VinFast Auto Ltd. (VFS) Earnings Call Transcripts

VinFast Auto Ltd.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, VinFast Auto Ltd. (VFS:US) reported a revenue increase of 41.7% year-over-year, driven by strong demand for electric vehicles (EVs) in Southeast Asia. However, the company faced significant pressure on gross margins, which were negative 73.6%, primarily due to a $192 million revenue deduction related to an extended free charging program. Management maintained a positive outlook, emphasizing the importance of strategic partnerships and the transition to an asset-light operating model, while signaling a commitment to achieving breakeven in the Vietnamese market by 2027.

Reported metrics

Guidance from management

Management expects to achieve breakeven in the Vietnamese market by 2027, with a total CapEx spend of $300 million to $400 million per quarter in 2026.

What management said

The first question from the call [ -- ] 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?

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?

What analysts pressed on

Analysts expressed concerns regarding the sustainability of gross margins given the negative impact from the free charging program. There were also questions about the timeline for the North Carolina factory and its potential financial exposure due to ongoing litigation.

Main topics on the call

• Revenue Growth — VinFast reported Q1 2026 revenue of $198 million, reflecting a 41.7% increase year-over-year. Management noted, 'Despite the Lunar New Year seasonality, we achieved strong sales momentum.'
• Gross Margin Challenges — The gross margin for Q1 2026 was negative 73.6%, worsened from negative 46.4% in Q4 2025. CFO Anh Thi Nguyen stated, 'The pressure on this quarter's gross margin was primarily driven by a $192 million revenue deduction.'
• Strong EV Demand — VinFast delivered 58,577 units in Q1 2026, a 61% increase year-over-year. The company highlighted that 'Southeast Asia and India continue to be a core growth engine for VinFast.'
• Strategic Partnerships — VinFast announced a strategic partnership with GSM to deliver approximately 1 million electric vehicles and 4 million electric scooters over five years. This partnership is expected to enhance brand visibility and operat...

Read the full VinFast Auto Ltd. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 10 VinFast Auto Ltd. earnings call transcripts on record, spanning October 5, 2023 to June 26, 2026. Based on this history, VinFast Auto Ltd. reports quarterly. The most recent call on file is dated June 26, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

VFS

Exchange

NasdaqGS

Country

US

Sector

Consumer Discretionary

Industry

Automobiles

Calls on record

10

First call

October 5, 2023

Most recent

June 26, 2026

Reporting cadence

quarterly