Read said that if it were the case that Huawei equipment needed to be replaced in its core network it would not be particularly expensive or disruptive.
The comments come as tensions between Huawei and Western governments mount amid concerns Chinese authorities could use the firm's equipment for espionage.
Huawei has about a 35% market share in Europe, making it an important player in the industry.
Sales of Huawei smartphones and other consumer products showed "no influence" from Western security warnings and rose more than 50 percent previous year, Yu told reporters.
Huawei overtook Sweden's Ericsson (Hanover: ERCB.HA - news) to become the world's biggest manufacturer of telecoms equipment earlier this decade, despite being shut out of the United States market.
For years, BT, Vodafone, 02 and other telecoms firms have used Huawei technology in their mobile phone and broadband networks.
Huawei also launched the 5G CPR Pro, a 5G router that uses wifi 6 technology to claim speeds of nearly 5 Gbps.
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In January this year, Huawei sacked an employee who had been arrested in Poland on suspicion of spying.
Mr Read also warned of higher costs and delays to the rollout of 5G if an European Union ban on the firm's equipment comes into force.
But some Western countries have barred Huawei after US officials briefed allies that Huawei is at the beck and call of the Chinese state, warning that its network equipment may contain "back doors" that could open them up to cyber espionage. He didn't mention Huawei by name, or Vodafone's announcement on Friday, but was responding to a question about the recent global crackdown on the Chinese supplier.
Earlier this month, Polish officials arrested two men on spying charges, a Huawei manager and a former Polish counter-intelligence officer.
Earlier today, Chinese manufacturing giant, Huawei, held a 5G conference in Beijing.
European telecom companies have grown wary of using Huawei over concerns that governments could ban the vendor.
"We are grateful to Vodafone for its support of Huawei", he added.