Core Viewpoint - VinFast Auto has shown impressive growth in vehicle sales but is facing significant challenges in expanding into the U.S. and European markets, leading to wider losses and a decline in stock price [1][2][7]. Sales Performance - In the fourth quarter, VinFast delivered 53,139 electric vehicles, a 143% increase year-over-year, with full-year deliveries reaching 97,399 units, up 192% from 2023 [1]. - Vehicle sales for the fourth quarter amounted to $634.5 million, reflecting a 77.8% increase compared to the previous year [2]. Financial Challenges - The company reported a gross loss of $536.4 million in the fourth quarter, which is a 176% increase from the prior year and a 341.3% increase from the third quarter of 2024 [2]. U.S. Expansion Strategy - VinFast is shifting its strategy in the U.S. by closing direct-to-consumer showrooms in California and relying on a growing dealership franchise network, which currently has 38 dealers in 16 states [3]. - The company is facing challenges as a relatively unknown brand, with only 367 vehicle registrations in the first two months of the year, an 18% decline from the same period last year [5]. Tariff Implications - Recent tariffs on imported vehicles are expected to expand to vehicle parts, complicating the company's import strategy for models like the VF 8 and VF 9 [4]. - The decision to suspend plans for a U.S. factory further complicates VinFast's expansion efforts [4]. European Market Strategy - In Europe, VinFast has launched the VF 6 to complement the VF 8, but it faces an uphill battle with only 12 self-operated showrooms and two dealer stores as of March 31 [6]. Investment Considerations - The 20% decline in share price may attract some investors, but the company remains largely unproven outside its home market, with increased costs and complications due to tariffs [7]. - If VinFast can establish itself as a recognized EV brand in the U.S. and Europe, it could reward investors, but this remains uncertain [8].

Company Expansion and Market Presence - The company delivered its first EV model in Vietnam in 2021 and commenced EV deliveries in the U.S. in early 2023, expanding into several markets including North America, Europe, Indonesia, the Philippines, India, and the Middle East[42] - The company plans to expand its manufacturing facilities internationally, including in the U.S., India, and Indonesia, and is adjusting the operational timeline for the North Carolina plant to 2028[55] - The company aims to foster a cleaner and more sustainable approach to mobility through its electric vehicle platform[224] - The company plans to expand its international market presence, targeting North America, Asia, and EMEA regions, while strengthening its position in Vietnam[232] - The company has established significant brand recognition in Vietnam, achieving leading market share in all product segments within 18 months of product launch[234] Financial Performance and Challenges - The company has experienced a history of losses, negative cash flows from operating activities, and negative working capital, requiring additional funding to support ongoing operations[44] - The company reported net losses of VND77,354.9 billion ($3,178.8 million) for the year ended December 31, 2024, compared to VND60,250.3 billion in 2023 and VND52,958.7 billion in 2022[97] - Cash flows used in operating activities were VND30,468.5 billion ($1,252.0 million) in 2024, down from VND50,270.6 billion in 2023 and VND47,867.6 billion in 2022[97] - Total current liabilities exceeded total current assets by VND106,727.3 billion ($4,385.8 million) as of December 31, 2024[97] - The company's total debt was VND61,987.0 billion ($2,547.2 million) as of December 31, 2024, with debt service obligations for 2025 amounting to approximately VND39,124.1 billion ($1,607.7 million)[97] Regulatory and Compliance Issues - The company faces challenges related to compliance with different commercial, legal, and regulatory requirements in new markets, which could impact its ability to compete effectively[45] - The company has identified material weaknesses in its internal control over financial reporting, which could impair its ability to produce timely and accurate financial statements[44] - The company faces risks related to compliance with evolving regulations as it expands into new markets, which may increase operational costs[127] - The company is subject to various labor, environmental, health, and safety laws, which may require changes in operations and incur additional costs[129] - The company is subject to international trade restrictions, including economic sanctions and export controls, which could materially affect its operations and financial results[141] Supply Chain and Production Challenges - Supply chain challenges persist, with reliance on third-party suppliers for key components such as battery cells and semiconductor chips, which may lead to production delays and increased costs[63][64] - The company has experienced a global semiconductor chip shortage, impacting delivery times and sourcing costs, which could affect production and rollout of new EV models[64] - The company expects to incur significant costs related to developing new EV models and ramping up production, which may be affected by external factors such as inflation and tariffs[108] Market Competition and Consumer Demand - The automotive market is highly competitive, with challenges in maintaining market leadership in Vietnam and establishing a global presence[61] - The company faces ongoing competitive pressures that may adversely affect margins and profitability, particularly in the EV market[62] - Demand for EVs is influenced by various economic factors, including inflation and interest rate volatility, which may dampen consumer willingness to adopt EVs[66] Technology and Innovation - The company has integrated AI technologies into its products, but faces risks related to algorithm biases and regulatory scrutiny that could impact adoption[76] - The company emphasizes operational efficiency and technological integration to continuously improve its product offerings[231] - The company aims to differentiate its vehicles through advanced technology, luxurious designs, and comprehensive smart services solutions[232] Legal and Liability Risks - The company faces potential legal liabilities and reputational harm due to employee misconduct, which could adversely affect its business and financial condition[134] - The company is susceptible to product liability claims, particularly related to defects in vehicles, which could result in substantial monetary awards and negatively impact commercialization efforts[135] - Legal proceedings could divert management's attention and resources, negatively impacting day-to-day operations and financial performance[136] Financial Support and Funding - Vingroup and its affiliates have provided approximately $14.3 billion in financial support to the company from 2017 to December 31, 2024[110] - The company has received financial support commitments of up to VND50,000.0 billion ($2.1 billion) in grants from Mr. Pham through the end of 2026, contingent on market conditions[97] - As of March 31, 2025, Vingroup has disbursed VND27,469.2 billion ($1.1 billion) in loans to the company, with an additional commitment of up to VND35,000.0 billion ($1.4 billion) in loans over 24 months starting November 12, 2024[113] Shareholder and Market Risks - The issuance of ordinary shares under the Yorkville Subscription Agreement may result in dilution of existing shareholders and downward pressure on the share price[186] - The trading price of ordinary shares may be volatile due to various factors, including revenue variations and changes in financial estimates by analysts[191] - The company does not expect to pay dividends in the foreseeable future, relying instead on price appreciation for returns on investment[202] Environmental, Social, and Governance (ESG) Considerations - The company is subject to increasing scrutiny regarding its ESG practices, which may impose additional costs and affect investor perceptions[140] - Compliance with emerging privacy laws may require significant operational changes and could expose the company to legal claims and fines[152] Intellectual Property and Security Risks - The company is involved in ongoing IP infringement proceedings, which could result in substantial costs and distract management from normal responsibilities[163] - The company may not be able to prevent unauthorized use of its intellectual property, which could harm its competitive position and revenue[161] - The company has experienced data security incidents and may face challenges in protecting sensitive information, which could result in liability and adversely impact its business[147]

Delivery Performance - VinFast delivered 36,330 electric vehicles (EVs) globally in 1Q25, a 296% increase year-over-year[1] - VF 5 deliveries grew 153% year-over-year, while VF 6 deliveries increased by 453% year-over-year[1] - The VF 3 and VF 5 models accounted for 67% of total deliveries during the quarter[1] - The company also delivered 44,904 e-scooters and e-bikes in 1Q25, representing a 473% increase year-over-year[2] Financial Reporting - VinFast will release its 1Q25 financial results on June 9, 2025, before the market opens[2] - A live webcast to discuss the company's business performance and strategy will be held on the same day[2] - Preliminary delivery results may differ from final vehicle sales revenue due to year-end audits[4] - The company emphasizes that delivery numbers are not solely indicative of financial performance, which depends on various factors[6] Company Vision and Challenges - VinFast is committed to creating a green future and manufactures a portfolio of electric vehicles in Vietnam for export[5] - The company faces risks associated with being a growth-stage company in the EV industry, including competition and supply chain challenges[8]

Group 1 - BMW leads the automotive sector with a revenue of 525.57 billion, showing a growth of 10.46% [2] - Porsche follows with a revenue of 483.05 billion, reflecting a slight increase of 1.16% [2] - General Motors reports a revenue of 455.21 billion, with a growth of 2.22% [2] - Honda's revenue stands at 437.69 billion, marking a growth of 1% [2] - Maruti Suzuki's revenue is 436.15 billion, but it has seen a decline of 9.13% [2] - Mahindra's revenue is 407.7 billion, down by 5.16% [2] - Ford's revenue is 400.04 billion, with a minor decline of 0.8% [2] - Hyundai's revenue is 326.96 billion, down by 1.61% [2] - Tata Motors reports a revenue of 287.67 billion, down by 6.23% [2] - Seres has a revenue of 286.56 billion, with a decline of 2.17% [2] - Stellantis reports a revenue of 271.34 billion, showing an increase of 2.58% [2] - SAIC Motor's revenue is 247.15 billion, down by 2.22% [2] - Kia's revenue stands at 245.62 billion, with a growth of 1.39% [2] - Li Auto reports a revenue of 236.88 billion, down by 3.44% [2] - Great Wall Motors has a revenue of 229.53 billion, down by 1.99% [2] - Suzuki's revenue is 226.11 billion, down by 1.75% [2] - Geely's revenue stands at 205.77 billion, down by 1.83% [2] - Xpeng's revenue is 194.06 billion, with a significant decline of 6.96% [2] Group 2 - Renault's revenue is 153.4 billion, with a decline of 0.43% [3] - Changan's revenue stands at 145.73 billion, down by 1.43% [3] - Rivian reports a revenue of 141.71 billion, showing a growth of 5.95% [3] - Subaru's revenue is 135.46 billion, with an increase of 2.64% [3] - GAC Group's revenue is 107.63 billion, down by 4.03% [3] - JAC Motors reports a revenue of 105.35 billion, with a growth of 0.9% [3] - Hozon Auto's revenue is 104.71 billion, down by 0.17% [3] - Isuzu's revenue stands at 96.04 billion, with a growth of 1.19% [3] - NIO's revenue is 88.28 billion, down by 3.29% [3] - Ford Otosan's revenue is 84.71 billion, with a slight increase of 0.55% [3] - Nissan's revenue is 83.36 billion, showing a growth of 2.02% [3] - VinFast's revenue is 77.65 billion, down by 1.92% [3] - Leapmotor reports a revenue of 76.44 billion, with a growth of 2.1% [3] - Lucid Motors' revenue is 75.79 billion, showing an increase of 1.52% [3] - Volvo's revenue stands at 55.76 billion, down by 0.25% [3]

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Financial Data and Key Metrics Changes - In Q4 2024, revenue was $678 million, up 34% quarter over quarter and 70% year over year, while full year revenue reached $1.8 billion, a 58% increase year over year [27] - Cost of goods sold in Q4 2024 was $1.2 billion, a 93% increase quarter over quarter, with full year cost of goods sold at $2.8 billion, up 67% versus 2023 [27] - Q4 2024 gross margin was -79%, compared to -24% in Q3, primarily due to an accounting charge related to the free charging program [28] - Full year gross margin loss improved to -32% in 2024 from -40% in 2023 when adjusted for the free charging program [29] Business Line Data and Key Metrics Changes - Total deliveries for Q4 2024 reached 53,139 electric vehicles, a 143% increase quarter over quarter and 342% year over year [12] - B2C sales grew by 140% quarter over quarter and over 20 times year over year, with 81% of EV deliveries to non-related party customers [12] - The proportion of EV deliveries from non-Vietnam sales grew tenfold year over year, increasing from 3% to 10% of total deliveries [10] Market Data and Key Metrics Changes - As of March 31, 2025, VinFast had 322 showrooms globally, with 89% being dealer stores, marking a 160% growth from 123 showrooms at the end of 2023 [10] - In Southeast Asia, the company is expanding its presence with strategic partnerships, having launched a green mobility ecosystem in Indonesia and the Philippines [13][14] Company Strategy and Development Direction - The company aims to solidify its leadership position in Vietnam while expanding into new markets, focusing on product innovation and cost optimization [86] - VinFast is committed to a three-pillar growth strategy: Product, Capacity, and Market, targeting to double 2024 volumes in 2025 [23][24] - The discontinuation of the battery leasing program is part of a strategic shift as consumer familiarity with EVs increases, complemented by a free charging program [84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance despite macroeconomic challenges, expecting Q1 to be the slowest quarter with a significant uptick in the second half of the year [40] - The company is focused on scaling volume through new product launches and enhancing manufacturing efficiency to drive margin improvement [46] Other Important Information - The company received approximately $800 million in capital support from its founder and Vingroup by December 31, 2024, with total disbursements exceeding $1.5 billion by March 31, 2025 [35] - Cash burn improved significantly in 2024, decreasing by 39% year over year to $1.9 billion, reflecting disciplined cost and capital management [33] Q&A Session Summary Question: What gives confidence in the 2025 guidance? - Management expects Q1 to be slow but anticipates an uptick in Q2 and significant deliveries in the second half, projecting at least double the deliveries of the previous year [40][42] Question: Path to positive gross margins? - Excluding one-off charges, the gross loss margin improved from -40% in 2023 to -32% in 2024, with a focus on scaling volume and optimizing costs [45][46] Question: Accounting treatment for EV charging credit? - A one-time charge of $242 million was recognized in Q4 for the free charging program, with future recognition aligned with vehicle sales during the program [50][51] Question: Capital spending for 2025 and 2026? - Expected cash burn for 2025 is approximately $2.5 billion, with $1.8 billion allocated for CapEx on CKD facilities across Asia [57][58] Question: Share of sales from VF3 and VF5 in 2025? - The share is expected to be less than 50% in 2025, as new models from the green series will contribute significantly [62] Question: Impact of U.S. tariffs on consumer spending? - The company believes the impact of U.S. tariffs will be less severe compared to other OEMs, with most growth expected from non-U.S. markets [82] Question: Rationale for discontinuing battery leasing? - Battery leasing was essential in early EV adoption but has decreased significantly in sales percentage, making it the right time to discontinue [84]

Financial Data and Key Metrics Changes - In Q4 2024, revenue was $678 million, up 34% quarter-over-quarter and 70% year-over-year, while full-year revenue reached $1.8 billion, an increase of 58% year-over-year [39] - Cost of goods sold in Q4 2024 was $1.2 billion, up 93% quarter-over-quarter, with full-year cost of goods sold at $2.8 billion, a 67% increase compared to 2023 [39] - Q4 2024 gross margin was minus 79%, impacted by an accounting charge related to the free charging program, compared to minus 24% in Q3 [40] - Full-year gross margin loss improved to minus 32% from minus 40% in 2023, excluding one-off charges [42] - Q4 2024 EBITDA loss was minus $928 million, with a full-year net loss of minus $3.2 billion [46][47] Business Line Data and Key Metrics Changes - Total deliveries for Q4 2024 reached 53,139 electric vehicles, a 143% increase quarter-over-quarter and 342% year-over-year [15] - B2C sales grew by 140% quarter-over-quarter and over 20x year-over-year [15] - The proportion of EV deliveries to non-related party customers increased to 81% from 78% in Q3 [16] Market Data and Key Metrics Changes - Non-Vietnam sales grew 10x year-over-year, contributing from 3% to 10% of total deliveries [11] - As of March 31, 2025, VinFast had 322 showrooms, a 160% increase from 123 showrooms at the end of 2023 [12] Company Strategy and Development Direction - The company aims to solidify its leadership position in Vietnam while expanding its market presence in Asia and other regions [34] - VinFast is focusing on product innovation, manufacturing capacity, and market reach as part of its three-pillar growth strategy [32][34] - The company plans to open three new CKD plants in Asia in 2025 to enhance production flexibility [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance despite macroeconomic challenges, expecting Q1 to be the slowest quarter [59] - The company is closely monitoring regulatory and geopolitical changes and remains agile in its operations [8][9] - Management highlighted the importance of building a green mobility ecosystem to support EV adoption [17] Other Important Information - The free charging program in Vietnam is expected to cost approximately $242 million, recognized as a revenue reduction [41] - The battery leasing program was discontinued as of March 31, 2025, due to decreased consumer reliance on it [26][110] Q&A Session Summary Question: What gives confidence in the 2025 guidance? - Management expects Q1 to be slow, with an anticipated increase in deliveries in Q2 and a strong second half due to preorders [59][61] Question: Path to positive gross margins? - Excluding one-off charges, gross loss margin improved from minus 40% in 2023 to minus 32% in 2024, with a focus on scaling and efficiency [65] Question: Accounting treatment for EV charging credit? - A one-time charge of $242 million was recognized in Q4 for the free charging program, with future recognition aligned with vehicle sales [71][72] Question: Capital spending for 2025 and 2026? - Expected cash burn in 2025 is around $2.5 billion, with approximately $1.8 billion allocated for CapEx and R&D [81] Question: Share of sales from VF 3 and VF 5 in 2025? - Expected to be less than 50% of total sales, with new models contributing significantly [88] Question: Impact of new U.S. tariffs? - Management believes the impact will be less significant compared to other OEMs, as most growth is expected from non-U.S. markets [107] Question: Rationale for discontinuing battery leasing? - Battery leasing was essential in early EV adoption but has decreased in relevance as consumer familiarity has grown [110] Question: Key priorities for 2025? - Focus on solidifying market leadership in Vietnam, enhancing manufacturing capacity, and driving product innovation [114]

Core Insights - VinFast Auto Ltd. reported significant growth in electric vehicle (EV) deliveries and revenues for the fourth quarter and full year of 2024, indicating strong market reception and business momentum [2][3][4]. Financial Performance - In Q4 2024, VinFast delivered 53,139 EVs, a 143% increase from Q3 2024, and for the full year, total EV deliveries reached 97,399, up approximately 192% from 2023 [2][3]. - Total revenues for Q4 2024 were VND16,496.4 billion (US$677.9 million), a 69.8% increase year-over-year and a 33.8% increase quarter-over-quarter. For the full year, revenues were VND44,019.6 billion (US$1,808.9 million), representing a 57.9% increase from 2023 [4]. - The company reported a gross loss of VND25,277.6 billion (US$1,038.7 million) for 2024, with a negative gross margin of 57.4% and a net loss of VND77,354.9 billion (US$3,178.8 million) [4]. Strategic Initiatives - VinFast's founder, Mr. Pham Nhat Vuong, has committed VND50 trillion (US$2.1 billion) in grants to support the company, with VND10 trillion (US$410.9 million) already disbursed as of March 31, 2025 [6][7]. - The company aims to double its global vehicle deliveries in 2025 while maintaining flexibility in its business strategy to adapt to market dynamics [16]. Market Expansion - VinFast is expanding its presence in key markets, including Indonesia, the Philippines, North America, and Europe, with plans to establish a widespread dealer network and enhance its distribution capabilities [10][11][12][13][14]. - In Vietnam, the company is launching a new "Green" product line designed for transportation services, with deliveries expected to start in Q2 2025 [14][15]. Leadership Statements - VinFast's Chairwoman, Madam Thuy Le, emphasized the company's strong performance in 2024 and its commitment to innovation and quality in EV production [8]. - CFO Ms. Lan Anh Nguyen highlighted the foundation for sustained volume growth in 2025, focusing on R&D and capital expenditure to improve vehicle quality and performance [9].

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $678 million, up 34% quarter over quarter and 70% year over year [27] - Full year revenue reached $1.8 billion, an increase of 58% year over year [27] - Cost of goods sold in Q4 2024 was $1.2 billion, a 93% increase quarter over quarter [27] - Full year cost of goods sold was $2.8 billion, up 67% compared to 2023 [27] - Q4 2024 gross margin was -79%, compared to -24% in Q3 2024 [28] - Full year gross margin loss improved to -57% in 2024 from -49% in 2023 [28] Business Line Data and Key Metrics Changes - Total deliveries for Q4 2024 reached 53,139 electric vehicles, a 143% increase quarter over quarter and 342% year over year [12] - B2C sales grew by 140% quarter over quarter and over 20 times year over year [12] - The proportion of EV deliveries to non-related party customers increased to 81% from 78% in Q3 2024 [12] - The company delivered 31,170 e-scooters in Q4 2024, a 65% increase quarter over quarter [12] Market Data and Key Metrics Changes - Non-Vietnam sales grew tenfold year over year, increasing their contribution from 3% to 10% of total deliveries [10] - As of March 31, 2025, VinFast had 322 showrooms globally, with 89% being dealer stores, marking a 160% growth [10] - In Southeast Asia, the company has established 22 showrooms in Indonesia and 6 in the Philippines as of March 31, 2025 [14] Company Strategy and Development Direction - The company aims to solidify its leadership position in Vietnam while expanding into new markets [85] - Plans to open three new CKD plants in Asia in 2025 to enhance production flexibility [26] - The focus is on building a vertically integrated green mobility ecosystem, combining electric vehicles, shared mobility services, and charging infrastructure [13] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving 2025 guidance despite macroeconomic challenges, expecting Q1 to be the slowest quarter [40] - The company is focused on scaling volume through new product launches and deepening market presence in Asia [46] - Management highlighted the importance of optimizing manufacturing efficiency and strategic capital deployment to drive margin improvement [46] Other Important Information - The company has discontinued its battery leasing program, which was previously a key differentiator, due to increased consumer familiarity with EVs [83] - A free charging program has been introduced to ease the transition for customers, extending benefits until 2027 [84] - The liquidity position stood at approximately $3 billion as of March 31, 2025, including $968 million in an ELOC facility [34] Q&A Session Summary Question: What gives confidence in the 2025 guidance given macro conditions? - Management expects Q1 to be slow but anticipates an uptick in Q2 with new model deliveries, projecting that the first half will contribute approximately 25-30% of total deliveries [38][40] Question: Path to positive gross margins with lower ASPs? - Excluding one-off charges, the gross loss margin improved to -32% in 2024, and the focus will be on scaling volume and optimizing costs to drive margin improvement [45][46] Question: Clarification on accounting treatment for EV charging credits? - A one-time charge of $242 million was recognized in Q4 2024 for the free charging program, which will be realized over the life of the program [50][51] Question: Capital spending for 2025 and 2026? - Expected cash burn for 2025 is approximately $2.5 billion, with $1.8 billion allocated for CapEx on CKD facilities [58] Question: Status of the US manufacturing plant in North Carolina? - The company remains committed to the North Carolina facility, with plans to monitor macroeconomic conditions and adjust as necessary [73] Question: Progress in Indonesia and the Philippines? - Deliveries in Indonesia have begun, with plans to expand the dealership network, while the Philippines has introduced five models and aims for 50 showrooms by year-end [76][77]

Exhibit 99.1 VinFast Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results Quarterly Revenues reached VND16,496.4 billion (US$677.9 million) Quarterly EV Deliveries were 53,139 units Full year Revenues reached VND44,019.0 billion (US$ 1,808.9 million) Full Year EV Deliveries were 97,399 units Singapore, April 24, 2025 – VinFast Auto Ltd. ("VinFast" or the "Company") (Nasdaq: VFS), a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone, today an ...