Good day, and thank you for standing by. Welcome to VinFast Q1 2025 financial results and Q&A webcast. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. You can also submit your questions via the webcast. Please be advised that today's conference is being recorded. I'd now like to hand the call over to Amandae B., VP of Investor Relations. Thank you. Please go ahead. Thank you, Operator, and good morning, everyone. This is Amandae B., Vice President of Investor Relations. Welcome to VinFast's first quarter 2025 earnings conference call. Joining me today are Chairwoman of the Board, Madam Thuy Le, and our CFO, Ms. Lan Anh Nguyen. Before I turn the call over to Madam Thuy, let me remind you that some of the statements on this call include forward-looking statements under federal securities law. These include, without limitation, statements regarding the future financial and operating outlook, guidance, macroeconomics, industry trends, company initiatives, and other future events. These statements are based on the predictions and expectations as of today. Actual events or results may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our most recent filings with the U.S. Securities and Exchange Commission. In addition, management will refer to non-GAAP financials during this call. A discussion of why we use non-GAAP and the information regarding the reconciliation of our non-GAAP versus GAAP financials is available in the press release that we issued this morning. With that, I would like to invite Madam Thuy to start with the management remarks. Thank you, Amandae, and hello, everyone. I appreciate you joining us today. I am pleased with the progress made over the past year. Given that the first quarter is typically the slowest seasonally, it is encouraging to see signs of improved operating leverage driven by economies of scale. Compared to the same period last year, our volume growth and streamlined operational footprint are increasingly reflected in a more efficient cost structure and, subsequently, the narrowing of our profit margins year over year. Today, I'll be sharing updates on three key fronts: one, deliveries performance; two, the pace of EV adoption and performance in our key markets; and lastly, our future R&D roadmap that we mentioned last quarter. On the deliveries front, I'm pleased to share that Q1 2025 deliveries alone have already exceeded our total for the first half of last year. Achieving this in the typically slowest quarter of the year marks an encouraging start to 2025, especially given ongoing global macroeconomic and trade uncertainties. In Q1 2025, VinFast delivered 36,330 electric vehicles, representing a 296% increase year- over- year and a 32% decline quarter- over- quarter. It's important to remember that Q1 is typically our seasonally slowest quarter, primarily due to the extended Lunar New Year holiday in Vietnam. On the two-wheeler front, we delivered 44,904 units, marking a 473% year-over-year increase and a 44% rise quarter- over- quarter. This strong growth was driven by the expansion of our dealer network in Vietnam and a sharpened product focus following the discontinuation of older models in favor of more competitive offerings. Deliveries to related parties, which include GSM, the EV taxi platform owned by our founder, accounted for 21% of Q1 deliveries. With this, our B2C deliveries have consistently accounted for over 70% of total sales for three consecutive quarters through Q1 2025. As GSM expands in Indonesia and the Philippines, we anticipate continued vehicle deliveries to support their fleet growth. Charging infrastructure remains the biggest barrier to EV adoption. Our charging partner, V-Green, is actively addressing this challenge by working with local businesses to roll out exclusive charging networks for VinFast customers. GSM and V-Green together have normalized EV usage in Vietnam, and we believe their international expansion as part of our ecosystem approach will help drive a similar trajectory of consumer adoption in other markets. Let me now walk you through the pace in EV adoption and performance in our current markets. Across our key markets, EV adoption continues to gain traction at different speeds, supported by varying degrees of regulatory incentives and a broader range of product offerings for consumers. In Southeast Asia, unlike Vietnam, where VinFast has driven EV penetration to nearly 40% in Q1, battery EV or BEV adoption is still nascent in other regional markets. In Indonesia, according to GAIKINDO data, BEVs made up 7% of total auto sales in Q1, up from 3% a year ago. In the Philippines, data from CAMPI show that BEVs accounted for only 3% of total auto sales. For VinFast in Indonesia, we've made meaningful progress in establishing a strong foundation for long-term growth in the first quarter of the year. We launched the VF3 for sale in February and began deliveries in March. In a market where consumers are spoiled for choice, our industry-leading offering, including one year of free charging, has started to differentiate VinFast. Today, we have four models available in Indonesia, with the VF7 and Green Series expected to launch soon, further broadening our portfolio. We are rapidly scaling our retail and service footprint. To support this growth, we have announced a strategic partnership with a respected distributor with a proven track record representing legacy automotive brands. Their alignment with a new entrant like VinFast underscores the long-term confidence in our value proposition for Indonesian consumers. Our green mobility ecosystem is taking shape, with GSM expanding into additional major cities. GSM is already operating a fleet of 3,000 EVs in Greater Jakarta, accelerating consumer familiarity with our EVs. In parallel, V-Green Indonesia, our exclusive charging network operator, has deployed over 2,000 charging locations across 36 provinces out of 38 provinces in the country, with approximately 16% already operational. V-Green provides reliable infrastructure to support our growing customer base. Next, the Philippines. Similar to our foundational work in Indonesia, we have announced partnerships to establish service workshops and dealerships. Our partners, V-Green and GSM, will play a key role. V-Green is setting up a dedicated EV charging network to support early adopters, while GSM will soon be launched in the Philippines. Our MOU with Goodyear Philippines includes a working relationship to open 50 authorized VinFast service workshops and an agreement with six established distributors announced at the Manila International Auto Show to open over 60 new showrooms in the Philippines this year. Coming back to Vietnam, our core market. According to data from the Vietnam Automobile Manufacturers' Association and other industry groups in the region, Vietnam led Southeast Asia in automotive sales growth with a 24% year-over-year increase, outpacing larger regional markets. This performance was underpinned by strong macro fundamentals. GDP growth accelerated to 6.9% in Q1, the highest since 2020. Based on Vietnam registration data, VinFast's market share of overall auto sales increased to nearly 40% in Q1 2025, from approximately 20% last year. This remarkable increase reflects the strong brand recognition we enjoy, which is further amplified by the entrenchment of our green mobility ecosystem. The launch of the Green Series opens a new market segment for VinFast to maintain our industry leadership in our home market. In Vietnam, VinFast continued to be the proxy for EV penetration and led the auto market during Q1 2025 with over 35,100 vehicles delivered, equivalent to the next three players combined. Two of our top-selling models, the VF3 and VF5, were also best-selling passenger vehicle models in Vietnam during Q1 2025 and accounted for 68% of VinFast's total domestic deliveries. This was followed by the VF6, which has become the new popular mass premium car in Vietnam. It accounted for 12% of VinFast's total domestic deliveries. At around $26,000, VF6 offers a modern design with comfortable cabin and standout features that are rare to find in the BSUV segment, such as voice control, multi-link rear suspension, and adaptive cruise control. VF6 owners agree this model delivers a segment-up experience at a BSUV price. During the quarter, we began taking pre-orders for the Green Series, a dedicated lineup tailored for transportation use cases. Since its introduction in late 2024, the four-model EV series have attracted elevated interest from local taxi fleet operators who were starting their journey to electrification. More recently, we commenced our first deliveries of the Herio Green and Nerio Green in April. We are also broadening our product lineup into commercial vehicles, with the introduction of an electric school bus and an electric minivan model in May. Outside of Vietnam, we are exploring opportunities in Asia and Europe, with plans to offer electric buses in 6, 8, 10, and 12-meter sizes. Moving on to India, we're pleased to announce the opening of our CKD factory in Tamil Nadu in July. We will soon announce our dealer partners and, ahead of the sales opening for VF6 and VF7, we plan to launch extensive marketing campaigns in Delhi and Mumbai to build brand awareness. With India's EV market still in its early stage and significant white space across segments, we see a compelling opportunity to deliver premium value and accessible innovation to Indian consumers. In Europe and North America, as part of our ongoing strategic initiative to optimize our footprint, VinFast will close its direct-to-consumer showrooms in Germany and the Netherlands in June and start replacing them with new dealers' showrooms. This is a long-term strategy that VinFast initiated to transition from purely direct-to-consumer to a more dealer-led distribution model. Our transfer of all showrooms in Vietnam last year to our dealer partners was a prime example. To ensure seamless services to our customers, we have recently signed dealership agreements with dealers in France and Germany. In the Netherlands, we announced partnerships with LKQ and DHL to deliver high-quality after-sales experience, including the delivery of spare parts within a day. Our commitment to fostering electric mobility in Europe remains unchanged, and the shift in our distribution model is set to improve our operational efficiency to address growing customer demands. Looking over to Canada, we are closing three short-term shopping center stores and two showrooms in outlying areas to refocus our resources to the best-performing showrooms. As of April 30, 2025, we had 388 showrooms globally, of which over 90% were dealer stores. Finally, I'd like to share some of the exciting innovations underway at VinFast as we develop our next generation of electric vehicles. As a young and dynamic EV manufacturer, we remain committed to delivering higher-quality, better-performing vehicles while keeping them accessible to a broad range of consumers. Our new platform and EE architecture will enable further bill of material cost optimization, driving efficiency across every aspect of the business. Our first-generation vehicle platforms prioritize speed and market readiness, allowing us to bring seven models to market in under three years, effectively establishing VinFast as the EV brand for every customer's needs. Looking ahead, our next-generation vehicle architecture is guided by the principles of the three Cs: competitiveness, commonality, and cost efficiencies. This strategic evolution underscores our sharpened focus on operational efficiency and scalability as we steer the company toward long-term profitability. Our new vehicle platforms will be designed to simplify the engineering process while integrating world-class technologies and supporting a wide range of product offerings. Each platform will underpin multiple models, significantly increasing component commonality. This approach enables more streamlined procurement and manufacturing processes, ultimately driving cost reductions through economies of scale and improved operational synergy. In parallel, VinFast's EE architecture is undergoing a major transition to its second phase of development, which introduces zonal architecture controlled by a centralized supercomputer. This reduces ECU complexity and minimizes the use of traditional wire harnesses, further contributing to bill of materials cost optimization and production efficiency. More importantly, this transition will also enhance customer experience. I'm pleased to share that the first model to debut with a next-generation platform and zonal EE architecture will be the new MPV model Limo Green, going to market in Q3 this year. Various existing models will also undergo a technology refresh beginning in 2026 as we continue to elevate our product offering and deliver a smart, software-defined vehicle. I will now hand it over to our CFO to discuss the financial results. Thank you, Madam Thuy. Good morning, everyone. I'm pleased to walk you through our financial results for the first quarter of 2025. Our business is now at an inflection point where we expect economies of scale to drive greater operating leverage going forward. We've made meaningful progress in optimizing our cost base, both in terms of cost of goods sold and operating expenses. As we continue to grow our top line while streamlining our operational footprint, we remain focused on identifying additional cost-saving opportunities. As Madam Thuy noted, our new vehicle platforms and our new zonal EE architecture will serve as a foundation for longer-term cost savings. These changes not only reduce complexity and component redundancy but also enable us to secure more favorable supply contracts, supported by our growth scale. Our bill of material optimization program is ongoing, and we expect to see a more material impact once the new platforms are fully commercialized over the next 18 months. Now, let me walk you through our results in more detail. Net revenue for Q1 2025 was $657 million, an increase of 150% year-over-year, and largely in line with Q4 2024. Cost of goods sold for the quarter was $888 million, an increase of 113% year-over-year, and down 25% quarter- over- quarter, reflecting the continued ramp-up in deliveries. Cost of goods sold as a percentage of revenue was 135% for the quarter, compared to 179% in Q4 and 159% from the year prior. Q1 2025 gross margin was - 35%, a notable improvement from - 59% in the same period last year, driven by increased scale and ongoing cost optimization efforts. Excluding the impact of NRV and one-off items, gross margin was minus 28%, compared to minus 57% during the same period last year. Moving on to operating expenses. SG&A expenses for the quarter totaled $151 million, representing a 23% increase year-over-year but a 43% decline quarter- over- quarter. As a percentage of revenue, SG&A was 23%, significantly improving from 47% in the same period last year. This reduction reflects our ongoing shift from a direct-to-customer model to a dealer-based model, a transition that began in late 2023 and is helping streamline our cost structure. We recorded a $20 million impairment charge this quarter, of which the majority was impairment charge related to the closure of existing D2C showrooms in California. We expect to incur additional impairment charges in the coming quarters as the transition progresses in the other markets. R&D expenses came in at $81 million, down 22% year-over-year and 25% quarter- over- quarter. As a percentage of revenue, R&D was 12%, compared to 40% in the same quarter last year. While we saw a decline this quarter, we anticipate higher R&D spending in the coming periods as we invest in the development of our next-generation platforms and technologies. EBITDA for the first quarter of 2025 was minus $396 million, with an EBITDA margin of - 60%. This represents a significant improvement from - 130% in the same period last year, reflecting early benefits from increased scale. Net loss for the quarter was - $712 million, with a net loss margin of - 109% compared to - 226% in the first quarter of 2024, again highlighting the benefits of scale. These improvements underscore the progress we've made as we scale our operations and continue executing on our path towards profitability. Now, turning to CapEx and cash flow. CapEx for the quarter was $147 million, down 24% year-over-year and 40% quarter- over- quarter. We anticipate higher spending in the coming quarters as we enter the final phases of construction for our new CKD facilities in Vietnam, India, and Indonesia. Operating cash flow for the quarter was - $607 million, compared to the - $500 million in Q1 2024, largely due to the changes in the net working capital. In terms of cash flow efficiency, our cash burn in Q1 2025 was equivalent to 115% of revenue, a significant improvement from 256% in the same period last year. This reflects stronger cash flow management as well as the initial benefits of scale. This improvement in the quality of cash flow mirrors the operating leverage we are starting to realize as we scale our operations and optimize costs. We expect to continue investing in R&D and CapEx for the remainder of the year and to drive innovation and enhance the customer experience. These investments will be balanced by continued discipline in execution and cost optimization, and our profitability target remains unchanged. Finally, an update on our liquidity. As of 31st May this year, Vingroup has disbursed $1.2 billion in loans, and our founder disbursed $825 million in grants to VinFast. Besides cash and cash equivalent, our liquidity stands at around $2.4 billion, including $968 million ELOC facility and the remaining $1.4 billion from Vingroup loan and our founder grant. Operator, let's open for Q&A. Thank you. We will begin the Q&A session now. If you'd like to ask questions on the phone, please press star one one and wait for your name to be announced. One moment for the first question. The first question has come from Andres Sheppard from Cantor Fitzgerald. Please ask your question. Hey, everyone. Good morning or good afternoon. Thank you so much for taking our questions, and congratulations on the quarter and all of the vehicle delivery ramp-up. Very exciting. Madam Thuy, just wondering if you could maybe remind us just the timeline on the new factories, the one in Vietnam, the one in India, the one in Indonesia. When do you expect them to be operational exactly? I know you touched on it briefly. And what do they do to the total production capacity? Thank you. Hi. Hi, Andres. How are you doing? Okay. As announced before, all our facilities in Asia are expected to start operations this year. The majority of the vehicles, about 90%, will still be manufactured out in Vietnam with better production concentration. Where the existing facility, I found that you already visited, focuses on more high-end models. VF6, we have E34, Limo Green, VF7, 8, and 9. Our new facility in Haip hong will make more affordable models like Mini Green, VF3, and VF5. In terms of timing, the India factory will open in July this year, and the Haip hong one before that, and the Indonesia after that, but all of them will be open this year. Got it. Very helpful. Thank you. Maybe just as a quick follow-up, I'm wondering if you can maybe remind us what are some of the key catalysts you think investors should be looking at either for the remaining of this year or into next year, just making sure we're capturing all the major big highlights, the catalysts that you want us to be aware of. Thank you. Okay. Yes. Okay. No, thank you. The catalyst for the growth. Actually, VinFast is entering a very critical inflection point across three strategic pillars: scaling operations, accelerating product development, and executing our cost optimization, which all lay the groundwork for a clear path to profitability. First of all, on the scaling for growth, we're targeting to double vehicle deliveries in 2025, at least double the delivery in 2025, and maintain a strong momentum into 2026. This growth will be driven by deeper market penetration in key international markets, particularly across Asia, and enabled by our new CKD manufacturing facilities. About the next-generation products, our upcoming EV lineup will deliver enhanced technology offerings while being more cost-effective to produce. This will position us to stay competitive and align with evolving consumer preferences. Finally, our growth optimization. As mentioned before, 2025 is a foundational investment year in our new platforms and zonal architecture. These advancements are designed to significantly improve the manufacturing efficiency and significantly reduce the BOM cost of our vehicles, making VinFast a more agile and cost-competitive OEM. Like I mentioned in my presentation before, the first model will be released in October this year. Perfect. Very helpful. Thank you so much. Congratulations again. I'll pass it on. Thank you for the question. One moment for the next question. Our next question comes from the line of Greg Lewis from BTIG. Please go ahead. Yeah. Hi. Thank you. And good evening, and thanks for taking my questions. I appreciate the comments around the CapEx and, I guess, the expected ramp. I was hoping, just as we think about the remainder of 2025, and obviously, there's a lot happening with the expansions for the CKD, the continuing R&D, just kind of hoping you could maybe provide some color around the timing of this CapEx and really, as kind of you're thinking about the whole year, when could we see CapEx kind of peak out? Is that a Q2 or Q3 type of thing we're thinking about? Thank you for your question. For the CapEx, we plan to spend a total of $1.4 billion in 2025. Over 50% of this will go towards research and development, including both R&D expenses and capitalized R&D investments for developing new models and refreshing our current product line. The remaining amount, under 50%, will primarily be allocated to build our CKD facilities across Asia, like Madam Thuy just said. Yeah. Okay. Great. One other question for me is on the decision to kind of pivot into the bus market. You clearly highlighted Europe and, I guess, the core markets around Asia. Kind of curious, as you think about rolling out the bus expansion, where are we in that process? Maybe strategically, how you thought about moving into that sector, and do we kind of have any realizing—I think you just announced this—realizing it's early days and these things do not happen overnight. When could we potentially see VinFast start delivering buses? Yeah. Thank you for the question. We already started delivering buses in big volume in Vietnam, right, after testing with our VinBus fleet. I think this year we expect to deliver probably around 1,000 in Vietnam to other operators. We also started the process of selling e-buses in other markets. We set up the team in Indonesia, in Europe already, very soon in the Middle East, and the U.S. Gradually, we're expanding market by market to capture the growth in electric bus penetration. Okay. Thank you very much. Thank you for the questions. One moment for the next question. Our next question comes from. Hello. Yep. Please go ahead and introduce yourself, please. Yeah. Thank you. It's Jim McIlree at Chardan Capital. Thank you, and good morning. It looks like the average selling price for the vehicles was flat quarter to quarter. Can you project what you think the trajectory of ASPs are going to be for the rest of the year? Thank you for your question. For the Q1 2025, the ASP was largely in line with the Q4 2024 at around $15,000, and compared to the $19,000 for the full year of 2024. For full year 2025, ASP is likely to remain under $20,000 with our smaller model like VF3 and VF5 expected to contribute around 50% of the delivery. We also expect the increasing contribution from the new Green Series. That's very helpful. Thank you. Secondly, the adjusted gross margin this quarter was, if my data is correct, a little bit higher than—no, excuse me. It was about even to Q4, even though volumes were much lower this quarter. Can you comment on the variable margin versus fixed costs in your production and when it might be reasonable to expect variable margins to crossover and then when you would get—then when you would get the full gross margin to crossover? Thank you for your question. For the this-year gross margin, as you know, this quarter, we have the selling, the deliveries quite relatively lower than the volume of Q4 last year. To remind that in Q4 of last year, we delivered around 53,000 vehicles compared to the 36,000 in Q1 this year. Especially for the Q1, it is typically the lowest season in the year in Vietnam, primarily due to the Lunar New Year holiday. Also to remind that for last quarter, our gross margin, if we're excluding the one-time free charging program and inventory write-down charges, that's - 26%. If we then approach with excluding the one-time free charging and inventory write-down charges for this quarter also, the margin is going to be - 20%. That means it's better than the Q4 2024. This is also the elaboration for our effort to improve in terms of the BOM optimization and the production cost. Even that, for this quarter, the delivery is relatively lower than the Q4 2024. The whole company, we put the effort to reduce the BOM optimization. I mean, the initiative for the BOM optimization as well as for the idea to improve the production cost. That means we improve the variable cost towards the target of the break-even in terms of the gross margin in 2026, like our guidance previously. Thank you. Thank you very much. Thank you for the questions. There are no more questions from the phone line. I'll hand it back to the management to continue. Madam, we have a question on the line. Can you share more details on the new vehicle platform and EE architecture? What changes are being made to the key modules? Our next-generation vehicle platform has significant steps forward in terms of cost efficiency, terminality, modularity, and vertical integration. This is something that we've been planning for the last few years. The new platform will integrate various in-house developments, including improving energy efficiency and cost. Secondly, the electric drive unit, or ED unit. We are deploying more powerful in-house driving units, providing improved performance while optimizing scalability across all the product lines. Finally, which is very important, is the new EE architecture. Our zonal typical and electronic architecture is designed internally to reduce wiring complexity and enhance our software for that capability, which supports long-term cost reductions and feature scalability as well as sales. In addition to the new platforms, we also improved the top hat architecture. The top hats are being redesigned from the ground up to align with the platform. This provides a critical opportunity to develop standardized interfaces and improve manufacturing efficiencies without compromising the brand's design flexibility. Thank you. Thank you, Madam Thuy. The next question on the line. As we look ahead to expected improvements and profitability for the next 15 months, how do you assess the relative contribution of volume growth versus BOM optimization? Thank you for your question. We expect a meaningful contribution from both vertical integration and supplier optimization. The greater impact will likely come from the BOM optimization. Given that our current cost structure, variable cost improvements will have a stronger effect on our operating leverage. VinFast is at a unique point where we can pull both levers effectively. Demand and adoption are growing in our core markets, which give us momentum. Also, at the same time, our current generation of the vehicles carries a relatively high BOM cost. We acknowledge there were early inefficiencies and costly material choices that give us significant room for improvement. As our volume increases, we also gain more bargaining power with suppliers, which creates a viable lower cost, leads to better pricing for customers, which in turn supports further growth in volume. Thank you. Thank you, Lan Anh. Our next question. Can you elaborate on the rationale and timing of closing VinFast's D2C showrooms in North America and Europe? We are closing the D2C showrooms in North America and Europe a bit more easy for the dealership flag model that we've been pursuing for a while. This will further enhance efficiency and scale for VinFast globally. Our dealers remain strategic partners and continue to play a pivotal role in our growth and market execution. North America and Europe remain our key markets, which we have listed downturn. Regarding marketing, VinFast will still engage in direct marketing and branding activities in general and also coordinate with our dealers to execute any sales promotion activities in market. Regarding after-sales and warranty approaches, VinFast is currently working with third-party service providers. Set up behind VinFast. I work for warranty and maintenance service in the U.K. Madam Thuy, there's a follow-up question on that. How much do you expect Europe and North America to contribute to volume deliveries in 2025 and 2026? Do you plan to continue selling in the U.S. after you run out of the? We expect Europe and North America to present modest share of the volume as a total volume supply. This reflects our prioritization of VinFast's executive base for production. In Asia, scheduled to be compliant with the BPA. At the same time, we continue to monitor development of vehicles in North America to see how its dynamics. We are actively working on developing a sellable dealership network. That said, our long-term commitment to this market remains unchanged. Our plans to expand operations in our North Carolina. Thank you, Madam Thuy. The next question on the line. What steps are you taking with key suppliers to further reduce BOM costs? We've shifted away from turnkey development to a more collaborative engineering model with key suppliers. For example, interior seating, common seat structures are being core developed for reuse across models. For chassis, body and wide, and exterior closures, we have simplified design across these models, working with suppliers to lower complexity and cost, with sourcing optimized for scale. With what Madam Thuy just said, we expect the economy of scale for the sourcing for this year with the higher volume. Thank you. Next question on the line. Can you remind us of the liquidity status of VinFast? As of the 31st of May, Vingroup has disbursed $1.2 billion in loans, and our founder disbursed $825 million in grants to VinFast. Besides cash and cash equivalent, our liquidity stands at approximately $2.4 billion, including a $968 million ELOC facility and the remaining $1.4 billion from Vingroup loans and our founder grants. The use proceeds from the capital injection is for operation and investment activities to support the next growth phase. Our capital development strategy balances near-term growth investment with the long-term sustainability. In 2025, this year, we expect our total cash burn, including OpEx and CapEx, to be around $2 billion-$2.5 billion, of which the majority of the OpEx has incurred during the Q1 2025 as we stock up inventories to get ready for sales run-up in the remaining quarter of the year. For the capital expenditure, it makes up less than 50% of the total $1.6 billion that I mentioned in the early questions, that we allocated for the CapEx and R&D combined. The majority of this CapEx is dedicated to develop our CKD facilities across Asia. Thank you. Lan Ahn, there's a follow-up question on profitability. It was reported in the local media that if VinFast sells 200,000 EVs in Vietnam, it will reach break-even point. Can you elaborate more on this comment? Back to the guidance that Madam Thuy already shared, that we remain committed to our full year target of at least doubling the 97,000 deliveries in 2024 and continue to emphasize execution, particularly in key Asian markets. Maintaining and strengthening our market leadership in Vietnam is our priority. However, consistent with our disclosure practice, we do not provide guidance of financial breakdown by individual markets. When evaluating profitability, if we access four items such as NRV for provisions, depreciation, and amortization, and on-off expenses from our complimentary charging program, we see that certain vehicle models with sufficient scale are already profit positive. Thank you. Lan Ahn, we have the final question from the webcast. Industry norms suggest that average current price quality improves in Europe, consumer low-budget trends. Yet, your oldest model was launched just two years ago. Does this faster refresh rate reflect a fundamentally different product philosophy or the market strategy compared to traditional OEM? We've been a lot of experiences in the tech market. EV today is mostly a lot of software, a lot of new technologies that allow us to be traditional products. We have to focus more on innovative products, better units, and better brand image. Our commitment is available on the market. The end goal is to remain in the main. Once the product line is successful, we exit the product lifespan or we increase a little bit. Given our centric approach in product development, combined with our engineering focus on cost efficiency, traditional OEMs, consumer preferences, and trends. So long storage, our product lifecycle will be shorter than the industry norm. Thank you, Madam Thuy. It looks like we have another question on the line regarding VinFast's commitment to the current and future North American customers in the U.S. and Canada. What is the future of VinFast in the U.S.? The U.S. remains one of our key markets, and we are committed to it for the long term. This is reflected in the fact that we have made no changes in our plan to have a North Carolina facility by 2028. We thank our dealers for their cooperation and support and continue to have the meaningful dialogue as we work together through macro uncertainties. As we close our D2C showrooms in North America, we are also focused on fostering dealers' performance and also expanding our dealer pipeline both in California and across North America. The current market backdrop has provided us with an appropriate window to adjust our execution focus, which is why we are placing the highest priority in Asia in the near term, given this is a region where the trajectory for EV adoption is clearer. Thank you. Thank you, Ms. Lan Anh. That concludes today's conference call. Thank you, everyone. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.