VinFast Auto Q2 2026 Earnings Results & Report

VinFast Auto EPS Results

• Actual EPS: N/A
• Consensus EPS: -$0.26
• Beat/Miss: N/A
• One Year Ago EPS: N/A
• EPS Beat Rate: 1 of last 8 quarters

VinFast Auto Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $1.34 billion
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

VinFast Auto (NASDAQ:VFS) is a Vietnam-based automotive manufacturer focused on developing and producing electric vehicles. The company offers a range of electric sport utility vehicles and cars, including the VF 3, VF 5, VF 6, VF 7, VF 8 and VF 9, as well as electric scooters and buses. Its business also includes related battery and charging solutions designed to support electric-vehicle ownership.

Founded in 2017 as part of Vingroup, VinFast became Vietnam’s first volume automotive manufacturer and initially produced gasoline-powered vehicles before transitioning to an all-electric product lineup. The company manufactures vehicles in Hai Phong, Vietnam, and has developed additional production plans and facilities to support international expansion.

VinFast serves customers in Vietnam and has pursued sales and distribution in international markets, including the United States, Canada, Europe, Indonesia and India. The company is led by Pham Nhat Vuong, who has served as its global chief executive officer and is the founder and chairman of Vingroup.

VinFast Auto Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: VinFast reported strong volume growth, delivering 70,085 electric four-wheelers in Q2, up 96% year over year, and 286,000 electric two-wheelers, up 311%. Management reiterated its 300,000-vehicle full-year target, supported by new models, seasonal demand, and expansion in Vietnam, Southeast Asia, and India.
• Positive Sentiment: New products and in-house technology are gaining traction, including more than 28,700 pre-orders for the VF 2 and 12,700 for the new VF 8 shortly after launch. The company also began production of the VF 8 with its internally developed Level 2 ADAS and is targeting a pilot of up to 200 Level 4 robotaxis in late 2027.
• Negative Sentiment: Despite revenue rising 85.5% year over year to $1.2 billion, profitability deteriorated sharply: gross margin was negative 62.8%, adjusted EBITDA was negative $1.1 billion, and continuing-operations net loss was approximately $1.2 billion. Management attributed the pressure to revenue deferrals, free-charging costs, overseas incentives, and continued investment in new platforms and ADAS.
• Negative Sentiment: Liquidity remains a key risk, with $2.3 billion of total liquidity but only about $281 million in cash and cash equivalents; most of the remaining support commitments and the Yorkville facility expire within the next two to three months. Management said it is exploring additional financing and expects to announce potential funding in coming months.
• Positive Sentiment: VinFast expects its asset-light Vietnam manufacturing structure to reduce fixed costs, debt, capital expenditures, and financing expenses while retaining access to production capacity. Its 20% economic interest in the Hanoi International Sports Urban Area project is also expected to provide additional earnings and cash distributions beginning in 2027, although these benefits depend on project execution and sales progress.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to VinFast's Second Quarter 2026 Financial Results and Q&A Webcast. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You would then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link anytime during the conference. Please be advised that today's conference is being recorded.

[Operator]

I'd like to hand the conference over to your first speaker today, Ms. Amandae Baey, Vice President of Investor Relations. Please go ahead, ma'am.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, operator, and good morning, everyone. Welcome to VinFast's second quarter 2026 earnings call. Please note that today's call will include forward-looking statements under U.S. federal securities law. These statements reflect our current views on future events, financial operational performance, and other matters that might involve risk and uncertainties.

[Amandae Baey, VP of Investor Relations at VinFast]

Before we begin, I would like to introduce today's speakers in light of our recent leadership changes. Joining me is our Chief Executive Officer and Chairman of the Board of Directors, Mr. Pham Nhat Quan Anh, who was appointed CEO on September 12th, after serving in several key leadership roles at VinFast. Also on today's call are our Chief Financial Officer, Ms. Lan Anh Nguyen, and our Chief Investment Officer, Mr. Chien Nguyen. The management team has worked closely together over the past few years, providing continuity as we execute on VinFast's next phase of growth and profitability.

[Amandae Baey, VP of Investor Relations at VinFast]

With that, I would like to invite our CEO and Chairman, Mr. Quan Anh, to begin the management remarks.

[Pham Nhat Quan Anh, CEO and Chairman at VinFast]

Hello, everyone. Since our last earnings call, VinFast has continued to build significant momentum across our business. We have expanded our product and technology roadmap, debuted next-gen platform models with in-house developed driver assistance technologies, launched our e-scooter business overseas, and taken important steps to support our long-term financial profile. We announced VinFast's participation in the investor consortium developing the Hanoi International Sports Urban Area Project, where we now hold, through Ngoc Hoi, a 20% economic interest. Our participation in the group's connected urban ecosystem creates another avenue to support VinFast's long-term development while complementing our core mobility strategy. In quarter two 2026, VinFast delivered 70,085 electric four-wheelers, up 20% quarter-over-quarter and 96% year-over-year. We also delivered 286,000 electric two-wheelers, up 100% quarter-over-quarter and 311% year-over-year. First half of 2026 deliveries totaled 128,662 electric four-wheelers and 429,175 electric two-wheelers.

[Pham Nhat Quan Anh, CEO and Chairman at VinFast]

Nearly a decade since our founding, we have cumulatively delivered over 500,000 four-wheelers and 1 million two-wheelers, establishing an increasingly diversified presence globally. Today's progress validates investment in our products, manufacturing capabilities, technology, and ecosystem. Looking ahead, our priorities are clear. Ramp up production at our international factories, broaden our product portfolio, advance our autonomous driving capabilities, and expand into new markets alongside Green SM. In parallel, we remain focused on strengthening our after-sales network and service quality to our growing customer base. Together, these initiatives are designed to support sustainable volume growth, improve operating leverage, and advance our path to profitability. VinFast now operates in 15 countries. We continue to evaluate additional opportunities where we see structural tailwinds for adoption of electric smart mobility solutions and a viable path to scale.

[Pham Nhat Quan Anh, CEO and Chairman at VinFast]

With that, I will turn it over to Chien to walk through the key business updates.

[Chien Nguyen, Chief Investment Officer at VinFast]

Thank you. Indeed, the last few months have marked exciting progresses across both our product roadmap and technology capabilities, demonstrating our continued focus on innovation while executing our strategic priorities. A key highlight was the launch of the VF Wild REEV, the newest addition to our product portfolio and an important milestone for the company. Built on VinFast's next-generation large vehicle platform, the VF Wild combines the smooth, responsive driving experience of an electric vehicle with the practicality of an extended range technology, delivering over 1,000 km of total driving range while remaining fundamentally electric in how it performs. Our first range extended electric vehicle, the VF Wild, expands our addressable market and gives customers greater confidence and flexibility, particularly in segments where long-distance capability is highly valued. The VF Wild is now available in Vietnam, and we expect to bring it to the international market next year.

[Chien Nguyen, Chief Investment Officer at VinFast]

Equally important, with the start of production of the all-new VF 8, the first commercial deployment of our in-house driver assistance technology. It carries a novel ADAS Level 2 suite covering active safety, warning and detection, intelligent driving assistance and parking, as well as several smart services. We used to license the technologies, and now we develop these capabilities in-house at a fraction of the previous cost. More importantly, this creates a scalable technology foundation that paves the way for future model launches. Speaking of ADAS and autonomous driving, we showcased our latest robotaxi prototypes during the Vingroup Investor Tour 2026 earlier this month. Recent improvements included smoother acceleration and braking, more natural cornering, and vehicle following behavior, and an overall more refined driving experience. We are also continuing to improve our navigation on autopilot capabilities, with particular emphasis on driving quality, predictability, and passenger comfort.

[Chien Nguyen, Chief Investment Officer at VinFast]

In parallel with technology development, we are working with the relevant authorities on the regulatory sandbox, safety standard, and training protocols. Together, these developments reflect the rapid progress we are making toward our planned pilot of 200 Level 4 robotaxis at Vinhomes Green Paradise in Cần Giờ in late 2027. Turning to key market updates, starting with Vietnam, where VinFast has maintained the number one position for 22 consecutive months since September 2024. As of June 30, our share of the overall Vietnam automotive market was approximately 38%. During the quarter, we launched the all-new VF 8 as well as the VF 2, our most compact passenger vehicle model. Initial customer response was strong, with pre-orders of more than 28,700 VF 2s within the first three days, and more than 12,700 VF 8s within the first eight days of launch.

[Chien Nguyen, Chief Investment Officer at VinFast]

Our two-wheeler business also continued to scale, reinforcing VinFast's position as the number two player and further narrowing the gap with the market leader. We also produced our 1 millionth electric two-wheeler since inception, an important milestone for the business we launched nearly eight years ago. Our latest models incorporate dual removable batteries, giving customers the flexibility to charge at home or use battery swapping infrastructure. In parallel, V-Green continued to expand its battery swapping network across the country. Now, moving on to our international market. In Southeast Asia, one of our key priorities this quarter was the expansion of our electric two-wheeler business in Indonesia and the Philippines. We opened 20 new electric two-wheeler dealerships across Indonesia and 21 new electric two-wheeler dealerships across the Philippines. We are also introducing three battery swapping models supported by a battery subscription program.

[Chien Nguyen, Chief Investment Officer at VinFast]

The opportunity is significant because the two-wheeler population in both countries are substantially larger than their passenger vehicle market. V-Green battery swapping and subscription model is designed to reduce upfront ownership costs while addressing charging inconvenience, three important considerations for mass market adoption. In four-wheelers, B2B fleet sales continue to play an important role in building vehicle visibility and utilization. In the Philippines, the VF 3 is being piloted as police patrol vehicles in Manila. In Indonesia, we secured a wholesale order from the Bogor Regency government, making further progress in the public sector fleet segment. Turning to India. Effective July 1st, we implemented a second 5% price increase on the VF 6 and VF 7, reflecting our disciplined approach to pricing as the business scales.

[Chien Nguyen, Chief Investment Officer at VinFast]

We also expanded our product offering with the launch of the seven-seater MPV 7, followed by the soft launch of the Limo Green Taxi variant in India. At the end of the quarter, VinFast ranked as the number one BEV brand in the Philippines, number five in India, and number eight in Indonesia. Overall, during the quarter, 11% of our EV deliveries was to international markets. The Limo Green accounted for 23% of deliveries. The VF 8, overall, during the quarter, 11% of our EV deliveries was to international markets. The Limo Green accounted for 23% of deliveries, and the VF 3 and VF 5 collectively accounted for 38% of deliveries. Electric four-wheeler deliveries to related party accounted for approximately 6%, and electric two-wheeler deliveries to related party accounted for approximately 4% during the quarter.

[Chien Nguyen, Chief Investment Officer at VinFast]

Finally, I would like to provide an update on GSM international expansion. As we have discussed previously, GSM can serve as an important market development channel for VinFast. By introducing VinFast vehicles through mobility services, GSM can build vehicle exposure, generate real-world usage data, and help us assess customer behavior before we commit to a broader commercial presence. GSM is now operating in Kazakhstan, Denmark, and the Netherlands, and most recently in the U.S., with additional markets are expected to follow. GSM presence provide opportunities for customers to experience VinFast vehicles directly while giving us additional insight into local operating conditions and customer preference. This is another example of how the broader VinFast ecosystem can support disciplined international expansion and help us evaluate new markets before scaling investment.

[Chien Nguyen, Chief Investment Officer at VinFast]

With that, I'll hand over the call to Lan Anh to review our financial results.

[Lan Anh Nguyen, CFO at VinFast]

Thank you, Chien. Before I walk through the details, let me briefly frame the quarter and the second half outlook. We delivered strong revenue growth as vehicle volumes continued to scale, while profitability remained affected by several factors, including revenue deferrals, continued investment in our next-generation product and technology platforms, and the transition to our asset-light manufacturing model in Vietnam. Following the restructuring of our Vietnam manufacturing operations, the disposed manufacturing operations have been classified as discontinued operations, while the businesses and activities that remain with VinFast are presented as continuing operations. Accordingly, our prior period income statements have been recast to present the results of these operations separately from continuing operations. We believe this provides a clearer view of the underlying performance and financial profile of VinFast following the restructuring. Please refer to the Form 6-K filed this morning for additional details.

[Lan Anh Nguyen, CFO at VinFast]

Strategically, the transaction was designed to create a more capital-efficient operating model while preserving long-term access to our manufacturing capacity. Over time, we expect the new structure to reduce the fixed cost and capital burden associated with owning manufacturing assets, including plant level depreciation, fixed operating costs, and financing-related expenses, and to allow VinFast to direct more of its capital towards product development, technology, commercial expansion, and the broader electric mobility platform. Turning to this quarter's results, revenue for the second quarter of 2026 grew 32.9% quarter-over-quarter and 85.5% year-over-year to $1.2 billion. We recorded a revenue deduction of approximately $88 million this quarter related to the extended free-charging program sponsored by Mr. Pham Nhat Vuong, which is accounted for a deemed contribution from the owner and a deduction from revenue. Excluding this impact, revenue would have been $1.3 billion.

[Lan Anh Nguyen, CFO at VinFast]

Gross margin was -62.8%, compared with -21.8% in the same period last year. Gross margin was significantly affected by, firstly, the recognition of cost of goods sold associated with certain vehicle sales for which revenue recognition has been deferred, which accounted for approximately 15% of cost of goods sold for the quarter. Secondly, additional expenses related to the extended free-charging program sponsored by Mr. Pham Nhat Vuong. Excluding the impact of the extended free-charging program, revenue deferrals, and NRV adjustments, our underlying gross margin would have been -28.7%. Moving to operating expenses. R&D expenses were $154 million, an increase of 52.8% quarter-over-quarter and 65.9% year-over-year. This primarily reflects the ramp-up of vehicles based on our next-generation vehicle platform, EE 2.0 architecture, and ADAS technologies.

[Lan Anh Nguyen, CFO at VinFast]

R&D represented 12.8% of revenue for the quarter, slightly lower than the same period last year. SG&A expenses were $209 million, an increase of 116.9% quarter-over-quarter and 59.4% year-over-year. This increase was primarily related to the sales programs and incentives for vehicles delivered in certain overseas markets where revenue had not yet been recognized. As a result, these costs were recorded as selling expenses rather than a deduction of revenue, as they would have been if the revenue had been recognized. SG&A represented 17.3% of the revenue for the quarter, compared with 20.2% in the same period last year. CapEx was $233 million, an increase of 18.2% quarter-over-quarter and 11% year-over-year, primarily reflecting the expansion of our India and Indonesia manufacturing facilities, as well as spending in our Vietnam factory prior to the spin-off.

[Lan Anh Nguyen, CFO at VinFast]

These investments are targeted towards markets where we see the opportunity to build meaningful local scale and improve the economics of our international operations through greater localizations. Adjusted EBITDA for the second quarter of 2026 was -$1.1 billion, compared with -$728 million in the first quarter of 2026, and -$362 million in the second quarter of 2025. The increase in the adjusted EBITDA loss was primarily driven by the extended free-charging program, revenue deferrals, and related sales programs and incentives in certain overseas markets. Excluding these items, along with the NRV adjustments, adjusted EBITDA would have been -$678 million, with an adjusted EBITDA margin of -53.2%, compared with -37.3% in the first quarter of 2026, and -44.3% in the same period last year.

[Lan Anh Nguyen, CFO at VinFast]

The lower-adjusted margin was primarily the result of continued investment in R&D for our next generation of vehicles, which we expect to moderate over the medium to long term. Net loss from continuing operations was approximately $1.2 billion, representing a net loss margin of 102.8%, compared with 92.1% in the Q1 2026 and 83.7% in the same period last year. Excluding the impact of the extended free-charging program, revenue deferrals, related sales programs and incentives in certain overseas markets, and NRV adjustments, the net loss margin from continuing operations was 61.4%, compared with 47% in the Q1 2026 and 72.3% in the same period last year. Net income from discontinued operations was approximately $1.2 billion, comprising a gain on disposal of $1.5 billion net assets, partially offset by losses from discontinued operations of $285 million prior to the disposal date.

[Lan Anh Nguyen, CFO at VinFast]

Total net loss for the second quarter was $56 million, representing a net loss margin of 4.7%. Total liquidity as of June 30, 2026 stood at $2.3 billion, including the remaining funding commitment from Vingroup and VinFast founder, a Yorkville facility which remains available until November 1, 2026. Cash and cash equivalents. Now I would like to address our recent real estate investment and place it in the context of the broader changes we have made to VinFast's long-term strategy and financial outlook. Over the past several quarters, we have taken a number of steps intended to strengthen VinFast's long-term financial profile. The structuring of our Vietnam manufacturing operations reduced the capital intensity of the business, while our participant in the Hanoi International Sports Urban Area Project represents a unique investment opportunity to add a complementary earnings and cash flow stream alongside our electric mobility operations.

[Lan Anh Nguyen, CFO at VinFast]

These actions share a common objective to create a stronger and more resilient financial foundation from which we can continue investing in VinFast's long-term growth. The EV business remains our core strategic focus. We continue to invest in our product portfolio, technology, international expansion, and the broader electric mobility ecosystem. At the same time, real estate investment is strategically relevant to that ecosystem rather than separate from it. VinFast and the green mobility ecosystem have already established a platform spanning electric vehicles, ride-hailing services, and charging infrastructure. As that ecosystem expands, real estate creates an opportunity for VinFast to participate more directly in the development of the smart, connected urban environment in which electric mobility will increasingly operate. The investment also offers an attractive financial profile.

[Lan Anh Nguyen, CFO at VinFast]

We expect the project to become an additional source of earnings and cash distributions, with contributions increasing from 2027, subject to project execution and sales progress. This provides VinFast with additional source of internally generated capital that can support continued investment in our core mobility business and reduce our reliance on external funding over time. Importantly, these changes should be viewed together. The asset-light manufacturing structure reduce the fixed cost and capital burdens of the core business, while the real estate segment strengthens consolidated earnings and cash generation. Our objective is therefore not simply to grow revenue, but to build a business with a stronger balance between growth, capital efficiency and financial sustainability. We believe the steps that we are taking today put VinFast in a significantly stronger position for the next phase of development of our electric mobility platform.

[Lan Anh Nguyen, CFO at VinFast]

Operator, let's open the call for Q&A.

[Operator]

As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. To ask a question via the webcast, please type into the box and click submit. I'll now pass it over to Amandae for questions coming through the webcast.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, operator. We have the first question from the webcast regarding VinFast's long-term strategy. How do the recent changes to VinFast's operating model and investment plans fit into your overall key priorities over the next 12-24 months and the longer-term strategy? We'll let our CEO, Mr. Quan Anh, take this question. Quan Anh, please.

[Pham Nhat Quan Anh, CEO and Chairman at VinFast]

Over the next 18-24 months, our focus is on translating the scale we have built on a stronger and more sustainable economical model. First, we will continue to scale our core automotive business while maintaining capital discipline. We will prioritize markets where we see a strong consumer demand, opportunities for localization, and the support from our broader ecosystem. Second, improving our profitability remains a key priority. We are pursuing this through a continued vehicle cost reduction, a more asset-light manufacturing model in Vietnam, and the contribution from a real estate segment, which expected to support EBITDA and the cash generation.

[Pham Nhat Quan Anh, CEO and Chairman at VinFast]

Third, but not least, technology and product innovation remain essential to our long-term competitiveness. We will introduce vehicle based on our next generation platform, EE 2.0 architecture, continue advancing our ADAS capabilities, and expand our product portfolio across passenger vehicles and electric two-wheelers. Together, these priorities are designed to support sustainable growth, strengthen our financial position, and advance our path to profitability.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Quan Anh. We have the next question on the line regarding our second half delivery ramp. Can you walk us through the key volume drivers that give you confidence in this year's guidance, including the contribution from new models versus existing models and Vietnam versus international markets? Lan Anh, would you like to take this?

[Lan Anh Nguyen, CFO at VinFast]

Okay. In the first half of 2026, we delivered around 43% of our full year target. We expect a growth in the second half of this year to be supported by the launch of the new models, and typical seasonality, as the vehicle purchases tend to accelerate towards the year-end across many Asian markets. If you remember that in 2025, approximately 63% of our full year sales were generated in the second half. If we break by model, the growing contribution from new models, including the Limo Green, the MPV 7, which are expected to account for around 35% of the sales in 2026, and the all new VF 8 and VF 2 are also expected to support growth in the remainder of the year. The new VF 8 received about 12,700 pre-orders in eight days, while the VF 2 received about 28,700 pre-orders.

[Lan Anh Nguyen, CFO at VinFast]

With more new generation models launching from Q3. For Vietnam remains the core market, expected to contribute more than 75% of our guidance of the 300,000 EV target. With the 154,073 EVs delivered in the first eight months of this year, VinFast has been the number one OEM in Vietnam since September 2024. Internationally, VinFast has continued to scale rapidly. In the Philippines, sales grew more than 300% year-over-year, making VinFast the number one BEV brand by Q2 2026. While India is also showing strong demand, with over 3,000 units sold in the Q2 2026. And supported by the continued showroom expansion, particularly in the international markets with the dealership network. For the dealers' showrooms in India, we have the 58 showrooms, 34 showrooms in the Philippines, and 38 showrooms in Indonesia. Thank you.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Lan Anh. The next question on the line is regarding our manufacturing. Internalization and increased vertical integration technology and production capabilities has been very important for VinFast growth story in recent years. How does the disposal of Vietnam's manufacturing assets contradict that policy? Chien, would you take this, please?

[Chien Nguyen, Chief Investment Officer at VinFast]

Thank you for the question, Baey. We see the transaction as a change in how we deploy capital. Moving to an asset-light manufacturing model allow us to allocate more capital to technology, product, and international expansion while maintaining control over the capabilities that are critical to our long-term competitiveness. What we have built in-house which differentiate VinFast is our core capability in product design, R&D, technology, IP, brand, sales, and aftersales. These capabilities will remain fully within the company. Future will continue to manufacture VinFast branded vehicles under our long-term manufacturing agreements based on our design, specifications, and quality standards. We also continue to lead new material optimization and supply chains management while retaining long-term access to manufacturing capacity. We continue to own and operate our plant in India and Indonesia, supporting local production and our international ambition.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Chien. The next question on the line is regarding our real estate investment. How does the Hanoi International Sports Urban Area smart city development create commercial opportunities for VinFast core EV business? How is VinFast going to ensure that future capital allocation remains consistent with the funding needs and profitability goals for the core EV business? Chien?

[Chien Nguyen, Chief Investment Officer at VinFast]

The Hanoi International Sports Urban Area was built on smart mobility ecosystem that we already have in place. Through our 20% economic interest, VinFast can also participate in the value created by the broader urban development. With Vinhomes leading the projects, we expect our participation to generate additional earnings and cash distribution that can support continued investment into our core EV business. Our priority remains unchanged, to build a sustainably profitable EV business, and we will focus capital where we have the very clear competitive advantage and the paced expansion to protect funding for our core priorities.

[Amandae Baey, VP of Investor Relations at VinFast]

There is a follow-up question on this topic. Just to clarify, what is VinFast’s strategy after the transaction? Upon completion of this, does VinFast still intend to position itself as an auto company with an additional real estate business, or is it transitioning to become a more diversified conglomerate? Chien?

[Chien Nguyen, Chief Investment Officer at VinFast]

Definitely we are still an EV company. The transaction does provide VinFast with a unique opportunity through the Vingroup ecosystem, and it reflects the continued support by the founder and major shareholder, Mr. Pham Nhat Vuong. The project is expected to generate substantial profits and recurring cash flows, helping offset ongoing EV business losses and strengthening VinFast’s financial positions and diversifying source of debt repayment. The direct participation as a project developer gives us greater control and involvement throughout the whole project life cycle, and it allows the company to create and capture a greater share of the value generated.

[Chien Nguyen, Chief Investment Officer at VinFast]

The strategic location of the project and the significant scale that it offers provide us the opportunity to integrate our EV and green mobility ecosystem from a very early planning stage. This is in line with global trend towards connected mobility, connected infrastructure, and smart urban development. Over the long term, our electric vehicle business will continue to be the core business, and it will be the key growth driver for the company.

[Amandae Baey, VP of Investor Relations at VinFast]

The next question on the line is regarding, does VinFast have any update on your break-even timeline? Lan Anh?

[Lan Anh Nguyen, CFO at VinFast]

Yeah. There is no change in our break-even plan. We remain committed to reaching EBITDA break-even in the medium term, with Vietnam expected to be the first market to get there. Our path is supported by several levers, like the first one called the BOM optimization, our most important structural driver. BOM cost for the VF 6 and VF 7 fell by more than 20% in 2025. We expect an average further reduction of around 10%-15% over 2026 to 2027 as our new platforms and EE 2.0 architecture scale up. The all-new VF 8 shows this in practice. It is priced 20%-30% below the previous VF 8, while offering more advanced technology, including our new EE 2.0 architecture, faster over-the-air updates, and upgraded ADAS features.

[Lan Anh Nguyen, CFO at VinFast]

The second leg of scale, higher volumes spread fixed costs and SG&A over more vehicles, while R&D as a share of revenue declines as our platforms are shared across more models. Another one, like a leaner cost and capital structure. The asset-light model reduces our debt, financial cost, and CapEx intensity. We can focus capital on product, technology and international growth. The last one, the update for real estate contribution. As for the Hanoi International Sports Urban Area, like Chien just mentioned. It is expected to bring additional earnings and cash flow from 2027, which should make our path to break-even smoother. Thank you.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Lan Anh. That is it from the questions online. Operator, we can turn it over for live Q&A.

[Operator]

Thank you. We will now proceed to take the first phone question from the line of Jesse Sobelson from U.S. Bank, BTIG. Please ask your question. Jesse, your line is open.

[Jesse Sobelson, Analyst at BTIG]

Hi, everyone. Thanks for taking my question. I am just curious on liquidity at the moment. I believe some of the contracts are looking at expiry toward the end of the year. I have been also aware that there were some substantial commitments added this quarter to help fund the transactions that you reported. Could you just walk us through the plan on what liquidity looks like in the second half of this year once these contracts fall off? Hello? Apologies if I disconnected here.

[Operator]

Jesse?[audio distortion].

[Jesse Sobelson, Analyst at BTIG]

Yeah, hello.

[Operator]

Jesse?

[Amandae Baey, VP of Investor Relations at VinFast]

Hey, Jesse, can you hear us?

[Jesse Sobelson, Analyst at BTIG]

Hi. Can you hear me now?

[Amandae Baey, VP of Investor Relations at VinFast]

Yeah, we can hear you.

[Jesse Sobelson, Analyst at BTIG]

Hey, apologies. I apologize for that. I am curious just on the liquidity position here. I know that there has been substantial contributions in the quarter from related parties to help support the transaction of buying this real estate, and I think it is stadium development. I am just curious, can we talk about the plan for these contracts and towards the end of the year, what the ideas are with maintaining liquidity on a go-forward basis? Thank you.

[Lan Anh Nguyen, CFO at VinFast]

Thank you for your question. As we just mentioned, the total liquidity as of June 30, 2026, is around $2.3 billion, of which we have Yorkville will be available of around $968 million. We also have from the commitment from Chairman, the VinFast, Vingroup founder, and the commitment support from the Vingroup around near $1 billion. We have the cash and cash equivalent of around $281 million. For the liquidity beyond the support from the founder from Vingroup, we also have the real estate project, like Chien, our CIO, just mentioned, that contribute for the cash generation in the coming time also.

[Jesse Sobelson, Analyst at BTIG]

Right. Everything there, except for the cash and equivalents on the balance sheet expires before year-end 2026. It expires in the next two to three months. Is the plan to expand those contracts, or are you looking at alternative funding sources?

[Chien Nguyen, Chief Investment Officer at VinFast]

Yeah. Basically, the idea is that we have certain contracts expiring, and we are exploring opportunities in the market. With the strong relationships we have with various international bank lenders and investors, we will be in a position to announce something in the coming months. But as Lan Anh just mentioned, we do expect strong cash generation and inflows coming from our real estate business segment, and that will be a strong reinforcement into the company's liquidity position.

[Jesse Sobelson, Analyst at BTIG]

Is the cash flow from the real estate enough to be able to entirely support the current cash burn from the business?

[Chien Nguyen, Chief Investment Officer at VinFast]

Based on our projection, yes. It is more a matter of timing. Probably you will be able to see the impact of it more evidently in the coming quarters. Hope that addressed your question.

[Jesse Sobelson, Analyst at BTIG]

Interesting. Yeah. Thank you very much. I will submit time. Thanks, guys.

[Operator]

Thank you. We will now take our next question, and our next question comes from Andres Sheppard from Cantor Fitzgerald. Please go ahead, Andres, your line is open.

[Analyst at Cantor Fitzgerald]

Hi, everyone, this is Peter on for Andres. Thank you for taking our questions, and congrats on the quarter. First, can you please give us an update on autonomy, robotaxis, and humanoids? What are some of the key KPIs and key catalysts that investors should be aware of?

[Chien Nguyen, Chief Investment Officer at VinFast]

Autonomy is always the most important happening at VinFast, right? As I mentioned during the presentation earlier, we showcased our new prototypes for the robotaxi earlier this month at the Vingroup Investor Tour, and this one included various new function compared to the one that we introduced last year. Very proud to say that other than camera vision with perception, now we work on a variety of other technology as well, including lidar, including radar, just to say. For us, L4 is a future platform capability, and it's not seen simply as a vehicle feature. I think the critical enabler, something that we are working and focusing on a lot at the moment, is data and continuous validation. And the access that we have to the fleet environment through GSM really help us accelerate that learning cycle.

[Chien Nguyen, Chief Investment Officer at VinFast]

As you know, right, we announced that next year we'll have a mass scale pilot of up to 200 different L4 robotaxi in a Vinhomes development in Vietnam. That is truly something to look forward to. About robotic, we have been working closely with a few robotic company within the ecosystem of Vingroup, and some of them already have working robots running in our main plant in Hai Phong, serving various different tasks. I think the aim is for us to continue implementing them and allow the robots to carry on more difficult, complex procedures.

[Analyst at Cantor Fitzgerald]

Great, thank you. We will pass it on.

[Operator]

Thank you. We will now move to our next question, and our next question comes from Steve Silver from Argus Research. Please ask your question. Steve, your line is open.

[Steve Silver, Analyst at Argus Research]

Thanks, operator, and thanks for taking my question. I am interested in the top 10 market position in Indonesia, considering it is a pretty competitive marketplace there. Combined with the successful rollout in Vietnam, that has led to the leading market position there, I was hoping you could provide some color just on the drivers that are supporting the strong growth in Indonesia and perhaps any lessons learned along the way that you are applying to some of the earlier stage growth markets for EVs.

[Chien Nguyen, Chief Investment Officer at VinFast]

Yeah. Thank you. I think, for us, Indonesia is very important because it is one of the top key priority. The early success that we have until now reflect the right decision to pick the focus market early on. Indonesia share a lot of similarity with Vietnam. Big population, growing population, and a significant portion of the population entering already in middle income class, and the country hugely tech savvy. We really appreciate the fact that our vehicle has been well-received by the local population. This is also a very competitive market in which we apply various creative go-to-market strategy. We are not only talking about the taxi company, GSM, or the charging company, V-Green, that comes with us to the country. It is also about offering initiative like free charging or battery subscription. This is quite unique to us and something that we are really proud of.

[Chien Nguyen, Chief Investment Officer at VinFast]

Our team also focus a lot on B2B and corporate fleet channels. For us, Indonesia represent big opportunity, from both B2C and B2B point of view. You probably know that this is also the country that we have the second widest product offering, including the VF 3, VF 5, VF 6, VF e34, VF 7, and most recently, the Limo Green and VF MPV 7. I think the biggest takeaway for us so far in Indonesia is that this is a country where we really need to be mindful not only about our capability, but also about the move of the direct competitors. We are talking not only about Chinese OEM, but also the like of Tesla and the globally renowned OEM as well. Hope that addressed your question.

[Steve Silver, Analyst at Argus Research]

I appreciate the color and best of luck in the second half of the year.

[Operator]

Thank you. We will now proceed to take our next question from Brian Dobson from Clear Street LLC. Please go ahead, Brian, your line is open.

[Brian Dobson, Analyst at Clear Street LLC]

Thanks so much for taking my question. As you look around the globe at your various markets, which areas are you most excited for in terms of, I guess, organic growth and expansion over the next two years?

[Chien Nguyen, Chief Investment Officer at VinFast]

Thank you, Brian. It is clear that our focus will continue to be Vietnam, Southeast Asia, and India. These are where the organic growth and accelerated adoption of EV will take place in the coming years. With whatever good work that we have done so far, we need to work even harder and achieve more. This comes with more appropriate go-to-market strategy for each of them, and then bring in better vehicle, better technology, and lower pricing. We are also exploring the possibility of going to a few other regions, in the Americas, in Europe, and further. We probably will be in a better position to announce this in the coming quarter where things crystallize. That is something for you to look forward to.

[Brian Dobson, Analyst at Clear Street LLC]

Excellent. Thanks very much.

[Operator]

Thank you. There are no further questions from the phone lines at this time. I will hand back to Amandae for webcast questions.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, operator. We will continue with the questions from the webcast. The next question is regarding why did the long-term trade payables increase? Lan Anh.

[Lan Anh Nguyen, CFO at VinFast]

Thank you. For the long-term trade payable, because we have the spin-off of VinFast Trading/Production. Following the spin-off, the payable for the vehicle purchase from VinFast Trading and Production are recorded as a trade payable. These payables would have been eliminated upon consolidation had the restructuring not occur.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Lan Anh. The next question is regarding our strategy. Does VinFast or any of its subsidiaries have the plan to expand into new business areas, such as EPC contracting, metro, energy, or steel projects?

[Chien Nguyen, Chief Investment Officer at VinFast]

As I mentioned before, VinFast remains fully focused on EV as its core business. The Ngoc Hoi project represents a unique strategic real estate opportunity to generate additional cash flow rather than a broader pivot into real estate. We currently have no plan to expand into other business areas.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Chien. The next question is regarding the VFTP divestment. Who bears the underutilization risk after the transaction? If VinFast orders substantially fewer vehicles than VFTP's available capacity, does VinFast have minimum volume guarantee related to other financial obligations?

[Lan Anh Nguyen, CFO at VinFast]

Following the divestment, VFTP bears the underutilization risk, and VFTP manufactures on a cost-plus basis, with the cost then goes to VinFast sales targets. The overruns kept and excess depreciation borne by VFTP. Underutilization risk sits largely with VFTP. VinFast has no minimum volume commitments, capacity guarantees, or other financial obligations arising solely from the ordering below VFTP's available capacity. But because we are the long-term relationship partners, and as VinFast continues to grow, we currently have no plans to reduce our orders from VFTP, which remains a key manufacturing partner alongside our facilities in our international markets.

[Amandae Baey, VP of Investor Relations at VinFast]

The next question is regarding our expected CapEx for India, Indonesia. Lan Anh, would you like to take this, please?

[Lan Anh Nguyen, CFO at VinFast]

Yeah, okay. For the CapEx guidance, we do not like to provide the formal CapEx guidance. Traditionally, CapEx is mainly for the capacity expansion of our Indonesia and India plans. The remaining CapEx is largely tied to growth initiatives and will be phased in line with the demand and funding. We will keep it flexible and disciplined. We do not like to disclose a planned level, utilization thresholds, or manufacturing economics for individual facilities.

[Amandae Baey, VP of Investor Relations at VinFast]

Thanks, Lan Anh. The next question is VinFast planning to enter Thailand and compete with the likes of BYD and GWM? There seems to be a big gap in the market for the electric two-wheeler.

[Chien Nguyen, Chief Investment Officer at VinFast]

Okay. Thank you. As you rightly say, there is a big market gap in electric motorcycles in the country. For two-wheelers, we are actually looking at other Southeast Asian markets, including Thailand and Malaysia. For us, we look at factors including EV adoption, competitive intensity, government policy, infrastructure, and whether we have the right product and right competitive edge for each of those countries. For four-wheeler, that is a story further in the future, so we have not got that planned yet. Our priority is really about execution in markets where we already have an established presence. For us, we remain disciplined and opportunistic for the Southeast Asian region.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Chien. The next question is regarding the accounting treatment following the deconsolidation. Can you clarify the key accounting treatment for periods up to Q2 2026 following the deconsolidation? Lan Anh?

[Lan Anh Nguyen, CFO at VinFast]

Thank you. As explained, and also mentioned in our 6-K, the disposed manufacturing operations have been classified as a discontinued operation, while the businesses and activities that remain within VinFast are presented as a continuing operation. Costs identified that are borne by discontinued operations, primarily including warranty-related expenses, interest on debt assumed by the buyer or required to be paid as a result of disposal, have been allocated to discontinued operations. If you see for the balance sheet, the key balance sheet impact as of the 30th of June 2026, including some key impacts, total external borrowings reduced by $2.9 billion, and the PP&E also reduced by $2.6 billion. The inventory also reduced by $1.1 billion. Thank you.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Lan Anh. The next question is regarding how we should think about the long-term split of deliveries from Asia versus non-Asian markets going forward. Chien?

[Chien Nguyen, Chief Investment Officer at VinFast]

Yeah, thank you. By 2030, we still expect Asia to represent the substantial majority of VinFast global deliveries, roughly 90% of the total. But the composition within Asia should become more diversified. Today, Vietnam is by far our largest market. Over time, we expect India, Indonesia, and the Philippines, and other Asian markets to become more meaningful contributors. India, in particular, is expected to develop into one of our largest markets alongside Vietnam, while Southeast Asia continues to scale. The long-term plan, therefore, becomes much less dependent on a single geography, even though Asia remains the center of gravity.

[Chien Nguyen, Chief Investment Officer at VinFast]

Other regions outside of Asia is to represent roughly 10% of deliveries by 2030, and we continue to see strategic opportunities in those markets. Our approach is to deliver more measures and focus on segments and products where we believe we have a competitive edge. The shift that we expect by 2030 is not necessarily Asia versus the rest of the world. It is really about Vietnam becoming a smaller share of the much larger and more diversified Asian business, while Americas, Europe is to provide additional source of growth over time.

[Amandae Baey, VP of Investor Relations at VinFast]

Thank you, Chien. Operator, that concludes our call today.

[Operator]

Thank you. This concludes the webcast and conference call. Thank you for your participation. You may now disconnect your line.

Participants

Analysts

• Amandae Baey, VP of Investor Relations at VinFast
• Pham Nhat Quan Anh, CEO and Chairman at VinFast
• Chien Nguyen, Chief Investment Officer at VinFast
• Lan Anh Nguyen, CFO at VinFast
• Jesse Sobelson, Analyst at BTIG
• Analyst at Cantor Fitzgerald
• Steve Silver, Analyst at Argus Research
• Brian Dobson, Analyst at Clear Street LLC