Technology

New affordability checks: a watershed moment for the gambling industry

Published

4 months ago

May 30, 2024

Study Conducted by Bestnongamstopcasinos UK

TALLINN, Estonia, May 30, 2024 /PRNewswire/ — After much discussion, a new initiative aimed at implementing further regulation in the gambling industry has been approved by parliament. Multiple stages of new affordability checks are to be introduced for people incurring financial losses to a certain amount from this August. The pilot programme, which is designed to protect players using online casinos or sports betting platforms from getting into financial trouble through gambling, will run for six months starting on 30th August and is designed as a two-stage approach. The first stage of affordability checks focuses on “invisible” checks on players losing £500 a month through gambling. This amount will drop even lower to £150 from 28th February 2025. The second stage involves closer scrutiny of players incurring losses of £1000 in 24 hours or £2000 in 90 days. After the six-month trial elapses, there will be a brief period of assessment to measure the effectiveness of the pilot scheme.

The initiative, which is viewed as the most drastic clampdown on the gambling industry in history, has already incurred the wrath of many operators and investors within the gambling industry, with many already worried not only about the short-term effects, but also the long-term consequences on their daily business and operations. The topic has caused huge debate amongst the public, from top politicians to industry insiders to users of gambling platforms and the debate will not likely dissipate anytime soon. Regardless of the outcome next year, the initiative has sent shockwaves around the gambling industry in what is potentially seen as a period of make or break for the gambling industry.

Our expert team at Bestnongamstopcasinosuk have put together this study and research on just how this is going to impact the industry, as these new regulations and changes continue to be rolled out in the near future and what we can expect to see off the back of these.

Protect the minority at the expense of the majority

The topic of affordability checks has been a divisive one since the initiative emerged in the mainstream, but the conversation is not a new one within the gambling industry, and indeed society. Since the UK Gambling Commission (UKGC) was established in 2005 on the back of the Gambling Act being passed by parliament, one of the primary objectives of the Commission was to protect children and vulnerable people from harm. In the proceeding years, there were a few initiatives that brought the topic of vulnerability into the spotlight. In particularly, the British Gambling Prevalence Survey in 2007, which provided statistics about the demographic of person gambling, what they were gambling on, but more importantly, what percentage of gamblers were at risk.

The overall findings revealed that there had been minor change since 1999 in the prevalence of problem gambling. Based on internationally recognised metrics, The Diagnostic and Statistical Manual for Menal Disorders, Edition IV (DSM IV) and the Canadian Problem Gambling Severity Index (PGSI), the UKGC using the latter found that 0.5% of adult gamblers had gambling issues. Once exclusive players of the National Lottery were removed from the findings, this DSM IV percentage rose to 1.2%. These figures might appear relatively low, but once the findings on low and moderate risk gamblers are put under the spotlight, the values jump to 5.1% and 1.4% respectively, highlighted a greater problem amongst gamblers.

Even as of 2022, the PGSI was down to 0.2%, but that value is still enough to prompt a pilot scheme on a wider scale, an indication that the minority does trump the majority when it comes to gambling issues. The strategy employed by the UKGC is the safer avenue, but that has not stopped hundreds of thousands of people petitioning against the affordability checks. To be exact, 103,537 people from all over the UK signed a petition set up by the Jockey Club against such checks. Although individual reasons for signing the petition are unstated in the anonymous movement, there is further fallout found online that suggests that there are other violations that could result from the affordability checks.

Invasion of privacy or protection of the vulnerable?

One of the main arguments against the new affordability checks is the potential access that those carrying out the checks would have into individual’s personal accounts and information. In an age where a lot of everyday life is carried out in the digital realm, the protection of personal data has become a greater priority in people’s lives and the idea of a credit agency snooping around personal accounts, be it bank or online casino, is unsettling for a vast majority. However, not only will people feel potentially violated by this intrusion, but individuals might also need to provide evidence in the form of payslips and bank statements that they are not liable to financial risk if they choose to play online casino games or bet online on sports.

It is a fine line the Gambling Commission has to toe, with the protection of those vulnerable the outstanding argument for the implementation of this initiative. The powers responsible have constantly reiterated that any checks would be “frictionless” and “unintrusive” but without any tangible evidence of that, it will remain hard to persuade the public of that aspect. Although the risk assessments are predicted to be aimed at approximately 3% of gambling accounts, there are still many people sceptical of the actual need to comply with the checks. According to a survey conducted by YouGov, 65% of online gambling users were unwilling to comply with the affordability checks. Couple that with 70% of people that would resist preliminary “fitness” checks before gambling (EY for the Betting and Gaming Council), there is much work to do for the Gambling Commission to persuade the majority that the protection of vulnerable peoples should be the overriding objective.

More clarity about how the process works is always an advantageous method to convince people of the overall benefits of such a significant change in online gambling and would go some way to quell some of the uproar from certain sectors. The UKGC opened up channels where individuals could voice their questions, concerns, or general input. The overarching aim of course was to provide complete disclosure on the initiative but also to explain how seamless and frictionless any checks would be to help put any unsettled minds at ease. However, in the opinion of many, the pilot scheme initiated by the UKGC could be seen as an obstruction to the freedom individuals expect to have not just when gambling online, but in society and life in general. Protection vs Freedom is essentially the argument at hand for the UKGC to consider and ensuring that the process is as transparent as possible by working with the public on consultation platforms is one way to prove good intentions. Ultimately, the outcome of these consultations should provide a more balanced approach to the proposals in what is seen as a pivotal moment for the UK gambling industry.

A nervous wait for the gambling industry

The importance of this new initiative and the concern felt is understandable when one considers the substantial number of people working in or involved with the gambling industry. This could range from roles within online casino, sponsors, marketing companies, investors, even football teams or whole individual sporting industries such as horse racing. The advancement in technology has propelled gambling, especially the online kind, into a new financial stratosphere, and has created a new avenue of profitability that matches up with the constantly evolving online world. As a result of its success, many interested parties from other industries have started to become more involved with the gambling industry. However, the more players involved, the more people that stand to lose something.

For the gambling industry, the pilot scheme poses a massive threat to the industry as a whole and if the pilot scheme is successful, and the planned changes are implemented officially, nervousness might turn quickly to panic at how those involved in the UK gambling industry would proceed. Online casinos for example are already having to deal with the new limit imposed on online slots play by the government which will come into effect in September. The new regulation on online slots, which caps a stake at £5 for adults, and £2 for younger players, is part of the wider attempt that includes the pilot scheme to better regulate the gambling industry in the United Kingdom, but mainly implemented to protect the vulnerable.

The most striking impact for the UK gambling industry with new limits and checks imposed would be witnessed in the income margins. With regards to online casino, the industry is expected to lose £170 million as a result of new online slots limits imposed, which equates to 1.5% of the annual income of £10.9 billion. A reason for this is that players would simply go elsewhere, potentially to overseas online casinos that do not have the same restrictions as UK-licensed online casinos would. Players going elsewhere is a major concern for online casino operators, especially with the range and potency of virtual private networks (VPN) nowadays. The ability to connect and play on non-UK online casinos is remarkably simple nowadays, and the affordability checks are seen by the gambling industry as another reason for players on UK platforms to seek the emergency exit and take their money abroad.

It is an unsettling period for all involved in the gambling industry, but one shred of hope for companies within the industry is that investors were still willing to support online casino ventures when the announcement about online slots limits was made on Wednesday 21st February, with shares in big players such as Ladbrokes and 888 rising faster than the FTSE 100. However, it will be a long, nervous wait to see how the freshly imposed affordability checks affect the thinking of players and their consequent actions.

Is horse racing in the UK likely to suffer the most?

While the online gambling world in the UK will be nervously awaiting the outcome of the affordability checks, physical establishments could also be counting the costs of further spending restrictions put in place on gambling. Horse racing has been an institution in the UK for centuries, and betting on the sport continues to play a crucial role in the funding of the sport. Although affordability checks do not affect physical bets being placed, there might be a potential ripple effect felt if online betting platforms are severely affected by the pilot project affordability checks.

In the UK, some of the biggest sponsors of horse racing are online betting services such as Bet365, Unibet, BoyleSports, and Sky Bet. These companies provide huge financial support to racecourses up and down the country, which is put towards the upkeeping of racecourses, promotion, prize money, indeed all aspects that contribute to the successful running of horse racing. For a racecourse such as Cheltenham for example, which hosts the famous Gold Cup, they rely heavily on Sky Bet’s sponsorship of the Cheltenham Festival to maintain its standing in the horse racing world in the UK and Europe.

However, the horse racing industry right now is facing its own challenges with the incoming affordability checks pilot scheme a potential contributor to them. According to records from the last financial year, the turnover created by online betting fell by £1.75 billion. This is a staggering amount, and online bookmakers are concerned that this amount will only increase if the government is successful in pushing through affordability checks. The UK is renowned worldwide for being one of the greatest destinations for horseracing that attracts the biggest owners and jockeys at classic races and events such as the Gold Cup and Royal Ascot. The UK gambling industry will want to keep it that way and the Jockey Club particularly will be hoping their organised petition gets some legs.

What can we expect over the next year?

The whole gambling industry is holding its breath for the outcome of the affordability checks pilot scheme. Since the announcement was made, there is a chance some individuals might have already altered their gambling habits in advance of potential checks entering their lives. However, the vast majority, especially those not incurring losses to the amounts specified in the scheme, will likely continue as normal, but will still be wary. Regardless of the level of involvement as a provider or a user, the government’s white paper has certainly dropped a bombshell in the gambling industry.

Asides from the financial aspects, there are many other potential side-effects of any checks that are put in place in the future, perhaps most significantly on the general societal attitude surrounding gambling itself. For the main beneficiaries within the gambling industry, the fight against these potential affordability checks will continue, but regardless of the outcome of the pilot project, many within the industry are seeing this as a watershed moment for the gambling industry.

References:

PGSI & DSM IV (2007): https://www.minutes.haringey.gov.uk/documents/s18211/British%20Gambling%20Prevalence%20Survey%202007%20executive%20summary%20-%20July%2020081.pdf

PGSI & DSM IV (2022): https://www.gamblingcommission.gov.uk/about-us/print/gambling-behaviour-2022-findings-from-the-quarterly-telephone-survey#:~:text=Significant%20increases%20in%20gambling%20participation,in%20year%20to%20December%202021).

Petition: https://petition.parliament.uk/petitions/649894

Online slots limits: https://www.theguardian.com/society/2024/feb/23/online-slot-machine-stakes-capped-great-britian#:~:text=The%20amount%20that%20can%20be,how%20much%20punters%20can%20wager.

Ascot 2022 turnover : https://www.ascot.com/news/ascot-racecourse-announces-2022-financial-results#:~:text=2022%20business%20summary&text=%2D%20Turnover%20rose%20by%20161%25%20to,and%20admission%20revenues%20recovering%20strongly.

Loss horse racing betting revenue: https://www.racingpost.com/news/britain/revealed-the-real-cost-of-the-huge-fall-in-racing-betting-turnover-a8rwu5W3rCRF/

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SOURCE Bestnongamstopcasinos UK

Technology

Disparities Narrowing Among Patients Undergoing Blood Stem Cell Transplant, Roswell Park Study Reveals

Published

50 mins ago

September 20, 2024

Historically, some patients with blood cancers have been less likely than others to receive stem cell transplant, also known as bone marrow transplant. Theresa Hahn, PhD, of Roswell Park is lead author of a new study showing that older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

BUFFALO, N.Y., Sept. 20, 2024 /PRNewswire-PRWeb/ —

Study led by Dr. Theresa Hahn published in JAMA Network OpenNumber of transplants for blood cancers rose from 2009 to 2018Research team analyzed trends in transplant utilization for that period

Every year, more than 22,000 patients in the U.S. undergo a potentially lifesaving blood stem cell transplant — often called a “bone marrow transplant” — for the treatment of hematologic diseases. But historically, some patients with blood cancers have been less likely than others to receive the treatment. Theresa Hahn, PhD, of Roswell Park Comprehensive Cancer Center is lead author of a new study in the journal JAMA Network Open showing that while progress has been made in reducing those disparities, older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages.” — Theresa Hahn, PhD, Roswell Park Comprehensive Cancer Center

The research team analyzed data provided by the Center for International Blood and Marrow Transplant Research (CIBMTR) for 136,280 patients who underwent hematopoietic cell transplant (HCT) in the U.S. between 2009 and 1018, comparing those numbers with the incidence of six blood cancers (acute myeloid and lymphoblastic leukemia, multiple myeloma, Hodgkin and non-Hodgkin lymphoma and myelodysplastic syndrome) in various age, race and ethnic groups the U.S. as reported by the National Cancer Institute’s Surveillance Epidemiology and End Results (SEER) Program.

The team found that during that period, the use of HCT increased for the treatment of most blood cancers — and rose among all age, race and ethnic groups.

The researchers also discovered that in the most recent years analyzed, from 2017-2018:

The rate of HCT utilization for blood cancers rose among Hispanic and younger patients to equal the rate of non-Hispanic white patients.Non-Hispanic Black patients had a lower rate of HCT for all six diseases studied.Pediatric, adolescent and young adult patients had a higher rate than adult patients of allogeneic HCT, which involves receiving cells from a healthy donor.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages,” says Dr. Hahn, Professor of Oncology in the Department of Cancer Prevention and Control at Roswell Park and the study’s first author.

The research team also include Dr. Hahn’s Roswell Park colleague Megan Herr, PhD, and collaborators from the Medical College of Wisconsin, Milwaukee; the CIBMTR; and the Mayo Clinic.

From the world’s first chemotherapy research to the PSA prostate cancer biomarker, Roswell Park Comprehensive Cancer Center generates innovations that shape how cancer is detected, treated and prevented worldwide. Driven to eliminate cancer’s grip on humanity, the Roswell Park team of 4,000 makes compassionate, patient-centered cancer care and services accessible across New York State and beyond. Founded in 1898, Roswell Park was among the first three cancer centers nationwide to become a National Cancer Institute-designated comprehensive cancer center and is the only one to hold this designation in Upstate New York. To learn more about Roswell Park Comprehensive Cancer Center and the Roswell Park Care Network, visit http://www.roswellpark.org, call 1-800-ROSWELL (1-800-767-9355) or email ASKRoswell@RoswellPark.org.

Media Contact

Julia Telford, Roswell Park Comprehensive Cancer Center, 716-845-4919, julia.telford@roswellpark.org, roswellpark.org

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SOURCE Roswell Park Comprehensive Cancer Center

Technology

IFIC Monthly Investment Fund Statistics – August 2024

Published

50 mins ago

September 20, 2024

Mutual fund and exchange-traded fund (ETF) assets and sales

TORONTO, Sept. 20, 2024 /CNW/ – The Investment Funds Institute of Canada (IFIC) today announced investment fund net sales and net assets for August 2024.

Mutual fund assets totalled $2.145 trillion at the end of August, up by $7.7 billion or 0.4 per cent since July. Mutual fund net sales were $2.4 billion in August.

ETF assets totalled $464.0 billion at the end of August, up by $5.9 billion or 1.3 per cent since July. ETF net sales were $4.3 billion in August.

August insights

Mutual fund net sales were positive for the second consecutive month.Year to date, mutual funds experienced inflows of $3.6 billion, compared to outflows of $23.2 billion over the same period last year.Money market funds experienced the largest single month of outflows since November 2021, largely the result of outflows from high-interest saving account funds.Year to date, ETFs experienced inflows of $41.6 billion, which is 82 per cent higher than inflows over the same period last year.

Mutual fund net sales/net redemptions ($ millions)*

Asset class

Aug 2024

Jul 2024

Aug 2023

YTD 2024

YTD 2023

Long-term funds

Balanced

(1,383)

(1,025)

(4,750)

(21,271)

(31,002)

Equity

1,093

2,088

(2,152)

1,212

(13,584)

Bond

2,538

3,307

(427)

16,339

8,591

Specialty

547

800

366

5,157

2,642

Total long-term funds

2,795

5,169

(6,963)

1,436

(33,353)

Total money market funds

(420)

1,302

2,194

10,142

Total

2,375

5,200

(5,661)

3,630

(23,211)

Mutual fund net assets ($ billions)*

Asset class

Aug 2024

Jul 2024

Aug 2023

Dec 2023

Long-term funds

Balanced

964.3

962.9

893.6

904.3

Equity

823.5

821.3

701.3

714.4

Bond

268.7

264.7

234.5

242.3

Specialty

34.1

33.7

25.8

27.0

Total long-term funds

2,090.6

2,082.6

1,855.2

1,888.0

Total money market funds

54.4

54.8

45.7

50.7

Total

2,145.0

2,137.4

1,900.9

1,938.7

See below for important information about this data.

ETF net sales/net redemptions ($ millions)*

Asset class

Aug 2024

Jul 2024

Aug 2023

YTD 2024

YTD 2023

Long-term funds

Balanced

464

558

140

3,305

1,103

Equity

1,748

2,380

330

22,822

6,776

Bond

1,176

1,463

641

13,359

7,085

Specialty

991

254

(280)

1,288

1,047

Total long-term funds

4,378

4,655

832

40,775

16,011

Total money market funds

(94)

310

1,051

863

6,864

Total

4,285

4,965

1,883

41,638

22,875

ETF net assets ($ billions)*

Asset class

Aug 2024

Jul 2024

Aug 2023

Dec 2023

Long-term funds

Balanced

20.2

19.6

13.9

15.1

Equity

290.5

286.6

219.7

232.5

Bond

109.2

107.7

86.3

94.6

Specialty

17.8

17.7

11.7

14.4

Total long-term funds

437.8

431.7

331.6

356.7

Total money market funds

26.3

26.4

23.1

25.3

Total

464.0

458.1

354.7

382.0

See below for important information about data.

IFIC direct survey data (which accounts for approximately 87 per cent of total mutual fund industry assets and approximately 80 per cent of total ETF industry assets) is complemented by estimated data to provide comprehensive industry totals.

IFIC makes every effort to verify the accuracy, currency, and completeness of the information, however, IFIC does not guarantee, warrant, represent or undertake that the information provided is correct, accurate or current.

* Important information about investment fund data

Mutual fund data is adjusted to remove double counting arising from mutual funds that invest in other mutual funds.Starting with January 2022 data, ETF data is adjusted to remove double counting arising from Canadian-listed ETFs that invest in units of other Canadian-listed ETFs. Any references to IFIC ETF assets and sales figures prior to 2022 data should indicate that the data has not been adjusted for ETF of ETF double counting.The balanced funds category includes funds that invest directly in a mix of stocks and bonds or obtain exposure through investing in other funds.Mutual fund data reflects the investment activity of Canadian retail investors.ETF data reflects the investment activity of Canadian retail and institutional investors.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation. Learn more about IFIC

SOURCE The Investment Funds Institute of Canada

Technology

VINFAST REPORTS UNAUDITED SECOND QUARTER 2024 FINANCIAL RESULTS

Published

50 mins ago

September 20, 2024

SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam’s only pure-play electric vehicle manufacturer, today announced its unaudited financial results for the second quarter ended June 30, 2024.

VinFast delivered 13,172 EVs in Q2, up by 44% QoQ and 43% YoY, bringing its delivery total for the first half of 2024 to 22,348 vehicles, a 101% increase compared to the same period last year.The Company recorded $357 million in revenue for Q2, up by 33% QoQ and 9% YoY.Vietnam, where momentum is accelerating, will play a key role in driving VinFast’s revenue in the remainder of 2024.

Madam Thuy Le, Chairwoman of VinFast, said: “We remain focused on our mission to contribute to a sustainable future for everyone. Our strategy is unchanged with regards to being a vertically-integrated green mobility solutions company providing high quality and good-value electric vehicles. With the delivery of VF 3 starting in Q3, we have completed the development of all 7 e-SUV models.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Q2 of 2024 aligned with our forecasts, driven in large part by the increasing demand for VinFast’s EVs in Vietnam. This growth in our home market has been crucial in advancing our mission to promote EV adoption and green mobility. The momentum we’ve built in Vietnam has laid a solid foundation for our strong position in this key market to continue thriving.”

VinFast EV Deliveries Rose 44% QoQ and Revenue Grew 33% QoQ

During the quarter, VinFast delivered 13,172 vehicles, a 44% increase compared to the previous quarter and a 43% increase year-over-year. This brings total deliveries for the first half of 2024 to 22,348 vehicles, representing a 101% increase compared to the same period last year.

One of the key drivers behind this growth was the increasing adoption of electric vehicles in the Vietnamese market, where VinFast recorded a 108% year-over-year increase in B2C deliveries in Q2.

VinFast reported $357 million in revenue in Q2, up by 9% year-over-year and by 33% quarter-over-quarter.

The Company’s gross loss for Q2 was ($224) million, equivalent to a gross margin of (62.7%). This was primarily due to an impairment charge on Net Residual Value (NRV) of $104 million, compared to $5 million in Q1.

Expanding Global Footprint to Drive Sales

VinFast’s strategic expansion through dealership network has shown progress.

As of August 31, VinFast had 155 showrooms across all markets, of which around 70% were dealerships.

Strengthening Presence in Key Markets

Vietnam

VinFast achieved its highest year-over-year growth for Vietnam in the first half of 2024. The VF 5 model has been instrumental in driving the Company’s strong sales performance, securing the VF 5’s position as a domestic leader in its segment. Additionally, the Company began delivering its highly anticipated VF 3, VinFast’s mini electric SUV, in the third quarter of 2024.

North America

In the second quarter of 2024, VinFast continued to build its foundation in the U.S. by introducing its products and strategies to key dealerships. To bolster brand awareness, VinFast expanded customer outreach through its dealer network and established a Dealer Advisory Council to gain valuable insights. As of the second quarter, VinFast now operates in eight states, California, Connecticut, Florida, Kansas, Kentucky, North Carolina, New York, and Texas, with a combined network of dealer stores and VinFast-owned showrooms.

In Canada, VinFast recorded 15% quarter-over-quarter growth in the second quarter and is seeing this momentum continue in the third quarter, with July and August seeing its highest delivery levels for North America in the past year.

Southeast Asia

VinFast entered the Indonesian market less than six months ago and has since established 15 showrooms across major cities, including Jakarta and Surabaya. VinFast began delivering its first batch of VF e34 electric vehicle during the third quarter of 2024, making Indonesian customers the first globally to receive right-hand drive VinFast EVs. VinFast also broke ground its completely knocked down (CKD) facility in Indonesia.

VinFast’s innovative battery subscription offer has been a key driver of sales in Indonesia, accounting for nearly 100% of its total sales and orders. This program has also garnered positive feedback in the Philippines, further validating its commitment to making electric vehicles more accessible.

Building on the positive response from dealers in the Philippines, VinFast is eager to introduce additional models to the market in the coming months, further expanding its footprint and product offerings in the region.

Outlook for the Remainder of 2024

VinFast reaffirms its target to deliver approximately 80,000 units in 2024.

Vietnam is expected to play a key role in driving revenue for the remainder of 2024. The growing success of the VF 5 model, along with VinFast’s extensive charging infrastructure, flexible battery subscription program, and strong after-sales services, are expected to reinforce its leadership position in the Vietnamese electric vehicle market.

While international markets continue to face near-term challenges, they remain integral to VinFast’s longer-term growth strategy as the company expands its global brand and distribution network.

VinFast remains committed to its mission of accelerating the global shift to sustainable electric mobility through continuous innovation, product expansion, and market presence./.

Conference Call

The Company’s management will host its second quarter 2024 earnings conference call at 8:00 AM U.S. Eastern Time on September 20, 2024.

Live Webcast: https://edge.media-server.com/mmc/p/urnhoxtg
For additional information, please visit https://vinfastauto.us/investor-relations/
Investor Relations – Email: ir@vinfastauto.com
Media Relations – Email: info@vingroup.com

About VinFast

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us

Forward-Looking Statements

Forward-looking statements in this announcement, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the effect of the consummation of the business combination and the public listing of the Company’s securities on its business relationships, performance, financial condition and business generally, (ii) the risk that the Company’s securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (iii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company’s business, (iv) the Company’s potential inability to maintain the listing of its securities on Nasdaq, (v) the risk associated with the Company’s limited operating history, (vi) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (vii) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (viii) risks associated with being a new entrant in the EV industry, (ix) the risks of the Company’s brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (x) the Company’s ability to successfully introduce and market new products and services, (xi) competition in the automotive industry, (xii) the Company’s ability to adequately control the costs associated with its operations, (xiii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xiv) the Company’s ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xv) the Company’s ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xvi) the risk that the Company’s actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xvii) the demand for, and consumers’ willingness to adopt, EVs, (xiii) the availability and accessibility of EV charging stations or related infrastructure, (xix) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xx) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company’s financial condition, results of operations or cash flows, (xxi) battery pack failures in the Company or its competitor’s EVs, (xxii) failure of the Company’s business partners to deliver their services, (xxiii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company’s EVs or operations, (xxiv) the risk that the Company’s research and development efforts may not yield expected results, (xxv) risks associated with autonomous driving technologies, (xxvi) product recalls that the Company may be required to make, (xxvii) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company, (xxiii) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxix) conflicts of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates and (xxx) other risks discussed in our reports filed or furnished to the Securities and Exchange Commission.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date of this announcement. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this announcement does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.

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SOURCE VinFast