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• VinFast became the first Vietnamese automobile brand to surpass 100,000 vehicle sales in the first 3 quarters of 2025 and remains in growth mode at home and abroad.
• In Vietnam, the company ramped up VF 3 production, launched new models like Limo Green, and strengthened presence in B2B fleet channel.
• Internationally, expanded green mobility ecosystem, grew dealership network, and made progress in markets like India, Indonesia, Philippines, U.S., and Europe.
• R&D investments focused on vehicle platform, electrical and electronic architecture, and autonomy, with plans for multi-brand full-line EV manufacturing and mobility ecosystem.
• Prioritizing top line growth through targeted investments and viewing cost rationalization as medium-term priority.

• 2025 guidance is to at least double volumes.
• 2026 guidance to be released early next year, expecting strong growth trajectory due to volume expansion for economies of scale.
• ASP expected to remain roughly flat in coming period, with higher ASP from VF 6, VF 7 offset by slightly lower ASP from Green series.
• 2026 to see more contribution from Green series scale and new VF 6 and VF 7 platform, with Vietnam remaining anchor market, accounting for roughly 70%-80% of total deliveries in 2026.

In the third quarter of 2025, VinFast delivered 38,195 EVs, representing a 74% year-over-year increase and 7% quarter-over-quarter growth. For the first 9 months of 2025, 110,362 EVs were delivered globally, a 149% year-over-year increase. VX 3 and VX 5 together contributed 47% of total deliveries, while the Green series accounted for 25% of deliveries. E-scooter and e-bike deliveries reached 120,052, a 535% year-over-year increase and 73% quarter-over-quarter growth. The number of EV deliveries to related parties, including GSM, represent 26% of total deliveries, while e-scooter deliveries to related parties, including GSM, accounted for less than 1% of total volume.

• Uncertainties in international market expansion and maturity.
• Challenges in cost management and achieving profitability in new markets.
• Potential gating factors for autonomy development due to lack of formal regulatory framework in some markets.

Q: Please provide the expected time line and cost expectations for developing the autonomy stack, and potential gating factors for AV in Vietnam?

A: Thuy Thu Le mentioned the plan for launching the low-cost version for robotaxi in Vingroup ecosystem in 2026, and around 2028 for a more advanced version. Gating factors include lack of formal regulatory framework in Vietnam for AV.

Q: Can you refresh on capital needs and when targeting positive gross margin?

A: Thuy Thu Le said total liquidity is $3.7 billion at end of quarter, good for another 18 months based on current projection, and currently keeping head down to execute operational milestones and wait for better EV market.

Q: What percent of sales in Q4 are reasonable to come from outside of Vietnam?

A: Thuy Thu Le said a little bit more from outside Vietnam in Q4, with ramp-up mostly from India, a little from Indonesia and smaller from U.S., Europe, and more to come next year.

Q: How much increase in R&D for new platform?

A: Thuy Thu Le said this year targets $1.6 billion in CapEx and R&D, with most spending for new platform already done as new platform launched on Limo Green and rolling out on other models in 2026.

Q: What percent of sales will come from new platform in 2026?

A: Thuy Thu Le said pretty much Asia will all come from new platform, probably around 80% from new platform, with rest from old platform.

Q: What are VinFast's plans for long-term support as more dealerships close in the U.S.?

A: Thuy Thu Le said waiting for new platform to be developed to roll out in North America and Europe to get to profitability, not pushing hard in U.S. until market stabilizes, and cultivating relationship with existing dealers.

Q: Why did loss per car increase Q-over-Q in Q3 despite surge in volumes? What to expect for loss per car in October and Q4?

A: Anh Thi Nguyen said loss per car was primarily due to certain orders delivered but revenue not recognized yet, and on adjusted basis, results show slight improvement compared to previous quarter.

Q: Provide 2026 guidance for 4-wheeler and 2-wheeler delivery volumes and EBITDA expectation?

A: Anh Thi Nguyen said 2026 guidance to be released early next year, expecting strong growth trajectory due to volume expansion for economies of scale.

Q: Do you plan to introduce a hybrid model and when will it launch?

A: Anne Pham said core team strategy remains focused on fully EVs, and currently not working on any hybrids in R&D platform.

Q: Which models are seeing the strongest demand within the order backlog going into Q4? Are you on track for 2025 target?

A: Thuy Thu Le said strong order backlog from Green series, particularly Limo Green, new MPV 7 seater, and Minio Green, making up about 50% of backlog, and remain positive about 2025 target with October deliveries in Vietnam surpassing 20,000 units.

Q: Rationale for cooperation agreement with Saigon Glory entering real estate development when cash flow should be focused on vehicle production?

A: Thuy Thu Le said core priority remains EV innovation, investment cooperation is a 5-year passive investment with full capital recovery expected and not materially affecting operating cash flow.

Q: Will ASP need to be much lower compared to Q3 in order to achieve '25 volume guidance?

A: Anh Thi Nguyen said ASP has been weighted towards more affordable models in 2025, and for rest of year and 2026, expected to be a balanced mix with ASP remaining roughly flat.

Q: Could you give an update on the production ramp-up at Hà Tinh plant?

A: Anh Thi Nguyen said Hà Tinh factory is ramping up well, producing 15 jobs per hour, shifted production of smaller models from Hai Phong, and will be main production site for Minio Green, VF 3 and EC Van.

Q: Which markets or product lines will be VinFast's biggest growth drivers in 2026?

A: Thuy Thu Le said more contribution from Green series scale and new VF 6 and VF 7 platform, with more meaningful volumes from India, Indonesia and Philippines as they expand lineup, and Vietnam as anchor market.

Q: How is battery costs tracking and expected to trend?

A: Anh Thi Nguyen said battery costs have continued to decline quarter-over-quarter, with average 10%-12% year-over-year decrease, transitioning to new cost-efficient battery generation and expecting further cost optimization.

Q: Philosophy around 3 brands and split percentage for each brand to contribute?

A: Anne Pham said primary objective is to sharpen customer segmentation, with strong brand segmentation helping in pricing, marketing, and product road map, and early to break out financial contribution from each brand.

Q: How is VinFast and V-Green planning to accelerate the rollout of its battery swap network for e-scooters?

A: Thuy Thu Le said V-Green plans to leverage strategic partnerships, work with retail organizations like IPT Retail and Viettel Post, and explore franchise or revenue sharing model, expecting quick rollout.

Q: Outlook for 2-wheeler business in 2026?

A: Thuy Thu Le said 2-wheeler business to grow at accelerated level, target 1.5 million 2-wheelers in deliveries in Vietnam alone in 2026, and start rolling out in other markets like Indonesia, Philippines, India.

Q: How do you view VinFast international markets in terms of near-term profitability versus long-term ecosystem development?

A: Anh Thi Nguyen said VinFast does not disclose profitability on market-by-market basis, manages profitability at enterprise level reflecting full portfolio, and ecosystem development in new markets takes time to reach scale.

Q: Can you provide an update on the North Carolina facility?

A: Thuy Thu Le said plan to have North Carolina facility SOP by 2028, with more update on resumption of construction in 2026.

Q: Can you please break down the liquidity runway that the company has to implement its strategy over the next 12 months?

A: Anh Thi Nguyen said total liquidity as of 30th September 2025 is USD 3.7 billion, providing approximately 18 months of runway, including cash and cash equivalent, fundraising commitment from Vingroup, founder, and ELOC facility.

Q: Are new dealerships currently in the pipeline to open in California?

A: Thuy Thu Le said exploring a few dealership candidates in California, with first dealership in San Diego in August, and 2-3 territories open in California for applications.

Q: How much inventory does VinFast have in the U.S. and do you expect to sell in the U.S. in 2026?

A: Thuy Thu Le said VinFast has proactively reached vehicles to U.S. before April 20, remaining stock sufficient for a few months of sales, and planning new shipments to U.S. in 2026.