• We visited VinFast in Hanoi and Hai Phong on 16–17 September 2026. It sold 154,703 EVs in Vietnam in Jan–Aug 26 (+72% YoY), more than three times Toyota. Overseas, it faces far larger rivals: BYD sold 4.6mn vehicles in 2025, 23 times VinFast's EV volume (Figure 1), and China's EV exports more than doubled in 1H26 as its home market weakened. Management conceded that it cannot match China's scale.
   
• Macro is mixed. Higher fuel prices since the Strait of Hormuz closure in February 2026 are speeding up EV adoption and policy support across Southeast Asia. But credit in Vietnam is tightening, with average rates on new loans rising to 8.4–10.7% in August (+3% points YoY). A VinFast dealer told us ~70% of buyers need financing and demand from this group has halved. Car loan interest rates are at 10% p.a. in year 1 and floating at 15%+ after that (Figure 2).
   
• Losses remain large, but costs are improving. FY25 net loss was US$3.96bn on revenue of US$3.59bn. The three best-selling models are gross-margin positive, and underlying 1Q26 gross margin improved to -22.5% (1Q25: -28.1%). Vietnam break-even is targeted by end-2027, including property income. Until then, the founder and Vingroup fund the losses (US$2.5bn of equity in FY25). We think VinFast can dominate Vietnam with its distribution network and the nationwide V-Green charging network.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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