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]

Q4'25 Earnings Report 16 March 2026 4 Q 2 0 2 5 E A R N I N G S R E P O R T 2 Making Electric Mobility Accessible to Everyone | | BUILDING THE FOUNDATION | | | | | | STRATEGIC INVESTMENTS | | --- | --- | --- | --- | --- | --- | --- | --- | | 2017-2023 | | 2024-2025 | | 2026 | | | | | Established our brand and industrial | | Became the #1 mobility brand in Vietnam by vehicle sales | | | 1• | Expand overseas capacity | | | foundation, with the firm belief that electrification is the future of mobility | | | | ...

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]

Core Insights - VinFast Auto Ltd. (NASDAQ:VFS) is recognized as one of the best auto stocks to buy currently [1] - The company achieved its highest monthly sales volume in November 2025, delivering 23,186 electric vehicles in Vietnam, contributing to a total of 147,450 units delivered this year [2] - The Limo Green model was the top performer, with 9,642 units sold in November and a total of 16,146 units since its launch [2] - The VF 3 is the best-selling car in Vietnam with 40,660 units sold this year, followed by the VF 5 with 38,478 units [3] - Despite strong sales, the stock is down 19.29% year-to-date as of December 26, 2025 [4] Sales Performance - In November 2025, VinFast delivered 23,186 electric vehicles, marking the highest monthly sales for the company [2] - Total deliveries for the year reached 147,450 units, with significant contributions from the Green lineup [2] - Breakdown of November deliveries includes 4,655 VF 3 units, 3,072 VF 5 units, 2,801 VF 6 units, and 1,225 VF 7 units [2] Market Position - The VF 3 leads the market as Vietnam's best-selling car, while the VF 6 tops the B-SUV segment with 19,750 deliveries [3] - The company aims to double its worldwide sales by 2024, leveraging its strong domestic performance [3] Stock Performance - As of December 26, 2025, VinFast's stock has decreased by 19.29% year-to-date, indicating potential market challenges despite strong sales figures [4]

Group 1 - VinFast has inaugurated its fourth global electric vehicle factory in Subang, West Java, Indonesia, marking its first factory in Southeast Asia outside of Vietnam, enhancing its competitive advantage in the region and contributing to the development of Indonesia's electric vehicle industry [1][2] - The Subang factory was established in just 17 months, demonstrating VinFast's commitment to local production, with plans to increase the localization rate to over 40% by 2026, 60% by 2029, and 80% by 2030, while developing a supporting industrial ecosystem around the facility [1] - The factory occupies 171 hectares with an estimated total investment exceeding $1 billion, with the first phase involving over $300 million and an initial production capacity of 50,000 vehicles per year, expandable to 350,000 to meet domestic and export demands [2] Group 2 - The factory is expected to create between 5,000 to 15,000 direct jobs at full capacity, with initial assembly focusing on right-hand drive versions of models VF 3, VF 5, VF 6, and VF 7, and plans to include electric motorcycles and electric MPVs starting in 2026 [2] - Indonesian Economic Coordinating Minister Airlangga Hartarto praised the VinFast project for aligning with Indonesia's green industrial development strategy, emphasizing its role in boosting the local economy, job creation, and the establishment of an electric vehicle industry ecosystem [1]

Core Viewpoint - VinFast is expanding its global presence with the opening of its first factory in Indonesia, signaling its ambitions in the electric vehicle market [1][7]. Company Expansion - VinFast inaugurated a new facility in Subang, Indonesia, with participation from both Indonesian and Vietnamese government representatives [2]. - The factory was completed and became operational just 17 months after the groundbreaking ceremony, showcasing the company's commitment to rapid expansion [4]. - Initially, the factory will assemble the VF 3, VF 5, VF 6, and VF 7 models for the domestic market, with plans to produce new models for sale in Indonesia by 2026 [4]. Market Impact - Following the announcement of the factory opening, VinFast's U.S.-listed shares rose by over 5% on a generally negative day for the stock market, reflecting positive investor sentiment [1]. - The current market capitalization of VinFast is approximately $7.7 billion, with shares trading at $3.47 [5]. Industry Positioning - The new factory reinforces VinFast's role in the electric vehicle value chain in Indonesia, enhancing Southeast Asia's position in the global EV industry [7]. - Indonesia, with a population exceeding 283 million, represents a significant market opportunity for VinFast as it aims to establish a direct presence in the region [7].

Core Insights - VinFast Auto Ltd. reported a robust revenue growth of 92% year-over-year for Q2 2025, indicating strong momentum in its business operations [1][3] - The company delivered 35,837 electric vehicles (EVs) in Q2 2025, a 172% increase year-over-year, and a total of 72,167 EVs in the first half of 2025, reflecting a 223% increase year-over-year [2][3] - VinFast's e-scooter and e-bike deliveries reached 69,580 in Q2 2025, marking a 55% increase quarter-over-quarter and a 432% increase year-over-year [2][3] Financial Performance - Total revenues for Q2 2025 were VND 16,609.3 billion (approximately US$663.0 million), up 91.6% from Q2 2024 and 1.9% higher than Q1 2025 [3] - The company reported a gross loss of VND 6,824.9 billion (US$272.4 million) and a net loss of VND 20,341.6 billion (US$812.0 million) for Q2 2025, with a gross margin improvement to negative 41.1% from negative 62.7% in Q2 2024 [4] Market Position and Strategy - VinFast solidified its leadership in Vietnam's domestic auto market and is actively contributing to the country's green transition [5][8] - The VF 3 and VF 5 models accounted for 61% of total deliveries in Q2 2025, with the VF 6 contributing 12%, placing these models among the top five best-selling vehicles in Vietnam [6][7] - Over 70% of vehicles delivered in the last four quarters were to B2C customers, indicating strong market demand [7] Expansion and Partnerships - The company is expanding its e-bike production capacity and inaugurated the Ha Tinh plant in June 2025, with an initial capacity of 200,000 vehicles per year [8][9] - VinFast is enhancing its presence in key Asian markets, including India, Indonesia, and the Philippines, with strategic partnerships and dealership expansions [11][12][13][14] - In North America, VinFast signed its first authorized dealership in California, marking a shift to a dealer-led distribution model [14] Future Outlook - The company aims to double its global deliveries in 2025 and is focusing on key markets such as Vietnam, Indonesia, the Philippines, India, North America, Europe, and the Middle East [16] - VinFast is evaluating opportunities in various vehicle types to enhance accessibility to electric mobility [17] - The company expects continued strong growth in its e-scooter business, supported by favorable government policies in Vietnam [18]

Financial Performance - Total revenue reached $663 million in Q2 2025, a 92% year-over-year increase compared to $346 million in Q2 2024[31] - Gross margin improved to -41% in Q2 2025, up from -63% in Q2 2024[31] - Cash and cash equivalents totaled $550 million as of June 30, 2025, a 478% increase year-over-year from $95 million[31] - Net loss was $(812) million in Q2 2025, an 8% increase compared to $(749) million in Q2 2024[31] Deliveries and Market Position - Delivered 35,837 EVs in Q2 2025, a 172% year-over-year increase[2] - Delivered 69,580 two-wheelers in Q2 2025, a 432% year-over-year increase[2] - VinFast models accounted for three of the top five best-selling car models in Vietnam during 1H 2025[2] - VinFast VF 3 ranked as the best-selling car model in Vietnam in 1H 2025[15] Production and Expansion - Inaugurated two new factories, VinFast Ha Tinh and VinFast India, doubling production capacity to 550,000 cars per year[2] - Expects $1.6 billion in cash proceeds from completed R&D assets spinoff[2] - The company's total liquidity position is at $4.2 billion[2]

Core Insights - VinFast has inaugurated its electric vehicle assembly plant in Tamil Nadu, India, marking its fifth global project and third operational production base, showcasing the company's ambition for global expansion and capability in executing large-scale projects [1] - The Tamil Nadu factory is a strategic milestone for VinFast, reflecting its long-term commitment to the Indian market and laying a solid foundation for sustainable growth [1] - The factory aims to provide high-quality, competitively priced electric vehicles to Indian consumers and plans to expand its capacity to meet growing market demand, with aspirations to become the largest export center for VinFast in South Asia, the Middle East, and Africa [1] Company and Industry Summary - The factory spans 160 hectares and features highly automated, modern production lines adhering to international standards [2] - Once fully operational, the plant is expected to create 3,000 to 3,500 direct jobs and generate thousands of indirect employment opportunities within the supply chain ecosystem, contributing to the socio-economic development of Tamil Nadu and positioning the region as a significant manufacturing hub in India [2] - Initially, the factory will assemble high-end electric vehicle models VF 7 and VF 6, with an annual production capacity of 50,000 units, which can be increased to 150,000 units in the future [2]

Group 1: Company Announcements - Huawei announced the comprehensive open-source of CANN, enabling users to develop and customize applications independently [1] - Pfizer reported Q2 revenue of $14.65 billion, exceeding market expectations, and projected annual revenue between $61 billion and $64 billion [2] - Xiaomi's investment fund has acquired shares in Chongqing Huahui Paint Co., increasing its registered capital from approximately 27.78 million RMB to about 31.67 million RMB [5] Group 2: Industry Developments - VinFast's new electric vehicle assembly plant in India has officially opened, with an initial production capacity of 50,000 units per year, potentially increasing to 150,000 units [5] - All Nippon Airways (ANA) plans to establish a joint venture with Joby Aviation to provide air taxi services in Japan, aiming to deploy over 100 air taxis [3] - Tencent has invested in Sairi Technology, a waferless chip design company, indicating a trend towards semiconductor innovation [4] Group 3: Market Trends - The futures market in China has reached a record high of 2.6 million effective clients, with a 12% year-on-year growth [10] - The Japanese central bank's committee members expressed concerns that a rapid reduction in bond purchases could impact market stability [9][10]