[VFS] VinFast: Q2 2026 Earnings Preview and the Revenue-Per-Vehicle Question

VinFast is a Singapore-incorporated, Nasdaq-listed pure-play electric vehicle maker that operates principally from Hai Phong, Vietnam, and is a subsidiary of Vingroup, Vietnam's largest private conglomerate[1]. The company is scheduled to report on 2026-09-18 for the three months ended June 30, 2026[2], a release it had already delayed while it finished accounting for the divestment of its Vietnamese manufacturing business[3]. The last fully disclosed quarter was the first quarter of 2026: revenue of VND23,111.1 billion, or about US$920.7 million, up 41.7% year over year and down 41.0% from the prior quarter, on 58,577 electric vehicles and 143,136 two-wheelers delivered[4]; a gross margin of negative 73.6% against negative 35.2% a year earlier[5]; and roughly 13% of those EV deliveries going to related parties[6]. Second-quarter volumes are already public at 70,085 EVs, up 96% year over year[7], and 286,039 e-scooters and e-bikes, up 311%[8], and the company has reiterated a full-year target of at least 300,000 EV deliveries[9]. The aggregator Daily Political reported on August 31, 2026 that analysts looked for quarterly revenue of US$1.1493 billion and a loss of US$0.33 per share, a figure drawn from two contributing analysts[10].

This delayed report really has to answer three things. First is revenue per vehicle: the volumes are already settled, so price and mix are almost the only variables left in the release, management has guided 2026 average selling prices down 10% to 15% on a heavier share of sales to GSM[11], and first-quarter vehicle sales revenue was VND21,650.8 billion on 58,577 EVs[4]. Second is gross margin: the first quarter printed negative 73.6% on a reported basis while the measure management gives after excluding free charging and other disclosed one-offs was negative 22.5%[12], the Vietnamese manufacturing subsidiary left the group on June 30, 2026[13], and vehicle cost has since become a purchase price paid to that former subsidiary under a manufacturing and supply agreement[14], so both claims are tested together for the first time this quarter. Third is cash: operations used VND13,351.9 billion in the first quarter[15], while cash on hand at March 31, 2026 was only VND5,505.5 billion and most of the VND65,202.3 billion of reported available liquidity consists of an undrawn Vingroup credit line, undisbursed founder grants and an equity-line commitment[16].

Company Background and Business Structure

VinFast's asset structure was rewritten in the middle of 2026. The company began building e-scooters in 2018 and passenger cars in 2019, stopped making internal-combustion vehicles in 2022, and now sells electric SUVs, a mini car, an MPV, Green Series commercial vehicles, e-buses and electric two-wheelers; its FY2024 annual report describes a Hai Phong plant with maximum capacity of up to 300,000 EVs a year and lean capacity of 250,000 without extra shifts, roughly 75% of non-battery components sourced in Vietnam, and separate projects in Chatham County, North Carolina and Thoothukudi, Tamil Nadu[1]. On June 30, 2026 the transfer of VinFast Trading and Production JSC, or VFTP, which held the Vietnamese manufacturing operations, was completed and the company no longer holds any equity interest in it[13], for consideration of about VND13,309.6 billion, roughly US$530 million[17], leaving the listed entity with research and development, brand, sales and after-sales while VFTP builds the vehicles under a manufacturing and supply agreement[14]. On September 12, 2026 the incumbent chairman, Pham Nhat Quan Anh, succeeded founder Pham Nhat Vuong as chief executive[18].

Revenue is heavily concentrated in a single line. The company reports vehicle sales, merchandise sales, spare parts and components, services and leasing income, and in FY2024 vehicle sales of VND40,145.6 billion were 91.2% of total revenue of VND44,019.0 billion[19]. Distribution has moved from the direct-to-consumer stores opened at listing to dealer showrooms, of which there were 447 globally at March 31, 2026[4]. Two-wheelers and cars share that same vehicle sales line at a small fraction of a car's price but in far larger numbers, so the line reads as a function of both price and model mix.

A second concentration comes from related parties. In FY2024, 27.6% of EV deliveries and 15.8% of e-scooter deliveries went to related parties[20], a share that fell to roughly 13% of EV deliveries by the first quarter of 2026[6]; in May 2026 VinFast signed a framework agreement with GSM, the Vingroup-affiliated ride-hailing and leasing operator, to supply approximately one million EVs and four million e-scooters between 2026 and 2030[21]. Batteries are supplied partly by affiliated entities and can be leased to customers, while the free-charging programme at V-Green stations is funded by the founder yet recorded as a deduction from VinFast's revenue, which makes the affiliated ecosystem both a source of demand and a variable in the accounts[22].

Financial History and Current Position

VinFast has never earned a positive gross margin. Revenue rose from VND13,927.7 billion in 2022 to VND27,883.8 billion in 2023 and VND44,019.0 billion in 2024, while gross margin was negative 93.7%, negative 49.2% and negative 57.4% in those years, with the FY2024 figure including a one-time VND5,900 billion free-charging charge booked as a revenue deduction, without which it would have been negative 38.8%, and that year's operating loss widened to VND55,399.2 billion with a net loss of VND77,354.9 billion[19]. Scale has kept growing since, with full-year 2025 deliveries of 196,919 EVs and 406,496 two-wheelers[23].

The latest fully disclosed quarter shows that growth has not brought profitability with it. Revenue in the first quarter of 2026 was VND23,111.1 billion, up 41.7% year over year and down 41.0% sequentially[4], and gross margin was negative 73.6%, worse than negative 35.2% a year earlier and negative 46.4% in the fourth quarter of 2025[5]. Management attributes the deterioration to one-off items: a US$192 million free-charging deduction equal to 20% of revenue, revenue deferrals equal to 12% of revenue and net realizable value adjustments equal to 14%, which together take the measure to negative 22.5% excluding them, against negative 28.1% a year earlier[12]. On the cost side, research and development spending was VND2,535.4 billion, or US$101.0 million, up 25.8% year over year, and selling, general and administrative expenses were VND2,539.5 billion[24], leaving an operating loss of VND22,861.6 billion and a net loss of VND28,108.0 billion, or VND11,994 per share[4].

The balance sheet explains the constraint better than the income statement does. Cash and cash equivalents were VND5,505.5 billion at March 31, 2026, while reported available liquidity of VND65,202.3 billion, about US$2.6 billion, consisted mostly of an undrawn Vingroup credit line, undisbursed founder grants, an equity-line commitment and expected net proceeds from the transfer of the Vietnamese manufacturing business[16]; in the same quarter operations used VND13,351.9 billion, against VND15,085.5 billion a year earlier, and capital spending was VND4,974.5 billion, of which purchases of property, plant and equipment and intangible assets came to US$198.2 million[15]. Shareholders have always filled that gap: the FY2024 annual report records roughly US$14.3 billion deployed into VinFast since 2017 by Vingroup, its affiliates and external lenders, with Vingroup intending to provide up to VND35,000.0 billion of loans during the 24 months from November 12, 2024 and the founder committing up to VND50,000.0 billion of grants, of which VND33,000.0 billion had been disbursed and VND19,755.9 billion of Vingroup loans were outstanding at March 31, 2026[25]. Second-quarter volumes are out, but the financial results still wait on the accounting for the June 30 transfer of the manufacturing arm[3].

Operating Model

Revenue equals deliveries multiplied by the net revenue actually recognized per vehicle, and the company never discloses that second term on its own. Revenue is recognized when vehicles are handed to customers, roughly nine tenths of it comes from vehicle sales, and the rest comes from spare parts, services, merchandise and battery leasing[4]. Buyers fall into two groups: Vietnamese retail customers, who increasingly choose cheap models such as the VF 3, and fleet customers led by GSM, which receives base discounts, volume incentives and go-to-market support[21]. Two further deductions keep pressing on that multiplier, because the founder-funded free-charging programme is booked as a reduction of revenue[22] and management has guided 2026 average selling prices down 10% to 15% as GSM's share rises[11].

Gross profit has always been negative, and its cost side has just changed form. Before the second quarter of 2026, cost of sales was dominated by the manufacturing cost and depreciation of the company's own capacity at Hai Phong[5], and from the quarter ended June 30, 2026 it becomes the purchase price paid to VFTP under the manufacturing and supply agreement[14]. Inventory write-downs and warranty provisions ride on top, and below gross profit sit research and development that management has held near US$100 million a quarter, selling and administrative costs that swing with impairments, and finance costs on related-party and external debt[24]. The company's stated route out of losses is volume scale, bill-of-materials optimization and new vehicle platforms rather than higher prices[12].

Operations consume cash every quarter, and the gap is filled by shareholders and asset sales. In the first quarter of 2026 operations used VND13,351.9 billion before VND4,974.5 billion of capital spending, and inventory built ahead of deliveries absorbs working capital on top of that[15]. The replenishment comes from borrowings, deemed contributions from owners, founder grants and, in 2026, the proceeds of selling the Vietnamese manufacturing business[16], while management guides combined 2026 capital expenditure and research spending of US$300 million to US$400 million a quarter and says the divestment cuts annual capital expenditure by about US$400 million, with a further US$500 million possible if international opportunities progress[26].

This model carries several limits that have to be stated. The company discloses neither average selling prices nor segment revenue nor unit costs, so the price and cost terms are inferred from aggregate revenue and cost of sales read against published delivery counts, and the vehicle sales line itself bundles cars, two-wheelers and e-buses[19]. Preliminary delivery figures precede the audited counts and the company itself warns the two can differ[7], while the June 30, 2026 transfer of the manufacturing operations makes cost of sales, property, plant and equipment and depreciation incomparable with any earlier period, and the company has not said how it will bridge them[13]. Related-party pricing is disclosed only in aggregate, so no arm's-length comparison is possible from public information[20].

Industry and Competitive Position

At home, VinFast is already the leading brand. It held the number one OEM position in Vietnam from September 2024 through the first quarter of 2026 with roughly 36% market share at the end of 2025, and it ranks second in electric two-wheelers, setting a record 17% share of Vietnam's total two-wheeler market in March 2026[27]. That position gives it distribution and brand advantages at home, but it also means growth can no longer come from entering the market in the first place.

Vietnam's electrification rate is already high, which changes where growth has to come from. Management says national EV adoption reached about 40% of Vietnamese automotive sales in the first quarter of 2026 and that the company set a single-day record of 3,520 deliveries on March 28[28], which means further volume increasingly depends on taking share from the combustion sales that remain rather than on the category expanding. Monthly data is still growing, with 20,161 EVs delivered in Vietnam in August 2026, up 12% from the previous month[29].

International business is still small, and the real difference is not technological. International markets were about 8% of deliveries in the first quarter of 2026, where VinFast ranked first among battery EV brands in the Philippines, fourth in India and eighth in Indonesia[27]. Measured against global peers, what sets it apart is its dependence on a single affiliated ecosystem: a large share of demand comes from affiliated fleets such as GSM[21], funding comes from Vingroup and the founder[25], and since June 30, 2026 even manufacturing sits with a former subsidiary that is no longer part of the group[13].

Core Debates

After deliveries nearly doubled, how much revenue does each vehicle still bring in

This question is close to the whole revenue equation. Vehicle sales were 91.2% of FY2024 revenue[19], and second-quarter volumes are already public, with 70,085 EVs[7] and 286,039 two-wheelers[8] settled facts, so the release reads almost entirely as price and mix rather than as demand. For reference, first-quarter vehicle sales revenue was VND21,650.8 billion on 58,577 EVs, about 13% of which went to related parties, down from 27.6% for full-year 2024[4][6].

The same numbers support two readings that point to different conclusions. Management's explanation is fleet discounting, with 2026 average selling prices expected to fall 10% to 15% because sales to GSM weigh more heavily[11] under a framework covering roughly one million EVs and four million e-scooters from 2026 to 2030[21]. The equally plausible alternative is the arithmetic of mix, since two-wheeler deliveries grew 311% year over year against 96% for EVs[8][7] and the Vietnamese order book leans toward cheap models such as the VF 3[27], so blended revenue per vehicle would fall even with unchanged pricing. The transmission is direct: deliveries multiplied by net revenue recognized per unit produce vehicle sales revenue, and fleet incentives, a heavier two-wheeler and low-price mix and customer-benefit deductions all act on that second term, so revenue can grow far more slowly than units.

The release therefore offers three readable points. Vehicle sales revenue divided by the 70,085 EVs already announced, compared with the VND21,650.8 billion over 58,577 units in the first quarter; the disclosed share of deliveries going to related parties against roughly 13% in the first quarter; and whether deliveries recognized in revenue match the preliminary 70,085 count, which the company itself has warned may differ[7]. If revenue per unit falls far more than 15%, the fleet discount is not the main story; if vehicle sales revenue broadly keeps pace with unit growth, the debate disappears.

With the Vietnamese factory sold, can gross margin return to the level management points to

Gross margin is the company's longest-standing unresolved question. VinFast has never earned a positive gross margin, at negative 57.4% in FY2024[19] and negative 73.6% in the first quarter of 2026[5], and the company's answer is that the gap between the reported number and its negative 22.5% adjusted measure comes from disclosed one-off items[12], while selling the Vietnamese factories makes the remaining cost structure lighter.

Both claims are tested together for the first time this quarter. The first-quarter one-offs comprised a US$192 million free-charging deduction equal to 20% of revenue, revenue deferrals of 12% of revenue and net realizable value adjustments of 14%, leaving negative 22.5% excluding them against negative 28.1% a year earlier[12], and management said the programme's effect on gross margin would be significantly less material across the remaining quarters of 2026[30]. The VFTP transfer completed on June 30, 2026 and the company holds no equity interest in it[13], and the second-quarter release was delayed precisely because of the accounting for that transaction[3]. The alternative reading is that the divestment relocates cost rather than removing it, because VFTP will produce VinFast-branded vehicles under the manufacturing and supply agreement[14] and a purchase price paid to an outside manufacturer can embed a margin that offsets the relief from depreciation and fixed costs.

There are likewise three observable points. Where reported gross margin lands against the negative 73.6% to negative 22.5% band published for the first quarter; the size of any free-charging deduction against the 20% of revenue recognized in the first quarter[22]; and whether the release quantifies how the manufacturing and supply agreement is reflected in cost of sales[14]. If reported margin stays near negative 73.6% without a one-off charge, the problem sits in unit economics; if the release gives no bridge for the change in cost of sales, the quarter cannot be interpreted against any earlier period.

How long can the burn continue, and how much of the reported liquidity is cash rather than a promise

The company has never funded itself from its own operations. The first quarter of 2026 alone consumed VND13,351.9 billion of operating cash[15], while cash and cash equivalents at quarter end were VND5,505.5 billion against reported available liquidity of VND65,202.3 billion that is mostly an undrawn Vingroup facility, remaining founder grants and an equity-line commitment[16]. Whether the delivery ramp can be funded turns on how real the difference between those two figures is.

The shareholder commitments are large, but they are intentions rather than cash. The FY2024 annual report records roughly US$14.3 billion deployed since 2017 by Vingroup, its affiliates and external lenders, with Vingroup intending up to VND35,000.0 billion of loans during the 24 months from November 12, 2024 and the founder committing up to VND50,000.0 billion of grants, of which VND33,000.0 billion had been disbursed and VND19,755.9 billion of Vingroup loans remained outstanding at March 31, 2026[25]. On the spending side, management guides combined 2026 capital expenditure and research spending of US$300 million to US$400 million a quarter and says the divestment cuts annual capital expenditure by about US$400 million[26], while the sale of the Vietnamese manufacturing business itself brought consideration of about US$530 million[17]. The alternative reading is that reported liquidity measures shareholder willingness rather than balance-sheet strength, and it can stay flat while the cash component keeps eroding.

What matters, then, is composition rather than the headline total. Net cash used in operating activities against the VND13,351.9 billion of the first quarter; whether combined capital expenditure and research spending falls inside the guided US$300 million to US$400 million a quarter; and how much of reported available liquidity is the company's own cash rather than the Vingroup facility, remaining founder grants and the equity line. If combined spending stays above the guided range after the divestment, the relief management describes has not materialized; if the liquidity total is held up only by drawing faster on shareholder commitments while cash on hand stagnates, that figure can no longer be treated as a cushion.

Risks and Falsifiers

The chief executive changed four business days before this delayed release. Pham Nhat Quan Anh, previously chairman, succeeded founder Pham Nhat Vuong as chief executive on September 12, 2026[18], which exposes the continuity of the asset-light transition and the 300,000-unit delivery plan, as well as the shareholder funding on which the group depends[9]. If the release and the call reaffirm the 2026 delivery targets, the capital spending range and the funding commitments unchanged under the new chief executive, that concern is falsified.

The North Carolina lawsuit turns an overseas project into a contingent liability. The state's Department of Commerce sued VinFast's US subsidiary on May 21, 2026, alleging it failed to meet construction and operational benchmarks under the agreements covering the Chatham County plant, and seeking ownership of the project site and damages[31], which exposes the carrying value of that project and any damages awarded, and the site is one of the two overseas projects listed in the FY2024 annual report[1]. Dismissal or settlement of the complaint, or disclosure quantifying the exposure as immaterial to the group, would clear this risk.

A growing share of volume is sold on terms no outsider can verify. Vehicles delivered to GSM and other Vingroup affiliates carry base discounts, volume incentives and go-to-market support that the company has never quantified[21], roughly 13% of first-quarter EV deliveries went to related parties[6] against 27.6% in FY2024[20], and the exposure is vehicle sales revenue, 91.2% of FY2024 revenue, and the gross margin that follows from it[19]. If related-party deliveries rise while revenue per delivered vehicle holds within 15% of the first-quarter ratio, the concern weakens.

The quarter ended June 30, 2026 straddles the removal of the manufacturing operations. Cost of sales, property, plant and equipment and depreciation are therefore not comparable with any earlier period, and the company has not said how it will bridge them[14][13][3], which exposes gross profit and every ratio derived from it, including the adjusted measure management itself uses. A release that quantifies the manufacturing and supply agreement's effect on cost of sales and restates the prior period on a like-for-like basis would remove this risk.

Most of the reported liquidity is not cash the company controls. Those commitments come from Vingroup and the founder and are described as subject to Vingroup having sufficient financial resources[25], which exposes the entire funding of the delivery ramp: cash stood at VND5,505.5 billion at March 31, 2026[16] against operating outflow of VND13,351.9 billion in the same quarter[15]. Only a quarter in which operating cash outflow is covered by operating receipts and divestment proceeds, without new drawings on the Vingroup facility or founder grants, would falsify this risk.

What to Watch Next

• Revenue per vehicle: vehicle sales revenue divided by the announced 70,085 EVs, set against VND21,650.8 billion over 58,577 units in the first quarter of 2026. A decline far steeper than 15% would mean fleet discounting is not the main cause; revenue broadly keeping pace with units would end the debate.
• Related-party share: the disclosed share of EV deliveries to related parties against roughly 13% in the first quarter of 2026. A rising share alongside revenue per unit within 15% of the baseline would weaken the concern.
• Recognized versus preliminary deliveries: whether units recognized in revenue match the preliminary 70,085 count, since a material difference would require recalculating the ratio itself.
• Reported gross margin: where it lands against the negative 73.6% reported and negative 22.5% adjusted figures for the first quarter of 2026. Staying near negative 73.6% without a one-off charge would locate the problem in unit economics.
• Free-charging deduction: its size against the 20% of revenue, or US$192 million, recognized in the first quarter of 2026, where a clear reduction would support the one-off explanation.
• Cost bridge for the manufacturing and supply agreement: whether the release quantifies how it enters cost of sales, without which the quarter is not comparable with earlier periods.
• Operating cash flow: net cash used in operations against the VND13,351.9 billion outflow of the first quarter of 2026, where coverage by operating receipts and divestment proceeds would falsify the liquidity concern.
• Combined capital expenditure and research spending: whether it falls inside the guided US$300 million to US$400 million a quarter after the divestment, since a higher figure would mean the promised relief has not arrived.
• Composition of available liquidity: how much of the VND65,202.3 billion reported at March 31, 2026 is cash, against the VND5,505.5 billion held then, because a total sustained only by drawing on commitments while cash stagnates cannot be treated as a cushion.

Conclusion

VinFast's business compresses into one sentence: deliveries are scaling fast, but how much money each vehicle brings back and how much cash each quarter burns will decide whether the company reaches the scale it is building for. Second-quarter deliveries of 70,085 EVs and 286,039 two-wheelers are already announced[7][8], while in the last fully disclosed quarter 41.7% revenue growth came with a negative 73.6% gross margin and VND13,351.9 billion of operating cash outflow[4][5][15], against cash on hand of only VND5,505.5 billion[16]. The unresolved relationship sits among those three things: units, revenue per unit and the funding shareholders provide.

Only one qualifying independent evaluation of this structure appeared after the first-quarter results. Mehdi Jaouadi, who leads YCP's Vietnam practice, accepts the strategic and financial logic of selling the Vietnamese manufacturing business and says it could give VinFast a stronger foundation for growth, but argues that the transaction raises governance questions because of its layered structure and because the buyers are linked to Vingroup and its founder, and he specifically asks why Future Investment Research and Development became lead buyer shortly after ownership changes and what role Ngoc Quy Investment plays, given that it appears in the initial structure but is not expected to retain a stake[32]. That view bears directly on the second and third debates above: it accepts that the divestment can improve the reported accounts while arguing that the related-party structure makes it hard to verify whether economic risk actually left the group, which is exactly why the contract-manufacturing cost line and the composition of reported liquidity are the things to watch. It is an outside interpretation rather than a finding of fact, and it stands alone in the window, with no second comparable independent evaluation to corroborate it.

Several later observations would materially strengthen or weaken the current understanding. If the release shows vehicle sales revenue keeping pace with the 70,085 deliveries, the related-party share not rising sharply, reported gross margin after the divestment moving clearly toward management's negative 22.5% measure, and a quantified path for how the manufacturing and supply agreement enters cost of sales[14], then the asset-light story would have its first verifiable support. Conversely, if revenue per vehicle falls far more than the 10% to 15% management guided[11], if reported gross margin stays near the first-quarter level without one-off charges, or if operating cash outflow still has to be covered by new drawings on the Vingroup facility and founder grants[25], then the premise that scale improves unit economics needs to be re-examined. Whether the full-year target of at least 300,000 deliveries[9] and the guided US$300 million to US$400 million of quarterly spending[26] are reaffirmed unchanged under the new chief executive[18] answers the same question from another side.

Sources

[1] VFS FY2024 Form 20-F - manufacturing capacity and localization (filed 2025-04-28) · 2025-04-28 · 20-F · https://www.sec.gov/Archives/edgar/data/1913510/000141057825000943/vfs-20241231x20f.htm

[2] Drillr earnings calendar entry for VFS, updated 2026-09-15 · 2026-09-15 · Drillr earnings calendar

[3] VFS second quarter 2026 results timing (Form 6-K furnished 2026-07-30) · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526003172/vfs6k072926.htm

[4] VFS first quarter 2026 results - revenue (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[5] VFS first quarter 2026 results - gross margin (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[6] VFS first quarter 2026 results - related-party deliveries (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[7] VFS second quarter 2026 global EV deliveries (Form 6-K furnished 2026-07-30) · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526003172/vfs6k072926.htm

[8] VFS second quarter 2026 two-wheeler deliveries (Form 6-K furnished 2026-07-30) · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526003172/vfs6k072926.htm

[9] VFS first quarter 2026 results - 2026 delivery outlook (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[10] Daily Political, VinFast Auto (VFS) to Release Earnings on Thursday (2026-08-31) · 2026-08-31 · Daily Political · https://www.dailypolitical.com/2026/08/31/vinfast-auto-vfs-to-release-earnings-on-thursday.html

[11] VinFast first quarter 2026 earnings call - 2026 ASP outlook (2026-06-08) · 2026-06-08 · earnings-call · https://ir.vinfastauto.us/news-events/events-and-presentations

[12] VinFast first quarter 2026 earnings call - gross margin bridge (2026-06-08) · 2026-06-08 · earnings-call · https://ir.vinfastauto.us/news-events/events-and-presentations

[13] VFS completion of the VFTP divestment (Form 6-K furnished 2026-06-30) · 2026-06-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002719/vfs6k062926.htm

[14] VFS first quarter 2026 results - manufacturing and supply agreement (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[15] VFS first quarter 2026 results - cash flow (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[16] VFS first quarter 2026 results - liquidity (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[17] VFS first quarter 2026 results - VFTP share transfer (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[18] VFS leadership transition (Form 6-K furnished 2026-09-14) · 2026-09-14 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526003968/vfs6k091026.htm

[19] VFS FY2024 Form 20-F - revenue and gross margin (filed 2025-04-28) · 2025-04-28 · 20-F · https://www.sec.gov/Archives/edgar/data/1913510/000141057825000943/vfs-20241231x20f.htm

[20] VFS FY2024 Form 20-F - related-party deliveries (filed 2025-04-28) · 2025-04-28 · 20-F · https://www.sec.gov/Archives/edgar/data/1913510/000141057825000943/vfs-20241231x20f.htm

[21] VFS first quarter 2026 results - GSM framework agreement (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[22] VFS first quarter 2026 results - free charging program (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[23] VinFast fourth quarter 2025 earnings call - full-year 2025 deliveries (2026-03-16) · 2026-03-16 · earnings-call · https://ir.vinfastauto.us/news-events/events-and-presentations

[24] VFS first quarter 2026 results - operating expenses (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[25] VFS FY2024 Form 20-F - shareholder funding commitments (filed 2025-04-28) · 2025-04-28 · 20-F · https://www.sec.gov/Archives/edgar/data/1913510/000141057825000943/vfs-20241231x20f.htm

[26] VinFast first quarter 2026 earnings call - 2026 capital spending outlook (2026-06-08) · 2026-06-08 · earnings-call · https://ir.vinfastauto.us/news-events/events-and-presentations

[27] VinFast first quarter 2026 earnings call - segment performance (2026-06-08) · 2026-06-08 · earnings-call · https://ir.vinfastauto.us/news-events/events-and-presentations

[28] VinFast first quarter 2026 earnings call - Vietnam EV adoption (2026-06-08) · 2026-06-08 · earnings-call · https://ir.vinfastauto.us/news-events/events-and-presentations

[29] VFS August 2026 Vietnam deliveries (Form 6-K furnished 2026-09-11) · 2026-09-11 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526003926/vfs6k091126.htm

[30] VinFast first quarter 2026 earnings call - free charging impact (2026-06-08) · 2026-06-08 · earnings-call · https://ir.vinfastauto.us/news-events/events-and-presentations

[31] VFS first quarter 2026 results - North Carolina proceedings (Form 6-K furnished 2026-06-08) · 2026-06-08 · 6-K · https://www.sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

[32] YCP, VinFast's Asset-Light Shift: Strategic Upside and Governance Questions (2026-06-09) · 2026-06-09 · YCP · https://ycp.com/about/news-update/vinfast-asset-light-shift