VinFast Auto Ltd. ($VFS)

Good day, and thank you for standing by. Welcome to VinFast's First Quarter 2026 Financial Results and Q&A webcast. [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, Ms. Amandae Baey, Vice President of Investor Relations. Please go ahead, ma'am.

Thank you, operator, and good morning, everyone. Welcome to VinFast First Quarter 2026 Earnings Call. Joining me today are Chairman of the Board, Mr. Pham Quan Anh; Deputy CEO of Investments, Ms. Anne Pham; 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 of future events, financial operational performance and other matters that involve risks 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.

Thank you, Amandae. I'm honored to assume the role of Chairman of Board of VinFast at an important stage in the company's development. I would also like to express [ Maxine ] appreciation to [ Madame ] 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 for your stronger foundation, a growing global ecosystem and a clear long-term strategic direction. As the company continues its transition 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 the energy security. As a result, Southeast Asia and other emerging markets are increasingly leading global EV adoption trends. This structural shift is relating into tangible demand across VinFast core markets and align closely with the green mobility ecosystem. In Vietnam, VinFast recorded a new daily sales high of 3,520 EVs on March 28, alongside a record month for the E2W orders to stop 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.

Thank you, Quan Anh. Q1 '26 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. 26 electric 2-wheeler deliveries also rose 219% year-over-year to approximately 143,000 units with the AVO and PLI 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 EVs deliveries increasing 61% year-over-year as we maintain our position as the #1 OEM for every month since September 2024 to date. While we have been at the forefront of driving Vietnam's EV option 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 biofuel as part of a broader effort to reduce reliance on energy imports. Regarding Vietnam's 2-wheeler market, according to our internal research, our overall tool wheels registered volume increase of 26% year-on-year in Q1 of '26. VinFast has rapidly emerged as 1 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 2-wheel industry and becoming the #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. System of programs such as battery subscriptions and residual value guarantees are reinforcing VinFast total cost of ownership advantage and supporting adoption and 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 2-wheel business in India later this year. At the end of the first quarter, VinFast was ranked the #1 BEV brand in the Philippines, the #4 brand in India and the #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 fly GSM with approximately 1 million electric vehicles and 4 million electric scooters over the 5-year period of 2026 to 2030. GSM is eligible for incentives and commercial support, reflecting a combination of base discounts, volume-based incentives and go-to-market support. From an operational perspective, this partnership provides visibility into our order book. And in turn, this demand visibility is valuable during a scaling phase, especially in international markets and support 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 first of June, this year. A GPU Technology Conference Taipei, confirms that VinFast future robotaxi platform will be powered by NVIDIA Hyperion architecture, reinforcing VinFast 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 road map in due course. Now turning to the recently announced spin-off 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 support 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 JSE, [ FBN ] B is expected to hold VinFast R&D, intellectual property, sales and after sales businesses, while [ BFGP ] will continue operating the manufacturing business in Vietnam. Following the separation, VinFast will transfer its interest in [ BFGP ] a group of purchasers, led by future investment research and development [ join ] to company for approximately USD 530 million. The transaction has been approved by shareholders and remain 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 high 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.

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 negative 73.6% compared to negative 46.4% in Q4 2025 and negative 35.2% in the same period last year. The pressure on this quarter's gross margin was primarily driven by USD 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, we received a free charging benefits for up to 3 years. Accordingly, USD 192 million was recognized for all vehicles sold through 31st of March 2026, as this is the value of the expanded 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 the [ vision ], similar with the prior quarters, gross margin was impacted by revenue deferral on certain vehicles sales and NRV adjustments will represent 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 negative 22.5% in Q1 2026 compared with negative 47.2% in Q4 2025 and negative 28.1% in Q1, 2025. Moving to the operating expenses. R&D expenses were USD 101 million, [ we ] basing 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 cost for the green models [ and ] models that VinFast plans to launch on its new vehicle platforms and [ EE ] 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 green model in the fourth 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 USD 101 million, decreasing at 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 period. SG&A as a percentage of revenue was 11% compared to the 23% in the first quarter of 2025. Adjusted EBITDA for the fourth quarter was negative USD 783 million, decreased 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 [ charging ] revenue deferrals on certain vehicle sales in [ NAVI ], adjusted EBITDA margin would have been negative 32% compared to the negative 46.2% in the same period last year. Net loss margin for the quarter was negative 121.6% as compared to the negative 95.8% in the Q4 2025 and negative 108.5% in the same period last year excluding the impact mainly from extended fee [ chasing ], revenue deferrals on certain vehicle sales in Net lot margin was negative 62.2% in fold by 21.4% as compared to the fourth quarter of 2025. and by 36.1% as compared to the same periods last year. Finally, EPS for the first quarter of 2026 was negative $[ 4 ]8 representing a 25% improvement compared to negative 0.64 in the fourth quarter -- excluding the items discussed above, EPS for the first quarter of 2026 would have been negative $0.3, representing a 42% improvement year-over-year for the quarter was USD 198 million, mainly for the expansion of our manufacturing facilities -- as of 31st March 2026, VinFast has total available liquidity of up to USD 2.6 billion, which consisted of cash and cash equivalents of USD 219.3 million, an undrawn credit line from Vin Group of up to USD 607.3 million, remaining grants from Miterfar Network of up to USD 677.2 million, an available commitment of USD 969 million under a standby equity subscription agreement and USD 125.4 million, the company expects to receive from the share transfer after retiring the Totes that was previously issued to VinFast trading and production. Finally, I'd like to conclude by emphasizing that our priorities remain centered on disciplined financial measurement, operational excellence and efficient deployment of capital. We continue to focus on improving productivity, optimizing our cost base and shunning 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 Instructions] I'll pass it over to Amandae for questions coming through the webcast.

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?

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 B 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 aftersales 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.

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?

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 profitability. We have a clear strategy to grow in India in the market with multiple competition. Customers ultimately tend to benefit the most through a greater choice, stronger competition as well as continued innovation.

The next question on the line is regarding the recent decision for VinFast to spin out its Vietnam factories and why now? Anne, could you take this question, please?

Thanks Amandae. Well, the transaction is basically a strategic move to restructure VinFast operating model towards a more capital efficient and sustainable future. So 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 boat and operated manufacturing platform. It is also important to note that, firstly, VinFast retain a 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 will also have control and oversight over the manufacturing output of our partner through the manufacturing contract, and we will also have control over certain rights over supplier selection. So we continue to believe that the quality of the products we produce from our partner will be up to ourstandard.

Operator, let's open for live questions.

We will now take our first phone question from the line of Andres Sheppard from Cantor Fitzgerald.

This is Anand on for Andres. 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?

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.

And 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?

Yes. So you can see from the -- our results of the Q1, one of the main reasons for the decrease in the gross margin is that we have the -- like the extended free charging program that we implemented from 9th of February 2026. So it's worth USD 192 million. So because for the U.S. GAAP standards, this support is recorded as a capital contribution and it accounted for a reduction in revenue, representing approximately 20% of revenue, so accumulated recognized in the first quarter of 2026. However, this is a very short-term impact. In the long term, still aim to break even in the Vietnamese market by 2027 based on the 2 main drivers like we increased sales volume and reduced production costs through vehicle lines. developed in the new technology platform. So we still like to recognize the support from this free charging program.

We will now proceed to take our next question from the line of James McIlree from Chardan Capital Markets.

Can you talk a little bit about average selling prices for the quarter as well as your expectations for the year? And 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.

This is Anne. I'll take this question. First of all, I think we expect GSM sales for the first year or so to be approximately in terms of wheels approximately roughly about 300,000 vehicles and then collectively between 26% to 30%, up to about nearly 4 million vehicles. So it will ramp up -- and similarly for cars as well, I think we expect the volumes to start trending up. Historically, GSM has account for out 15, approximately percent of VinFast total sale. And for the first year or so when this program is launched, because GSM also takes up vehicle that it owns in international markets. and it's expanding very rapidly right now, GSM is present in five countries. It launched in India just this weekend. And it's going to launch in another five countries by the end of the year, increasing visibility for both its own brand and intra card. We believe that the initial phases of GSM is owning its own vehicle to standardize customer service as well as brand reception is good, again, for the image of the real eco as a whole. In the subsequent years, a more task to run our GSM platform on the asset light driver and partners model. And again, this will -- this is basically expected to increase demand for Ventas vehicles, both from a B2B, B2C demand perspective. Does that answer your question?

Yes, partially. When you're looking at GSM, vehicle sales, not two-wheels, 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?

Yes, that's correct, James.

Okay. And the impact on average selling prices?

Sorry, can you repeat the question, the impact, on?

Yes. So it's understanding that since GSM sales are in greater volumes that they do get some price flexibility. And so my question is, the impact average selling prices with a greater percentage of sales going to GSM.

In the earlier years, ASP will basically be reduced by approximately, say, 10%, 15% because of the higher contribution from but that's only expected to be for the first year or so in subsequent years, the percentage of GSM's contributors will be a lot smaller. And right now, I think we're taking a conservative approach in not assuming a knock-on impact of more demand for more customer demand for cars in international markets driven by GSM. So our assumptions only look at GSM additional volume as a base case, right? And already, we are seeing ASPs 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.

We will now take our next question from the line of Jesse Sobelson from BTIG.

I'm curious on 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?

So 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+ ADAS systems with future upgrade planned already for Level 2++ in the next generation of VinFast vehicles. Concurrently, we also will be testing -- pilot testing autonomous-driven vehicles in one of our Smart City projects in Ho Chi Minh City next year, 2027. And that is really a pathway towards eventual fully robotaxi fleet that will be either operated by GSM or also source to external parties if there are demands.

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

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. But 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. So in this quarter, it's kind of limited because we are planning to say more in the subsequent quarters.

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

Thank you, operator. We'll continue taking questions from the webcast. The next question is for Lan Anh. Regarding the Vietnam manufacturing spin-off, could you please provide revised guidance for the expected total cash needs, CapEx and R&D in 2026?

Thank you. The transaction has VMS transition to an asset-light model, like I just mentioned, meaning that reduce the capital raising needs, especially CapEx, improve free cash flow and improve our profitability. For the post spin-off, we expect that CapEx will be reduced around USD 400 million for the Vietnam factories and another kind of the USD 500 million to consider the international opportunities. So in 2026, we expect a total CapEx spend R&D of USD 300 million to USD 400 million per quarter. For forecast 2027, currently, we do not disclose this forecast yet and can be updated.

As a follow-up question to that, will the Vietnam manufacturing spin-off result in any onetime gain recognition in VinFast's P&L? And if so, could you provide the potential amount?

Actually, the company is currently evaluating the accounting and financial implications of the Vietnam manufacturing, including the appropriate accounting treatment under applicable accounting standards. And we expect that we're going to have the gain recognition in the P&L. But further, the update will be provided once the evaluation has been completed and the accounting treatment has been finalized.

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 VF7, the VF8 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. The next question is regarding the planned VinFast reorganization. When is VinFast going to transfer its interest in DFTP to new shareholders? Anne, would you like to take this question, please?

Sure. We obtained shareholders' approval on the 27th of May, and we target to complete the transaction by the third quarter of '26 upon completion of customary closing conditions.

The next question is regarding the free charging program. Could you please elaborate on how you expect the extension and amendment of the free charging platform to play out for the remainder of the year? Lan Anh, would you like to take this, please?

Yes. The current free charging program has been extended through like in February 2029, providing customers with a very relatively long-term benefit. So 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 period. So you can see that the impact for the remainder of the year is expected to be significantly less material.

The next question is regarding two-wheelers. Are you seeing the rising threats to VinFast from partnership of [ Yada ] and Petrolmax Vietnam to expand charging network for two-wheelers in Vietnam. What are VinFast competitive advantages now given that charging infrastructure is no longer exclusive? Anne, could you take this, please?

I think, first of all, it is important to highlight that we have done quite well in the first quarter for 2-wheel sales. So 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 exceed -- to be at least 2.5x the 2-wheel sales of last year. We've met 22% of this target so far, and that sets us well on track to meeting the target by the end of the year. So we currently have #2 market share in Vietnam with 17% in the first quarter and only after Honda. And 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. So we -- through this new battery swapping program, we currently operate 7,000 battery swapping stations across Vietnam. And we also offer both a franchise as well as an owned model. So we are able to reach as many users of VinFast EV vehicles as possible. And I suppose, last but not least, compared with the partnership that we've mentioned, VinFast has a unique partnership benefit as well from the combined ecosystem of charging to B Green, ride-hailing from GSM and the OEM VinFast. So GSM here is also, as mentioned earlier, increasing both visibility, actual demand as well as through GSM's data gathering and intelligence to be able to have a lot of insight into the customers' user behavior, which is very helpful in our R&D as well.

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?

For the price payable by [ BFN ] for each vehicle manufactured and supplied by [indiscernible] determined on the cost plus basis and shall be a target margin of approximately 5% of vehicle cost. So pricing is benchmarking with the market and determined on basis. So for the clarify, post the transaction because for [ BSBP ] going to be sold to. So we expect that for the post transaction, BN and BTP are not related parties.

The next question, excited to learn more about the new Autobrains NVIDIA partnership. What is the projected rollout time line of that work to current and future owner vehicles through OTA or technician updates?

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 Autobrain and NVIDIA is one among a few that have recently been announced or worked on by VinFast. And 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 road map that Vintast has embarked itself on.

Thank you, Operator, just checking if there's any live questions.

There are no questions at this time.

Thank you. And 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?

Thank you for your question. This trend is gaining a 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 #1 BEV player. And in Indonesia, in Indonesia, India, Vinfast is #8, #4, respectively, for the quarter 1, 2026. Looking ahead, I'm confident in our ability to build on this momentum and further accelerate our growth trajectory.

Operator, if there's no further questions on the line, we will conclude the call.

Thank you for your participation in today's conference. You may now disconnect your lines.