Core Insights - VinFast reported a significant increase in revenue and vehicle deliveries in 2025, with revenue reaching VND90.42 trillion ($3.59 billion), a 105.4% increase from 2024 [1] - The company delivered 196,919 electric vehicles (EVs) globally, marking a 102% year-on-year increase, surpassing its target of doubling 2024 deliveries [1] Financial Performance - VinFast posted a full-year operating loss of VND71.60 trillion, widening from VND55.39 trillion the previous year [2] - The net loss increased to VND97.24 trillion from VND77.35 trillion, with VND97.04 trillion attributable to the controlling interest [2] - In Q4, revenue reached VND39.41 trillion, a 138.9% increase year-on-year and a 117.7% increase compared to the previous quarter [2] Vehicle Deliveries and Operations - In Q4, vehicle deliveries totaled 86,557 units, up 127% from the previous quarter and 63% year-on-year [3] - As of December 31, 2025, VinFast operated 424 showrooms worldwide [3] Product Expansion - The company expanded its product portfolio across three brands: VF for mid- to high-end EVs, Green for commercial offerings, and Lac Hong for ultra-luxury models [3] - New launches included the Limo Green for fleet operators and the VF MPV 7, with production of next-generation VF 6 and VF 7 models scheduled to begin in the second half of 2026 [4] Manufacturing Capacity - VinFast increased its manufacturing capacity with new facilities in Ha Tinh, Vietnam, Tamil Nadu, India, and Subang, Indonesia, operating four EV production sites with a combined annual capacity of around 600,000 units by the end of the year [4] - The company plans to resume construction of its North Carolina manufacturing facility in 2026, with production expected to start in 2028 [6] Strategic Outlook - VinFast aims to continue expanding production capacity for EVs and e-scooters in Vietnam while exploring further development phases in India and Indonesia to establish these locations as export hubs [5]

Core Insights - VinFast has established itself as the leading OEM in Vietnam, achieving a market share of 36% in 2025, up from 22% in 2024, with models VF3 and VF5 accounting for 51% of domestic sales [1] - The company reported a significant increase in international deliveries, with overseas markets contributing 18% of Q4 deliveries and 11% of total deliveries for 2025 [1] - For 2026, VinFast aims for at least 300,000 EV deliveries, supported by new model launches and expansion of its dealer network across Asia, Europe, and North America [2] Financial Performance - VinFast delivered 196,919 EVs in 2025, exceeding its guidance to double 2024 deliveries, with a record Q4 of 86,557 units [3][6] - Revenue for Q4 2025 was $1.6 billion, representing a 118% increase quarter-over-quarter and a 139% increase year-over-year, while full-year revenue reached $3.6 billion, up 105% year-over-year [16] - Despite revenue growth, the company reported a gross margin of -40% in Q4 and a net loss of $1.4 billion for the same period [6][21] Strategic Initiatives - VinFast is focusing on a disciplined investment approach to scale volumes and reduce unit costs while expanding its product portfolio and international presence [4] - The company operates a global capacity of approximately 600,000 EVs and 500,000 e-scooters, with plans to expand its manufacturing footprint internationally [5][11] - VinFast is also investing in technology and automation, including a roadmap for autonomy and collaborations for self-driving vehicle development [13][14] Product Development - The company has repositioned its product lineup into three brands, including a core passenger lineup and a "Green" commercial line, which gained traction with fleet customers [8] - Upcoming product launches include two 7-seat MPVs and next-generation models VF6 and VF7, aimed at reducing production costs [9] - VinFast is developing range-extender EVs, starting with the VF 8 REEV, to cater to markets with limited charging infrastructure [10] Market Position and Expansion - VinFast has made significant progress in export markets, ranking as the number 3 BEV brand in Indonesia and number 2 in the Philippines by the end of 2025 [7] - The company plans to resume construction of its North Carolina factory in 2026, targeting production start in 2028, despite a $236 million impairment charge related to the project [12]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $1.6 billion, up 118% quarter-over-quarter and 139% year-over-year, while full-year revenue reached $3.6 billion, an increase of 105% year-over-year [24][25] - Gross margin improved to -40% in Q4 2025 from -79% in Q4 2024, and for the full year, gross margin improved to -43% compared to -57% in 2024 [24][25] - Net loss for Q4 2025 was -$1.4 billion, with a net loss margin improving to -89% compared to -186% a year ago [30] Business Line Data and Key Metrics Changes - VinFast delivered 196,919 EVs for the full year, exceeding guidance to at least double the number of EVs delivered in 2024, with Q4 alone accounting for 86,557 EVs delivered [6][7] - The two-wheeler segment saw full-year deliveries grow 5.7x to 406,496 units, with expectations for two-wheeler deliveries to be at least 2.5x last year's volume for 2026 [7][8] Market Data and Key Metrics Changes - In Vietnam, VinFast maintained a 36% market share by the end of 2025, up from 22% in 2024, with VF3 and VF5 accounting for 51% of domestic volume [8] - International markets contributed 11% of total deliveries for the full year 2025, with overseas deliveries accounting for 18% in Q4 [8][9] Company Strategy and Development Direction - VinFast aims to expand its capacity for international markets and is focused on scale and unit cost optimization as primary levels in the path to profitability [4][5] - The company is investing in technology and industrial capabilities, with a focus on AI-driven software-defined vehicles and a vertically integrated software-defined EV platform [4][6] Management's Comments on Operating Environment and Future Outlook - Management noted that higher oil prices could influence EV adoption dynamics, reinforcing the long-term value proposition of EVs [44][46] - The company expects to achieve at least 300,000 EV deliveries in 2026, supported by new model introductions and expansion of the dealer network [7][66] Other Important Information - The company recorded a one-off impairment charge of approximately $236 million for the North Carolina factory, reflecting a disciplined approach to accounting adjustments [28] - CapEx for Q4 was $304 million, with total CapEx for 2025 reaching $922 million, primarily driven by overseas factories and expansion in Vietnam [32] Q&A Session Summary Question: Will VinFast pursue hybrid vehicles? - Management confirmed the VF 8 REEV is planned for launch in Vietnam starting 2027, viewing it as a practical interim solution to expand EV accessibility [40] Question: What are the drivers behind the narrowing of the gross profit loss? - Improvement is driven by BOM optimization, production scale, and supplier pricing, with expectations for sustainable improvements [41] Question: How will higher oil prices influence EV adoption? - Higher oil prices are expected to reinforce the long-term value of EVs, with management focusing on cost competitiveness and product availability [44] Question: What is the status of the North Carolina factory? - The U.S. remains a strategic market, with construction expected to resume this year and a target for SOP in 2028 [47] Question: What are the CapEx plans for 2026? - Most CapEx will go into building out the core manufacturing footprint, with around $400 million for domestic and $600 million for international factories [50] Question: What is the expected cash usage for this year? - Expected cash spending for CapEx is around $1.6 billion, with R&D spending around $1.4 billion [63] Question: Can VinFast achieve the target of 300,000 EV deliveries in 2026? - Management confirmed capability to manufacture and deliver at least 300,000 vehicles in 2026, supported by existing capacity and a global supplier network [66]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $1.6 billion, up 118% quarter-over-quarter and 139% year-over-year. Full-year revenue was $3.6 billion, an increase of 105% year-over-year [22][23] - Gross margin improved to -40% in Q4 2025 from -79% in Q4 2024, and for the full year, it improved to -43% from -57% in 2024 [22][23] - Net loss for Q4 was -$1.4 billion, with a net loss margin improving to -89% compared to -186% a year ago. Full-year net loss margin was -108%, an improvement from -176% in 2024 [28][29] Business Line Data and Key Metrics Changes - VinFast delivered 196,919 EVs for the full year, exceeding guidance to at least double the number of EVs delivered in 2024. Q4 alone saw a record delivery of 86,557 EVs [5][6] - The two-wheeler segment saw full-year deliveries grow 5.7 times to 406,496 units, with expectations for 2026 to reach at least 2.5 times last year's volume [6][7] Market Data and Key Metrics Changes - In Vietnam, VinFast maintained a 36% market share, up from 22% in 2024, with VF3 and VF5 accounting for 51% of domestic volume [8] - International markets accounted for 18% of Q4 deliveries and 11% of total deliveries for the full year 2025, with significant growth in India, Indonesia, and the Philippines [8][9] Company Strategy and Development Direction - VinFast aims to be a vertically integrated software-defined EV platform, focusing on scale and unit cost optimization as primary levels in the path to profitability [4][5] - The company plans to expand its manufacturing capacity and dealer network across Asia, Europe, and North America, with a focus on introducing new models in international markets [6][11] Management's Comments on Operating Environment and Future Outlook - Management noted that higher oil prices could accelerate EV adoption, reinforcing the long-term value proposition of EVs [42][44] - The company remains committed to the U.S. market despite current demand challenges, with plans to resume construction of the North Carolina factory in 2026 [45][46] Other Important Information - CapEx for Q4 was $304 million, with total CapEx for 2025 at $922 million, primarily for overseas factories and expansion in Vietnam [30] - The company has a total liquidity of $3.1 billion as of December 31, 2025, reflecting cash and funding commitments [31] Q&A Session Summary Question: Interest in launching a hybrid vehicle - Management confirmed plans for the VF 8 REEV to launch in Vietnam starting 2027, viewing it as a practical interim solution to expand EV accessibility [38] Question: Drivers behind narrowing gross profit loss - Improvement is driven by BOM optimization, production scale, and supplier pricing, with expectations for sustainable improvements [39] Question: Impact of higher oil prices on EV adoption - Higher oil prices are expected to reinforce the long-term value of EVs, with management focusing on cost competitiveness and product availability [42] Question: Update on North Carolina factory and impairment charge - Management reiterated commitment to the U.S. market, with the North Carolina factory construction expected to resume in 2026 [45] Question: CapEx plans for 2026 - Expected CapEx for 2026 is around $1 billion, focusing on building out manufacturing capabilities [48] Question: Timeline for VF7 in North America - Production of VF7 is targeted to start by the end of the month, with plans to bring it to the U.S. by the end of the year [51] Question: Expected cash usage for the year - Expected cash spending for CapEx is around $1.6 billion, with R&D spending around $1.4 billion [61]

Group 1: Partnership and Expansion - VinFast Auto Ltd has signed a Memorandum of Understanding (MoU) with PlusX Electric to enhance EV charging access and customer support in the UAE [1][2] - The partnership will deploy portable charging pods, offer on-demand mobile charging, and explore emergency roadside charging services [2] - PlusX may become a preferred partner for home and office charger supply, installation, and after-sales support, while also assessing scalable solutions for fleet customers [2] Group 2: Delivery Growth - In January 2026, VinFast reported a 55% year-over-year increase in deliveries, totaling 16,172 electric vehicles in the domestic Vietnam market [4] - The best-selling model for that month was the Limo Green, with 3,868 deliveries, followed by the VF 3 with 3,185 deliveries, and the VF 5 with 2,737 deliveries [4] - Newer models, including the Minio Green and EC Van, also contributed to the delivery figures with 1,237 and 865 units delivered, respectively [4] Group 3: Company Overview - VinFast Auto Ltd is an electric vehicle manufacturer based in Hai Phong City, Vietnam, producing electric buses, cars, and scooters, along with battery leasing and charging services [5]

Group 1 - VinFast Auto Ltd. has signed a Memorandum of Understanding with Exposure SARL to potentially supply green taxi services in Kinshasa, marking a significant step in its international expansion strategy [1][2] - The partnership will focus on developing a rollout for the first batch of electric vehicles (EVs), including commercial models like Limo Green and Herio Green, aimed at establishing an all-electric taxi fleet to reduce urban emissions [2] - VinFast aims to deliver 300,000 electric vehicles in fiscal 2026, with two-wheeler vehicle deliveries expected to be at least 2.5 times higher than those in 2025 [4] Group 2 - VinFast is a Vietnamese electric vehicle manufacturer, part of Vingroup, dedicated to designing and producing smart electric cars, e-scooters, and electric buses for global markets, with a focus on making EVs accessible through premium features and sustainable mobility solutions [5]

Core Viewpoint - VinFast Auto Ltd (NASDAQ:VFS) is advancing its international expansion strategy by signing a Memorandum of Understanding (MOU) with Exposure SARL for the supply of electric vehicles for green taxi services in Kinshasa, Democratic Republic of the Congo [1]. Group 1: MOU Details - The MOU involves discussions for developing a plan to supply the first batch of VinFast electric vehicles, including Limo Green and Herio Green models, for electric taxi services in Kinshasa [2]. - Exposure SARL intends to act as a distributor of VinFast vehicles in the Congolese market and will collaborate on a business plan tailored to local conditions [3]. Group 2: Company Overview - VinFast Auto Ltd is engaged in the design and manufacture of electric vehicles, including electric buses and scooters, and is building an e-mobility ecosystem focused on community, customers, and connectivity [4].

Group 1 - VinFast Auto delivered 196,919 vehicles globally in 2025, marking a 102% increase from 97,399 units in 2024 [1] - The company also delivered 406,498 e-scooters and e-bikes in 2025, representing a 473% increase over 2024 [1] - Local sales in Vietnam nearly doubled to 175,099 units in 2025, accounting for about one-third of total vehicle sales in the country, with the total market exceeding 550,000 units [2] Group 2 - VinFast sold 21,820 vehicles overseas in 2025, having established local production in India and Indonesia while expanding in other Asian markets, Europe, and the US [3] - Indonesia was the largest overseas market with 10,890 deliveries, primarily from imports before the local assembly plant began operations in December 2025 [4] - The company introduced the Limo Green battery-powered MPV in August 2025, which became the best-selling model in Vietnam, while the compact VF3 remained the top seller with 44,585 deliveries [5]

Core Viewpoint - VinFast Auto Ltd (NASDAQ:VFS) has achieved significant growth in vehicle deliveries in Vietnam, marking it as a strong investment opportunity under $50 [1][2]. Group 1: Delivery Performance - In 2025, VinFast delivered a total of 175,099 vehicles, with the VF3 and VF5 being the top-selling models [1][2]. - The company reported nearly double the number of deliveries in 2025 compared to 2024, indicating robust growth in its core market [2]. Group 2: Market Position and Challenges - VinFast has faced challenges in North America and other international markets due to intense competition and slow consumer adoption [3]. - Despite these challenges, the company benefits from strong brand recognition and increasing domestic demand for electric vehicles in Vietnam [3]. Group 3: Analyst Insights - Chardan Capital analyst James Mcllree has maintained a Buy rating on VinFast stock, setting a price target of $5.50 [3]. Group 4: Company Overview - VinFast is a Vietnamese electric vehicle manufacturer under Vingroup, focusing on smart electric cars, e-scooters, and electric buses, aiming to provide accessible EVs with premium features and sustainable mobility solutions [4].

Core Insights - VinFast Auto achieved record sales in Vietnam, delivering 27,649 battery electric vehicles (BEVs) in December 2025, leading to a total of 175,099 units sold for the year, nearly doubling sales compared to 2024 [1][5] - The company captured approximately one-third of the total vehicle sales in Vietnam, with the overall market exceeding 550,000 units, positioning Vietnam as one of the fastest-growing BEV markets globally [1] Sales Performance - The compact VF3 was the best-selling model for VinFast in 2025, with 44,585 deliveries, followed closely by the VF5 at 43,913 units and the Limo Green at 27,127 units [3] - In addition to domestic sales, VinFast delivered 11,000 BEVs in Indonesia and over 1,000 units in India after starting deliveries in August [5] Product and Service Expansion - VinFast expanded its model lineup with the introduction of the Limo Green MPV in August, which became the best-selling model in the fourth quarter with 10,981 units delivered in December [2] - The company has enhanced its aftersales network to 400 outlets and established over 150,000 charging points across 34 provinces and cities in Vietnam [4] Marketing and Customer Engagement - VinFast launched the 'Boundless Drive for a Green Future' campaign, offering incentives such as zero-down-payment financing, discounts of 6% to 10% on popular models, and free charging at V-Green stations until June 2027 [4] - The Deputy CEO of Global Automotive Sales at VinFast emphasized the company's commitment to quality and service, highlighting its leadership role in Vietnam's transition to electric vehicles [5]