Cuộc họp công bố kết quả kinh doanh quý 2 năm 2026 của VinFast (VFS): Lượng bàn giao xe tăng vọt trong bối cảnh khoản lỗ và thanh khoản vẫn là tâm điểm chú ý

Điểm tin chính

• VinFast đã giao 70.085 xe điện 4 bánh trong quý 2 năm 2026, tăng 20% so với quý trước và tăng 96% so với cùng kỳ năm trước. Lượng bàn giao xe điện 2 bánh đạt 286.000 xe, tăng 100% so với quý trước và tăng 311% so với cùng kỳ năm trước.
• Doanh thu tăng 85,5% so với cùng kỳ năm trước và tăng 32,9% so với quý trước, đạt 1,2 tỷ USD. Nếu không tính khoản giảm trừ 88 triệu USD liên quan đến chương trình sạc miễn phí gia hạn, doanh thu sẽ đạt 1,3 tỷ USD.
• Biên lợi nhuận gộp theo báo cáo đã suy giảm xuống âm 62,8% từ mức âm 21,8% của một năm trước đó. Ban lãnh đạo đã tính toán biên lợi nhuận gộp cơ bản ở mức âm 28,7% sau khi loại trừ chương trình sạc miễn phí, doanh thu hoãn lại và các khoản điều chỉnh giá trị thuần có thể thực hiện được.
• EBITDA điều chỉnh ghi nhận âm 1,1 tỷ USD, so với âm 728 triệu USD trong quý 1 năm 2026 và âm 362 triệu USD trong quý 2 năm 2025. Lỗ thuần từ các hoạt động kinh doanh liên tục là khoảng 1,2 tỷ USD.
• Ban lãnh đạo duy trì mục tiêu bàn giao 300.000 xe điện trong năm 2026. Việt Nam dự kiến đóng góp hơn 75% tổng số đó, với sự hỗ trợ từ các mẫu xe mới và yếu tố mùa vụ trong nửa cuối năm giúp tăng tốc sản lượng theo kế hoạch.
• Tổng nguồn vốn thanh khoản đạt 2,3 tỷ USD vào ngày 30 tháng 6 năm 2026, nhưng giới phân tích tập trung vào việc các thỏa thuận tài trợ hiện có sắp hết hạn trong ngắn hạn. Ban lãnh đạo cho biết đang tìm kiếm thêm các cơ hội với các ngân hàng quốc tế, bên cho vay và nhà đầu tư.

Dữ liệu tài chính chính

VinFast cho biết biên lợi nhuận gộp và EBITDA điều chỉnh bị ảnh hưởng bởi doanh thu hoãn lại, chương trình sạc miễn phí gia hạn, các khoản ưu đãi bán hàng tại nước ngoài liên quan và điều chỉnh NRV. Giá vốn hàng bán gắn liền với doanh số bán xe bị hoãn ghi nhận doanh thu chiếm khoảng 15% tổng giá vốn hàng bán trong quý.

Kết quả kinh doanh và Hiệu quả hoạt động

Lượng bàn giao trong nửa đầu năm đạt tổng cộng 128.662 xe điện 4 bánh và 429.175 xe điện 2 bánh. Kể từ khi thành lập, VinFast đã bàn giao hơn 500.000 xe 4 bánh và 1 triệu xe 2 bánh.

Việt Nam tiếp tục là thị trường lớn nhất của công ty. VinFast cho biết họ nắm giữ khoảng 38% toàn bộ thị trường ô tô trong nước tính đến ngày 30 tháng 6 và đã duy trì vị trí số 1 trong 22 tháng liên tiếp kể từ tháng 9 năm 2024. Mẫu VF 2 đã nhận được hơn 28.700 đơn đặt hàng trước trong vòng ba ngày, trong khi mẫu VF 8 hoàn toàn mới nhận được hơn 12.700 đơn đặt hàng trước trong vòng tám ngày.

Các thị trường quốc tế chiếm 11% lượng xe điện bàn giao trong quý 2. Vào cuối quý, VinFast xếp thứ 1 về thương hiệu BEV tại Philippines, thứ 5 tại Ấn Độ và thứ 8 tại Indonesia. Công ty có 58 showroom đại lý tại Ấn Độ, 34 tại Philippines và 38 tại Indonesia.

VinFast đã mở rộng mạng lưới xe điện 2 bánh bằng cách mở 20 đại lý tại Indonesia và 21 đại lý tại Philippines. Chiến lược của công ty kết hợp bán xe với dịch vụ thuê pin, đổi pin và hạ tầng V-Green. Hoạt động cung cấp xe cho doanh nghiệp (B2B) bao gồm dự án thử nghiệm xe cảnh sát VF 3 tại Manila và một đơn hàng bán buôn từ Chính quyền Huyện Bogor ở Indonesia.

Công ty cũng đã ra mắt mẫu VF Wild REEV, mà theo ban lãnh đạo có thể đạt tổng quãng đường di chuyển hơn 1.000 km. Mẫu xe này đã có mặt tại Việt Nam và dự kiến sẽ thâm nhập thị trường quốc tế vào năm tới. Mẫu VF 8 hoàn toàn mới đánh dấu lần đầu tiên VinFast triển khai thương mại công nghệ hỗ trợ lái xe Cấp độ 2 tự phát triển.

Sau khi tái cấu trúc hoạt động sản xuất tại Việt Nam, VinFast đã phân loại các hoạt động thoái vốn thành hoạt động đã chấm dứt. Ban lãnh đạo cho biết cấu trúc tinh gọn tài sản sẽ giúp giảm chi phí cố định, khấu hao, chi phí tài chính và mức độ thâm dụng vốn, đồng thời vẫn bảo toàn khả năng tiếp cận công suất sản xuất. VinFast tiếp tục sở hữu và vận hành các nhà máy tại Ấn Độ và Indonesia.

Kế hoạch định hướng của Ban lãnh đạo

VinFast duy trì mục tiêu bàn giao 300.000 xe điện trong năm 2026. Lượng bàn giao trong nửa đầu năm đạt khoảng 43% mục tiêu đó, trong khi lượng bàn giao trong 8 tháng đầu năm đạt 154.073 xe.

Ban lãnh đạo kỳ vọng tăng trưởng nửa cuối năm sẽ được hỗ trợ bởi các mẫu xe mới và yếu tố mùa vụ cuối năm thông thường ở các thị trường châu Á. Việt Nam dự kiến đóng góp hơn 75% mục tiêu hàng năm. Mẫu Limo Green và MPV 7 dự kiến đóng góp khoảng 35% doanh số năm 2026, cùng với VF 2, VF 8 hoàn toàn mới và các dòng xe thế hệ tiếp theo khác cũng hỗ trợ thúc đẩy sản lượng.

Công ty duy trì mục tiêu đạt hòa vốn EBITDA trong trung hạn, trong đó Việt Nam dự kiến là thị trường đầu tiên đạt được điều này. Ban lãnh đạo xác định việc tối ưu hóa chi phí nguyên vật liệu (BOM), sản lượng cao hơn, sử dụng chung khung gầm xe và cấu trúc vốn tinh gọn là những đòn bẩy then chốt. Công ty dự kiến chi phí BOM trung bình sẽ giảm khoảng 10% đến 15% trong giai đoạn 2026–2027 khi các khung gầm mới và kiến trúc E/E 2.0 mở rộng quy mô.

VinFast dự kiến 20% lợi ích kinh tế trong Dự án Khu đô thị Thể thao Quốc tế Hà Nội sẽ đóng góp lợi nhuận và dòng tiền phân phối bắt đầu từ năm 2027, tùy thuộc vào tiến độ thực hiện dự án và bán hàng. Ban lãnh đạo cho biết xe điện vẫn là hoạt động kinh doanh cốt lõi của công ty và hiện chưa có kế hoạch mở rộng sang các dự án tổng thầu EPC, đường sắt đô thị, năng lượng hay thép.

Đến năm 2030, ban lãnh đạo dự kiến châu Á sẽ chiếm khoảng 90% lượng bàn giao toàn cầu, trong đó Ấn Độ, Indonesia, Philippines và các thị trường châu Á khác sẽ trở nên quan trọng hơn. Các thị trường ngoài châu Á dự kiến chiếm khoảng 10%.

Rủi ro và Các yếu tố cần theo dõi

Khả năng sinh lời tiếp tục chịu áp lực từ biên lợi nhuận xe âm, khoản đầu tư vào sản phẩm và công nghệ, doanh thu hoãn lại và các khoản ưu đãi bán hàng tại nước ngoài. Ngay cả sau các khoản điều chỉnh chỉ định của ban lãnh đạo, biên lợi nhuận gộp cơ bản vẫn ở mức âm 28,7% và biên EBITDA điều chỉnh ở mức âm 53,2%.

VinFast báo cáo chỉ có 281 triệu USD tiền và các khoản tương đương tiền trong tổng số 2,3 tỷ USD thanh khoản. Phần còn lại bao gồm khoảng 968 triệu USD khả dụng thông qua hạn mức Yorkville và gần 1 tỷ USD cam kết hỗ trợ từ chủ tịch sáng lập và Vingroup. Hạn mức ELOC có hiệu lực đến ngày 1 tháng 11 năm 2026, tạo ra vấn đề về thời điểm đối với việc thay thế hoặc gia hạn tài trợ nợ.

Ban lãnh đạo cho biết dòng tiền dự kiến tạo ra từ bất động sản có thể hỗ trợ mức tiêu hụt tiền mặt hiện tại của mảng xe điện, nhưng nhấn mạnh rằng thời điểm là yếu tố cân nhắc then chốt. Các khoản đóng góp phụ thuộc vào tiến độ thực hiện dự án và bán hàng.

Việc mở rộng sản xuất quốc tế cũng đòi hỏi nguồn vốn. Chi phí vốn (Capex) quý 2 đã tăng lên 233 triệu USD, chủ yếu do mở rộng tại Ấn Độ và Indonesia và chi tiêu tại Việt Nam trước khi tách rời hoạt động sản xuất. Ban lãnh đạo có kế hoạch phân kỳ các khoản chi tiêu trong tương lai theo nhu cầu và nguồn vốn sẵn có.

Tóm tắt phiên Hỏi & Đáp với nhà phân tích

Thanh khoản và nguồn vốn tài trợ: Các nhà phân tích đã đặt câu hỏi về cách VinFast duy trì thanh khoản khi các thỏa thuận tài trợ sắp đến hạn. Ban lãnh đạo cho biết đang tìm kiếm cơ hội hợp tác với các ngân hàng quốc tế, bên cho vay và nhà đầu tư, đồng thời dự kiến cung cấp thêm thông tin trong những tháng tới. Công ty cũng kỳ vọng dòng tiền từ bất động sản sẽ giúp củng cố thanh khoản.

Tái cấu trúc hoạt động sản xuất: Ban lãnh đạo cho biết VFTP chịu phần lớn rủi ro chưa khai thác hết công suất sau khi thoái vốn. VinFast không có cam kết sản lượng tối thiểu, bảo đảm công suất hay các nghĩa vụ khác phát sinh chỉ từ việc đặt hàng dưới công suất khả dụng của VFTP.

Lái xe tự động: VinFast đang phát triển công nghệ tự lái Cấp độ 4 như một năng lực nền tảng, sử dụng camera, LiDAR và radar. Phát biểu chuẩn bị trước có đề cập đến kế hoạch thử nghiệm 200 xe robotaxi Cấp độ 4 tại Vinhomes Green Paradise vào cuối năm 2027, trong khi phần Hỏi & Đáp đề cập đến đợt thử nghiệm khoảng 20 xe vào năm tới.

Các thị trường ưu tiên: Ban lãnh đạo xác định Việt Nam, Đông Nam Á và Ấn Độ là các thị trường tăng trưởng tự thân chính trong hai năm tới. Công ty cũng đang đánh giá các cơ hội tại châu Mỹ và châu Âu nhưng chưa công bố kế hoạch mở rộng cụ thể.

Thái Lan và Malaysia: VinFast đang đánh giá các cơ hội xe điện 2 bánh tại cả hai thị trường dựa trên mức độ tiếp nhận xe điện, tính cạnh tranh, chính sách, hạ tầng và độ phù hợp của sản phẩm. Việc thâm nhập thị trường xe 4 bánh tại Thái Lan hiện không phải là ưu tiên.

Toàn văn Biên bản Cuộc họp Báo cáo Kết quả Kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good day, and thank you for standing by. Welcome to VinFast Second 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.

Amandae Baey

Thank you, operator, and good morning, everyone. Welcome to VinFast Second Quarter 2026 Earnings Call. Please note that today's call will include forward-looking statements under U.S. federal securities law. These statements reflect our current views on future events, financial operational performance and other matters that might involve risks and uncertainties.

Before we begin, I would like to introduce today's speakers in light of our recent leadership changes. Joining me is our Chief Executive Officer and Chairman of the Board of Directors, Mr. Pham Nhat Quan Anh, who was appointed CEO on September 12 after serving in several key leadership roles at VinFast. Also on today's call are our Chief Financial Officer, Ms. Lan Anh Nguyen; and our Chief Investment Officer, Mr. Chien Nguyen. The management team has worked closely together over the past few years, providing continuity as we execute on VinFast's next phase of growth and profitability.

With that, I would like to invite our CEO and Chairman, Mr. Quan Anh, to begin the management remarks.

Anh Quan Pham

Hello, everyone. Since our last earnings call, VinFast has continued to build significant momentum across our business. We have expanded our product and technology road map, debuted next-gen platform models with in-house developed driver assistance technologies, launched our e-scooter business overseas and taken important steps to support our long-term financial profile.

We announced VinFast participation in the Investors consortium developing the Hanoi International Sports Urban Area Project, where we now hold through Ngoc Hoi a 20% economic interest. Our participation in the group's connected urban ecosystem creates another avenue to support VinFast long-term development while complementing our core mobility strategy.

In quarter 2 2026, VinFast delivered 70,085 electric 4-wheelers, up 20% quarter-over-quarter and 96% year-over-year. We also delivered 286,000 electric 2-wheelers, up 100% quarter-over-quarter and 311% year-over-year. First half of 2026 deliveries totaled 128,662 electric 4-wheelers and 429,175 electric 2-wheelers. Nearly a decade since our founding, we have cumulatively delivered over 500,000 4-wheelers and 1 million 2-wheelers, establishing an increasingly diversified presence globally.

Today's progress validates investment in our products, manufacturing capabilities, technology and ecosystem. Looking ahead, our priorities are clear: ramp up production at our international factories, broaden our product portfolio, advance our autonomous driving capabilities and expand into new markets alongside Green SM. In parallel, we remain focused on strengthening our aftersales network and service quality to our growing customer base. Together, these initiatives are designed to support sustainable volume growth, improve operating leverage and advance our path to profitability. VinFast now operates in 15 countries. We continue to evaluate additional opportunities where we see structural tailwinds for adoption of electric smart mobility solutions and a viable path to scale.

With that, I will turn it over to Chien to walk through the key business updates.

Chien Nguyen

Thank you. Indeed, the last few months have marked exciting progresses across both our product road map and technology capabilities, demonstrating our continued focus on innovation while executing our strategic priorities. A key highlight was the launch of the VF Wild REEV, the newest addition to our product portfolio and an important milestone for the company. Be on VinFast's next-generation large vehicle platform, the VF Wild combines the smooth responsive driving experience of an electric vehicle with the practicality of an extended range technology, delivering over 1,000 kilometers of total driving range while remaining fundamentally electric in how it performs.

Our first range-extended electric vehicle, the VF Wild expands our addressable market and give customers greater confidence and flexibility, particularly in segments where long distance capability is highly valued. The VF Wild is now available in Vietnam, and we expect to bring it to international market next year. Equally important with the start of production of the all-new VF 8, the first commercial deployment of our in-house driver-assistance technology. It carries a novel ADAS Level 2 suite covering active safety, warning and detection, intelligent driving assistance and parking as well as several smart services.

We used to license the technologies and now we develop these capabilities in-house at a fraction of the previous cost. More importantly, this creates a scalable technology foundation that paves the way for future model launches.

Speaking of ADAS and autonomous driving, we showcased our latest robotaxi prototypes during the Vingroup investor tour 2026 earlier this month. Recent improvements included smoother acceleration and braking, more natural cornering and vehicle-following behavior and an overall more refined driving experience. We are also continuing to improve our navigation on autopilot capabilities with particular emphasis on driving quality, predictability, the passenger comfort. In parallel with technology development, we are working with the relevant authorities on regulatory framework, safety standard and training protocols. Together, these developments reflect the rapid progress we are making toward our planned pilot of 200 Level 4 robotaxi at Vinhomes Green Paradise in Can Gio in late 2027.

Turning to key market updates, starting with Vietnam, where VinFast has maintained the #1 position for 22 consecutive months since September 2024. As of June 30, our share of the overall Vietnam automotive market was approximately 38%. During the quarter, we launched the all-new VF 8 as well as the VF 2, our most compact passenger vehicle model. Initial customer response was strong, preorder of more than 28,700 VF 2 within the first three days and more than 12,700 VF 8 within the first eight days of launch. Our 2-wheeler business also continued to scale, reinforcing VinFast's position as the #2 player and further narrowing the gap with the market leader. We also produced our 1 millionth electric 2-wheeler since inception, an important milestone for the business we launched nearly eight years ago. Our latest models incorporate dual removable batteries, giving customers the flexibility to charge at home or use battery swapping infrastructure. In parallel, V-Green continued to expand its battery swapping network across the country.

Now moving on to our international market. In Southeast Asia, one of our key priorities this quarter was the expansion of our electric 2-wheeler business in Indonesia and the Philippines. We opened 20 new electric 2-wheeler dealerships across Indonesia and 21 new electric 2-wheeler dealerships across the Philippines. We are also introducing three battery swapping models supporting by a battery subscription program. The opportunity is significant because 2-wheeler population in both countries are substantially larger than the passenger vehicle market. V-Green battery swapping and subscription model is designed to reduce upfront ownership cost while addressing charging inconvenience, three important considerations for mass market adoption. In 4-wheelers, B2B fleet sales continue to play an important role in building vehicle visibility and utilization. In the Philippines, the VF 3 is being piloted as police patrol vehicles in Manila. In Indonesia, we secured a wholesale order from the Bogor Regency Government, making further progress in the public sector fleet segment.

Turning to India. Effective July 1, we implemented a second 5% price increase on the VF 6 and VF 7, reflecting our disciplined approach to pricing as the business scales. We also expanded our product offering with the launch of the 7-seater MPV 7, followed by the soft launch of the Limo Green taxi variant in India. At the end of the quarter, VinFast ranked as the #1 BEV brand in the Philippines, #5 in India and #8 in Indonesia. Overall, during the quarter, 11% of our EV deliveries were to international market, the Limo Green accounted for 23% of deliveries. The VF 8 overall during the quarter, 11% of our EV deliveries were to international markets. The Limo Green accounted for 23% of deliveries. And the VF 3 and VF 5 collectively accounted for 38% of deliveries. Electric 4-wheeler deliveries to related party accounted for approximately 6% and electric 2-wheeler deliveries to related party accounted for approximately 4% during the quarter.

Finally, I would like to provide an update on GSM international expansion. As we have discussed previously, GSM can serve as an important market development channel for VinFast. By introducing VinFast vehicles through mobility services, GSM can build vehicle exposure, generate real-world usage data and help us assess customer behavior before we commit to a broader commercial presence. GSM is now operating in Kazakhstan, Denmark and the Netherlands and most recently in the U.S. with additional markets are expected to follow. GSM presence provides opportunities for customers to experience VinFast vehicles directly while giving us additional insight into local operating conditions and customer preference. This is another example of how the broader VinFast ecosystem can support disciplined international expansion and help us evaluate new market before scaling investment.

With that, I'll hand over the call to Lan Anh to review our financial results.

Anh Thi Nguyen

Thank you, Chien. Before I walk through the details, let me briefly frame the quarter and the second half outlook. We delivered strong revenue growth as vehicle volumes continued to scale, while profitability remained affected by several factors, including revenue deferrals, continued investment in our next-generation product and technology platforms and the transition to our asset-light manufacturing model in Vietnam.

Following the restructuring of our Vietnam manufacturing operations, the disclosed manufacturing operations have been classified as discontinued operations, while the businesses and activities that remain with VinFast are presented as continuing operations. Accordingly, our prior period income statements have been recast to present the results of these operations separately from continuing operations. We believe this provides a clearer view of the underlying performance and financial profile of VinFast following the restructuring. Please refer to the Form 6-K filed this morning for additional details.

Strategically, the transaction was designed to create a more capital-efficient operating model while preserving long-term assets to our manufacturing capacity. Over time, we expect the new structure to reduce the fixed cost and capital burden associated with owning manufacturing assets, including plant level depreciation fixed operating costs and financing-related expenses and to allow VinFast to direct more of its capital towards product development, technology, commercial expansion and the broader electric mobility platform.

Turning to this quarter's results. Revenue for the second quarter of 2026 grew 32.9% quarter-over-quarter and 85.5% year-over-year to USD 1.2 billion. We recorded a revenue deduction of approximately USD 88 million this quarter related to the extended free charging program sponsored by Mr. Pham Nhat Vuong, which is accounted for a deemed contribution from the owner and a deduction from revenue. Excluding this impact, our revenue would have been USD 1.3 billion.

Gross margin was negative 62.8% compared with negative 21.8% in the same period last year. Gross margin was significantly affected by, firstly, the recognition of cost of goods sold associated with certain vehicle sales for which revenue recognition has been deferred, which accounted for approximately 15% of cost of goods sold for the quarter; and secondly, additional expenses related to the extended free charging program sponsored by Mr. Pham Nhat Vuong. Excluding the impact of the extended free charging program, revenue deferrals and NRV adjustments, our underlying gross margin would have been negative 28.7%.

Moving to operating expenses. R&D expenses were USD 154 million an increase of 52.8% quarter-over-quarter and 65.9% year-over-year. This primarily reflects the run-off of vehicles based on our next-generation vehicle platform, E/E 2.0 architecture and ADAS technologies. R&D represented 12.8% of revenue for the quarter, slightly lower than the same period last year. SG&A expenses were USD 209 million, an increase of 116.9% quarter-over-quarter and 59.4% year-over-year. This increase was primarily related to the sales programs and incentives for vehicles delivered in certain overseas markets where revenue had not yet been recognized. As a result, these costs were recorded as a selling expenses rather than a deduction of revenue as they would have been if the revenue had been recognized. SG&A represented 17.3% of the revenue for the quarter compared with 20.2% in the same period last year. CapEx was USD 233 million, an increase of 18.2% quarter-over-quarter and 11% year-over-year, primarily reflecting the expansion of our India and Indonesia manufacturing facilities as well as spending in our Vietnam factory prior to the spin-off. These investments are targeted towards markets where we see the opportunity to build meaningful local scale and improve the economics of our international operations through greater localization.

Adjusted EBITDA for the second quarter of 2026 was negative USD 1.1 billion compared with negative USD 728 million in the first quarter of 2026 and negative USD 362 million in the second quarter of 2025. The increase in the adjusted EBITDA loss was primarily driven by the extended free charging program, revenue deferrals and related sales programs and incentives in certain overseas markets. Excluding these items, along with the NRV adjustments, adjusted EBITDA would have been negative USD 678 million with an adjusted EBITDA margin of negative 53.2% compared with negative 37.3% in the first quarter of 2026 and negative 44.3% in the same period last year. The lower adjusted margin was primarily the result of continued investment in R&D for our next generation of vehicles, which we expect to moderate over the medium to long term.

Net loss from continuing operations was approximately USD 1.2 billion, representing a net loss margin of 102.8% compared with 92.1% in the Q1 2026 and 83.7% in the same period last year. Excluding the impact of the extended free charging program, revenue deferrals related sales programs and incentives in certain overseas markets and NRV adjustments, the net loss margin from continuing operations was 61.4% compared with 47% in the Q1 2026 and 72.3% in the same period last year.

Net income from discontinued operations was approximately USD 1.2 billion, comprising a gain on disposal of USD 1.5 billion net of tax, partially offset by losses from discontinued operations of USD 285 million prior to the disposal date. Total net loss for the second quarter was USD 56 million, representing a net margin of 4.7%.

Total liquidity as of 30 of June 2026 stood at USD 2.3 billion, including the remaining funding commitment from Vingroup and VinFast founder, ELOC facility, which remains available until 1st of November 2026, cash and cash equivalents.

Now I would like to address our recent real estate investment and places in the context of the broader changes we have made to VinFast's long-term strategy and financial outlook. Over the past several quarters, we have taken a number of steps intended to strengthen VinFast's long-term financial profile. The structuring of our Vietnam manufacturing operations reduced the capital intensity of the business, while we are participant in the Hanoi International Sports Urban Area Project represents a unique investment opportunity to add a complementary earnings and cash flow stream alongside our electric mobility operations. These actions share a common objective to create a stronger and more resilient financial foundation from which we can continue investing in VinFast's long-term growth.

The EV business remains our core strategic focus. We continue to invest in our product portfolio, technology, international expansion and the broader electric mobility ecosystem. At the same time, real estate investment is strategically relevant to that ecosystem rather than separate from it. VinFast and the green mobility ecosystem have already established a platform spanning electric vehicles, ride-hailing services and charging infrastructure. As that ecosystem expands, real estate creates an opportunity for VinFast to participate more directly in the development of the smart connected urban environment in which electric mobility will increasingly operate.

The investment also offers an attractive financial profile. We expect the project to become an additional source of earnings and cash distributions with contributions increasing from 2027, subject to project execution and sales progress. This provides VinFast with additional source of internally generated capital that can support continued investment in our core mobility business and reduce our reliance on external funding over time.

Importantly, these changes should be viewed together. The asset-light manufacturing structure reduce the fixed cost and capital burdens of the core business, while the Real Estate segment strengthens consolidated earnings and cash generation. Our objective is, therefore, not simply to grow revenue, but to build a business with a stronger balance between growth, capital efficiency and financial sustainability. We believe the steps that we are taking today are put VinFast in a significantly stronger position for the next phase of development of our electric mobility platform.

Operator, let's open the call for Q&A.

Operator

[Operator Instructions] I'll now pass it over to Amandae for questions coming through the webcast.

Amandae Baey

Thank you, operator. We have the first question from the webcast regarding VinFast's long-term strategy. How do the recent changes to VinFast operating model and investment plans fit into your overall key priorities over the next 12 to 24 months and the longer-term strategy?

We'll let our CEO, Mr. Quan Anh, take this question. Quan Anh, please.

Anh Quan Pham

Over the next 18 to 24 months, our focus is on translating the scale we have built on a stronger and more sustainable economical model. First, we will continue to scale our core automotive business while maintaining capital discipline. We will prioritize markets where we see a strong consumer demand, opportunities for localization and the support from our broader ecosystem.

Second, improving our profitability remains a key priority. We are pursuing this through a continued vehicle cost reduction, a more asset-light manufacturing model in Vietnam and the contribution from our real estate segment, which is expected to support EBITDA and the cash generation.

Third but not least, technology and product innovation remain essential to our long-term competitiveness. We will introduce vehicle based on our next-generation platform and E/E 2.0 architecture, continue advancing our ADAS capabilities and expand our product portfolio across passenger vehicles and electric 2-wheelers. Together, these priorities are designed to support sustainable growth, strengthen our financial position and advance our path to profitability.

Amandae Baey

Thank you, Quan Anh. We have the next question on the line regarding our second half delivery ramp. Can you walk us through the key volume drivers that give you confidence in this year's guidance, including the contribution from new models versus existing models and Vietnam versus international markets?

Lan Anh, would you like to take this?

Anh Thi Nguyen

Okay. So in the first half of 2026, we delivered around 43% of the -- our full year target. We expect our growth in the second half in this year to be supported by the launch of the new models and typical seasonality as the vehicle purchases tend to accelerate towards the year-end across the many Asian markets. As you remember that in 2025, approximately 63% of our full year sales were generated in the second half.

So if we break by model, the growing contribution from new models, including the Limo Green, the MPV 7, which are expected to account for around 35% of the sales in 2026 and the all-new VF 8 and VF 2 are also expected to support growth in the remainder of the year. New VF 8 received about 12,700 preorders in eight days, while the VF 2 received about 28,700 preorders with more new generation models launching from Q3.

For Vietnam, Vietnam remains the core market expected to contribute more than 75% of our guidance of the 300,000 EV target with the 154,073 EVs delivered in the first eight months of this year. VinFast has been the #1 OEM in Vietnam since September 2024. Internationally, VinFast has continued to scale rapidly. In the Philippines, sales grew more than 300% year-over-year, making VinFast to be the #1 BEV brand by Q2 2026, while India is also showing strong demand with over 3,000 units sold in the Q2 2026. And supported by the continued showroom expansion, particularly in the international markets with the dealership network. We have the -- like for the dealers showrooms in India, we have the 58 showrooms, 34 showrooms in the Philippines and 38 showrooms in Indonesia.

Amandae Baey

Thank you, Lan Anh. The next question on the line is regarding our manufacturing. Internalization and increased vertical integration technology and production capabilities has been very important for VinFast's growth story in recent years. How does the disposal of Vietnam's manufacturing assets contradict that policy?

Chien, would you take this, please?

Chien Nguyen

So thank you for the questions, right? So we see the transaction as a change in how we deploy capital. Moving to an asset-light manufacturing model allow us to allocate more capital to technology, product and international expansion while maintaining control over the capabilities that are critical to our long-term competitiveness.

What we have built in-house that differentiate VinFast is our core capability in product design, R&D, technology, IP brand, sales and aftersales, and these capabilities will remain fully within the company. Future will continue to manufacture VinFast branded vehicles under our long-term manufacturing agreements based on our design specifications and quality standards.

We also continue to lead new material optimization and supply chain management while retaining long-term access to manufacturing capacity. So we continue to own and operate our plant in India and Indonesia, supporting local production and our international ambition.

Amandae Baey

Thank you, Chien. The next question on the line is regarding our real estate investment. How does the Hanoi International Sports Urban Area smart city development create commercial opportunities for VinFast core EV business? And how is VinFast going to ensure that future capital allocation remains consistent with the funding needs and profitability goals for the core EV business? Chien?

Chien Nguyen

So the Hanoi International Sports Urban Area was built on smart mobility ecosystem that we already have in place. So through our 20% economic interest, VinFast can also participate in the value created by the broader urban development.

With Vinhomes leading the projects, we expect our participation to generate additional earnings and cash distribution that can support continued investment into our core EV business. Our priority remains unchanged to build a sustainably profitable EV business, and we will focus capital where we have a very clear competitive advantage and the pace expansion to protect funding for our core priorities.

Amandae Baey

There's a follow-up question on this topic. Just to clarify, what is VinFast strategy after the transaction? And upon completion of this, does VinFast still intend to position itself as an auto company with an additional real estate business? Or is it transitioning to become a more diversified conglomerate. Chien?

Chien Nguyen

So definitely, we are still an EV company. The transaction does provide VinFast with a unique opportunity through the Vingroup ecosystem, and it reflects the continued support by the founder and major shareholder, Mr. Pham Nhat Vuong. The project is expected to generate substantial profit and recurring cash flows, helping offset ongoing EV business losses and strengthening VinFast's financial position and diversify source of debt repayment. The direct participation as a project developer give us greater control and involvement throughout the whole project life cycle, and it allows the company to create and capture a greater share of the value generated.

So the strategic location of the project and the significant scale that it offers provide us the opportunity to integrate our EV and green mobility ecosystem from a very early planning stage. And this is in line with global trend towards connected mobility, connected infrastructure and smart urban development. So over the long term, electric vehicle business will continue to be the cost business, and it will be the key growth driver for the company.

Amandae Baey

The next question on the line is regarding, does VinFast have any update on your breakeven time line? Lan Anh?

Anh Thi Nguyen

Yes. There is no change in our breakeven plan. We remain committed to reaching EBITDA breakeven in the medium term with Vietnam expected to be the first market to get there. Our path is supported by several levers like -- the first one called the BOM optimization, our most important structural driver. BOM cost for the VF 6 and fell by more than 20% in 2025. And we expect an average further reduction of around 10% to 15% over 2026 to 2027 as our new platforms and E/E 2.0 architecture scale up. The all new VF 8 shows this in practice is priced 20% to 30% below the previous VF 8, while the offering more advanced technology, including our new E/E 2.0 architecture, faster over-the-air update and upgrade ADAS features.

The second like scale, higher volumes spread fixed costs and SG&A over more vehicles, while R&D as a share of revenue declines as our platforms are shared across more models. Another one like a leaner cost and capital structure. The asset-light model reduce our finance costs and CapEx intensity. So we can focus capital on product, technology and international growth.

And the last one, the update for like a real estate contribution as for the Hanoi International Sports Urban Area like Chien just mentioned. This is a project to -- like is expected to bring additional earnings and cash flow from 2027 which should like our path to breakeven smoother.

Amandae Baey

Thank you, Lan Anh. And that's it from the questions online. Operator, we can turn it over for live Q&A.

Operator

Thank you. We will now proceed to take the first phone question from the line of Jesse Sobelson from U.S. Bank BTIG.

Phần hỏi đáp

Jesse Sobelson

I'm just curious on liquidity at the moment. I believe some of the contracts are looking at expiry toward the end of the year. But I'm also aware that there were some substantial commitments added this quarter to help fund the transactions that you reported. Can you just walk us through the plan on what liquidity looks like in the second half of this year once these contracts fall off?

Amandae Baey

Jesse, can you hear us?

Jesse Sobelson

Can you hear me now?

Amandae Baey

Yes, we can hear you.

Jesse Sobelson

Apologies. I apologize for that. So I'm curious just on the liquidity position here. I know that there are some substantial contributions in the quarter from related parties to help support the transaction of buying this real estate and I think stadium development. But I'm just curious, can we talk about the plan for these contracts and towards the end of the year, what the ideas are with maintaining liquidity on a go-forward basis?

Anh Thi Nguyen

Thank you for your question. Now as we just mentioned, that the total liquidity as of the June 30, 2026, around USD 2.3 billion, of which we have the -- like Yorkville will be available of around USD 968 million. And also we have the -- from the commitment from Chairman, the VinFast, Vingroup founder and the commitment support from the Vingroup around near like USD 1 billion. And we have the cash and cash equivalent of around USD 281 million. So for the liquidity beyond the support from the founder from Vingroup and we also like have the estate project like Chien, our CIO just mentioned, that contribute for the cash generation in the coming time also.

Jesse Sobelson

Right. But everything there, except for the cash and equivalents on the balance sheet expires before year-end 2026. It expires in the next two to three months. So is the plan to expand those contracts? Or are you looking at alternative funding sources?

Chien Nguyen

Yes. So basically, the idea is that we have certain contracts expiring, and we are exploring opportunities in the market. With the strong relationships we have with various international bank lenders and investors, we'll be in a position to announce something in the coming months. But as Lan Anh just mentioned, we do expect strong cash generation and inflows coming from our real estate business segment, and that will be a strong reinforcement into the company's liquidity position.

Jesse Sobelson

Is the cash flows from the real estate enough to be able to entirely support the current cash burn from the business?

Anh Thi Nguyen

Based on our projection, yes. It's more a matter of timing. So probably you will be able to see the impact of it more immediately in the coming quarters. I hope that addresses your question.

Operator

We will now take our next question. And our next question comes from Andres Sheppard from Cantor Fitzgerald.

Unknown Analyst

This is Peter on for Andres. Congrats on the quarter. First, can you please give us an update on autonomy, robotaxis and humanoids? What are some of the key KPIs and key catalysts that investors should be aware of?

Chien Nguyen

So autonomy is always the most important happening at VinFast, right? So as I mentioned during the presentation earlier, we showcased our new prototypes for robotaxi earlier this month at the group investor tour, and this one included various new functions compared to the one that we introduced last year. Very proud to say that other than camera vision perception, now we work on a variety of other technology as well, including LiDAR, including radar, just to say. So for us, right, L4 is a future platform capability -- and it's not seen simply as a vehicle feature.

I think the critical enabler, something that we are working and focusing on a lot at the moment is data and continuous validation. And the access that we have to the fleet environment through GSM really help us accelerate that learning cycle. And as you know, right, we announced that next year, we'll have a mass-scale pilot about 20 different L4 robotaxi in the Vinhomes development in Vietnam. So that is truly something to look forward to.

About robotic, we have been working closely with a few robotic company within the ecosystem of Vingroup. And some of them already have working robots running in our main plant in Hai Phong, serving various different tasks. I think the aim is for us to continue implementing them and allow the robots to carry on more difficult complex procedures.

Operator

We'll now move to our next question. And our next question comes from Steve Silver from Argus Research.

Steven Silver

I'm interested in the top 10 market position in Indonesia, considering it's a pretty competitive marketplace there. So combined with the successful rollout in Vietnam that's led to the leading market position there. I was hoping you could provide some color just on the drivers that are supporting the strong growth in Indonesia and perhaps any lessons learned along the way that you're applying to some of the earlier-stage growth markets for EVs?

Chien Nguyen

Yes. Thank you. I think for us, Indonesia is very important because it's one of the top tier priority. And the early success that we have until now reflect the right decision to pick the focus market early on. Indonesia share a lot of similarity with Vietnam, big population, growing population and a significant portion of the population entering already in middle-income class and the country hugely tech savvy. And we really appreciate the fact that our vehicle has been well received by the local population. This is also a very competitive market in which we apply various I'd say, creative go-to-market strategy. So we're not only talking about -- we are not only talking about the taxi company, GSM or the charging company, V-Green that comes with us to the country. It is also about offering initiatives like free charging or battery subscription. So this is something -- this is quite unique to us and something that we're really proud of.

Our team also focused a lot of B2B and corporate fleet channels. For us, right, Indonesia represents big opportunity from both B2C and B2B point of view. And you probably know that this is also the country that we have the second widest product offering, including the VF 3, VF 5, VF 6, VF e34, VF 7 and most recently, the Limo Green and VF MPV 7. I think the biggest takeaway for us so far in Indonesia is that this is a country where we really need to be mindful not only about our capability, but also about the move of the direct competitors, right? And we are talking not only about the Chinese OEM, but also the likes of Tesla and the globally renowned OEMs as well. Yes. So I hope that addressed your question.

Steven Silver

Yes. Appreciate the color. And best of luck for the second half of the year.

Operator

We will now proceed to take our next question from Brian Dobson from Clear Street LLC.

Brian Dobson

As you look around the globe at your various markets, which areas are you most excited for in terms of, I guess, organic growth and expansion over the next two years?

Chien Nguyen

Thank you, Brian. So it's clear that our focus will continue to be Vietnam, Southeast Asia and India. So these are where the organic growth and accelerated adoption of EV will take place in the coming years, right? And whatever work -- good work that we've done so far, we need to work even harder and achieve more. This comes with more appropriate go-to-market strategy for each of them and then bring in better vehicle with better technology at lower pricing.

We are also exploring the possibility of going to a few other regions in the Americas, in Europe and further. And we probably will be in a better position to announce this in the coming quarter where things crystallize. But yes, that's something for you to look forward to.

Operator

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

Amandae Baey

Thank you, operator. We'll continue with the questions from the webcast. The next question is regarding why did the long-term trade payables increase? Lan Anh?

Anh Thi Nguyen

Thank you for the long-term trade payable because we have the spin-off of VinFast trading production. So following the spin-off, the payable for the vehicle purchase from VinFast trading in production are recorded as a trade payable. These payables will have been eliminated upon consolidation had the restructuring not occurred.

Amandae Baey

Thank you, Lan Anh. The next question is regarding our strategy. Does VinFast or any of its subsidiaries, have the plan to expand into new business areas such as EPC contracting, metro, energy or steel projects?

Chien Nguyen

So as I mentioned before, VinFast remains fully focused on EV as its core business. And the -- no project represents a unique strategic real estate opportunity to generate additional cash flow rather than a broader pivot into real estate. And we currently have no plan to expand into other business area.

Amandae Baey

Thank you, Chien. The next question is regarding the VFTP divestment. Who bears the underutilization risk after the transaction? If VinFast orders substantially fewer vehicles than VFTP's available capacity? Does VinFast have minimum volume guarantee related or other financial obligations?

Anh Thi Nguyen

So following the divestment, now VFTP bears the underutilization risk. And VFTP manufactures on a cost basis with the cost the goes to VinFast sales targets, the overrun kept and excess depreciation borne by VFTP, so underutilization risk sits largely with VFTP. VinFast has no minimum volume commitments, capacity guarantees or other financial obligations arising solely from the ordering below VFTP's available capacity. But because we are the long-term relationship partners and as VinFast continues to grow, we currently have no plans to reduce our orders from VFTP, which remains a key manufacturing partners alongside our facilities in our international markets.

Amandae Baey

The next question is regarding our expected CapEx for India, Indonesia. Lan Anh, would you like to take this?

Anh Thi Nguyen

Yes, okay. For the CapEx guidance, we don't like to provide the formal CapEx guidance. Directionally, CapEx is mainly for the capacity expansion of our Indonesia and India plants. The remaining CapEx is largely tied to growth initiatives and will be phased in line with the demand and funding. We will keep it flexible and disciplined. We do not like to disclose the plant level, utilization thresholds or manufacturing economics for individual facilities.

Amandae Baey

Thanks, Lan Anh. The next question is, is planning to bring -- is VinFast planning to enter Thailand and compete with the likes of BYD and GWM? There seems to be a big gap in the market for the electric 2-wheelers.

Chien Nguyen

Okay. Thank you. So as you rightly say, right, there's a big market gap in electric motorcycles in the country. And for 2-wheelers, we are actually looking at other Southeast Asian markets, including Thailand and Malaysia. And for us, right, we look at factors, including EV adoption, competitive intensity, government policy, infrastructure and whether we have the right product and the right competitive edge for each of those countries. For 4-wheeler, right, probably that is the story further in the future. So we haven't got that plan yet. Our priority is really about execution in markets where we already have an established presence. And so for us, right, we remain disciplined and opportunistic for the Southeast Asian region.

Amandae Baey

Thank you, Chien. The next question is regarding the accounting treatment following the deconsolidation. Can you clarify the key accounting treatment for period up to Q2 2026 following the deconsolidation? Lan Anh?

Anh Thi Nguyen

Thank you. As explained and also mentioned in our 6-K, the disclosed manufacturing operations have been classified as a discontinued operations, while the businesses and activities that remain with us are presented as continuing operations. Costs identified that are borne by discontinued operations, primarily including warranty-related expenses. Interest on debt assuming by the buyer or required to be paid as a result of disposal has been allocated to discontinued operations.

So if you see for the balance sheet, the key balance sheet impact as of the 30th of June 2026, including lack of some key impact, total external borrowings reduced by USD 2.9 billion and the PP&E also reduced by USD 2.6 billion. The inventory also reduced by USD 1.1 billion.

Amandae Baey

Thank you, Lan Anh. The next question is regarding how we should think about the long-term split of deliveries from Asia versus non-Asian markets going forward. Chien?

Chien Nguyen

Yes. Thank you. So by 2030, we still expect Asia to represent the substantial majority of VinFast's global deliveries, roughly 90% of the total, but the composition within Asia should become more diversified. Today, Vietnam is by far our largest market. Over time, we expect India, Indonesia and the Philippines and other Asian markets to become more meaningful contributor. India, in particular, is expected to develop into one of our largest market alongside Vietnam, while Southeast Asia continues to scale. The long-term plan, therefore, becomes much less dependent on a single geography, even though Asia remains the center of gravity. Other regions outside of Asia is to represent roughly 10% of deliveries by 2030, and we continue to see strategic opportunities in those markets. Our approach is still delivery more measures and focus on segments and products where we believe we have a competitive edge.

So the shift that we expect by 2030 is not necessarily Asia versus the rest of the world. It's really about Vietnam becoming a smaller share of the much larger and more diversified Asian business, while Americas, Europe is to provide additional source of growth over time.

Amandae Baey

Thank you, Chien. Operator, that concludes our call today.

Operator

Thank you. This concludes the webcast and conference call. Thank you for your participation. You may now disconnect your lines.