External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<ul><li>Management reaffirmed its 2026 guidance for global deliveries of at least 300,000 EV units and 2W deliveries of at least 2.5x 2025 levels.</li><li>The ongoing expansion of GSM is expected to remain a key source of order visibility for VinFast, supported by a new framework agreement under which VinFast will supply approximately 1 million EVs and 4 million 2Ws to GSM during 2026– 2030G.</li><li>In addition, the planned spin-off of VinFast's Vietnam manufacturing assets is intended to support the company's transition toward a more asset-light and capital-efficient business model. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Management reaffirmed its 2026 guidance for global deliveries of at least 300,000 EV units and 2W deliveries of at least 2.5x 2025 levels.The ongoing expansion of GSM is expected to remain a key source of order visibility for VinFast, supported by a new framework agreement under which VinFast will supply approximately 1 million EVs and 4 million 2Ws to GSM during 2026– 2030G.In addition, the planned spin-off of VinFast's Vietnam manufacturing assets is intended to support the company's transition toward a more asset-light and capital-efficient business model. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VinFast's (Nasdaq: VFS) Q1 2026 Earnings Call – Highlights

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

VinFast Auto’s FY25 results highlight a year focused on scale, with electric vehicle (EV) deliveries rising 102% y-o-y to c 197k and e-scooter/e-bike deliveries increasing 473% to c 406k. Revenue rose 105.4% y-o-y to $3.6bn, while gross margin improved to -42.5% from -57.4%, indicating better fixed-cost absorption as volumes increased. The group remains loss-making, with net losses of c $3.9bn. However, FY25 showed progress in margin development, cost optimisation and utilisation, suggesting that early scale benefits are beginning to come through. As VinFast continues to increase its number of deliveries, the question is whether these gains can translate into stronger operating leverage, higher utilisation and a reduction in unit costs. We have updated our FY26 forecasts and introduce FY27 estimates.

VinFast Auto’s FY25 results highlight a year focused on scale, with electric vehicle (EV) deliveries rising 102% y-o-y to c 197k and e-scooter/e-bike deliveries increasing 473% to c 406k. Revenue rose 105.4% y-o-y to $3.6bn, while gross margin improved to -42.5% from -57.4%, indicating better fixed-cost absorption as volumes increased. The group remains loss-making, with net losses of c $3.9bn. However, FY25 showed progress in margin development, cost optimisation and utilisation, suggesting that early scale benefits are beginning to come through. As VinFast continues to increase its number of deliveries, the question is whether these gains can translate into stronger operating leverage, higher utilisation and a reduction in unit costs. We have updated our FY26 forecasts and introduce FY27 estimates.

VinFast Auto — Focusing on top-line growth

In early February Edison met the VinFast team in Hanoi, Vietnam. The primary purpose of the visit was to tour the company’s main manufacturing facility in Hai Phong, about a two-hour drive from Hanoi. We also used the visit to improve our understanding of the wider Vingroup (VinFast’s parent) ecosystem, and how it supports VinFast’s equity story. One clear observation from our trip was the extent that Vingroup appears integral to Vietnam’s broader economic development. In this note, we summarise the key takeaways from the visit.

In early February Edison met the VinFast team in Hanoi, Vietnam. The primary purpose of the visit was to tour the company’s main manufacturing facility in Hai Phong, about a two-hour drive from Hanoi. We also used the visit to improve our understanding of the wider Vingroup (VinFast’s parent) ecosystem, and how it supports VinFast’s equity story. One clear observation from our trip was the extent that Vingroup appears integral to Vietnam’s broader economic development. In this note, we summarise the key takeaways from the visit.

VinFast Auto — Notes from Hanoi and Hai Phong site visit

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully electric line up of EV passenger cars, e-scooters and e-buses. The company is leveraging its core competencies in Vietnam (one of the fastest-growing EV markets globally) and its integrated EV ecosystem to expand in India, Indonesia and the Philippines. In our view, VinFast combines a strong strategic position in Vietnam with a sizeable opportunity to extend that model into high-growth regional markets, balanced against the execution and capital risks typical of a fast-growing EV manufacturer.

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully electric line up of EV passenger cars, e-scooters and e-buses. The company is leveraging its core competencies in Vietnam (one of the fastest-growing EV markets globally) and its integrated EV ecosystem to expand in India, Indonesia and the Philippines. In our view, VinFast combines a strong strategic position in Vietnam with a sizeable opportunity to extend that model into high-growth regional markets, balanced against the execution and capital risks typical of a fast-growing EV manufacturer.

Vinfast Auto — Scaling up for regional EV adoption

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q3 2025 earnings call held on November 21.</li><li>The main updates include (1) a recap of the company’s 9M 2025 results (which are in line with VIC’s reported industrial segment; see our October 31 VIC Earnings Flash), (2) the highlight from Mobility Day at Vingroup’s 2025 investor conference (details in pages 5-6 of our Site Visit Note dated November 14), and (3) management outlook for Q4 2025 and 2026.</li><li>Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs, with the final two months expected to be supported by strong deliveries of the Green models. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We participated in VinFast’s (Nasdaq: VFS) Q3 2025 earnings call held on November 21.The main updates include (1) a recap of the company’s 9M 2025 results (which are in line with VIC’s reported industrial segment; see our October 31 VIC Earnings Flash), (2) the highlight from Mobility Day at Vingroup’s 2025 investor conference (details in pages 5-6 of our Site Visit Note dated November 14), and (3) management outlook for Q4 2025 and 2026.Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs, with the final two months expected to be supported by strong deliveries of the Green models. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VinFast's (Nasdaq: VFS) Q3 2025 Earnings Call - Highlights

Vietnam

VinFast is a Vietnamese multinational automotive company specializing in the design and manufacture of electric vehicles (EVs), e-scooters, and e-buses. The company offers a range of electric cars and provides related battery lease and charging services. VinFast was founded in June 2017 and is headquartered in Hai Phong, Vietnam.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

VinFast (VFS US)

VinFast's (Nasdaq: VFS) Q1 2026 Earnings Call – Highlights

Management reaffirmed its 2026 guidance for global deliveries of at least 300,000 EV units and 2W deliveries of at least 2.5x 2025 levels.

Vietcap

VinFast Auto — Focusing on top-line growth

VinFast Auto’s FY25 results highlight a year focused on scale, with electric vehicle (EV) deliveries rising 102% y-o-y to c 197k and...

Edison Investment Research

VinFast Auto — Notes from Hanoi and Hai Phong site visit

In early February Edison met the VinFast team in Hanoi, Vietnam. The primary purpose of the visit was to tour the company’s main manufacturing...

Edison Investment Research

Vinfast Auto — Scaling up for regional EV adoption

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully...

Edison Investment Research

VinFast's (Nasdaq: VFS) Q3 2025 Earnings Call - Highlights

Management reiterated its focus on top-line growth, reaffirming its 2025G global delivery target to at least double the 2024 level to ~200,000 EVs...

Vietcap

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)