We participated in VinFast’s (Nasdaq: VFS) Q4 2023 earnings call held on February 22. The main updates include the recap of 2023 results and the business outlook for 2024.

Management set its 2024G guidance for 100,000 EV deliveries, and capital expenditures (including discretionary capex) at around USD1.0-1.5bn. The management's 2024G EV delivery target is exceeding our forecast (45,000 units in 2024F), which we mainly attribute to the company's more optimistic outlook for 2024G car sales in Vietnam (backed by the introduction of more affordable new models) and increased market penetration in international markets through a dealership strategy.

For more detailed information on our forecasts for VIC’s industrial segment (mainly VinFast), please refer to our VIC Update Report, published November 17, 2023.

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