VinFast Q1 2026 Earnings Call - Gross Margin Crushed by Charging Program, Spinoff Signals Pivot to Asset-Light Model

Operator: Good day, and thank you for standing by. Welcome to VinFast’s first quarter 2026 financial results and Q&A webcast. At this time, all participants are in a listen-only mode. After the speaker’s 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 will 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. 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, Vice President of Investor Relations, VinFast: Thank you, operator, and good morning, everyone. Welcome to VinFast’s first quarter 2026 earnings call. Joining me today are Chairman of the Board, Mr. Pham Nhat Quan Anh, Deputy CEO of Investments, Ms. Anne Sam, and our CFO, Ms. Lan Anh Nguyen. Before we begin this call, please note 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 involve risk and uncertainties. These may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors. We will also reference certain non-GAAP financial measures and a reconciliation of these measures to GAAP figures, along with an explanation are included in our presentation issued earlier today. With that, I would like to invite Mr. Quan Anh to begin with the management remarks.

Pham Nhat Quan Anh, Chairman of the Board, VinFast: Thank you, Amanda. I’m honored to assume the role of Chairman of the Board of VinFast at an important stage in the company’s development. I would also like to express my sincere appreciation to Madam Thuy Le for her leadership and contributions over the past several years. Under her leadership, VinFast successfully entered international markets and established the foundation for its global expansion, helping bring the VinFast brand to customers around the world. Today, VinFast enters its next phase with a stronger foundation, a growing global ecosystem, and a clear long-term strategic direction. As the company continues its tradition towards a more asset-light operating model, we remain focused on strengthening operational execution, enhancing customer experience, and advancing innovation in an era increasingly defined by software-defined mobility and autonomous technologies.

Together with our leadership team, employees, partners, dealers, and customers, we remain committed to building a globally competitive mobility company positioned for sustainable long-term growth. I look forward to working closely with all stakeholders as VinFast continues its next chapter of development and global expansion. Turning to recent developments in the global energy markets, higher oil prices continue to reinforce a long-term case for electrification, particularly across import-dependent economies. In Asia, where many markets rely heavily on oil shipments through critical routes such as the Strait of Hormuz, recent price volatility has had an immediate impact. This has accelerated government policy support aimed at reducing fuel dependence and strengthening energy security. As a result, Southeast Asia and other emerging markets are increasingly leading global EV adoption trends. This structural shift is translating into tangible demand across VinFast core markets and aligned closely with the green mobility ecosystem.

In Vietnam, VinFast recorded a new daily sales high of 3,520 EVs on March 28th, alongside a record month for the E2W orders. To support and scale this momentum, VinFast has taken additional steps to strengthen its long-term operating model. These include a new strategic partnership with GSM and the spin-off of our Vietnam manufacturing assets. Together, the initiatives are expected to enhance financing flexibility and support the company’s transition to a more capital-light business model. I will now pass it over to Anne to recap the key highlights of the quarter. Thank you.

Anne Sam, Deputy CEO of Investments, VinFast: Thank you, Quang Anh. Q1 2026 deliveries were 58,577 units, an increase of 61% year-over-year, despite being the seasonally slowest quarter. International deliveries accounted for 8%, while non-related parties accounted for 87% of deliveries. Q1 2026 electric two-wheeler deliveries also rose 219% year-over-year to approximately 143,000 units, with the Evo and Feliz models making up 81% of deliveries. In March alone, VinFast received more than 135,000 e-scooter orders and shipped over 93,000 e-scooters to dealers in Vietnam. In Vietnam, total automotive sales grew 36% year-over-year in the quarter to 162,000 units approximately. VinFast continued to outperform the industry, with EV deliveries increasing 61% year-over-year as we maintained our position as the number 1 OEM for every month since September 2024 to date.

While we have been at the forefront of driving Vietnam’s EV adoption rate to approximately 40%, we continue to see significant runway for future growth. In March, the government issued a directive calling for 50% of city public transportation to transition to EVs, alongside increased use of biofuels as part of a broader effort to reduce reliance on energy imports. Regarding Vietnam’s two-wheeler market, according to our internal research, our overall two-wheel registered volume increase of 26% year-on-year in Q1 of 2026. VinFast has rapidly emerged as one of the country’s leading brands. In March, we crossed the 10% threshold market share for the first time, reaching a record 17% market share of the total two-wheel industry and becoming the number 2 player in the market, only after Honda. Turning to international markets, Southeast Asia and India continue to be a core growth engine for VinFast.

Across Indonesia and the Philippines, there are clear signs that EV adoption is moving beyond the early stage and VinFast strategy is gaining traction. In Indonesia, the BEV segment has outperformed the broader automotive market, with rising consumer interest since February, supported by higher fuel prices. In the Philippines, momentum has been particularly strong, with March sales reaching a new monthly high for VinFast. Together, these trends signify an inflection point for EV adoption in the region. A key driver of this growth is increasing B2B demand, particularly from fleet operators. Systemic programs such as battery subscriptions and residual value guarantees are reinforcing VinFast total cost of ownership advantage and supporting adoption at scale. VinFast continues to strengthen our position through new product launches and expanded distribution. In India, VinFast opened its 50th dealership during the quarter and remains on track to double its footprint by year-end.

In less than a year, VinFast has launched three products, received multiple industry awards, and we expect to launch our two-wheel business in India later this year. At the end of the first quarter, VinFast was ranked the number 1 BEV brand in the Philippines, the number 4 brand in India, and the number 8 brand in Indonesia. I would like to address our new strategic partnership with GSM. The partnership plays an important role in accelerating EV adoption in Vietnam as well as internationally for VinFast, while serving as an effective platform for brand building and free marketing. Under the new agreement, VinFast will supply GSM with approximately 1 million electric vehicles and 4 million electric scooters over the five-year period of 2026-2030. GSM is eligible for incentives and commercial support, reflecting a combination of base discounts, volume-based incentives, and go-to-market supports.

From an operational perspective, this partnership provides visibility into our order book, and in turn, this demand visibility is valuable during our scaling phase, especially in international markets, and supports eventual cost optimization. We are also pleased to share another milestone in our long-term autonomy ambition. VinFast signed an MOU with Autobrains, our level 4 autonomy partner, and NVIDIA, who will be a key supplier for our level 4 autonomy initiatives. The agreement, unveiled on the 1st of June this year at GPU Technology Conference, Taipei, confirms that VinFast’s future Robotaxi platform will be powered by NVIDIA’s Hyperion architecture, reinforcing VinFast’s commitment to leveraging best-in-class technologies to support the development of advanced autonomous solutions. We’ll be sharing further updates on our autonomous vehicle roadmap in due course. Now, turning to the recently announced spinoff of our Vietnam manufacturing assets.

Recently, VinFast has taken a deliberate and phased transformation of its corporate structure with the objective of building a leaner organization that enhances operational efficiency and supports scalable long-term growth. In May of this year, VinFast announced a proposed reorganization under which certain assets and operations of VinFast Trading and Production, or VFTP, will be separated into a newly formed entity, VinFast Vietnam JSC, VFVN. VFVN is expected to hold VinFast R&D, intellectual property, sales, and after-sales businesses, while VFTP will continue operating the manufacturing business in Vietnam. Following the separation, VinFast will transfer its interest in VFTP to a group of purchasers led by Future Investment Research and Development Joint Stock Company for approximately $530 million. The transaction has been approved by shareholders and remains subject to customary closing conditions. The reorganization will not affect the company’s international operations, including its manufacturing facilities in Indonesia and India.

Parties to the transaction will enter into a long-term manufacturing agreement to ensure continuity across production, supply chain, and customer deliveries. Importantly, the transaction does not change VinFast’s commitment to manufacturing scale, product quality, or customer service. Strategically, the new structure also enables VinFast to concentrate resources on higher value activities, including R&D, design, software, and go-to-market capabilities, while improving capital allocation and management focus on innovation and growth. Now, I would like to turn it over to Lan Anh to cover the financial results and outlook. Lan Anh, please.

Lan Anh Nguyen, Chief Financial Officer, VinFast: Thank you, Anne. Revenue for the first quarter of 2026 grew 41.7% year-over-year, a strong start despite the Lunar New Year seasonality. Q1 2026 gross margin was -73.6%, compared to -46.4% in Q4 2025, and -35.2% in the same period last year. The pressure on this quarter’s gross margin was primarily driven by $192 million revenue deduction, representing approximately 20% of revenue related to the extension and amendment of certain free charging programs across our markets. Under these programs, eligible VinFast vehicles sold through 10 February 2029 will receive free charging benefits for up to three years. Accordingly, $192 million was recognized for all vehicles sold through 31st of March 2026, as this is the value of the extended benefits.

The extended charging program was introduced to accelerate EV adoption, enhance customer affordability and total cost of ownership, and support early-stage market development, particularly in Vietnam and other Asian markets. In addition, similar with the prior quarter’s, gross margin was impacted by revenue deferral on certain vehicles sales and NRV adjustments, which represented approximately 12% and 14% of revenue respectively. Excluding these items, we continue to see a clear improvement in the underlying operating trajectory of the business. On this adjusted basis, gross margin would have improved to -22.5% in Q1 2026, compared with -47.2% in Q4 2025, and -28.1% in Q1 2025. Moving to the operating expenses. R&D expenses were $101 million, decreasing 12.4% quarter-over-quarter, and increased by 25.8% year-over-year.

The increase in R&D costs compared to the first quarter of 2025 was attributable to R&D costs for the Green models, Lac Hong, and models that VinFast plans to launch on its new vehicle platforms and EE 2.0 architecture in 2026. The decrease in R&D costs compared to the fourth quarter of 2025 was attributable to the completion of certain projects, including the M Green model in the first quarter of 2025. R&D as a percentage of revenue was 11%, as compared to the 12.4% in the first quarter of 2025. SG&A expenses were $101 million, decreasing 73.9% quarter-over-quarter, and 32.3% year-over-year. The decrease compared to the first quarter of 2025 and the fourth quarter of 2025 was primarily attributable to no impairment charges being required in the first quarter of 2026, whereas impairment charges was recognized in the prior periods.

SG&A as a percentage of revenue was 11%, compared to the 23% in the first quarter of 2025. Adjusted EBITDA for the first quarter was negative $783 million, a decrease of 29.9% sequentially. On a year-over-year basis, adjusted EBITDA loss was adversely impacted because of the impact from the extended free charging program. Excluding the impact mainly from extended free charging, revenue deferrals on certain vehicle sales, and NRV, adjusted EBITDA margin would have been -32%, compared to the -46.2% in the same period last year.

Net loss margin for the quarter was -121.6%, as compared to the -95.8% in Q4 2025, and -108.5% in the same period last year. Excluding the impact mainly from extended free charging, revenue deferrals on certain three vehicle sales and NRV, net loss margin was -62.2%, improved by 21.4% as compared to Q4 2025, and by 36.1% as compared to the same period last year. Finally, EPS for the first quarter of 2026 was -$0.48, representing a 25% improvement compared to -$0.64 in the fourth quarter of 2025. Excluding the items discussed above, EPS for the first quarter of 2026 would have been -$0.3, representing a 42% improvement year-over-year. CAPEX for the quarter was $198 million, mainly for the expansion of our manufacturing facilities.

As of 31st March 2026, VinFast has total available liquidity of up to $2.6 billion, which consisted of cash and cash equivalent of $219.3 million, an undrawn credit line from Vingroup of up to $607.3 million, remaining grants from Mr. Pham Nhat Vuong of up to $677.2 million, an available commitment of $969 million under a standby equity subscription agreement, and $125.4 million the company expects to receive from the share transfer after retiring the promissory note that was previously issued to VinFast Trading and Production JSC. Finally, I’d like to conclude by emphasizing that our priorities remain centered on disciplined financial management, operational excellence, and the efficient deployment of capital. We continue to focus on improving productivity, optimizing our cost base, and strengthening the financial resilience of the business.

These efforts are intended to support sustainable growth while maintaining the flexibility needed to execute our long-term strategic objectives. Operator, let’s open for Q&A.

Operator: Thank you. As a reminder, to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. To ask a question via the webcast, please type it into the box and click Submit. I’ll now pass it over to Amandae for questions coming through the webcast.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, operator. The first question from the webcast is for Mr. Quan Anh. As VinFast is scaling rapidly across Asia, what do you see as the company’s most important competitive advantages in the long run? Mr. Quan Anh, please.

Pham Nhat Quan Anh, Chairman of the Board, VinFast: Thanks, Amandae. That’s a really good question. I believe VinFast’s most important competitive advantage is that we are not just building an EV company in isolation. We are building a broader green mobility ecosystem in partnership with GSM and Green. Over the next 3 to 5 years, our focus is on 3 key points. First and foremost, we will continue to offer products that are well-suited to local customers in each respective market. Second, we will keep expanding our dealerships as well as our after-sales network, including the charging network, which is very important. Last but not least, we will continue investing in technologies, including software, smart services, and autonomous driving capabilities. Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Mr. Quan Anh. We have another question on the line regarding our India business. Can you provide an update on your India expansion plans and key priorities over the next 2 years? Mr. Quan Anh, would you like to take this, please?

Pham Nhat Quan Anh, Chairman of the Board, VinFast: Thank you for your question. India is a very important market for us. VinFast business performance in India has been very positive. In fact, in quarter 1, 2026, VinFast has ranked top 4 BEV in terms of sales numbers in India. Our goal is to become one of the top players in the market and establish ourselves as a meaningful market participant. We have a clear strategy to grow in India. In the market with multiple competition, customers ultimately stand to benefit the most through the greater choice, stronger competition, as well as continuous innovation. Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: The next question on the line is regarding the recent decision for VinFast to spin out its Vietnam factories, and why now. Anne, would you take this question, please?

Lan Anh Nguyen, Chief Financial Officer, VinFast: Thanks, Amanda. Well, the transaction is basically a strategic move to restructure VinFast’s operating model towards a more capital efficient and sustainable future.

Anne Sam, Deputy CEO of Investments, VinFast: Following the transaction, VinFast capital-intensive manufacturing activities in Vietnam, which are already well established in operation and optimized in terms of capacity, will be spun off and become an independent third-party-owned and operated manufacturing platform. It is also important to note that firstly, VinFast retain and focus on the development of our brand through core competencies, including research, development, technology, branding, sales, and aftersales, in Vietnam as well as globally. We’ll also have control and oversight over the manufacturing outputs of our partner through the manufacturing contract. We will also have control over certain rights over supplier selection. We continue to believe that the quality of the products we produce from our partner will be up to our standard. Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Anne. Operator, let’s open for live questions.

Operator: Certainly. We will now take our first phone question from the line of Andres Sheppard from Cantor Fitzgerald. Please go ahead, Andres, your line is open.

Anan (on behalf of Andres Sheppard), Analyst, Cantor Fitzgerald: Hey, guys. This is Anan for Andres. Congrats on the quarter. Thanks for taking our questions. I was wondering, firstly, if we could get maybe a little bit more color on the North Carolina factory. What’s the potential financial and operational exposure from the complaint, and what’s the latest on the progress on construction and SOP on that facility? Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: Hey, Anan. At this juncture, we are not going to comment on any North Carolina specifics because this is an active litigation. What we can say is that VinFast remains committed to the U.S. market.

Anan (on behalf of Andres Sheppard), Analyst, Cantor Fitzgerald: Thank you. Maybe as a follow-up, given the free charging revenue deduction, I was wondering maybe when does this program roll off as a meaningful drag, and how do you expect that to impact your GAAP gross margin trajectory in the future?

Lan Anh Nguyen, Chief Financial Officer, VinFast: Yeah. You can see from our result of the Q1, one of the main reasons for the decreasing of the gross margin is that we have the, like I said, extended free charging program that we implemented from 9th of February 2026. It’s worth $192 million. Because for the US GAAP standards, this support is recorded as a deemed capital contribution, and it accounted for a reduction in revenue, representing approximately 20% of revenue, so accumulated recognizing in the first quarter of 2026. However, this is a very short-term impact. In the long term, VinFast still aim to break even in the Vietnamese market by 2067. Based on the two main driver, we increase sales volume and reduce production costs through vehicle line developed in the new technology platform. We still recognize the support from this free charging program. Thank you.

Anan (on behalf of Andres Sheppard), Analyst, Cantor Fitzgerald: Got you. Thanks so much for the color. Appreciate it. Congrats again on the quarter. I’ll pass it on.

Lan Anh Nguyen, Chief Financial Officer, VinFast: Yeah.

Thank you. We will now proceed to take our next question from the line of James McCurry from Chardan Capital Markets. Please go ahead, James. Your line is open.

James McCurry, Analyst, Chardan Capital Markets: Yes. Thank you. Good morning. Can you talk a little bit about average selling prices for the quarter as well as your expectations for the year? Specifically how sales to GSM would impact that, as well as the increased share coming from non-Vietnamese markets, how that would impact average selling prices for the year and for the quarter?

Anne Sam, Deputy CEO of Investments, VinFast: Hi. Thank you. This is Anne. I’ll take this question. First of all, I think we expect GSM’s sales for the first year or so to be approximately, in terms of two wheels, roughly about 300,000 vehicles. Subsequently, collectively between 26 to 30, up to about nearly 4 million vehicles. It will ramp up. Similarly for cars as well, I think we expect the volumes to start trending up. Historically, GSM has accounted for about approximately 15% of VinFast total sale. For the first year or so when this program is launched, because GSM also takes up the vehicle that it owns in international markets, and it’s expanding very rapidly. Right now, GSM is present in 5 countries.

It launched in India just this weekend, and it’s going to launch in another 5 countries by the end of the year, increasing visibility for both its own brand and VinFast cars. We believe that the initial phases of GSM owning its own vehicles to standardize customer service as well as brand perception is good, again, for the image of the VinFast vehicle as a whole. In the subsequent years, more cars will run on GSM’s platform on the asset-light drivers and partners model. Again, this is basically expected to increase demand for VinFast vehicles, both from a B2B, B2C demand perspective. Does that answer your question?

James McCurry, Analyst, Chardan Capital Markets: Yeah, partially. When you’re looking at GSM vehicle sales, not two-wheeled, but the vehicle sales, for this year, I think you’re saying that you expect it to be higher than that historical 15% of total sales. Did I hear you say that? Is that what you’re saying?

Anne Sam, Deputy CEO of Investments, VinFast: Yes, that’s correct, Jim.

James McCurry, Analyst, Chardan Capital Markets: Okay. The impact on average selling prices?

Anne Sam, Deputy CEO of Investments, VinFast: Sorry, can you repeat the question, the impact on?

James McCurry, Analyst, Chardan Capital Markets: Yeah. It’s my understanding that since GSM sales are in greater volumes, that they do get some price flexibility. My question is the impact to average selling prices with a greater % of sales going to GSM.

Anne Sam, Deputy CEO of Investments, VinFast: In the earlier years, ASP will basically be reduced by approximately, say, 10%-15% because of the higher contribution from GSM. That’s only expected to be for the first year or so. In subsequent years, the % of GSM’s contribution will be a lot smaller. Right now, I think we’re taking a conservative approach in not assuming a knock-on impact of more customer demand for cars in international markets driven by GSM. Our assumptions only look at GSM’s additional volume as a base case. Right? Already we’re seeing ASP normalizing in the subsequent years. Of course, I think with this knock-on effect, the dilution in ASP by GSM should be reduced even faster.

James McCurry, Analyst, Chardan Capital Markets: Okay. Very good. Thank you so much. That’s it for me.

Operator: Thank you. We will now take our next question from the line of Jesse Silverson from BTIG. Please ask your question, Jesse, your line is open.

Jesse Silverson, Analyst, BTIG: Everyone, thanks for taking my question. I’m curious about autonomy. The Autobrains and NVIDIA DRIVE MOU, it points to some level 4 Robotaxi capabilities. How does autonomy fit into the longer-term strategy? Is it a product line, a fleet, or a GSM enabler, or primarily just a technology and brand signal at this stage? Thanks.

Anne Sam, Deputy CEO of Investments, VinFast: Thanks. First of all, I think VinFast has consistently outlined a phased autonomy strategy, rather than claiming full and immediate autonomy. Our current vehicles are grounded in level 2 plus ADAS systems with future upgrade planned already for level 2 plus plus in the next generation of VinFast vehicles. Concurrently, we also will be pilot-testing autonomous driven vehicles in one of our smart city projects in Ho Chi Minh City next year, 2027. That is really a pathway towards eventual fully Robotaxi fleet that will be either operated by GSM or also sold to external parties if there are demands.

Jesse Silverson, Analyst, BTIG: Great. Is there anything specific when it comes to the rollout internationally? Can you explain what the strategy is going to be to bring this technology to more countries than just Vietnam after that?

Anne Sam, Deputy CEO of Investments, VinFast: Certainly. The idea is to offer Robotaxis in international markets where VinFast is present and where there will be demand. Similarly, for GSM, the idea is also to gradually replace a manned fleet with one that’s contributed by Robotaxis to the extent that the respective local regulations, as well as the readiness in terms of homologation, is done in each of the markets. Given our home ground and the GSM itself also has a market dominant market share in Vietnam, it is natural that Robotaxis will be pilot tested as well as offered here as a commercial service first. The idea, of course, is to roll out in international markets in gradual phases. We expect to be able to share more about our Robotaxi plans in the upcoming quarters. If this quarter it’s limited, it’s because we are planning to say more in the subsequent quarters.

Jesse Silverson, Analyst, BTIG: Great. Thanks for the detail.

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

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, operator. We’ll continue taking questions from the webcast. The next question is for Lan Anh. Regarding the Vietnam manufacturing spinoff, could you please provide revised guidance for the expected total cash needs, CapEx, and R&D in 2026?

Lan Anh Nguyen, Chief Financial Officer, VinFast: Thank you. VMS transition to an asset-light model, like Anh just mentioned. Meaning that reduce the capital raising needs, especially like CapEx, improve free cash flow, and improve our profitability. For the post spinoff, we expect that the CapEx, like when we reduce around $400 million for the Vietnam factories and another part of the $500 million to consider the international opportunities. In 2026, we expect a total CapEx spend R&D of $300 million-$400 million per quarter. For forecast 2027, currently, we do not disclose this forecast yet, and it’s going to be updated later. Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Lan Anh. As a follow-up question to that, will the Vietnam manufacturing spinoff result in any one-time gain recognition in VinFast P&L? If so, could you provide the potential amount?

Lan Anh Nguyen, Chief Financial Officer, VinFast: Actually, the company is currently evaluating the accounting and financial implications of the Vietnam manufacturing spinoff, including the appropriate accounting treatment under applicable accounting standards. We expect that we’re going to have the gain recognition in the P&L. Further the updates will be provided once the evaluation has been completed and the accounting treatment has been finalized. Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: Thanks, Lan Anh. The next question is regarding the U.S. Considering that there has not been any new deliveries recently, and with the current lawsuit in North Carolina, how do you intend on addressing this to your U.S. customers? I’ll take this question. We continue to deliver vehicles in the U.S. as we still have inventory available for sale. While we have not imported new vehicle shipments recently, our existing inventory continues to support customer demand, and we remain focused on serving our U.S. customers through our sales and service network. The next question is regarding, again, the North America business and any update on the product release, such as the VF 7, the VF 8, and the expansion of service network. I’ll take this question also. As we’ve said previously, the U.S. remains an important market, and we continue to invest in our commercial presence.

VinFast has been selling vehicles in the U.S., and we plan to bring the next generation of vehicles to the U.S. market. We are still targeting to expand our dealer network across states like California, Florida, Texas, North Carolina, and so on. Although we do expect that North America, together with Europe, will represent a modest share of total volumes this year, we are still very much focused on evaluating and bringing new products to the U.S. market. Okay. The next question is regarding the planned VinFast reorganization. When is VinFast going to transfer its interest in VFTP to new shareholders? Anh, would you like to take this question, please?

Anne Sam, Deputy CEO of Investments, VinFast: Sure. We obtained shareholders’ approval on the 27th of May, and we target to complete the transaction by the third quarter of 2026 upon completion of customary closing conditions.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Anh. The next question is regarding the free charging program. Could you please elaborate on how you expect the extension and amendments of the free charging platform to play out for the remainder of the year? Lan Anh, would you like to take this, please?

Lan Anh Nguyen, Chief Financial Officer, VinFast: The current free charging program has been extended through February 2029, providing customers with a very relatively long-term benefit. As we described in our financial impact for 2026, the Q1 impact included the adjustment related not only to the vehicles sold during the quarter, but also to the vehicles delivered in the prior periods. You can see that the impact for the remainder of the year is expected to be significantly less material.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Lan Anh. The next question is regarding two-wheelers. Are you seeing the rising threat to VinFast from partnership of Yadea and Petrolimex Vietnam to expand charging network for two-wheelers in Vietnam? What are VinFast’s competitive advantages now, given that charging infrastructure is no longer exclusive? Anh, could you take this, please?

Anne Sam, Deputy CEO of Investments, VinFast: I think first of all, it is important to highlight that we have done quite well in the first quarter for two-wheel sales. Versus our target and considering the fact that the first quarter is the slowest quarter in the entire year for us, and our target is to be at least 2.5 times the two-wheel sales of last year. We’ve met 22% of this target so far, and that has us well on track to meeting the target by the end of the year. We currently have number 2 market share in Vietnam, with 17% in the first quarter, and only after Honda.

This achievement is not just about charging, but it’s also about product development, continued innovation, and the most recent one that’s so well received is about the battery swapping program, which offers customers a fundamentally different proposition, convenience, and the ability to very quickly move around within the city without having to stop. Through this new battery swapping program, we currently operate 7,000 battery swapping stations across Vietnam. We also offer both a franchise as well as an owned model. We are able to reach as many users of VinFast EV vehicles as possible. I suppose last but not least, compared with the partnerships that you’ve mentioned, VinFast has a unique benefit as well from the combined ecosystem of charging through V-Green, ride-hailing from GSM, and the OEM VinFast.

GSM here is also, as mentioned earlier, increasing both visibility, actual demand, as well as through GSM’s data gathering and intelligence, we’re able to have a lot of insight into the customer’s user behavior, which is very helpful in our R&D as well.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Anh. The next question: how will pricing be determined between VinFast and the new manufacturing entity, transparency being particularly important given the parties? Lan Anh, would you like to take this?

Lan Anh Nguyen, Chief Financial Officer, VinFast: For the price payable by VFVN for each vehicle manufactured and supplied by VFTP shall be determined on the cost-plus basis and shall present a target margin of approximately 5% of vehicle cost. This pricing is benchmarking with the market and determined on an arm’s length basis. For the clarify, post the transaction because for VFTP going to be sold to Dzung Anh. We expect that for the post-transaction, VFVN and VFTP are not related parties. Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Lan Anh. The next question. Excited to learn more about the new Autobrains NVIDIA partnership. What is the projected rollout timeline of that work to current and future owner vehicles through OTA or technician updates?

Anne Sam, Deputy CEO of Investments, VinFast: Thank you. Firstly, we are targeting to launch VinFast-developed Level 2+ and Level 2++ navigation on pilot capabilities in the late 2026 and early 2027. The partnership with Autobrains and NVIDIA is one among a few that have recently been announced or worked on by VinFast. We expect a combination of both in-house developed as well as externally partnered initiatives will allow us to access advanced AI, compute, and autonomous driving expertise, which eventually will help accelerate development and validation of the overall L4 roadmap that VinFast has embarked itself on.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Anh. Operator, just checking if there’s any live questions.

Operator: There are no questions in line. You may continue, Amandae.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you. We have the last question from the webcast. This is regarding the accelerated shift in EV adoption in Southeast Asia. Do you think this shift is because of higher oil prices, is temporary or a lasting structural shift? Quan Anh, would you like to take this, please?

Pham Nhat Quan Anh, Chairman of the Board, VinFast: Thank you for your question. Indeed, this trend is gaining strong momentum across Asia, as reflected in robust business growth in the recent years. It is particularly pronounced in Vietnam, where VinFast is accounting for approximately 40% of the total automotive sales. In Philippines, VinFast has risen to become the number one BEV player. In Indonesia, India, VinFast is number eight, number four respectively for the quarter one 2026. Looking ahead, I am confident in our ability to build on this momentum and further accelerate our growth trajectory. Thank you.

Amandae Baey, Vice President of Investor Relations, VinFast: Thank you, Quan Anh. Operator, if there is no further questions on the line, we will conclude the call.

Operator: Thank you for your participation in today’s conference. You may now disconnect your line.