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.

Equity Bottom-Up

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

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>US clean energy advances include LA’s Forest Road launching a $750-million CenterNode fund for small-scale (5-10 MW) solar and battery projects hit by Trump’s OBBB Act, which axes tax credits post-July 2026, targeting quick financing for community and off-grid sites amid surging demand.</li><li>Northeast Arkansas farmers are scaling canola production to 1 million acres for Chevron/Bunge renewable jet fuel.</li><li>Go Green Restoration leads eco-friendly water damage restoration in Southern California with 24/7 services. </li></ul>

US clean energy advances include LA’s Forest Road launching a $750-million CenterNode fund for small-scale (5-10 MW) solar and battery projects hit by Trump’s OBBB Act, which axes tax credits post-July 2026, targeting quick financing for community and off-grid sites amid surging demand.Northeast Arkansas farmers are scaling canola production to 1 million acres for Chevron/Bunge renewable jet fuel.Go Green Restoration leads eco-friendly water damage restoration in Southern California with 24/7 services. 

Sustainable Investing Surveyor : Focus on ClearSign Technologies - 6 April 2026

ASEAN Exchanges

Gateway to ASEAN Investment

ASEAN Exchanges is a collaboration among the exchanges in the ASEAN countries with the objectives of promoting greater integration of the ASEAN capital markets, enhancing the visibility of ASEAN as an asset class, and strengthening ASEAN as an attractive investment destination for both ASEAN and global investors.

Current participating ASEAN exchanges (“Member Exchanges”) are Bursa Malaysia Berhad, Indonesia Stock Exchange, The Philippine Stock Exchange, Singapore Exchange, The Stock Exchange of Thailand, and Vietnam Exchange.

Cross Asset Strategy

<ul><li>China’s rise as a global manufacturing hub was fueled by WTO accession in 2001, supported by export-friendly policies, low-cost labor, and rapid infrastructure development.</li><li>A 1994 currency devaluation and a shift to value-added goods boosted productivity as labor costs increased.</li><li>Since the mid-2010s, rising costs and geopolitical factors have driven supply chains to Southeast Asia.</li></ul>

China’s rise as a global manufacturing hub was fueled by WTO accession in 2001, supported by export-friendly policies, low-cost labor, and rapid infrastructure development.A 1994 currency devaluation and a shift to value-added goods boosted productivity as labor costs increased.Since the mid-2010s, rising costs and geopolitical factors have driven supply chains to Southeast Asia.

The Shift Of Supply Chains From China To Southeast Asia

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.

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VinFast (VFS US)

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

Sustainable Investing Surveyor : Focus on ClearSign Technologies - 6 April 2026

US clean energy advances include LA’s Forest Road launching a $750-million CenterNode fund for small-scale (5-10 MW) solar and battery projects hit...

Water Tower Research

The Shift Of Supply Chains From China To Southeast Asia

China’s rise as a global manufacturing hub was fueled by WTO accession in 2001, supported by export-friendly policies, low-cost labor, and rapid...

ASEAN Exchanges

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