VinFast Auto (VFS) 26 Nov 242024 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to VinFast Auto Limited Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, [indiscernible]. Please go ahead.

Thank you, operator, and good morning, everyone. This is [indiscernible] from VinFast Investor Relations. quarter call. third our to earnings conference Welcome

Joining Thi and are Chairwoman Nguyen. Board; [indiscernible] of the our me today CFO, Mr. Anh

business During third will we update performance, the Gap] and discuss present. [Audio call, quarter our

refer the why use of PR issued of our that will A the GAAP versus morning. information we to this we non-GAAP during Management call. financial is discussion non-GAAP regarding and reconciliation non-GAAP available this in

start invite with our on management presentation. With I Madam it Pi find to to also can You the would remarks. that, like

Thank and with everyone. developments great you was September. It's again QX exciting robust underpinned VinFast. you, the welcome, Neil, to by a and speak to at XXXX share

As recorded our highest in ever home we market. monthly our delivery

the accounting full VinFast and year American North of market, for in and target. only a of which to made strategy a the player our now strategy EV an list opportunity market X-month demonstrates the early marks history of time, X ago, industry of continuous early improvement leader. This to as pay that during pure first years pivoted It started has September chart. stages about flexibility OEM, a strategy to network best is the market to it that outperformed become well. in been growing domestic the Vietnam's responding our to for XX% to years, international around month automotive EV competitors also maintaining historic simply has was dealer and has a very short Vietnam's calibrations also near-term For EVs. the the international transition. Meanwhile, sales X which for a enter effective pure we the our milestone as thanks With countries of XXXX leads off only EV

a on and delivery vehicle target. finish our note We expect reiterate XX,XXX XXXX strong to

profitability, to market growth nimble opportunities. committed VinFast while balancing and always, As remains being to to respond

in more QX detail. Now discuss deliveries our let me

a quarter-over-quarter XX% XXX% count eScooter last delivery delivered were of if excluding the a in XX,XXXEVs, QX representing During and year-on-year or representing XX,XXX delivery last delivery and increase, you XXX% we year increase quarter, XX% increase decrease, year-over-year GSM sequential of GSM. the XX%

observed also a XXX% grew XXX% year-over-year. robust and quarter-over-quarter car electric at XXXX sales We BXC QX

Now of the drivers of to let's markets. turn our each

Vietnam. Let's start with

With the been right grew successfully a market where in strategy, sales domestic a product and new thanks set and and XXX% year-over-year created XXX% sales quarter-over-quarter to VFX. our train VFX QX our and XXXX, retail in demand

EVs every strong by very time, economic mobility popularity the the by retail first and allow the customers choice This fun-to-drive us the step user reduced and the as major taxi looking, significant reasonable they at EVs that a cool deliveries sustainable potential Vietnam's our home For options you began trends price. VFX the gasoline beyond X,XXX low confidence motor a organization ideal view market seen. in unique an a vehicle have in rapidly Vietnam number for personality Vietnam's remains practical build realized this as cars enter have we during the improve in compared spacious decent, lower sensors, boosting gained We could built, many XX-inch quarter car storage consumers with customers low steady XX entertainment see holds manufacturer, middle in as and developing Vietnam. and it running features growing cost including appealing At Vietnam by with positive third And backup of their many a international class the trend buyers people us ownership for volatile to and to its screen, and await purchasing helping driven turn urban XX drive to to We of also long-term business traditional on unique transportation to the already care, prices. and its with is million XXXX, only for VFX. VFX the the excitement shift and bring same their significantly both A beyond the EV that in success have adoption. According believe eager personal is top continues observed transportation XX stable that to adoption operators. profitability. to of EVs. green to Indonesia. being of compared expected receive is Transitioning shift build expenses are businesses costs power people electricity customers. also a time, benefits combined maintenance to to forward EVs consider as

by Automobile Vietnam the period, to rise forecast units. million in same the Manufacturers a ownership Association, the EV During X country will

winning home overseas [ expansion solid develop and long-term strategy for foundation a excellence. Vietnam our in expertise to us Our to ] strategy allow drive give our us

Let's capitalize into to position favorable have our where we turn and markets, utilized on adopted our in now strategy international our unique our target quickly markets. changes

international accounted North dealership when versus enabled products only year gather to to customers. valuable some base markets markets has During managing market ago and X% a showrooms we of now pursued of X% to were as have us XX wider well of with This for QX a . international are XXXX, own feedback approximately a model delivery. In and our America, deliveries [indiscernible]

we we September, to officially those the our sales next the UAE late a Dubai, right Downtown full quarter-over-quarter. designed launched from X integrated an to offering warranty X-row that complete are for on have stunning solutions. In time October, more with seeking market, sales recently complete and enhancement we dealers this more up an opened position indicated electric for East decided In our EVs. increasingly dealership owning peers brand with years and August VFX response local should our year. Many With in have electric value us planning vehicles. at Middle XX, X North vehicle presents make introduce VFX in VFX months XX% we our and price passenger a with add and -- a the accessible electric practical positive November performance the reasonably and option This VinFast adaptive offer vehicles in of strong July, range gap observed a growth Canada, good consecutive Our car, to customer XX effectively reliable, America for launch opportunity workshop market support. in market XXXX and first the promising service new of and beautifully industry address industry-leading to in

local official to on of first new responses Let's Indonesia planned vehicles about move VF VF which us. year. excited VF is the appetite In next X closer X to deliveries delivered and also the eXX affordable products for with QX, X to the market back to market of for the talk XXXX. in to VF the about while kids became overall X been VF X/X I'm accounted for are recently, our customers. block. has market

retail October and of had our quality. for positiveness enhance is satisfied. to surprises been successfully and product options dealership have our to design support visited expand and XX, prestigious Dealers with opened purchase customers further closely cars our with strong to and about nice working aftersales in We've progress brand and shown As XX our options. A plant test presence attractive we key who with showrooms numerous partners provide keeping customers. our plans drove group customers other

is warehouse hotlines provide large is market distribution solutions assistance third-party with and under a provider. to a Indonesia interestingly market and It partnership for up an many logistics a customers our [indiscernible] EV potential DSV, set us. XX/X to a We unique established center have part players. with

X identified our have all, We it's key pillars strategy.p First Indonesia of for battery leasing.

remain we Vietnam to has kind what a strategy, when response first launched key in a our we observed driving mirrored customer Indonesia for of anticipated, one early will of tailor growing a in wave differentiator leasing battery adopters. EV. This As go-to-market offering

life not to enhance in expected before products unique our also VinFast GSM their to much product Indonesia integrate life. brand experience soon is opportunity daily VinFast Indonesia making customers experience our will substantial, to like seamlessly decision. purchase set have The in our into but This pillar be launch impact only in with is presence second and to Vietnam. Potential the real very ecosystem. strategy anticipated

home market our and in we unchanged ecosystem earning commitment key customer to to this a to and the loyalty. Drawing addition, on quick remains understand our is as the the approach comprehensive strong. A CKD planned, in Indonesia, progressing is market update building Philippines. that from success In factory similar and

mobility up customer in a currently our have existing our warehouse, support established that Philippines. leverage launched reservation, product have suitable the X for part Manila set supply the an partnership models open We to market. logistics VF for fit, and market in assistant roadside X is and the XX/X traffic, the We Philippines ensure the demand for in for given first urban offering

Manila with and have established X we in XX, located October of X regions. in other the As Philippines showrooms

our on move on provide let charging our global and outlook, updates to network. Before showroom some me we

June transition into we as our full and of from This dealer CapEx XXX As approach dealership showrooms, our Meanwhile, optimizes to allowing is expertise shown focus by our up of XX about XXXX, we in our lower expanded [indiscernible] Vietnam, network. In dealers. October showrooms XX had international XX, all XX% . we XXX completed at stores with operated network local our comprehensive in expansion The share industry. cost by local extremely VinFast our on points with leveraging activities customers impact to sales. later. Meanwhile, in marketing the accelerate financials, access supporting utilizing to locations already dealers-owned us dealers will remain CFO charging which and their

in charge public charging third-party app for locatable million Vietnam either multiple smart pay easily all a travel and go through access and VinFast having third-party In had aggregates The America, use plan networks, and options within third-party providers. experience, roots owned different to to customers users points charging public simplifies of North VinFast or get wallets through Our it as digital instead the to VinFast app. VinFast allows station and app apps X internationally. globally, the you access and customers over user the for easily

Earlier announced and designed plenty in from allow The Mr. we sufficient to Vingroup Mr. was there's focused our VinFast , equip at business terms. market from on and VinFast. and which this journey Group XXXX fundraising grants About our founder, juncture this amidst about be executing at self-sustaining. to towards ahead, support avoid delivery on month, loans stay resources on targets. [indiscernible] [indiscernible] from plan unfavorable financial with and currently to unreasonable Looking for becoming VinFast critical excited conditions VinFast restructuring

October, that, targets financial we recent on [indiscernible] mentioned we in with As are , will believe CFO, are our for to highlights. over track. With our and delivery earlier, hand for I performance I it XXXX XX,XXX we the reactivating

again. gross profitability, significantly. [indiscernible] everyone. loss our that internal an and Driven QX you share by speak line in topline , acceleration in great pleased to to improvement in and was our narrowed hello, as It's loss with an forecast. you, Thank with and net I'm XXXX

million, XXX XXXX, in costs USD QX XX% top priority. with a XXXX sacrifying quarter-over-quarter a your discussed and remains XX% increase. revenue we net experience As optimizing year-over-year customer QX was

by gross and points and electric accessible loss, average wider costs narrower adoption of segment, write of basis, QX QX, for was XX.X% a USD improved electric of and costs includes minus loss and gross than X costs [indiscernible] relating material which out X loss or cars margin by unit of for VF to QX declined value improvement our average continued driven accounted focus of see XX%. to from XXXX of interest USD XXXX basis declined continued decreased of margin we over minus significant A improvement XX.X%. XXXX population, XX% to accelerating gross minus inventories. units XXX was XXXX increased VF the gross million gross a Our minus the XX% loss the margin second quarter, X.X% costs In gross this by XXX revenue loss bill of of million, quarter XX%. The margin production XXX and margin was QX EV year-over-year QX XXXX gross on approximately sales,

a SG&A, expense year-over-year. a than XX% XXX of USD SG&A and quarter-over-quarter revenue terms XX% much was This of growth. still increase represents lower million In decline

XX% XX% R&D As XX% declined sales sales, a expenses was as economies XX% as scale. QX of to a and USD XX% year-over-year. of percentage from million. R&D or in SG&A of percentage compared XX were benefited quarter-over-quarter we

QX percentage a the sales for minus to be market-specific coming have The minus million minus given years, have XXXX of cash from incremental from million from operations We enhancements, that from forward million USD XXXX year-over-year USD XX XXXX declined cash has and and year-over-year. USD for the operations business quarter minus in by versus have and remarks. XXXX. plan. With was by in support improved Madam third his product technological to visibility and USD QX QX on on our the in will held QX minus in we XXXX, as QX expect minus up that, basis and financial it [indiscernible] sequential EBITDA QX USD respectively. On quarter-over-quarter due to liquidity, from India to million, cash from million XX% increase facility. On cash in XX% QX, quarter million respectively, and billion million on by happy spending position minus amount hand in in work. the back USD mostly Indonesia billion USD VinFast million XXX like profitability flow XXX on of billion and investments volume was quarter-over-quarter R&D XXX flow XX% cash we [indiscernible] Vingroup our in end a our result the narrowing R&D to and in was higher USD a we though, significant About This pleased was ended QX to XXX USD [indiscernible] EBITDA of I'm reloaded by and a Total in minus CapEx in development quarter-over-quarter X.X XX% from XXX The XXX top to includes XXX.X% secular trend net flow XX% for QX our we downwards a savings contraction recently XX.X%, margin X.X clear USD flow XXX a XX% loans XXX our improvement going USD loss and million minus planned. Cash and announced investing. adjustments. I'd in USD closing additional accounts and was cost in a the XXX.X% USD factories XXX This CapEx from XXX as decline that XXXX cash grant year-over-year. both million increase minus this, Overall, XXX with increase capital and minus USD of Powder. and and USD from for X.X and continue XXXX balance million in an for [indiscernible] injection million. comparison, wrapping overall growth XXXX. operations

you, Thank Lena.

is have to for seen to we trajectory a XXXX. ahead Looking VinFast XXXX, growth what in similar preparing

markets equipped in in We have the that this of several have confident America, the the further highly started not we footprint a feel ask relatively new the It North time our markets first you setting journey. Mindful so. our we more we progress year. with done is And newcomer in demanding expansion in more industry. and EV

all to sustainable Producing of electric. a the the to liquidity is the We will nimble our question TAM and taking to remain is green are explore be on to recent green requires without are to true is does necessary creating a seize in be opportunities challenging, map. It executing external our key commitment future future path as that term. mobility. ongoing and steps electric mobility complex in we management uncertainties. on concentrate will fortitude a that boost business high-quality for funding exciting unwavering global the to of that how and to is not will Every durable not and our big EV The the road profitability VinFast part Building transition vehicles day, execution mean because enable undertaking sustainable a dedication mission to deals test, are one this our strive a make long navigate stay everyone. a to our We but learning mobility resolute competitive right. we and future is green

Let Q&A. open for us now

color given share you X full that in year ramping of also you be Do on question XX% from [Operator can production? met up QX, have XX,XXX floor. to X-K hitting confidence of the your last challenges target? months see Instructions] Can first We XXXX you in only any any to the the have the daunting. the

QX In hit the We XX,XXX confident best-selling deliveries very a months. Vietnam forecast we and internal OEM we We in having very in exceeded the the as a well, hitting where U.S. number Canada milestones. We're had became X October saw especially for well. about robust numbers #X of targets, consecutive have as and our seen November number

traction the XX market-leading domestic first in for October to continue solidify and months market. we our the position the in XXXX So Vietnam in in

continue this and and the target. October hit We in momentum number I that like November, said, will expect very QX delivery seen confident to through XX,XXX having we're the

Thank you, Mani.

We have the the question from next floor.

you you You share more architecture. focused are on have does about talked can what on and with impact quarters, to on last regards EV BOM areas the how this for optimization X your specifics optimization

Nick. you, Thank

and initiatives upgrading priority. undergoing overarching is and We have the testing that's electronics is the phase. home and the of that complex architecture optimization that a [indiscernible] number given validation Optimizing vehicle, safety planned electric for

We we in also in the for ADAS result that seen that models suppliers are have have negotiation some the optimizing terms sourcing the components discussion payments. Besides, better we many the other features the changes. with also like we long-term and with support the with good relationships price also for the for better debt -- material look the favorable total very for we have features various

Thank Operator, see [indiscernible] line. you, open live for the questions. Ms. some are there hands please I

you. Thank

from now Andre take live first Cantex We Shape Gerald. from will our question

on through mind one wouldn't quarter. just us if wondering [indiscernible] you the I just walking Congratulations the more liquidity was time.

expected capital of billion this? given receive Just raise. just to cash this what -- as capital Can result recent runway I guess, us remind expecting you're the the expecting you. when you injection. $X.X recent a And maybe when you're is Thank

Andres. morning, Good

shared take of billion X-year we to XXXX. X.X USD have the we injection over period As a previously

it disclose will amount and from timing loans the We and grants as happens.

mentioned XXX in in includes which [indiscernible] USD XXXX just of at XX USD remarks QX the cash and facilities. million the I stood end million billion, in as USD liquidity Our at X provision, that

cash our CapEx line expenses spend even into CapEx expected. historical to that of R&D. is our the and for revenue capital The our would the injection as roughly be battery ongoing major The burn leasing CapEx factories, conservatively in expect including to with go in consider, use growth and items repayments. We the this debt

For our the sustainability. balance -- capital near-term with strategy, is long-term deployment investment growth

support us financial maintaining growth capital plan comitted while confidence executing the discipline. in Our gives our

Even calculate sure a sort to like add EBITDA to the scenario we all these until it to profitability. that, give sources. as We from raise in at we in to get can the case. to just runway down to we going that be We this [indiscernible] worst you case cannot will external make to Andrew, get the and us that confidence executing for not our did we focus So to our plan. get when bit But calculation have all better. , on where keep for VinFast approval is capital appreciate we the believe market of that that on we believe head little

Our with already so to have provided get capital shareholders we us profitability. sufficient that can

a improvement this quarter. helpful. That's gross was Maybe I margins all in detail. a there appreciate that very Wonderful. super just good follow-up, as

track achieve next wondering and that kind path between look of here year if positive on Just still margin like? what gross you're there to and might

we For the of for now, XXXX forecast and our still -- maintain XXXX.

season the We and middle the of in X-year the changes making right are plan. to now budget

going we're we that of at more to So guidance provide this quarter. be end expect able the to

Our Tyler comes Demetrio from from BTIG. next line question the of

the wanted just VF this here be seems of sense for like pursue just just the I'm demand X, bit release comments of just facility concept. new the press strategic of and little of in I the facility. manufacture in guess get VF I'm Thank demand increasing on you're the kind I to the knockdown kind some why new going to I a follow guess makes X facility. time. color to the and seeing kind up curious about given curious route I for rationale the EV It more with to Vietnam, to that you. it's this the which completely on appreciate the responding -- rationale

trying finish we the hard VF Tyler. be it VF very We backlog on VF still like deliver And are demand the pretty continue X we'll X to for same but the as don't We've And everywhere orders, much have we think last other and VF this for for see well. X, month a been growing, Vietnam excitement backlog best-selling the in year. markets like we to able these the Having X. models the see market. Philippines, globally. Indonesia, the X the seen VF trend for

those So dedicated VF the to to X affordable to for this factory, CKD X is factor, VF meet and growing models. need

on think at up on I them comments, of Okay. about to just left you change then And the what's and still those be maybe this year? those completed those this India does capabilities on and those to here up Great. how how production And guess facilities. also Indonesia X point, given running follow next get X facilities? to then the

So countries. are the in India tax the for facility Indonesia reasons necessary still those and

very the So manufacturing. domestic these that like of the are countries are protective quite

markets So meet having competitive. some Vietnam, for to be the facilities meant in The those markets domestic I in necessary other facility market maybe well. and CKD mostly the new as to need

are they with each complementary So other.

like you. now floor. for to back would I room questions hand the Thank on the to

Thank you, operator.

next versus project XXXX the We Vietnam to XXXX be of markets? deliveries [indiscernible] contribution the channels. have or months car BXC the deliver? and do BXB EV And In XXXX, question many to projected is expected international growth you between how the For the and split overall market what would for X what Vitamese from

significantly our On the in than VinFast is like XXXX, [indiscernible] X higher market, the contributed also around encouraging other driving X saw foundation 'XX the Vietnam This Vietnam be we to players. industry by year-over-year. growth. is and also growth months we markets stronger the the in continue highest rose year-over-year the the Vietnam XXX% as months result

in this guidance budget. not We XXXX the providing year. next are reviewing plan until process our are of the we or for business formal the internally, were XXXX the year So and

continue. to Vietnam can shortages we what we However, is of share share be that the market would one stats increasing in expect

Ms. you, [indiscernible] Thank .

-- for line finance question you more factory? the the have new on from can the fleet We next the elaborate

Okay.

the invest lease So facility we And sales and to structure on the basis. the leads similar long-term is lease annual capital, where back we to option don't an to to new have VinFast [indiscernible] efficiently initial the on by have the enabling we buy the pay management carrier structure add from facility future. prudent lessor to in company balancing -- This of resources the growth while and buy allocate and the profitability. the to allows option capital the

. Thank you, [indiscernible]

have We next lower-income ASP countries. comment Can about the models on trends. targeting ASPs overly regarding in question focused and price you lower VinFast your

In QX, ASP was USD XX,XXX per XX% we unit compared over by to into of mix. $XX,XXX introduced VF per unit in X in QX the a decline primarily driven ASP

We remaining early the expect customers experience. to prior explore low small for tend adoption to see during ASP and range to stage, where cars, be

up only cars. becoming once We expect pay done customers and to pick with to more are first [indiscernible] willing for EVs ASP is more adoption bigger comfortable wave the

ASP one one is However, of is equation. part the only

other The part is unit growth.

environmental both consumers. and as Our value prioritize dollar in [indiscernible] of objective of affordable introduction is due cohorts terms the That dollars, models impact. more

it strong leads the ultimately revenue ASP growth growth. unit So sustainable and offset to the decline

Thank you, Ms. Lean.

We from will what the be X. VF retreating Is and from feedback plans VF VF EV another peers in on the target hold, especially X that have Exciting your share has different X or next initial with? U.S. models be which on -- you competing the demographic the you VF see for VinFast the their X can your introduced been VF be seem model to putting time floor at regarding X North when the America, in to question dealer

you. Thank

VF waiting very originally, the We in that [indiscernible] currently of on one X X/X delivering product of long ideal and the in the for VF families experience the will X X-row vehicle in -- large quality to excellent for U.S., X-row are This preorders VF the base electric choices right? value U.S. VF a the recall, model and globally. So is luxurious EVs. if it's X. the for good X an models limited the for market will reasonably help there the where we premium believe going the X-seater, were America customer be widen Adding U.S. be the you North market, market maintaining us in and quality priced is quite while the

Thank you, . [indiscernible]

Next for related comment customer, on you. Thank well GSM. you party question deliveries line as guidance future regarding 'XX the third GSM quarter the the deliveries share from in the to to GSM. Can

you in GSM the our for QX the that less total as QX, you because the volume for XXXX -- in total GSM of remember accounted For account QX volume. may than XX% of XX%

So in total the XX% related much is X months than total volume like last XXXX significant of less versus in XXXX, the was XX%. party it year from

that for be GSM less EV in we GSM that compared to BXB also XXXX in closer [indiscernible] as has markets will experiences, into the been So VinFast the revenue our building through in expanding have been the -- XXXX. see not a customer bringing pushed we Vietnam consumers VinFast expect significant GSMS also the contribution the grow real-life had to we able adoption, EV to awareness, to but customer brand just base,

the you had explained Can I had sales a year, And turn it out customer to increased your compared more retail get Vietnam. be customer. last like exactly year, retail itself familiar that to way. them because sales and last XX% lot happened, share the why vehicles, this to this party. us help bit and related EVs the And the get -- mean, it with about we party a in sixfold questions I how of to the about exactly your customer a we GSM to almost into GSM little last of transaction, I remember help year the related and lot is

companies that mean, up buying taxi costs we [indiscernible] save -- company EVs can now taxi that Vietnam, me fact like in I actually started can -- is save XX%, to they XX% of Another of operating they interesting other the see . some within told

XX-something XXX different of a companies X,XXX, cars percent few like the in of contracts Vietnam, for some taxi so with few like in of like So taxi them we contract years. X,XXX have have in companies some Vietnam, have them cars,

of a retail introduction bit beginning, sell great great and was at has similar in and bringing the to bring a GSM more to lot might We been the a by GSM us GSM the also to expect impact. more So and little -- other results customers. customer have markets us but BXB

Thank Back the open the line. you, [indiscernible] Please to operator.

take now next Webs. from from will Dan question our We live Ives

progress solid So the to team.

-- as as you second you could ramp explain going about can is you Like as more what be something look about Indonesia is to the ramp? we XXXX we first, that U.S. just go the a about can half to talk in where going when Or XXXX. in think it's the what like maybe you So into as like about much of talk think

still we actually that the have year. whole a to path closer in market, Vietnam think us deflation significant the in Vietnam to we XXXX, that so the thing will market good deliveries it's as that the allow contribute to Dan, a get And profitability.

also We Indonesia expect in Philippines. just in started barely -- the we

year, opening India. Next in we're

We continue as North America, having well. East the Middle traction in

So that next markets. We to balance to we between international and need believe profitability. year, going to growth further we're expand in

as continue balancing act will next into So well. year that

go it feel terms line in you into like Okay. of -- I Great. a better can then deliveries, versus does to variability does Vietnam -- into -- have you feel you growth go versus we 'XX like guess as compare? of we it sight like XXXX going And XXXX, going just like 'XX as

history first of like were something are international affirm deliveries probably we we and alone as Vietnam. like -- We gathering it celebrated of Toyota, brands Toyota, that alone. in are of in -- October lot Vietnam, countries I Vietnam ahead of the a in started And Vietnam. in ahead was about Vietnam in we the we XXX,XXX number hit many think that. well. in other In local momentum time X,XXX, in in Honda. We in OEM September, October, We that

So else the of we engine are market. year-to-date, Internet ahead everybody in combined. EV and combustion

EVs. So that started just moving about people -- momentum, feeling to and we the talking started and started momentum started EVs

So -- market. XXXX. in all the feel year you the models us a lot that right? the the fixed And clearly for we all good out momentum the the on altogether Vietnam, think models that in we going we of very So whole can sentiment with momentum the a have we in to issues for year, next didn't even be the and year don't all and Vietnam have it's

by shy the the So bit share a the this for quarter year. whole to in end about of we're we Vietnam that of year, anticipate year, the little have of the market going

we get share, would who year, Next and maybe knows, XX% that, that's of we international addition in continue as well. market to markets growing the but target

hand to questions room I'll you. on the Thank for back floor. the

operator. you, Thank

intend next the competitive solution you regarding in overseas from to the how to us the be let market. it know and have charging We you line when charging question [indiscernible] comes Could

see can a we services the the factor VinFast, at So experience. very important for EV

service that well we pricing good after-sales more In brand to connection loyalty all And and have are to U.S. have we repeating before, of solution. VinFast of world. than to VinFast leaving, [indiscernible] our packages XX% points VinFast sister through we charging a was testing smart part affordable our keep more to our build services public we and have that. the battery as company, excellent in stations warranty access vehicles access quality so third-party staying as So million customers the than have to add-on products. charging we X -- true connected the true over which leasing to

is experience, charging actually for minute the user the app. get to every chasing simplifies We the to expanding and about point as within and about you have charging to pay access in charging as quickly live VinFast public VinFast charging thing [indiscernible] the is is Europe growing easily network other data The good go to routes very plan update user in well. and and markets VinFast charging XXX,XXX app charging is Vietnam, the allowing the

providers. and having use digital So apps multiple instead different wallets third-party different for to of

So we continue the experiencing the for improving -- our we experience on customers. continue changing

Thank driving which X you, [indiscernible] floor. the contributing What main next XXXX have are sales. and from question are to sales months international the markets those We in the models

We XXXX. contributing to main X months America. North So for for sales account the the international the the in markets

growing to at has that So the this But just sold VF for to model September, off the the X the consecutive has observed in month is been that and September improvement model. network to the see X and introduced our for that high market, best dealer history in thanks North September. an to American we is we taking market. months we American North market made. full In example. We of And X pay started Canada VF July, a have -- was calibration also continuous growth in August our now

Thank you, Ms. [indiscernible] .

or the we heading the for We be should lookout have from into XXXX. What the the milestones of months remaining floor. the year question last key on are the

the that XXXX, a I focusing continue is for domestic This Well, market. think so on gather momentum continue very strategy, in for laid important very, But XXXX. us. have groundwork international in we like the to in XXXX we we

VF recent to year. and North continue to diversify America looking add the our offering of the to Firstly, in VF X X and we next product a market VF like delivery X we're with

lot well. strategy. Secondly, Battery offered key which launch our is being get as put the Indonesia upcoming in X and leasing, in of have place of we the already for levers a in country GSM Indonesia interest and

For to the Philippines, Indonesia. the expect we approach as take same

finally, new have also first XXXX, and XXXX, important facility planned in an us strategies international XXXX. markets. will in competitive these And online half our India Investor to which in X allow integral we first and in be of We to Indonesia our the in CKD part Day ever be coming

people Indonesia. introduce a hope in to different and So we investment of a leaders I community lot team and be for to the to see you, to our able management hope

support. for question Thank we Thank last from Mali got you, again, you, [indiscernible] for your VinFast continued . joining That Madam the everyone, and was today.

by an hesitate let and ir@vinfastauto.com. know please any need us you take e-mail If Goodbye clarification, sending to care. don't to

conference. in This program. you Thank your does today's conclude the participation for

You now may disconnect.