• We attended VIC’s annual general meeting (AGM) on April 25. 
• Shareholders approved management’s 2024G guidance for net revenue of VND200tn (USD8.0bn; +24% YoY) and NPAT of VND4.5tn (USD180mn; +119% YoY), which are 2% and 8x higher than our respective forecasts. We attribute the higher-than-expected profit guidance partly to the gain from VIC selling its 100% stake in SDI Trading Development and Investment Company Limited (which effectively owns a 41.5% interest in VRE) as a plan was announced on March 18, 2024. For more detailed information on this divestment plan, please refer to our Flash Note dated March 18, 2024. 
• Distribution plan for 2023 retained earnings: Shareholders approved for the cumulative undistributed earnings as of end-2023 (after retaining VND5bn to the reserve fund as specified in the charter of the company) to be used to invest in the company’s business operations.

Chairman reaffirms the extensive focus on VinFast’s development. Management views electric vehicles (EV) as a sustainable long-term trend, with the expectation that EVs will increasingly become cost-competitive with internal combustion engine (ICE) vehicles, supported by technological advancements that could lower battery costs. VinFast also offers a battery subscription option for its car-owning customers, allowing their EVs to be cost-competititve with ICE cars. Meanwhile V-GREEN (owned by VIC’s Chairman Mr. Vuong with a 90% stake and was separated from VinFast's electric vehicle charging station development division) plans to invest VND10tn (USD400mn) in the next two years to upgrade and establish new charging stations in Vietnam (this plan was announced in March 2024). 

The company is looking for various capital raising plans. In addition, the Chairman stated at the AGM that 1) Vinpearl is under preparation procedures for listing, aiming to list in 2024, 2) the Chairman will grant at least USD1bn to VinFast from his personal assets (this is new info), while 3) there are no further divestment plans at the moment.

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