Vietnam, with 17% in the first-quarter, and only after Honda. And this achievement is not just about charging, but it's also about product development, continued innovation, and the most recent one that's so well received is about the battery swapping program, which offers customers a fundamentally different proposition, convenience, and the ability to very quickly move around within the city without having to stop.

截至目前我們已達成該目標的 22%，這讓我們很有把握在年底前達標。因此，我們目前在越南的市占率排名第二，第一季為 17%，僅次於 Honda。而這項成果不僅與充電有關，也與產品開發、持續創新有關；最近一項廣受好評的是電池更換方案，為客戶提供根本不同的價值主張、更高便利性，並能在城市內快速移動而無需停下來。

So we -- through this new battery swapping program, we currently operate 7,000 battery swapping stations across Vietnam. And we also offer both a franchise as well as an owned model. So we are able to reach as many users of VinFast EV vehicles as possible. And I suppose, last but not least, compared with the partnership that we've mentioned, VinFast has a unique partnership benefit as well from the combined ecosystem of charging to V-Green, ride-hailing from GSM and the OEM VinFast.

因此，我們——透過這項新的電池更換方案，目前在越南營運 7,000 座電池更換站。我們同時提供加盟與自營兩種模式。因此我們能觸及盡可能多的 VinFast 電動車用戶。此外，最後但同樣重要的是，相較於我們提到的那項合作，VinFast 也能從充電（V-Green）、叫車服務（GSM）以及 OEM VinFast 所組成的整體生態系中，獲得獨特的合作綜效。

So GSM here is also, as mentioned earlier, increasing both visibility, actual demand, as well as through GSM's data gathering and intelligence, we're able to have a lot of insight into the customers' user behavior, which is very helpful in our R&D as well.

因此，正如先前提到的，GSM 也在提升能見度與實際需求；同時透過 GSM 的資料蒐集與洞察，我們能更深入了解客戶使用行為，這對我們的研發也非常有幫助。

Thank you, Anne. The next question, how will pricing be determined between VinFast and the new manufacturing entity, transparency being particularly important given the parties? Lan Anh, would you like to take this?

謝謝你，Anne。下一個問題是：VinFast 與新的製造實體之間將如何決定定價？鑑於相關方，透明度尤其重要。Lan Anh，你願意回答嗎？

For the price payable by VFVN for each vehicle manufactured and supplied by VFTP shall be determined on the cost plus basis and shall present a target margin of approximately 5% of vehicle cost. So this pricing is benchmarking with the market and determined on an arm's length basis. So for the clarify, post the transaction because for VFTP going to be sold to [ Dzung Anh ]. So we expect that for the post transaction, VFVN and VFTP are not related parties. Thank you.

VFVN 就 VFTP 製造並供應的每輛車所應支付的價格，將以成本加成（cost plus）方式決定，目標毛利約為車輛成本的 5%。因此，此定價會與市場進行對標，並以獨立交易（arm's length）基礎決定。再澄清一下，交易完成後，因為 VFTP 將出售給[ Dzung Anh ]。因此我們預期交易完成後，VFVN 與 VFTP 將不屬於關係人。謝謝。

Thank you, Lan Anh. The next question, excited to learn more about the new Autobrains NVIDIA partnership. What is the projected rollout time line of that work to current and future owner vehicles through OTA or technician updates?

謝謝你，Lan Anh。下一個問題：很期待了解新的 Autobrains 與 NVIDIA 合作夥伴關係。這項工作透過 OTA 或技師更新，對現有與未來車主車輛的預計推行時間表為何？

Firstly, we are targeting to launch VinFast developed Level 2+ and Level 2++ navigation on pilot capabilities in the late 2026 and early 2027. The partnership with Autobrain and NVIDIA is one among a few that have recently been announced or worked on by VinFast. And we expect a combination of both in-house developed as well as externally partnered initiatives will allow us to access advanced AI, compute, and autonomous driving expertise, which eventually will help accelerate development and validation of the overall L4 road map that VinFast has embarked itself on.

首先，我們目標是在 2026 年底至 2027 年初推出由 VinFast 開發的 Level 2+ 與 Level 2++ 導航（具試點能力）。與 Autobrain 及 NVIDIA 的合作，是 VinFast 近期宣布或推進的多項合作之一。我們預期結合內部開發與外部合作的多項計畫，將使我們取得先進 AI、運算與自動駕駛專業能力，最終有助於加速 VinFast 已啟動之整體 L4 路線圖的開發與驗證。

Thank you, Operator, just checking if there's any live questions.

謝謝，接線員，我確認一下是否有任何現場提問。

There are no questions at this time.

目前沒有提問。

Thank you. And we have the last question from the webcast. This is regarding the accelerated shift in EV adoption in Southeast Asia. Do you think this shift is because of higher oil prices, is temporary or a lasting structural shift? Quan Anh, would you like to take this, please?

謝謝。我們還有一個來自網路直播的最後問題。這題是關於東南亞電動車採用加速轉移的趨勢。你認為這個轉變是因油價較高所致、屬於短期現象，還是長期的結構性轉變？Quan Anh，請你回答可以嗎？

Thank you for your question. Indeed, this trend is gaining a strong momentum across Asia, as reflected in robust business growth in the recent years. It is particularly pronounced in Vietnam, where VinFast is accounting for approximately 40% of the total automotive sales.

謝謝你的提問。確實，這股趨勢在亞洲正快速累積強勁動能，近年來強勁的業務成長也反映了這一點。在越南尤其明顯，VinFast 約占整體汽車銷售的 40%。

In Philippines, VinFast has risen to become the number one BEV player. And in Indonesia -- in Indonesia, India , Vinfast is number eight, number four, respectively, for the quarter one, 2026. Looking ahead, I'm confident in our ability to build on this momentum and further accelerate our growth trajectory. Thank you.

在菲律賓，VinFast 已躍升為第一大 BEV 業者。而在印尼——在印尼、印度，VinFast 於 2026 年第一季分別排名第八、第四。展望未來，我對我們延續這股動能並進一步加速成長軌跡的能力充滿信心。謝謝。

Thank you, Quan Anh. Operator, if there's no further questions on the line, we will conclude the call.

謝謝你，Quan Anh。接線員，如果線上沒有其他問題，我們將結束本次電話會議。

Thank you for your participation in today's conference. You may now disconnect your lines.

感謝各位參與今天的電話會議。您現在可以掛斷電話。