Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Shell Company Report | false |
Entity File Number | 001-41782 |
Entity Registrant Name | VinFast Auto Ltd. |
Entity Incorporation, State or Country Code | U0 |
Entity Address, Address Line One | Dinh Vu – Cat Hai Economic Zone |
Entity Address, Adress Line Two | Cat Hai Islands, Cat Hai Town, Cat Hai District |
Entity Address, City or Town | Hai Phong City |
Entity Address, Country | VN |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0001913510 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | Ernst & Young Vietnam Limited |
Auditor Location | Ho Chi Minh City, Vietnam |
Auditor Firm ID | 3080 |
Ordinary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, no par value |
Trading Symbol | VFS |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 2,337,788,498 |
Warrants | |
Document Information [Line Items] | |
Title of 12(b) Security | Warrants, each exercisable for one ordinary shareat an exercise price of $11.50 per ordinary share |
Trading Symbol | VFSWW |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 3,321,002 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Dinh Vu – Cat Hai Economic Zone |
Entity Address, Adress Line Two | Cat Hai Islands, Cat Hai Town, Cat Hai District |
Entity Address, City or Town | Hai Phong City |
Entity Address, Country | VN |
Contact Personnel Name | Le Thi Thu Thuy |
City Area Code | 84 225 |
Local Phone Number | 3969999 |
Contact Personnel Email Address | ir@vinfastauto.com |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
CURRENT ASSETS | |||
Cash and cash equivalents | ₫ 4,002,272 | $ 167,697,645 | ₫ 4,271,442 |
Trade receivables | 464,526 | 19,463,924 | 652,922 |
Advances to suppliers | 4,644,575 | 194,610,534 | 8,968,752 |
Inventories, net | 28,665,995 | 1,201,122,727 | 21,607,277 |
Short-term prepayments and other receivables | 7,229,475 | 302,919,425 | 6,457,169 |
Short-term derivative assets | 548,010 | 22,961,954 | 532,718 |
Current net investment in sales-type lease | 87,552 | 3,668,482 | 5,448 |
Short-term investments | 4,105 | 172,002 | 3,902 |
Assets classified as held for sale | 360,893 | ||
Total current assets | 48,727,173 | 2,041,698,357 | 44,838,620 |
NON-CURRENT ASSETS | |||
Trade receivables | 110,312 | 4,622,142 | |
Property, plant and equipment, net | 67,678,974 | 2,835,790,413 | 57,188,667 |
Intangible assets, net | 1,291,720 | 54,123,858 | 1,461,071 |
Goodwill | 272,203 | ||
Operating lease right-of-use assets | 7,074,785 | 296,437,819 | 4,558,983 |
Long-term derivative assets | 66,124 | 2,770,636 | 696,332 |
Long-term advances to suppliers | 29,082 | ||
Long-term prepayments | 194,020 | 8,129,557 | 7,611 |
Non-current net investment in sales-type lease | 620,665 | 26,006,243 | 82,062 |
Other non-current assets | 5,525,364 | 231,516,132 | 4,426,135 |
Total non-current assets | 82,609,407 | 3,461,384,691 | 68,766,679 |
TOTAL ASSETS | 131,336,580 | 5,503,083,048 | 113,605,299 |
CURRENT LIABILITIES | |||
Short-term and current portion of long-term interest-bearing loans and borrowings | 39,894,782 | 1,671,615,771 | 14,579,553 |
Convertible debenture | 1,190,475 | 49,881,631 | |
Short-term financial liabilities | 18,258,063 | 765,024,009 | |
Trade payables | 11,063,663 | 463,574,248 | 16,636,820 |
Deposits and down-payment from customers | 864,416 | 36,219,559 | 1,572,537 |
Short-term deferred revenue | 173,582 | 7,273,192 | 107,448 |
Short-term accruals | 11,150,656 | 467,219,308 | 11,056,666 |
Current portion of operating lease liabilities | 1,520,305 | 63,701,710 | 768,883 |
Total current liabilities | 138,481,278 | 5,802,450,264 | 66,225,202 |
NON-CURRENT LIABILITIES | |||
Long-term interest-bearing loans and borrowings | 30,170,149 | 1,264,147,700 | 41,624,960 |
Long-term derivative and financial liabilities | 137,057 | 5,742,772 | 15,180,723 |
Non-current operating lease liabilities | 5,327,457 | 223,223,707 | 3,256,351 |
Long-term deferred revenue | 1,810,098 | 75,844,214 | 499,395 |
Deferred tax liabilities | 925,687 | 38,786,852 | 947,981 |
Long-term accruals | 123,867 | 5,190,103 | 16,007 |
Total non-current liabilities | 58,865,965 | 2,466,519,946 | 84,050,556 |
Commitments and contingencies | |||
EQUITY | |||
Ordinary shares, no par value - VinFast Auto (2,299,999,998 and 2,337,788,498 shares issued and outstanding as of December31, 2022 and 2023, respectively) | 9,847,536 | 412,617,783 | 871,021 |
Accumulated losses | (184,588,076) | (7,734,353,306) | (127,188,455) |
Additional paid-in capital | 31,748,427 | 1,330,278,513 | 12,311,667 |
Other comprehensive loss | (385,873) | (16,168,315) | (104,065) |
Deficit attributable to equity holders of the parent | (143,377,986) | (6,007,625,325) | (114,109,832) |
Non-controlling interests | 77,367,323 | 3,241,738,163 | 77,439,373 |
Total deficit | (66,010,663) | (2,765,887,162) | (36,670,459) |
TOTAL DEFICIT AND LIABILITIES | 131,336,580 | 5,503,083,048 | 113,605,299 |
Related party | |||
CURRENT ASSETS | |||
Short-term amounts due from related parties | ₫ 3,080,663 | $ 129,081,664 | 1,978,097 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related party | Related party | |
NON-CURRENT ASSETS | |||
Long-term amounts due from related parties | ₫ 47,443 | $ 1,987,891 | 44,533 |
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration] | Related party | Related party | |
CURRENT LIABILITIES | |||
Other current liabilities | ₫ 44,338,043 | $ 1,857,791,125 | 17,325,317 |
NON-CURRENT LIABILITIES | |||
Other | 18,151,355 | 760,552,879 | 21,918,710 |
Nonrelated party | |||
CURRENT LIABILITIES | |||
Other current liabilities | 10,027,293 | 420,149,711 | 4,177,978 |
NON-CURRENT LIABILITIES | |||
Other | ₫ 2,220,295 | $ 93,031,719 | ₫ 606,429 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₫ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Ordinary shares, par value | ₫ 0 | ₫ 0 |
Ordinary shares, issued | 2,337,788,498 | 2,299,999,998 |
Ordinary shares, outstanding | 2,337,788,498 | 2,299,999,998 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | ||
Revenue from leasing activities | ₫ 1,005,388 | $ 42,126,372 | ₫ 166,525 | ₫ 89,400 | |
Revenues (*) | [1] | 28,712,051 | 1,203,052,500 | 14,965,591 | 16,028,182 |
Cost of leasing activities | (971,154) | (40,691,947) | (162,275) | (56,095) | |
Cost of sales | (41,938,825) | (1,757,262,425) | (27,232,496) | (25,283,958) | |
Gross loss | (13,226,774) | (554,209,925) | (12,266,905) | (9,255,776) | |
Operating expenses: | |||||
Research and development costs | (14,516,962) | (608,269,589) | (19,939,898) | (9,255,376) | |
Selling and distribution costs | (5,806,552) | (243,298,081) | (5,213,739) | (2,203,839) | |
Administrative expenses | (5,269,780) | (220,807,006) | (4,010,012) | (2,424,560) | |
Compensation expenses | (1,111,317) | (46,564,862) | (109,431) | (4,340,322) | |
Net other operating income/(expenses) | (521,774) | (21,862,650) | (716,379) | 412,472 | |
Operating loss | (40,453,159) | (1,695,012,113) | (42,256,364) | (27,067,401) | |
Finance income | 83,853 | 3,513,492 | 88,060 | 446,139 | |
Finance costs | (12,133,400) | (508,396,883) | (7,959,840) | (4,598,235) | |
Net gain/(loss) on financial instruments at fair value through profit or loss | (4,879,833) | (204,467,988) | 1,226,012 | (1,710,029) | |
Investment gain | 956,588 | ||||
Share of losses from equity investees | (36,786) | ||||
Loss before income tax expense | (57,382,539) | (2,404,363,492) | (48,902,132) | (32,009,724) | |
Tax expense | (89,132) | (3,734,685) | (946,738) | (209,237) | |
Net loss for the year | (57,471,671) | (2,408,098,177) | (49,848,870) | (32,218,961) | |
Net loss attributable to non-controlling interests | (74,807) | (3,134,459) | (65,075) | (35,234) | |
Net loss attributable to controlling interest | (57,396,864) | (2,404,963,718) | (49,783,795) | (32,183,727) | |
Vehicles | |||||
Revenues | 26,226,366 | 1,098,900,779 | 12,391,500 | 13,898,621 | |
Cost of sales, excluding leasing activities | (39,153,375) | (1,640,550,365) | (24,660,149) | (23,326,953) | |
Merchandise | |||||
Revenues | 142,800 | 5,983,407 | 112,206 | 1,405,368 | |
Cost of sales, excluding leasing activities | (155,959) | (6,534,778) | (151,353) | (1,398,339) | |
Spare parts and components | |||||
Revenues | 882,146 | 36,962,457 | 2,072,628 | 538,216 | |
Cost of sales, excluding leasing activities | (608,611) | (25,501,173) | (1,869,084) | (437,195) | |
Rendering of services | |||||
Revenues | 455,351 | 19,079,485 | 222,732 | 96,577 | |
Cost of sales, excluding leasing activities | ₫ (1,049,726) | $ (43,984,162) | ₫ (389,635) | ₫ (65,376) | |
[1]Including sales to related parties in 2021, 2022 and 2023 of VND516,546 million, VND2,378,858 million and VND19,716,922 million (USD826.1 million), respectively. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | ||
Revenues | [1] | ₫ 28,712,051 | $ 1,203,052,500 | ₫ 14,965,591 | ₫ 16,028,182 |
Related party | |||||
Revenues | ₫ 19,716,922 | $ 826,100,000 | ₫ 2,378,858 | ₫ 516,546 | |
[1]Including sales to related parties in 2021, 2022 and 2023 of VND516,546 million, VND2,378,858 million and VND19,716,922 million (USD826.1 million), respectively. |
CONSOLIDATED STATEMENT OF OTHER
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE LOSS ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) ₫ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 VND (₫) ₫ / shares shares | Dec. 31, 2021 VND (₫) ₫ / shares shares | |
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE LOSS | ||||
Net loss for the year | ₫ (57,471,671) | $ (2,408,098,177) | ₫ (49,848,870) | ₫ (32,218,961) |
Other comprehensive loss | ||||
Exchange differences on translation of foreign operations | (281,808) | (11,807,928) | (40,571) | (102,084) |
Net other comprehensive loss that will be reclassified to profit or loss in subsequent periods | (281,808) | (11,807,928) | (40,571) | (102,084) |
Total comprehensive loss for the year, net of tax | (57,753,479) | (2,419,906,105) | (49,889,441) | (32,321,045) |
Net loss attributable to non-controlling interests | (74,807) | (3,134,459) | (65,075) | (35,234) |
Comprehensive loss attributable to controlling interest | ₫ (57,678,672) | $ (2,416,771,646) | ₫ (49,824,366) | ₫ (32,285,811) |
Net loss per share attributable to ordinary shareholders | ||||
Basic (amount per share) | (per share) | ₫ (24,838) | $ (1.04) | ₫ (21,654) | ₫ (20,386) |
Diluted (amount per share) | (per share) | ₫ (24,838) | $ (1.04) | ₫ (21,654) | ₫ (20,386) |
Weighted average number of shares used in loss per share computation | ||||
Basic (in shares) | 2,310,823,009 | 2,310,823,009 | 2,299,008,659 | 1,578,726,324 |
Diluted (in shares) | 2,310,823,009 | 2,310,823,009 | 2,299,008,659 | 1,578,726,324 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ₫ in Millions | Ordinary shares VND (₫) shares | Ordinary shares USD ($) shares | Additional paid-in capital VND (₫) | Additional paid-in capital USD ($) | Contributed charter capital -VinFast Vietnam VND (₫) | Accumulated losses VND (₫) | Accumulated losses USD ($) | Capital reserve - VinFast Vietnam VND (₫) | Other comprehensive income/(loss) VND (₫) | Other comprehensive income/(loss) USD ($) | Non-controlling interests VND (₫) | Non-controlling interests USD ($) | VND (₫) shares | USD ($) shares |
Beginning balance at Dec. 31, 2020 | ₫ 38,707,336 | ₫ (44,356,242) | ₫ 11,753,160 | ₫ 45,870 | ₫ 29,968 | ₫ 6,180,092 | ||||||||
Net loss for the year | (32,183,727) | (35,234) | (32,218,961) | |||||||||||
Foreign currency translation adjustment | (102,084) | (102,084) | ||||||||||||
Additional capital contribution to VinFast Vietnam | 4,881,392 | 4,881,392 | ||||||||||||
Demerger of VinFast Vietnam | (1,091,730) | (871,041) | (7,754,407) | (9,717,178) | ||||||||||
Insertion of VinFast Auto as the holding company of the Group and additional capital contribution to VinFast Vietnam (Note 1) | ₫ 553,892 | ₫ 39,373 | (42,496,998) | 234 | (7,280) | 5,168 | (41,905,611) | |||||||
Insertion of VinFast Auto as the holding company of the Group and additional capital contribution to VinFast Vietnam (Note 1) (in shares) | shares | 2,298,963,211 | 2,298,963,211 | ||||||||||||
Additional capital contribution to a subsidiary and acquisitions of entities under common control | (35,801) | (4,022,812) | 4,432 | (4,054,181) | ||||||||||
Disposal of subsidiaries to entities under common control | (3,572) | 17,917 | (3,502) | 10,843 | ||||||||||
Additional acquisition of non-controlling interests from a subsidiary | (15,510) | (15,510) | ||||||||||||
Other | (6,142) | 6,142 | ||||||||||||
Ending balance at Dec. 31, 2021 | ₫ 553,892 | (77,416,918) | (63,494) | (14,678) | (76,941,198) | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | shares | 2,298,963,211 | 2,298,963,211 | ||||||||||||
Stockholders equity before activities | ₫ 38,707,336 | (76,539,969) | ₫ 11,753,160 | (56,214) | (5,266) | (26,140,953) | ||||||||
Net loss for the year | (49,783,795) | (65,075) | (49,848,870) | |||||||||||
Foreign currency translation adjustment | (40,571) | (40,571) | ||||||||||||
Issuance of ordinary shares | shares | 1,036,787 | 1,036,787 | ||||||||||||
Additional capital contribution to VinFast Vietnam | ₫ 317,129 | 317,129 | ||||||||||||
Additional capital contribution to VinFast Vietnam | 77,515,874 | 77,515,874 | ||||||||||||
Partial disposal of a subsidiary | 12,258 | 3,252 | 15,510 | |||||||||||
Deemed contribution from owners | 12,311,667 | 12,311,667 | ||||||||||||
Ending balance at Dec. 31, 2022 | ₫ 871,021 | 12,311,667 | (127,188,455) | (104,065) | 77,439,373 | ₫ (36,670,459) | ||||||||
Ending balance (in shares) at Dec. 31, 2022 | shares | 2,299,999,998 | 2,299,999,998 | 2,299,999,998 | 2,299,999,998 | ||||||||||
Stockholders equity before activities | ₫ 553,892 | (127,200,713) | (104,065) | (79,753) | ₫ (126,830,639) | |||||||||
Stockholders equity before activities (in shares) | shares | 2,298,963,211 | 2,298,963,211 | ||||||||||||
Net loss for the year | (57,396,864) | (74,807) | (57,471,671) | $ (2,408,098,177) | ||||||||||
Foreign currency translation adjustment | (281,808) | (281,808) | (11,807,928) | |||||||||||
Issuance of ordinary shares | ₫ 6,076,150 | (1,470,984) | 4,605,166 | |||||||||||
Issuance of ordinary shares | shares | 26,897,366 | 26,897,366 | ||||||||||||
Share based compensation to service providers (in shares) | shares | 32,463 | 32,463 | ||||||||||||
Share based compensation to service providers | ₫ 6,020 | 6,020 | ||||||||||||
Commitment shares issued under Standby Equity Subscription Agreement (in shares) | shares | 800,000 | 800,000 | ||||||||||||
Commitment shares issued under the standby equity subscription agreement | ₫ 118,828 | (6,528) | 112,300 | |||||||||||
Warrants exercised and additional paid to convert into capital (in shares) | shares | 10,058,671 | 10,058,671 | ||||||||||||
Warrants exercised and additional paid to convert into capital | ₫ 2,775,517 | 122,403 | 2,897,920 | |||||||||||
Changes in ownership in existing subsidiaries without losing control | (2,757) | 2,757 | ||||||||||||
Deemed contribution through awards granted by shareholders to the Company's employees and others | 144,083 | 144,083 | ||||||||||||
Deemed contribution from owners | 20,647,786 | 20,647,786 | ||||||||||||
Ending balance at Dec. 31, 2023 | ₫ 9,847,536 | $ 412,617,783 | 31,748,427 | $ 1,330,278,513 | (184,588,076) | $ (7,734,353,306) | (385,873) | $ (16,168,315) | 77,367,323 | $ 3,241,738,163 | ₫ (66,010,663) | $ (2,765,887,162) | ||
Ending balance (in shares) at Dec. 31, 2023 | shares | 2,337,788,498 | 2,337,788,498 | 2,337,788,498 | 2,337,788,498 | ||||||||||
Stockholders equity before activities | ₫ 871,021 | $ 2,299,999,998 | ₫ 12,311,667 | ₫ (184,585,319) | ₫ (385,873) | ₫ 77,364,566 | ₫ (94,423,938) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
OPERATING ACTIVITIES | ||||
Net loss for the year | ₫ (57,471,671) | $ (2,408,098,177) | ₫ (49,848,870) | ₫ (32,218,961) |
Adjustments to reconcile net loss to net cash flows: | ||||
Depreciation of property, plant and equipment | 5,849,238 | 245,086,650 | 3,924,658 | 3,981,389 |
Amortization of intangible assets | 466,454 | 19,544,708 | 2,341,850 | 897,562 |
Impairment of goodwill, assets and changes in fair value of held for sale assets | 1,303,932 | 54,635,548 | 1,133,743 | 164,978 |
Amortization of finance lease right-of-use assets | 12,421 | |||
Changes in operating lease right-of-use assets | 1,162,222 | 48,697,813 | 448,651 | 273,270 |
Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories | 8,692,883 | 364,237,116 | 5,988,521 | 6,513,514 |
Allowance against receivables | 172,571 | 206,325 | ||
Deferred income tax expenses | (22,294) | (934,174) | 946,738 | 150,536 |
Unrealized foreign exchange (gain)/losses | 773,198 | 32,397,469 | 744,989 | (448,262) |
Investment (gain)/loss | 18,962 | (956,588) | ||
Net loss/(gain) on financial instruments at fair value through profit or loss | 4,879,833 | 204,467,988 | (1,226,012) | 1,710,029 |
Change in amortized costs of financial instruments measured at amortized cost | 2,833,459 | 118,723,665 | 1,999,914 | 1,156,118 |
Share-based compensation expenses | 150,103 | 6,289,408 | ||
Loss on disposal of fixed assets | 81,165 | 3,400,863 | 113,395 | |
Share of losses from equity investees | 36,786 | |||
Change in working capital: | ||||
Trade receivables, advance to suppliers, net investment in sales-type lease | 1,313,596 | 55,040,476 | 622,707 | (7,406,143) |
Inventories | (12,541,863) | (525,511,732) | (20,241,698) | (3,857,721) |
Trade payables, deferred revenues, and other payables | (9,660,611) | (404,785,465) | 17,792,820 | 760,098 |
Operating lease liabilities | (911,530) | (38,193,665) | (420,877) | (224,085) |
Prepayments, other receivables and other assets | (547,480) | (22,939,747) | (27,080) | 166,251 |
Net cash flows used in operating activities | (53,649,366) | (2,247,941,256) | (35,628,413) | (28,969,088) |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts) | (24,953,280) | (1,045,557,697) | (17,681,672) | (6,007,925) |
Repayment under a business investment and cooperation contract | (968,773) | |||
Receipt from government grants | 393,934 | 16,506,076 | ||
Proceeds from disposal of internal combustion engine ("ICE") assets | 170,017 | |||
Proceeds from disposal of property, plant and equipment | 1,003,506 | 42,047,515 | 1,412,976 | 48,798 |
Disbursement of bank deposit | (3,902) | (3,219,449) | ||
Collection of loans | 545,400 | 22,852,594 | 1,034,648 | 11,054,900 |
Payment for acquisition of a subsidiary (net of cash held by entity being acquired) | (6,900) | (289,114) | (77,099) | |
Proceeds from disposal of equity investment (net of cash held by entity being disposed) | (2,240) | 196,407 | ||
Proceed from disposal of net assets under common control | 424,418 | |||
Net cash flows from/(used in) investing activities | (23,017,340) | (964,440,626) | (16,038,946) | 2,420,050 |
FINANCING ACTIVITIES | ||||
Capital contribution from owners/issuance of ordinary shares | 4,759,291 | 199,417,204 | 6,317,129 | 9,988,508 |
Additional amount paid up to convert warrants to capital | 1,421,444 | 59,559,373 | ||
Deemed contribution from owners | 20,647,786 | 865,154,865 | 646,655 | |
Deemed distribution to owners for transactions under common control | (498,959) | |||
Payment for initial public offering costs | (41,649) | |||
Proceeds from borrowings, business cooperation contract and convertible debenture | 101,315,083 | 4,245,163,957 | 87,660,103 | 38,042,837 |
Repayment of borrowings | (50,722,940) | (2,125,322,216) | (41,637,135) | (18,677,191) |
Net cash flows from financing activities | 77,420,664 | 3,243,973,183 | 52,945,103 | 28,855,195 |
Net increase in cash, cash equivalents and restricted cash | 753,958 | 31,591,301 | 1,277,744 | 2,306,157 |
Cash, cash equivalents and restricted cash at January 1 | 4,271,442 | 178,976,033 | 3,024,916 | 827,742 |
Net foreign exchange differences | (266,319) | (11,158,929) | (31,218) | (108,983) |
Cash, cash equivalents and restricted cash at December 31 | 4,759,081 | 199,408,405 | 4,271,442 | 3,024,916 |
Supplement disclosures of non-cash activities | ||||
Debt conversion to equity | 71,515,874 | 4,121,775 | ||
Non-cash property, plant and equipment additions | 7,313,950 | 306,458,979 | 13,349,412 | 2,274,048 |
Exercise of warrant liability | 1,476,476 | 61,865,290 | ||
Commitment shares issued under Standby Equity Subscription Agreement | 118,828 | 4,978,966 | ||
Borrowings by converting from the Group's consideration payable for acquisition of Vingroup Investment Vietnam JSC | 4,693,380 | |||
Establishment of right-of-use assets and lease liabilities at commencement dates and lease modification | 3,678,024 | 154,111,456 | 2,772,465 | 1,318,222 |
Non-cash consideration included in the purchase consideration of business combination | 280,912 | |||
Interest payable conversion to debt | 2,625,845 | |||
Supplemental Disclosure | ||||
Interest paid, net of capitalized interest | 7,487,827 | 313,744,532 | 4,378,839 | 2,873,846 |
Income tax paid | ₫ 99,791 | $ 4,181,304 | ₫ 22,618 | ₫ 51,409 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
ORGANIZATION AND NATURE OF OPERATIONS | 1. (a) The Corporate information VinFast Auto Ltd. (formerly known as VinFast Auto Pte. Ltd.) (“VinFast Auto”, “VinFast” or “the Company”) is a company incorporated in Singapore. The principal activities of the Company and its subsidiaries (hereinafter collectively referred to as the “Group”) are to manufacture cars, motor vehicles, render leasing activities and related businesses. The Company’s head office is located at 61 Robinson Road #06-01 (Suite 608), 61 Robinson, Singapore 068893. Head office of VinFast Trading and Production JSC (“VinFast Vietnam”), a subsidiary of the Company, is located at Dinh Vu — Cat Hai Economic Zone, Cat Hai Island, Cat Hai town, Cat Hai district, Hai Phong city, Vietnam. The Group consists of the following entities as of the reporting dates: As of December 31, 2022 As of December 31, 2023 Voting Equity Voting Equity Registered office’s No. Name Short name right (%) interest (%) right (%) interest (%) address Principal activities 1 VinFast Auto Ltd. VinFast Auto — — — — 61 Robinson Road #06-01 Investment holding (Suite 608), 61 Robinson, Singapore 068893 2 VinFast Trading and Production JSC VinFast Vietnam 99.9 99.9 99.9 99.9 Dinh Vu – Cat Hai Manufacturing cars, Economic Zone, Cat Hai motor vehicles, render Island, Cat Hai Town, cat leasing activities and Hai District, Hai related businesses Phong City, Vietnam 3 VinFast Commercial and Services Trading LLC VinFast Trading 99.5 99.4 99.5 98.7 No. 7, Bang Lang 1 Vehicles retail and Street, Vinhomes distribution Riverside Eco-Urban Area, Viet Hung Ward, Long Bien District, Hanoi, Vietnam 4 VinFast Germany GmbH VinFast Germany 100.0 99.9 100.0 99.9 Kornmarktarkaden, Trading, importing and Bethmannstraße exporting equipment, 8/Berliner Straße 51 – components and spare 60311 Frankfurtam parts for automobiles, Main, Germany e-scooters and related goods 5 VinFast Engineering Australia Pty Ltd VinFast Australia 100.0 99.9 100.0 99.9 234 Balaclava Road, Automobile designing, Caulfield North, VIC collaborating in 3161, Australia technological research, importing and distributing goods 6 Vingroup Investment Vingroup Investment 99.3 99.2 99.3 99.2 No. 7, Bang Lang 1 Consultancy and Vietnam JSC Street, Vinhomes investment activities Riverside Eco-Urban Area, Viet Hung Ward, Long Bien District, Hanoi, Vietnam 7 Vingroup USA, LLC Vingroup USA 100.0 99.2 100.0 100.0 333 W. San Carlos St., Importing and Suite 600, San Jose, distributing electronic and CA 95110, USA telecommunication equipment 8 VinFast USA Distribution, LLC VinFast USA Distribution 100.0 99.2 100.0 100.0 12777 West Jefferson Blvd, Distribution of automotive Suite A-101, Los Angeles, vehicles CA 90066, USA 1. As of December 31, 2022 As of December 31, 2023 Voting Equity Voting Equity Registered office’s No. Name Short name right (%) interest (%) right (%) interest (%) address Principal activities 9 VinFast Auto, LLC VinFast Auto, LLC 100.0 99.2 100.0 100.0 790 N. San Mateo Drive, Distribution of automotive San Mateo, CA 94401, vehicles USA 10 VinFast Auto Canada Inc. VinFast Auto Canada 100.0 99.2 100.0 99.2 Suite 2600, Three Distribution of automotive Bentall Centre 595 vehicles Burrard Street, P.O. Box 49314, Vancouver Bc V7X 1L3, Canada 11 VinFast France VinFast France 100.0 99.2 100.0 99.2 72 rue du Faubourg Saint Distribution of automotive Honoré, Paris, 75008 vehicles France 12 VinFast Netherlands B.V VinFast Netherlands 100.0 99.2 100.0 99.2 Vijzelstraat 68, 1017HL Distribution of automotive Amsterdam, Netherlands vehicles 13 VinFast OEM US Holding, VinFast OEM 100.0 100.0 — — 850 New Burton Road, Investment holding, research Inc.(*) Suite 201, Dover, Delaware and development of market. 19904, Kent County, USA 14 VinFast Manufacturing US, LLC VinFast Manufacturing 100.0 100.0 100.0 100.0 160 Mine Lake Court, Vehicles manufacturing. Ste 200, Raleigh, North Carolina 27615, USA 15 PT VinFast Automobile Indonnesia VinFast Indo — — 99.9 99.9 Axa Tower, 45 th Distribution of automotive JL. Prof. Dr. Satrio Kav vehicles 18., Karet Kuningan Village/ Subdistrict, District. Setiabudi City Adm. Jakarta South, DKI Jakarta Province. 16 VinFast Auto (Thailand) Co., Ltd. VinFast Thailand — — 99.9 99.9 Bangkok, Thailand Distribution of automotive vehicles 17 VinFast India Ltd. (Formerly VinFast India — — 99.9 99.9 Flat No.164, Ground Floor, Vehicles manufacturing and known as Varchaunam Suryodaya Apartment, related businesses. Consultancy Private Limited) Pocket-8, Sector 12, Dwarka, New Delhi-110078, India 18 VinFast UK Ltd. VinFast UK — — 100.0 100.0 21 Holborn Viaduct, Distribution of automotive London, United Kingdom, vehicles EC1A 2DY 19 VinFast Middle East Ltd. VinFast Middle East — — 100.0 100.0 Jebel Ali Free Zone, Distribution of automotive Dubai, UAE vehicles 20 SpecCo Ltd (**) SpecCo — — 100.0 100.0 Appleby Global Services Merging and acquisition (Cayman) Limited, 71 activities Fort Street, PO Box 500, Grand Cayman, Cayman Islands, KY1-1106 (*) VinFast OEM was merged into Vingroup USA, a subsidiary of the Company, in November 2023. (**) SpecCo Ltd. is is process of dissolution as of the date of this report. 1. (b) The Business Combination Agreement On May 12, 2023, the Company entered into a Business Combination Agreement with Black Spade Acquisition Co, an exempted company incorporated with limited liability under the laws of Cayman Islands (“Black Spade”) and Nuevo Tech Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands and a direct wholly-owned subsidiary of VinFast Auto (“Merger Sub”), pursuant to which, among other transactions, on the terms and subject to the conditions set forth therein, Merger Sub merged with and into Black Spade (“Merger”), with Black Spade as the surviving entity and renamed as SpecCo Ltd. and a wholly-owned subsidiary of VinFast after the Merger. In connection with and prior to, the Business Combination Agreement, (i) on July 31, 2023, VinFast converted from a Singapore private limited company operating under the name “VinFast Auto Pte. Ltd.” into a Singapore public limited company under the name “VinFast Auto Ltd.”; and (ii) VinFast effected a share consolidation such that the number of issued and outstanding ordinary share in the capital of VinFast was reduced from to Pursuant to the terms of the Business Combination Agreement, among other things, the following transactions occurred: (i) on August 11, 2023, Merger Sub merged with and into Black Spade, with Black Spade surviving the merger as a wholly-owned subsidiary of the Company, (ii) on August 14, 2023, each issued and outstanding Class B Ordinary Share of Black Spade (“BSAQ Class B Ordinary Shares”), par value $0.0001 per share and each issued and outstanding Class A ordinary share of Black Spade, par value $0.0001 per share (other than BSAQ Class A ordinary shares that were treasury shares, validly redeemed shares, or BSAQ dissenting shares) were converted into one VinFast Ordinary Share; and (iii) VinFast, Black Spade and Continental Stock Transfer & Trust Company (“Continental”) entered into an assignment, assumption, amendment agreement (the “Warrant Assumption Agreement”) dated as of August 11, 2023, and on August 14, 2023, each issued and outstanding warrant of Black Spade sold to the public and to Black Spade Sponsor LLC, a limited liability company registered under the laws of the Cayman Islands (“Sponsor”), in a private placement in connection with Black Spade’s initial public offering were exchanged for a corresponding warrant exercisable for VinFast ordinary shares. 1. ORGANIZATION AND NATURE OF OPERATIONS (continued) On August 14, 2023, the Company announced the completion of the previously announced business combination with Black Spade Acquisition Co, a Cayman Islands exempted company (“Black Spade” or “BSAQ”), pursuant to the business combination agreement, dated as of May 12, 2023, by and among the Company, Black Spade and Merger Sub (the “Original Business Combination Agreement”) as amended by the First Amendment to Business Combination Agreement, dated as of June 14, 2023 (the “First Amendment to Business Combination Agreement” and, together with the Original Business Combination Agreement, the “Business Combination Agreement”). Pursuant to the terms of the Sponsor Support and Lock-Up Agreement and Deed, dated as of May 12, 2023, as amended by the First Amendment to Sponsor Support and Lock-Up Agreement, dated as of June 14, 2023, by and among the Company, the Sponsor and certain initial shareholders of Black Spade and the backstop subscription agreement, dated as of August 10, 2023, by and among the Company, Sponsor and Lucky Life Limited (the “Backstop Subscriber”), on August 14, 2023, VinFast issued to the Backstop Subscriber 1,636,797 ordinary shares for $10.00 per share for an aggregate purchase price of $16.4 million (the “Backstop Subscription”). As a result of the foregoing transactions, there were 2,307,170,695 ordinary shares and 14,829,989 warrants outstanding as of August 14, 2023. On August 15, 2023, VinFast’s ordinary shares and warrants commenced trading on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols, “VFS” and “VFSWW,” respectively. After that, the Merger Sub is in progress of dissolution as of the date of this report. (c) Standby Equity Subscription Agreement On October 20, 2023, the Company entered into a Standby Equity Subscription Agreement (the “Yorkville Subscription Agreement”) with YA II PN, Ltd., a Cayman Islands exempt limited partnership (“Yorkville”), pursuant to which, the Company has the right, but not the obligation, to issue to Yorkville, and Yorkville has the obligation to subscribe for, ordinary shares for an aggregate subscription amount of up to $1.0 billion, at any time from the date of the Yorkville Subscription Agreement until November 1, 2026, unless earlier terminated pursuant to the Yorkville Subscription Agreement, subject to certain conditions. Each ordinary share to be issued to Yorkville from time to time under the Yorkville Subscription Agreement will be issued at 97.5% of the Market Price, as defined in the Yorkville Subscription Agreement. “Market Price” is defined as the lowest of the daily volume weighted average prices (“VWAP”) during the three consecutive trading days commencing on the advance notice date, other than the daily VWAP on any day excluded pursuant to the terms of the Yorkville Subscription Agreement. The Company shall, in its sole discretion, select the number of shares to be issue each time (“Advance Shares”), not to exceed an amount equal to one hundred percent of the average of the daily traded volume of the Company’s ordinary shares during the five trading days prior to the Company requesting an advance. The Yorkville Subscription Agreement does not obligate Yorkville to subscribe for or acquire any ordinary shares under the Yorkville Subscription Agreement if those ordinary shares, when aggregated with all other ordinary shares acquired by Yorkville under the Yorkville Subscription Agreement, would result in Yorkville beneficially owning more than 4.99% of the then outstanding ordinary shares. The Company accounts for the Yorkville Subscription Agreement as an equity-classified instrument as such financial instrument does not meet the criteria for liability classification under ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging. As of December 31, 2023, the Company has issued 4,726,669 shares to Yorkville pursuant to this arrangement. 1. ORGANIZATION AND NATURE OF OPERATIONS (continued) Commitment Fee Shares In connection with the Yorkville Subscription Agreement, the Company has also issued Yorkville 800,000 of the Company’s ordinary shares as a commitment fee. The Company determined the value of the shares issued at a price equal to the average of the daily VWAPs during the three trading days immediately prior to the contract date, which was recorded as long-term prepayments and allocated to additional paid-in capital within the commitment period of the Yorkville Subscription Agreement. (d) Going concern basis of accounting The Group has prepared the consolidated financial statements on a going concern basis, which assumes the Group will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in normal course of operations as they come due. The Group has been incurring losses from operations since inception. The Group incurred net losses of VND57,471.7 billion (USD2,408.1 million) for the year ended December 31, 2023 and accumulated losses of VND 184,588.1 billion (USD7,734.4 million) as of this same date. Additionally, the Group is also in a net current liability position of VND 89,754.1 billion (USD3,760.8 million) as of December 31, 2023. As of December 31, 2023, the Group’s consolidated balance of cash and cash equivalents was VND4,002.3 billion (USD167.7 million) (as of December 31, 2022: VND4,271.4 billion). The Group has prepared its business plan covering the next twelve months from the issuance date of the consolidated financial statements which considers the increase in revenue and operational efficiency optimization to improve operating cash flows, the use of and the consummation of external financing projects. Furthermore, the Group also has the ability to adjust the timing of certain expenditure, if necessary. The Group is dependent on the financial support from Vingroup JSC, who will undertake necessary procedures to facilitate such support, which shall be legally valid for the period of 12 months from the issuance date of the consolidated financial statements. As a result, the Group expects to be able to continue its operations and pay its liabilities in the normal course of business in the next 12 months from the issuance date of the consolidated financial statements. On this basis, the management of the Group has prepared the consolidated financial statements for the year ended 31 December 2023 using going concern basis. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. a) Basis of preparation and presentation and principles of consolidation Basis of preparation and presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of consolidation All significant intercompany transactions and balances and unrealised gains or losses from intercompany transactions within the Group are eliminated upon consolidation. 2. Operating segments ASC 280, Segment Reporting, establishes standards to report in consolidated financial statements information about operating segments, products, services, geographic areas, and major customers. The Chief Operating Decision Maker monitors each segment’s performance for the purpose of making decisions on resource allocation and performance assessment. Based on the criteria established by ASC 280, the Group has three operating segments which are reportable segments, namely Automobiles, E-scooters and Spare Parts & Aftermarket services. b) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, the valuation of derivatives; depreciable lives of property, plant and equipment and intangible assets; assessment for impairment of long-lived assets and goodwill, product warranty, lease terms, shortfall volume provision, residual value guarantee and standalone selling price of each distinct performance obligation in revenue recognition. Actual results could differ from these estimates. c) Asset acquisitions Where an asset is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Accordingly, no goodwill is recognized. Otherwise, the acquisitions are accounted for as business combinations. Regarding to the transaction with Black Spade pursuant to the Business Combination Agreement as disclosed in Note 1(b), the merger of Black Spade with a wholly owned subsidiary of VinFast is not within the scope of ASC 805 Business Combinations, considering that Black Spade does not meet the definition of a business in accordance with ASC 805. At the closing of transaction, VinFast issued ordinary shares for the identifiable net assets of Black Spade (a blank check company), which will be executed in the form of an exchange of Black Spade Ordinary Shares held by Black Spade Shareholders for VinFast ordinary shares, thereby the Transactions was accounted for as a recapitalization in accordance with U.S. GAAP. Under a recapitalization, no goodwill or other intangible assets was recorded. Upon Closing, Black Spade was the surviving company and renamed as SpecCo Ltd., i.e., surviving the Business Combination as a wholly owned subsidiary of VinFast. VinFast was determined to be the accounting acquirer as VinFast obtained control over Black Spade after the Transactions. The Sponsor was only entitled to designate one representative to attend meetings of VinFast’s Board in a non-voting observer capacity. Since it is a non-voting position, it does not affect VinFast’s ability to exercise control over Black Spade, and Black Spade is the accounting acquiree. Black Spade’s identifiable net assets were consolidated into VinFast at fair value. Any difference between the fair value of VinFast ordinary shares issued and the fair value of Black Spade’s identifiable net assets, if any, was recorded as additional paid-in capital. 2. d) Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC Topic 805, Business Combinations. The purchase method of accounting requires that the consideration transferred to be allocated to the net assets, including separately identifiable assets and liabilities the Group acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of the fair value of considerations transferred, the fair value of the non-controlling interests (if any) and previously held equity interest (if any) over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. e) Disposal of subsidiaries to under common control entities The Group derecognizes the net assets transferred at carrying amount and generally recognizes no gains or losses. A difference between any proceeds received and the carrying amounts of the net assets transferred is recognized in equity in the consolidated financial statements. f) Investment Short-term investments consist of short-term deposits, which are time deposits placed with banks and have original maturities between three months and one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss for the years presented. g) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, cash in banks, cash in transit and short-term, highly liquid investments, which are unrestricted as to withdrawal and use, with an original maturity of not more than three months that are readily convertible into known amount of cash and that are subject to an insignificant risk of change in value. h) Inventories Inventories are stated at the lower of cost incurred in bringing each product to its present location and condition, and net realizable value. Net realizable value (“NRV”) is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. 2. The perpetual method is used to record inventories, which are valued as follows: Raw materials, goods in transit, tools and merchandises — cost of purchase on a weighted average basis. Finished goods and work in process — cost of direct materials and labour plus attributable manufacturing overheads based on the normal operating capacity on a weighted average basis. Reserve for obsolete inventories Raw materials, work in process, finished goods, and other inventories owned by the Group are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete based on appropriate evidence available at the date of the consolidated balance sheet. i) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. The cost of property, plant and equipment comprises their purchase prices and any directly attributable costs of bringing the property, plant and equipment to working condition for its intended use. Depreciation of property, plant and equipment are calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Buildings and structures (*) 3 – 49 years Machinery and equipment 3 – 25 years Leased-out EV batteries 9 Leased-out escooter batteries 3 – 8 years Vehicles 5 – 12 years Office equipment 3 – 10 years (*) Including leasehold improvements which are depreciated on a straight-line basis over the shorter of their estimated useful lives and terms of the related leases. Freehold land is not depreciated. Property, plant and equipment are derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss from disposal (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of operations when the asset is derecognized. The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Construction in progress is included within property, plant and equipment and is not amortized until the related asset is ready for its intended use. The useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the depreciation period or method, as appropriate, and are treated as changes in accounting estimate. 2. j) Assets classified as held for sale The Group classifies long-lived assets and disposal groups as held for sale if their carrying amounts will be recovered principally through disposal by sale rather than through continuing use. Such long-lived assets and disposal groups are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the sale, excluding the finance costs and income tax expenses. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheets. If at any time the criteria for held for sale classification are no longer met, a long-lived asset classified as held for sale should be considered to reclassify as held and used at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell. k) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Licenses Amortization of intangible assets is calculated on a straight-line basis over the estimated useful life of each asset as follows: License 3 years 2 months – 3 years 4 months Software 3 – 8 years Others 3 – 15 years Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimate. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of operations in the expense category that is consistent with the function of the intangible assets. 2. Software purchased from external suppliers for purpose of internal use which is in progress of development as of balance sheet date is included in intangible assets and not amortized until it is ready for intended use. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of operations. l) Goodwill The Group assesses goodwill for impairment in accordance with ASC 350-20, Intangibles-Goodwill and Other: Goodwill (“ASC 350-20”), which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events. The Group early adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) from January 1, 2019, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test from January 1, 2020. The Group has identified two reporting units as disclosed in Note 10. The Group has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. For the year ended December 31, 2023, 2022 and 2021, the Group elected to perform a quantitative assessment. The Group estimated the fair value of the reporting units based on an income approach which involved significant management judgment, estimates and assumptions such as the discount rate, sale price, sale volume, production costs and other operating expenditures, terminal growth rate. As a result of updating the estimates and assumptions after taking into account of actual performance, the fair value of the reporting units was less their carrying value and therefore, goodwill was fully impaired and recorded in the year ended December 31, 2023 (Note 10). m) Impairment of long-lived assets The Group evaluates its long-lived assets, including fixed assets, intangible assets with finite lives and right-of-use assets, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. n) Borrowing costs Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for the assets had not been made. Capitalization of interest costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are being incurred. Interest costs are capitalized until the assets are ready for their intended use. 2. o) Warranty provisions The Group provides a standard manufacturer’s warranty on all new vehicles at the time of vehicle sale. The Group accrues a warranty reserve for the vehicles sold, which includes the best estimate of projected costs to repair or replace items under warranties including recalls when identified. These estimates are primarily based on the estimation of the nature, frequency and average costs of claims or peer benchmarking with other automakers. The estimate of warranty-related costs is revised at each reporting date. Warranty cost is recorded as a component of cost of sale in the consolidated statement of operations. The Group re-evaluates the adequacy of the warranty accrual on a regular basis. Management records and adjusts warranty reserves based on changes in estimated costs and actual warranty costs. As the Group only commenced volume production of VinFast cars in June 2019, management’s experience with warranty claims regarding vehicles or with estimating warranty reserves is limited. The Group could, in the future, become subject to significant and unexpected warranty claims, resulting in significant expenses, which would in turn materially and adversely affect its financial condition, results of operations, and prospects. As of December 31, 2023 and 2022, the portion of the warranty reserve expected to be incurred within the next 12 months is included in other current liabilities, while the remaining balance is included in other non-current liabilities on the consolidated balance sheets. p) Convertible Debenture The Group has elected the fair value option to account for the Convertible Debenture that was issued in December 2023 due to the certain embedded features that is required to be birfurcated, discussed further in Note 12 - Convertible Debenture. The Group recorded the Convertible Debenture at the fair value upon issuance, with the change in the fair value being recorded in net gain/loss on financial instruments at fair value through profit or loss on the consolidated statements of operations. Interest expense related to the Convertible Debenture is included in the changes in fair value. q) Leases The Group assesses at contract inception whether a contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term corresponds to the non-cancellable period of each contract. The Group as a lessee Leases are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exist: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date or e) the leased asset is of such a specialized nature that it is expected to have no alternative use. Finance lease assets are presented separately on the consolidated balance sheet as finance lease right-of-use assets, and finance lease liabilities are included in accrued expenses and other payables, current and non-current. 2. All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the consolidated balance sheet. ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Group utilizes a market-based approach to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, reduced by lease incentives and accrued rent. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. The Group has lease agreements with lease and non-lease components, which are generally accounted for separately. In addition, leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet; the Group recognizes lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain rent holidays and escalating rent are considered when determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease incentives. The Group as a lessor At the commencement date, the lease payments consist of the fixed payments less any lease incentives paid or payable to the lessee relating to the use of the underlying asset during the lease term. Lease payments do not include variable lease payments that do not depend on an index or a rate. Leases are classified at the lease commencement date as either a sales-type lease or an operating lease. The lessor shall classify a lease as a sales-type lease when the lease meets any of the following criteria: a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, b) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, c) the lease term is for the major part of the remaining economic life of the underlying asset, d) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Notwithstanding the above criteria, leases are classified as operating leases if they have variable lease payments that do not depend on an index or rate and if classifying the lease as a sales-type lease or a direct financing lease would result in the recognition of a selling loss. For a sales-type lease, at the lease commencement, net investment in the lease is recognized by the sum of the lease receivable and the unguaranteed residual asset. Lease receivable is the present value of the sum of lease payments and the guaranteed residual asset. The Group recognises all revenue and costs associated with the sales-type lease as revenue from leasing activities and cost of leasing activities upon delivery of the underlying asset to the customer. Interest income based on the implicit rate in the lease is recorded to finance income over time as customers are invoiced on a monthly basis. All other leases are accounted for as operating leases wherein the Group recognizes, at the commencement date, the lease payments as income in profit or loss over the lease term on a straight-line basis and the Group recognizes variable lease payments as income in profit or loss in the period in which the changes in facts and circumstances on which the variable lease payment are based occur. 2. Battery leases (Note 2(r)) The Group has battery leases accounted for as both operating leases and sales-type leases. The Group’s operating leases for batteries allow variable monthly subscription fees that depend on mileage usage. Both types of battery leases have an indefinite term and can be terminated at any time at the customer’s discretion. At the termination of contract, customers are required to return the batteries to the Group. The Group considers a number of factors, including the technical useful lives of the vehicles and batteries, useful lives of the vehicles, the customer’s termination right, amongst others, in determining the lease term. r) Revenue recognition Sales of vehicles (automobiles, e-scooters) The Group identifies the individuals, distributors and the commercial banking partner/leasing company who purchase the vehicles as the customers in the contracts for sales of automobiles and e-scooters produced by the Group. Contracts with customers may include lease and non-lease components, comprising various performance obligations. Accordingly, the Group allocates its purchase consideration among lease (where applicable) and non-lease components, based on the relative estimated standalone selling price in accordance with ASC 606, Revenue recognition. The sale of vehicle can be bundled with the sale of battery or the lease of battery (Note 2(q)). In such cases, variable lease payments of the battery leases are also allocated to the lease components and non-lease components on the same basis. The Group generally determines standalone selling prices based on observable price of the goods and services — i.e., actual selling prices charged to customers for vehicles are the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using appropriate data that reflects the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods or services to the customer. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation and the lease component (where applicable), and changes in judgements on these assumptions and estimates may impact the revenue recognition. The allocated purchase consideration for the sales of vehicles (including sales of battery where applicable) is recognized in revenue at the point in time when control of the vehicles is transferred to the customers, usually upon the delivery of the vehicles. From January 2022 onwards, the Group provides extended warranty (“service-type warranty”) in addition to the standard manufacturer’s warranty (“assurance-type warranty”) for general repairs of defects that existed at the time of sale, which are accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when control of the vehicle is transferred to the customer (Note 2(o)). The Group will recognize the revenue for service-type warranty over time based on a straight-line method initially and will continue to monitor the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available. The consideration recognized represents the amount received, net of estimated sales incentives to customers that the Group reasonably expects to pay. Taxes assessed by various government entities, such as special consumption and value-added taxes, collected at the time of the vehicle sale are excluded from net sales and revenue. Amounts billed to customers related to shipping and handling are classified as automotive sales revenue, and the Group has elected to recognize the cost for freight and shipping when control over vehicles, parts or accessories have transferred to the customer as an expense in cost of automotive sales revenue. 2. Vehicle Sales with Residual Value Guarantee (“RVG”) Vietnam market In April 2023, the Group launched a residual value guarantee (“RVG”) program in Vietnam of which the Group has the choice to repurchase VinFast electric vehicles from customers after five years of their use at certain predetermined prices. Alternatively, the Group may choose to compensate for the deficit i.e., differential between the amounts recovered by the customer when sold to other third parties and the pre-determined price. If customers choose to sell to third party prior to Vinfast’s refusal, they are not entitled to the RVG i.e., Vinfast is not obligated to pay the above-mentioned difference. The Group accounts for the program in accordance with ASC 460, Guarantees and ASC 606, Revenue from Contracts with Customers. Accordingly, the Group first bifurcates the RVG at its fair value from the transaction price and accounts for it as a guarantee liability. The residual amount of transaction price is allocated among lease (where applicable) and non-lease components as presented above. US and Canadian market The Group provides RVG to its commercial banking partner/leasing company in connection with its vehicle leasing programs. Under these programs, the Group originates the lease with end customer and immediately transfer the lease and the underlying vehicle to commercial banking partner/leasing company and the Group is contractually obligated (or entitled) to bear the shortfall (or excess) between the resale value realized by the commercial banking partner/leasing company and a predetermined resale value. At the lease inception, the Group is required to deposit cash collateral equal to a contractual percentage of the residual value of the leased vehicles with the commercial banking partner/leasing company. The cash collateral is held in a restricted bank account owned by the commercial banking partner until it is used, as applicable, in settlement of the RVG at the end of the lease term. Cash collateral is recorded in other noncurrent assets, subject to asset impairment review at each reporting period. The Group accounts for the vehicle leasing programs in accordance with ASC 842, Leases, ASC 460, Guarantees and ASC 606, Revenue from Contracts with Customers. Accordingly, the Group first bifurcates the RVG at its fair value from the transaction price and accounts for it as a guarantee liability. The residual amount of transaction price is allocated among performance obligations. The guarantee liability represents the estimated amount the Group expects to pay. The Group incorporates information such as third-party residual value publications and risk of future price deterioration due to changes in market conditions in estimation of the estimated residual value guarantee liability. The total guarantee liability on vehicles sold under these programs was insignificant as of December 31, 2023. Exchange of used automobiles The Group receives used automobiles from certain customers in exchange for the new automobiles. The fair value of such non-cash consideration received from the customers is used as part of consideration and will be offset with the transaction price of new automobiles and measured when the Group obtains control of the used automobiles. The Group estimates the fair value of the non-cash consideration by reference to its market price. If the fair value cannot be reasonably estimated, the non-cash consideration is measured indirectly by reference to the standalone selling price of the used automobiles sold by the Group. 2. Sale of merchandise (automobiles) Proceeds from sales of trading automobiles are recognized in revenue upon transfer of control of the merchandise to the customer and the related merchandise carrying value in inventory is recognized in cost of sales. Sales of spare parts and components Proceeds from sales of spare parts and components to distributors and customers are recognized in revenue at the point in time when control of the goods is transferred to the distributor or the customer, usually upon the delivery of the spare parts and components. Rendering of services Revenue from rendering of services, which is mainly comprised of aftersales services and charging services, is recognized over time based on the level of work completion as the outcome of all contracts can be reasonably ascertained. Contract balances under ASC 606 Trade receivables A receivable is recognized if an |
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS | 12 Months Ended |
Dec. 31, 2023 | |
CONCENTRATION OF RISKS | |
CONCENTRATION OF RISKS | 3. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The management focuses on two types of market risk, i.e., interest rate risk and currency risk. Financial instruments affected by market risks include loans and borrowings, corporate bonds, financial assets and financial liabilities at fair value through profit or loss. 3. CONCENTRATION OF RISKS (continued) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s debt obligations with floating interest rates. To manage this, the Group enters into interest rate swaps for loan contracts, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Foreign currency risk Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign currency rates relate primarily to the Group’s operating activities (when revenues or expenses are denominated in a different currency from the Group’s functional currency) and the Group’s borrowings in foreign currency. To manage this, the Group enters into foreign exchange rate swap and forward foreign exchange for loan contracts. Liquidity risk The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and corporate bonds, selling ordinary shares, seeking financial support from Vingroup, including in the form of debt financing, corporate loan guarantees, capital contributions and cash grants. The Group has managed liquidity risk by arranging for long-term credit facilities with the banks, or issuing long-term corporate bonds, to ensure that the loans and bonds will be repaid. The Group determines the liquidity risk based on terms of contracts. For accruals and other liabilities, the Group uses its judgement to determine the appropriate level of liquidity risk exposed to these liabilities. Supply risk The Group is dependent on its suppliers. The inability of these suppliers to deliver necessary components of products in a timely manner at prices, quality levels and volumes acceptable to the Group, or its inability to efficiently manage these components from these suppliers, could have a material adverse effect on its business, prospects, financial condition and operating results. Credit Risk The Group performs ongoing credit evaluations of customers’ financial condition whenever deemed necessary. The Group maintains an allowance for credit losses based on the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness, customers’ bank guarantee (if applicable) and current economic trends. The Group believes that concentration of credit risk is limited because of credit quality of the customer base, small account balances for most of these customers. The pricing term was determined based on management’s assessment of market-based pricing terms. As of December 31, 2023, receivable from GSM JSC accounted for 66% of accounts trade receivables (including trade receivables from related parties). No other customers individually accounted for 10% or more of accounts receivable as of December 31, 2023. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2023 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4. Cash and cash equivalents comprise cash on hand, cash in banks, cash in transit and short-term, highly liquid investments, which are unrestricted as to withdrawal and use, with an original maturity of not more than three months that are readily convertible into known amount of cash and that are subject to an insignificant risk of change in value. Restricted cash is comprised primarily of cash as collateral for letters of credit issued to the landlords for certain of the Group’s leased facilities, autonomous vehicle manufacturing surety bonds and cash held as collateral for sales to commercial banking partner/leasing company with a resale value guarantee. The restricted cash is recorded as an item of short-term prepayments and other receivables and other non-current assets in the consolidated balance sheets. The Company determines current or non-current classification based on the expected duration of the restriction. Details of cash and cash equivalent and restricted cash are presented in the consolidated statements of cash flows as below: As of December 31, 2021 2022 2023 2023 VND million VND million VND million USD Cash on hand 99 382 1,279 53,591 Cash at banks 2,574,817 4,271,060 4,000,993 167,644,054 Cash equivalents 450,000 — — — Total cash and cash equivalents 3,024,916 4,271,442 4,002,272 167,697,645 Short-term restricted cash in short-term prepayments and other receivables — — 96,446 4,041,146 Long-term restricted cash in other non-current assets — — 660,363 27,669,614 Total cash, cash equivalents and restricted cash 3,024,916 4,271,442 4,759,081 199,408,405 |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
TRADE RECEIVABLES | |
TRADE RECEIVABLES | 5. As of December 31, 2022 2023 2023 VND million VND million USD Receivables from sale of finished goods and merchandises (i) 538,697 329,952 13,825,191 Receivables from disposal of assets and raw materials 76,341 61,333 2,569,890 Others 37,884 73,241 3,068,843 TOTAL 652,922 464,526 19,463,924 (i) This represents trade receivables from sale of automobiles, e-scooters, and spare-parts, which are unconditional (i.e., only the passage of time is required before payment of the consideration is due). |
ADVANCES TO SUPPLIERS
ADVANCES TO SUPPLIERS | 12 Months Ended |
Dec. 31, 2023 | |
ADVANCES TO SUPPLIERS | |
ADVANCES TO SUPPLIERS | 6. The advances to suppliers pertain primarily to amounts advances to suppliers, procurement agents who undertake the procurement of machinery, equipment, and component parts for the Group. It also includes advances to construction contractors engaged in the Group’s manufacturing projects and advances made for the purchase of other goods and services. |
INVENTORIES, NET
INVENTORIES, NET | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES, NET | |
INVENTORIES, NET | 7. The classification of inventory balance as of December 31, 2023 and 2022 is as follows: At lower of cost and net realizable value As of December 31, 2022 2023 2023 VND million VND million USD Raw materials 12,096,176 14,557,976 609,988,100 Finished goods, including service parts 3,733,281 8,577,754 359,413,140 Good in transit 2,479,342 1,862,582 78,043,325 Work in progress 2,976,984 3,420,292 143,312,327 Merchandises 124,375 25,343 1,061,887 Tools and spare parts 197,119 222,048 9,303,948 TOTAL 21,607,277 28,665,995 1,201,122,727 As of December 31, 2023, inventories with the carrying value of VND936.3 billion (USD39.2 million) (2022: VND500 billion) are used as collateral for borrowings of the Group as presented in Note 11. Finished goods include vehicles, e-scooters and service parts. Battery leases accounted for as operating leases (Note 2(q)) are transferred to Property, Plant and Equipment once the lease commences (concurrently with the sales of vehicles). Out of the total amount recognized for inventories on December 31, 2023, inventories measured at cost amounted to VND36,572.7 billion (USD1,532.4 million) (2022: VND27,854.2 billion, 2021:VND9,208,796 million). Inventory write-downs recognized in cost of sales for the year ended 2023 were VND5,483.1 billion (USD229.7 million) (2022: VND5,143.9 billion, 2021: VND2,385,334 million). |
SHORT-TERM PREPAYMENTS AND OTHE
SHORT-TERM PREPAYMENTS AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
SHORT-TERM PREPAYMENTS AND OTHER RECEIVABLES | |
SHORT-TERM PREPAYMENTS AND OTHER RECEIVABLES | 8. As of December 31, 2022 2023 2023 VND million VND million USD Financial assets: Cash collateral to support Standby letter of credit issuances and other financial assets (i) 808,518 358,883 15,037,417 Short-term restricted cash — 96,446 4,041,146 Subtotal 808,518 455,329 19,078,563 Non-financial assets: Valued added tax deductible 4,697,711 5,807,909 243,354,940 Import tax to be refunded 604,755 592,559 24,828,585 Other receivables 12,697 9,245 387,371 Other prepaid expenses 333,488 364,433 15,269,966 Subtotal 5,648,651 6,774,146 283,840,862 TOTAL 6,457,169 7,229,475 302,919,425 (i) This mainly comprises deposit for lease contracts and secured deposit held in designated bank accounts for being pledged for autonomous vehicle manufacturing surety bonds issued by counterparty. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
PROPERTY, PLANT AND EQUIPMENT, NET | 9. PROPERTY, PLANT AND EQUIPMENT, NET As of December 31, 2022 2023 2023 VND million VND million USD Freehold land 1,854,095 2,014,497 84,408,657 Buildings and structures 18,212,817 20,730,635 868,626,288 Machinery and equipment 42,641,762 53,408,565 2,237,851,546 Leased-out batteries 2,383,095 4,782,818 200,403,000 Vehicles 1,135,902 2,316,130 97,047,264 Office equipment 861,099 845,043 35,407,819 Others 92,280 102,120 4,278,890 Subtotal 67,181,050 84,199,808 3,528,023,464 Less: Accumulated depreciation (8,938,736) (14,443,576) (605,194,670) Less: Impairment charges (1,053,647) (2,077,258) (87,038,381) Total property, plant and equipment, net 57,188,667 67,678,974 2,835,790,413 The Group recorded depreciation expenses of VND5,849,238 million (USD245.1 million), VND3,924,658 million and VND3,981,389 million for the years ended December 31, 2023, 2022 and 2021 respectively. In 2023, the Group identified specific impairment indicators associated with individual assets of leased-out batteries due to competitive lease subscription fee provided to customers. The Group impaired these identified assets based on contractual lease payments agreed with customers. Impairment charges of VND1,023,611 million (USD42.9 million) relating to leased-out batteries under the Automotive and E-scooter segments were recognized during the year (2022: VND1,053,647 million). As of December 31, 2023, a portion of property, plant and equipment was mortgaged with banks to secure the Group’s loans and debts (Note 11). As of December 31, 2022, certain items of property, plant and equipment were classified as non-current assets held for sale due to the plan to dispose of these assets (Note 23). During the year, the amount of interest cost that has been capitalized is VND669.4 billion (USD28.0 million) (2022: VND357 billion, 2021: VND323 billion). |
INTANGIBLE ASSETS, NET AND GOOD
INTANGIBLE ASSETS, NET AND GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS, NET AND GOODWILL | |
INTANGIBLE ASSETS, NET AND GOODWILL | 10. As of December 31, 2022 As of December 31, 2023 Accumulated Net carrying Accumulated Net carrying Net carrying Cost amortization value Cost amortization value value VND million VND million VND million VND million VND million VND million USD Finite-lived intangible assets: License 3,903,095 (3,698,305) 204,790 3,690,720 (3,690,720) — — Software (i) 1,442,065 (608,416) 833,649 2,046,815 (887,418) 1,159,397 48,579,444 Purchased software under development phase 410,506 — 410,506 120,157 — 120,157 5,034,652 Others 17,176 (5,050) 12,126 18,446 (6,280) 12,166 509,763 Total 5,772,842 (4,311,771) 1,461,071 5,876,138 (4,584,418) 1,291,720 54,123,858 (i) Weighted-average remaining useful life of 53 months as of December 31, 2023 (2022: 43 months , 2021: 48 months ). 10. INTANGIBLE ASSETS, NET AND GOODWILL (continued) The Group recorded amortization expenses of VND466,454 million (USD19.5 million), VND2,341,850 million and VND897,562 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table identifies the estimated amortization expense of the Group’s intangible assets as of December 31, 2023 for each of the next five years (in VND million): 2024 353,048 2025 356,247 2026 205,287 2027 153,558 2028 and thereafter 223,580 Impairment testing of goodwill of the Group Allocation of goodwill Goodwill has been allocated to the Group’s reporting units that are expected to benefit from the synergies of the combination. The reporting units are identified according to main product lines as follows: Reporting unit Goodwill allocated As of December 31, 2022 2023 2023 VND million VND million USD Automotive 262,252 — — E-scooter 9,951 — — Total 272,203 — — The reporting unit of Automotive is one level below the Automobiles operating segment, whereas the E-scooter reporting unit and E-scooter operating segment are at the same level. The Group does not aggregate any reporting units for the purpose of testing goodwill for impairment. Testing impairment for reporting units The Group is required to test its goodwill for impairment annually and more frequently if indicators of impairment exist. There were no accumulated impairment losses as of December 31, 2022. As of December 31, 2023, the Group elected to bypass the qualitative assessment and proceeded directly to perform the quantitative goodwill impairment test for the reporting units. For the purpose of fair value measurement, the current use of the assets is considered as the highest and best use. Accordingly, fair value is calculated using cash flow projections from financial budgets approved by management covering the period from the reporting dates to the end of next five financial years; and extrapolated using a steady growth rate (terminal growth rate) of 3% (in 2022: 3%). The after-tax discount rate applied to cash flow projections is 16% (2022: 15%). As a result of updating the estimates and assumptions after taking into account of actual performance, the estimated fair value of the automotive and e-scooter reporting units were less than their respective carrying values. Therefore, management recorded a full impairment of VND272 billion (USD11.4 million) for goodwill, for the year ended December 31, 2023. |
INTEREST-BEARING LOANS AND BORR
INTEREST-BEARING LOANS AND BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST-BEARING LOANS AND BORROWINGS | |
INTEREST-BEARING LOANS AND BORROWINGS | 11. As of December 31, Note 2022 2023 2023 VND million VND million USD Short-term Loans from banks 11.1 6,268,276 21,307,941 892,815,763 Current portion of long-term loans 11.2 8,311,277 7,143,376 299,311,824 Current portion of bonds 11.3 — 11,443,465 479,488,184 TOTAL 14,579,553 39,894,782 1,671,615,771 Long-term Loans from banks 11.2 27,652,234 22,590,438 946,553,172 Bonds 11.3 13,972,726 7,551,628 316,417,833 Loans from others — 28,083 1,176,695 TOTAL 41,624,960 30,170,149 1,264,147,700 As of December 31, 2023, the remaining balance of undrawn lines of credit for short-term financing was VND2,176.6 billion (USD91.2 million). Interest rate and maturity date would be determined at disbursement date of the loans. 11.1 Short-term loans from banks Details of the short-term loans from banks of the Group as of December 31, 2023 were as follows: Bank As of December 31, 2023 Maturity Collateral USD (Convenience VND million translation) Vietnam Prosperity Joint Stock Commercial 8,357,347 350,177,952 From January Sharing collateral with a group of Bank 2024 to companies guaranteed the ultimate June 2024 parent company Vietnam Technological and Commercial 4,336,556 181,704,349 From January to Sharing collateral with a group of Joint Stock Bank November 2024 companies guaranteed the ultimate parent company Saigon – Hanoi Commercial Joint Stock 1,999,554 83,782,536 From February Sharing collateral with a group of Bank 2024 to companies guaranteed by certain shares December 2024 of the ultimate parent company Joint stock Commercial Bank for Investment 1,495,421 62,659,055 From March Certain shares of an affiliate of the and Development of Viet Nam – Ha Thanh 2024 to June Group held by the ultimate parent Branch 2024 company Joint stock Commercial Bank for Investment 1,300,000 54,470,795 From April Certain shares of an affiliate of the and Development of Viet Nam – Quang 2024 to June Group held by the ultimate parent Trung Branch 2024 company Westlake Flooring Company, LLC 824,671 34,554,219 May 2024 Vehicles under loan contract Ho Chi Minh City Development Joint Stock 2,994,392 125,466,857 From January Certain shares of an affiliate of the Commercial Bank 2024 to Group held by the ultimate parent June 2024 company TOTAL 21,307,941 892,815,763 Details of interest rate during the year of short-term borrowings as of December 31, 2023 were as follows: Loans and borrowings Currency Interest rate applicable in 2023 Short-term Loans VND From 6.7% to 15% UPAS Letter of Credit VND From 10.5% to 14.5% 11. 11.2 Long-term loans from banks Details of long-term borrowings as of December 31, 2023 were as follows: Lenders As of December 31, 2023 Maturity date Collateral USD (Convenience VND million translation) Syndicated loan No.1 13,997,995 586,524,554 From March 2024 to September 2030 (i) In which: current portion 2,176,904 91,213,609 Syndicated loan No.2 4,473,261 187,432,372 From May 2024 to November 2024 (i) In which: current portion 4,473,261 187,432,372 Syndicated loan No.4 2,200,874 92,217,967 From June 2024 to December 2026 (i) In which: current portion 358,215 15,009,428 Syndicated loan No.5 3,127,891 131,060,546 From November 2024 to November 2029 (i) In which: current portion 129,791 5,438,322 Syndicated loan No.6 5,918,804 248,001,508 From November 2025 to November 2026 (i) Loan from others 14,989 628,049 From January 2024 to October 2026 Unsercured In which: current portion 5,205 218,093 TOTAL 29,733,814 1,245,864,996 In which: Non-current portion 22,590,438 946,553,172 Current portion 7,143,376 299,311,824 Details of long-term borrowings as of December 31, 2022 were as follows: Lenders As of December 31, 2022 Maturity date Collateral USD (Convenience VND million translation) Syndicated loan No.1 15,287,959 640,574,834 From March 2023 to September 2030 (i) In which: current portion 2,119,385 88,803,528 Syndicated loan No.2 5,563,099 233,097,251 From May 2023 to November 2024 (i) In which: current portion 1,277,045 53,508,967 Syndicated loan No.3 4,714,072 197,522,501 April 2023 (i) In which: current portion 4,714,072 197,522,501 Syndicated loan No.4 2,290,606 95,977,793 From December 2023 to December 2026 (i) In which: current portion 176,775 7,406,981 Syndicated loan No.5 2,912,644 122,041,565 From November 2024 to November 2029 (i) Syndicated loan No.6 5,137,283 215,255,300 From November 2025 to November 2026 (i) Other loan from bank 57,848 2,423,868 From March 2023 to December 2024 (i) In which: current portion 24,000 1,005,614 TOTAL 35,963,511 1,506,893,112 In which: Non-current portion 27,652,234 1,158,645,521 Current portion 8,311,277 348,247,591 (i) As of December 31, 2023 and 2022, these long-term loans were secured by: ● Property, plant and equipment (Note 9), the Debt Service Reserve Account at the offshore account management bank, the Revenue Account at a commercial bank with outstanding balance and accumulated other related benefits arising from such account; 11. ● Certain shares of an affiliate held by another affiliate, certain shares of another subsidiary held by the ultimate parent company; ● Payment guarantee from the ultimate parent company and a commercial bank. The payment guarantee from the commercial bank is secured by certain properties held by affiliates; As of December 31, 2023, the Group’s collateral cover ratio was less than the required ratio specified in certain borrowing agreements with outstanding balance amounting to VND17,125,887 million (USD718 million). The Group subsequently restored the collateral cover ratio by adding additional assets into the collateral pursuant to the contractual agreements. By the date of the consolidated financial statements, the Group is in progress of completing administrative procedures with the relevant regulatory body to register the additional collaterals. Accordingly, VND14,819,192 million (USD621 million) under this borrowing agreement continued to be classified as non-current liabilities as of December 31, 2023. Details of interest rate during the year of borrowings as of December 31, 2023 as follows: Loans and borrowings Currency Interest rate applicable in 2023 Secured loans VND Floating interest rate, determined by the bank every six months, 10.2% to 11.8% per annum Secured loans without swap contract USD Floating interest rate, from 4.93% to 9.09% per annum Secured loans with floating interest rate swapped for fixed interest rate (also fixed transaction rate) under swap contracts (Note 20A) USD Fixed interest rate under swap contract from 4.1% to 9.15% per annum 11.3 Bonds The balance as of 31 December 2023 includes bonds arranged by a third counterparty: ● The bonds being due in December 2024 with a total issuance value of VND 11,500 billion. The remaining principal balance of the bonds is VND 11,443.5 billion (USD 479.5 million) (net of issuance costs) as of December 31, 2023. These bonds are secured by shares of an affiliate in the Group held by the ultimate parent company, and bear interest at the rate ranging from 9% to 9.25% for the first year. In the following years, the interest rate is determined by the 3.8% to 3.9% marginal interest rates and 12-month saving interest rate for individuals (paid-in-arrears) of Joint Stock Commercial Bank for Foreign Trade of Vietnam, Bank for Investment and Development of Vietnam, Vietnam Joint Stock Commercial Bank for Industry and Trade and Vietnam Technological and Commercial Joint Stock Bank. The Company and its subsidiaries have received a guarantee (irrevocable and unconditional) for all payment obligations related to this bond from the ultimate parent company. 11. ● The bonds being due in May 2025 with a total issuance amount of VND 2,000 billion. The remaining principal balance of the bonds is VND 1,985.7 billion (USD 83.2 million) (net of issuance costs) as at December 31, 2023. The bonds are secured by shares of an affiliate held by the ultimate parent company, are guaranteed (irrevocable and unconditional) by the ultimate parent company for entire repayment obligations relating to the bonds and bear interest at the rate of 9.26% for the first year. In the following years, the interest rate is determined by 3.9% marginal interest rate and 12-month saving interest rate for individuals (paid-in-arrears) of Joint Stock Commercial Bank for Foreign Trade of Vietnam, Bank for Investment and Development of Vietnam, Vietnam Joint Stock Commercial Bank for Industry and Trade and Vietnam Technological and Commercial Joint Stock Bank; ● The bonds being due in September 2025 with a total expected issuance amount of VND 1,200 billion, of which the Group received a disbursement of VND 620 billion. The remaining principal balance of the bonds as of December 31, 2023 is VND 614.1 billion (USD 25.7 million) (net of issuance costs). The bonds are secured by shares of the ultimate parent company held by VIG and guaranteed by the ultimate parent company. The bonds bear interest at the rate of 10.42% for the first year. In the following years, the interest rate is determined by 5% marginal interest rate and 12-month saving interest rate for individuals (paid-in-arrears) of Joint Stock Commercial Bank for Foreign Trade of Vietnam, Bank for Investment and Development of Vietnam, Vietnam Joint Stock Commercial Bank for Industry and Trade and Vietnam Technological and Commercial Joint Stock Bank. ● The bonds being due in January 2025 and March 2025 and with a total expected issuance amount of VND 5,000 billion. The remaining principal balance of the bonds as of December 31, 2023 is VND 4,951.8 billion (USD 207.5 million) (net of issuance costs). The bonds are secured by shares of the ultimate parent company held by the Company’s General Director and bear interest at the rate from 14.4% to 14.5% per annum during the bond period. |
CONVERTIBLE DEBENTURE
CONVERTIBLE DEBENTURE | 12 Months Ended |
Dec. 31, 2023 | |
CONVERTIBLE DEBENTURE | |
CONVERTIBLE DEBENTURE | 12. CONVERTIBLE DEBENTURE On December 29, 2023, the Company entered into the Yorkville Securities Purchase Agreement pursuant to which the Company issued and sold to Yorkville the Convertible Debenture in the principal amount of USD50 million, which is convertible into the Company’s ordinary shares on the terms set forth therein, for a purchase price of USD48.75 million. Principal, interest and any other payments due under the Convertible Debenture will be paid in cash on July 1, 2024 (the “Maturity Date”), unless converted by Yorkville or redeemed by the Company. The Convertible Debenture bears interest at an annual rate of 4%, payable in cash at maturity. The Convertible Debenture provides that at any time on or after the Convertible Debenture is issued and remains outstanding, Yorkville is entitled to convert any portion of the outstanding and unpaid principal amount of the Convertible Debenture, together with any accrued but unpaid interest, into ordinary shares at a Conversion Price of USD10 per share (up to 5,100,000 ordinary shares issuable upon the conversion of the convertible debenture). The Conversion Price will be adjusted from time to time pursuant to the terms and conditions of the Convertible Debenture. If a portion of converted ordinary shares is reduced following requirement by SEC in registrable securities included in a registration statement, the corresponding Conversion Amount will be payable in cash. The Company, at its option and in its sole discretion, has the right, but not the obligation, to redeem (each, an “Optional Redemption”) early a portion or all amounts outstanding under the Convertible Debenture, provided that the Company provide Yorkville with at least ten scheduled trading days’ prior written notice (each, a “Redemption Notice”) of our desire to exercise an Optional Redemption. Each Redemption Notice will be irrevocable and will specify the date for the Optional Redemption (each, a “Redemption Date”), the outstanding principal of the Convertible Debenture to be redeemed and the Redemption Amount (as defined below) applicable to such principal. With respect to any Redemption Notice, the “Redemption Amount” will be an amount equal to the outstanding principal actually being redeemed by the Company (after giving effect to any conversions with a Conversion Date prior to the relevant Redemption Date) on the relevant Redemption Date, plus the applicable Redemption Premium, plus all accrued and unpaid interest on the principal amount being redeemed by the Company to, but excluding, the relevant Redemption Date. “Redemption Premium” means 5% of the principal amount being redeemed pursuant to an Optional Redemption. 12. CONVERTIBLE DEBENTURE (continued) Yorkville may declare the full unpaid principal amount of the Convertible Debenture, together with interest and other amounts owing in respect thereof, immediately due and payable in cash upon the occurrence of certain specified events of default and mandatory prepayment event. Upon the occurrence and during the continuance of certain specified additional interest event related to breach of Yorkville Registration Rights Agreement, interest will accrue on the outstanding principal balance of the Convertible Debenture at a rate of 8% per annum. Without duplication of the specified additional interest event, upon the occurrence and during the continuance of any event of default, interest will accrue on the outstanding principal balance of the Convertible Debenture at a rate of 15% per annum. Pursuant to the Registration Rights Agreement, the Company is required to file a registration statement registering the resale by Yorkville of any shares of the Company’s ordinary shares issuable upon conversion of the Convertible Debentures. On February 23, 2024, the Company and Yorkville signed an Amendment to extend the filing deadline of such registration statement to March 31, 2024. The fair value as of December 29, 2023, was based on the cash proceeds at issuance in accordance with ASC 820. |
DEPOSITS AND DOWN PAYMENT FROM
DEPOSITS AND DOWN PAYMENT FROM CUSTOMERS | 12 Months Ended |
Dec. 31, 2023 | |
DEPOSITS AND DOWN PAYMENT FROM CUSTOMERS | |
DEPOSITS AND DOWN PAYMENT FROM CUSTOMERS | 13. The balance as of December 31, 2023 is represents deposits and down payment received in advance from customers for sales of automobiles, escooters and service parts, which included VND329.7 billion (USD13.8 million) of refundable deposit liabilities and VND534.7 billion (USD22.4 million) non-refundable down-payment of contract liabilities. Revenue recognized in 2023 from these contract liabilities as of December 31, 2022 amounted to approximately VND2,717.1 billion (USD113.8 million) (in 2022: VND1,009 billion, in 2021: VND1,069 billion). |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
DEFERRED REVENUE | |
DEFERRED REVENUE | 14. Deferred revenue mainly related to service-type warranties, leasing activities for batteries and maintenance services consisted of the following: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Beginning balance of the year 9,087 43,283 606,843 25,427,093 Additions 122,035 615,265 1,510,879 63,306,755 Revenue recognized (87,839) (51,705) (134,042) (5,616,442) Ending balance of the year 43,283 606,843 1,983,680 83,117,406 In which Short-term 17,338 107,448 173,582 7,273,192 Long-term 25,945 499,395 1,810,098 75,844,214 Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet dates. From the deferred revenue balance as of December 31, 2022, revenue recognized during the year ended December 31, 2023 was VND84.5 billion (USD3.5 million). Of the total deferred revenue as of December 31, 2023, the Group expects to recognize VND173.6 billion (USD7.3 million) of revenue in the next 12 months. The remaining balance will be recognized over the performance period. |
SHORT-TERM ACCRUALS
SHORT-TERM ACCRUALS | 12 Months Ended |
Dec. 31, 2023 | |
SHORT-TERM ACCRUALS | |
SHORT-TERM ACCRUALS | 15. As of December 31, 2022 2023 2023 VND million VND million USD Accruals for the purchase of raw material, machines and equipment, information technology systems and development costs 7,885,194 8,186,016 342,999,078 Accrued construction costs for factories and infrastructure 1,561,480 917,592 38,447,666 Accrued selling expenses 827,978 605,098 25,353,976 Accrued loan and bonds interests 500,259 668,000 27,989,609 Others 281,755 773,950 32,428,979 TOTAL 11,056,666 11,150,656 467,219,308 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | 16. As of December 31, 2022 2023 2023 VND million VND million USD Provision for contract penalty, compensations and purchase commitments 1,321,147 1,476,203 61,853,809 Tax payables 1,756,860 609,469 25,537,124 Assurance-type warranties 254,792 898,593 37,651,596 Payables to employees 631,064 773,628 32,415,486 Payables relating to business cooperation contract with Nam An (*) - 5,814,429 243,628,132 Others 214,115 454,971 19,063,564 TOTAL CURRENT LIABILITIES 4,177,978 10,027,293 420,149,711 Assurance-type warranties 606,429 1,692,005 70,896,045 Payable relating to government grant — 396,696 16,621,805 Others — 131,594 5,513,869 TOTAL NON-CURRENT LIABILITES 606,429 2,220,295 93,031,719 (*) On March 9, 2023, the Group entered into a business cooperation contract with Nam An Investment and Trading Joint Stock Company (“Nam An”), and a subsequent appendix to the contract (collectively refer as “the BCC”). According to the BCC, Nam An provided VND5,875 billion of cooperation capital to fund the development and construction of our automobile manufacturing facilities in Hai Phong. In return for the cooperation capital, Nam An will be entitled to receive quarterly distributions of 0.25% of the Group’s total revenue from sale of electric vehicles in all markets during the cooperation period payment on the 10 th The BCC has a term of 18 months, commencing from March 10, 2023, after which Nam An may either receive the cooperation capital amount, extend the agreement for an additional 18 months, or convert the cooperation capital amount into a secured loan. The interest rate for the potential loan would be mutually agreed upon, based on market conditions at the time of conversion. 16. Details of movement of certain provisions during the year are as below: Currency: VND million Provision for Provision contract penalty related and to purchase Assurance-type compensation commitment warranties TOTAL At January 1, 2021: — 1,444,833 428,046 1,872,879 Provision made during the year 4,340,322 65,981 178,377 4,584,680 Change in accounting estimate for pre-existing provisions — — (211,399) (211,399) Reversal of provision — (245,101) — (245,101) Offsetting against advances (402,777) — — (402,777) Utilized — (1,087,302) (59,554) (1,146,856) At December 31, 2021 3,937,545 178,411 335,470 4,451,426 At January 1, 2022: 3,937,545 178,411 335,470 4,451,426 Provision made during the year 272,779 — 740,710 1,013,489 Change in accounting estimate for pre-existing provisions (157,349) (7,728) (25,024) (190,101) Utilized (2,731,828) (170,683) (189,935) (3,092,446) At December 31, 2022 1,321,147 — 861,221 2,182,368 At January 1, 2023: 1,321,147 — 861,221 2,182,368 Provision made during the year (i) 1,111,317 — 1,873,325 2,984,642 Change in accounting estimate for pre-existing provisions — — 222,988 222,988 Utilized (956,261) — (366,936) (1,323,197) At December 31, 2023 1,476,203 — 2,590,598 4,066,801 USD 61,853,809 — 108,547,641 170,401,450 (i) The penalty and compensation costs incurred in 2023 were primarily related to the estimated charge from suppliers due to the cessation of production of certain e-scooter models and development of certain electric vehicle models. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | 17. Group as a lessee The Group determines whether an arrangement is a lease at inception. The Group has entered into various non-cancellable operating lease agreements for lands, showrooms, ship, offices and tooling used in its operations. The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of or less than 12 months). As most of the leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. 17. The balances for the operating leases where the Group is the lessee are presented as follows: As of December 31, 2022 2023 2023 VND million VND million USD Operating lease Right-of-use assets – Operating lease 4,558,983 7,074,785 296,437,819 Total operating lease liabilities 4,025,234 6,847,762 286,925,417 In which: Current portion of operating lease liabilities 768,883 1,520,305 63,701,710 Non-current operating lease liabilities 3,256,351 5,327,457 223,223,707 In which: Lease liabilities from related parties (*) 689,846 1,098,369 46,022,333 Lease liabilities from third parties 3,335,388 5,749,393 240,903,084 (*) Detail of balance of lease liabilities from related parties are as follows: As of December 31, 2022 2023 2023 VND million VND million USD Vinhomes JSC 41,517 36,133 1,513,995 VHIZ JSC — 480,290 20,124,445 Vincom Retail JSC 237,939 251,927 10,555,895 Vincom Retail Operation LLC 410,390 310,162 12,995,978 Others — 19,857 832,020 TOTAL 689,846 1,098,369 46,022,333 The components of lease expense are as follows: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Operating lease expense 336,644 757,710 1,729,244 72,456,381 Finance lease expense 12,421 — — — Other information related to operating leases where the Group is the lessee is as follows: As of December 31, 2022 2023 Weighted-average remaining lease term: Operating lease 79 76 Weighted-average discount rate: Operating leases 9.20 % 11.26 % 17. (continued) Supplemental cash flow information related to operating leases where the Group is the lessee was as follows: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases 289,642 638,235 1,549,627 64,930,319 As of December 31, 2023 and 2022, the maturities of operating lease liabilities (excluding short-term leases) were as follows: As of December 31, 2022 2023 2023 VND million VND million USD Less than 1 year 811,630 1,611,095 67,505,866 From 1 to 2 years 905,685 1,829,025 76,637,266 From 2 to 3 years 904,013 1,700,901 71,268,792 From 3 to 4 years 822,308 1,513,648 63,422,777 From 4 to 5 years 647,396 949,310 39,776,670 Thereafter 2,086,969 2,711,211 113,601,399 TOTAL 6,178,001 10,315,190 432,212,770 Less: Imputed interest 2,152,767 3,467,428 145,287,353 Present value of lease obligations 4,025,234 6,847,762 286,925,417 Less: Current portion 768,883 1,520,305 63,701,710 Non-current portion of lease obligations 3,256,351 5,327,457 223,223,707 Group as a lessor Operating Lease and Sales-type Lease Receivables The Group is the lessor of batteries of EV and E-scooter (Note 2(p)). As of December 31, 2023 and 2022, maturities of our operating lease and sales-type lease receivables from customers for each of the next five years and thereafter were as follows: Sale-type lease Operating lease As of December 31, As of December 31, 2022 2023 2023 2022 2023 2023 VND million VND million USD VND million VND million USD Less than 1 year 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 1 to 2 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 2 to 3 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 3 to 4 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 4 to 5 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 Thereafter 56,031 322,353 13,506,789 367,748 653,545 27,383,935 TOTAL 149,416 860,118 36,039,469 830,908 1,482,380 62,112,630 17. Net investment in sales-type leases Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the consolidated balance sheet as a component of prepaid expenses and other current assets for the current portion and as other assets for the non-current portion. Lease receivables relating to sales-type leases are presented on the consolidated balance sheet as follows: As of December 31, 2022 2023 2023 VND million VND million USD Gross lease receivables 149,417 904,418 37,895,667 Received cash (2,649) (53,765) (2,252,786) Unearned interest income (59,258) (142,436) (5,968,156) Net investment in sales-type leases 87,510 708,217 29,674,725 Reported as: Current net investment in sales-type lease 5,448 87,552 3,668,482 Non-current net investment in sales-type lease 82,062 620,665 26,006,243 Net investment in sales-type leases 87,510 708,217 29,674,725 Lease income in operating lease For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Lease income relating to lease payments 11,466 26,387 233,817 9,797,059 Lease income relating to variable lease payments not included in the measurement of the lease receivable 7,770 14,065 67,272 2,818,722 |
CORPORATE INCOME TAX
CORPORATE INCOME TAX | 12 Months Ended |
Dec. 31, 2023 | |
CORPORATE INCOME TAX | |
CORPORATE INCOME TAX | 18. The tax report filed by the entities under the Group is subject to examination by the tax authorities. As the application of tax laws and regulations is susceptible to varying interpretations, the amounts reported in the consolidated financial statements are more-likely-than-not and could change based on the interpretation of tax law by the relevant legal authorities. The major components of tax expense for the years ended December 31, 2023, 2022 and 2021 were: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Income taxes Current income tax expense 58,701 — 111,426 4,668,859 Deferred income tax expense/(income) 150,536 946,738 (22,294) (934,174) Income tax expense reported in the consolidated statement of operations 209,237 946,738 89,132 3,734,685 18. The reconciliation of tax computed by applying the Vietnam’s statutory tax rate of 20% to the Group’s income tax expense of the years presented are as follows: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Loss before tax expense (32,009,724) (48,902,132) (57,382,539) (2,404,363,492) Income tax benefit computed at the Vietnam statutory tax rate of 20% (6,401,985) (9,780,426) (11,476,508) (480,872,691) Effect of preferential tax rates 3,086,200 4,397,659 5,189,246 217,432,638 Foreign tax rates differential (128,853) (232,379) (341,129) (14,293,538) Non-deductible expenses 181,983 684,104 2,411,043 101,024,110 Change in valuation allowance 3,471,892 5,877,780 4,306,480 180,444,166 Estimated income tax expense 209,237 946,738 89,132 3,734,685 The Vietnam statutory income tax rate was used because the majority of the Group’s operations are based in Vietnam. 18.1 Current corporate income tax Singapore The Company incorporated in Singapore is subject to the Singapore Corporate Tax rate of 17% for the years ended December 31, 2023. Vietnam The statutory corporate income tax rate applied for subsidiaries in Vietnam is 20% of taxable income. For VinFast Vietnam, the entity was granted an incentive generated from investment project with the tax rate of 10% in the first consecutively 15 years commencing from the first year (2018) in which income from investment project is generated. VinFast Vietnam is entitled to an exemption from CIT for investment project for 4 years commencing from the first year (2021) in which a taxable income from investment project is earned, and a 50% reduction of CIT for the subsequent 9 years. Accordingly, for fiscal year 2023, VinFast Vietnam is entitled to a preferential tax rate of 10% and CIT exemption, leading to the effective tax rate of 0%. Others The CIT rates applicable to subsidiaries established in countries other than Singapore and Vietnam vary depending on the regulations of the local tax authorities. 18. 18.2 Deferred tax For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Deferred tax assets Unrecognised tax loss carried forward 1,745,182 3,238,531 5,051,815 211,674,139 Deferred tax assets from lease back transaction — 2,806,243 3,159,925 132,402,791 Written-off R&D expenses 118,549 877,778 2,136,302 89,512,361 Lease liabilities 384,044 904,451 1,063,152 44,546,719 Exceeding-deductible-cap interest expense carried forward 430,351 728,237 1,119,351 46,901,492 Start-up costs — 704,720 794,479 33,289,156 Provision for net realizable value of inventory 11,281 192,142 443,048 18,563,982 Impairment of lease assets — 122,954 44,663 1,871,407 Others 534,947 173,872 732,297 30,683,692 Total deferred tax assets 3,224,354 9,748,928 14,545,032 609,445,739 Less valuation allowance (2,840,310) (7,570,934) (12,046,066) (504,737,535) Total deferred tax assets, net amount 384,044 2,177,994 2,498,966 104,708,204 Deferred tax liabilities Deferred tax liabilities from lease back transaction — (2,115,120) (2,202,528) (92,287,271) Right-of-use assets (384,044) (904,451) (1,063,152) (44,546,719) Others (1,243) (106,404) (158,973) (6,661,066) Total deferred tax liabilities (385,287) (3,125,975) (3,424,653) (143,495,056) Net deferred tax liabilities (1,243) (947,981) (925,687) (38,786,852) Reflected in the consolidated balance sheet as follows: Deferred tax assets 50,219 — — — Deferred tax liabilities (51,462) (947,981) (925,687) (38,786,852) Deferred tax liabilities, net (1,243) (947,981) (925,687) (38,786,852) 18. 18.3 Valuation allowance for deferred tax assets Full valuation allowances have been provided where, based on all available evidence, management determined that it is more likely than not that deferred tax assets will not be realizable in future tax years. Movement of valuation allowance is as follow: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Balance at beginning of the year 1,721,902 2,840,310 7,570,934 317,226,766 Additions 1,118,408 4,730,624 4,475,132 187,510,769 Balance at end of the year 2,840,310 7,570,934 12,046,066 504,737,535 Tax losses carried forward The tax losses carried forward mainly come from Vietnamese entities, which are entitled to carry tax losses forward to offset against taxable income arising within five years subsequent to the year in which the loss was incurred. As of December 31, 2023, the Group had accumulated tax losses of VND70,951 billion (USD2,972.9 million) available for offset against future taxable profit. These are estimated accumulated tax losses as per the CIT declarations of the consolidated entities which have not been finalized by the local tax authorities as of the date of these consolidated financial statements. No deferred tax assets have been recognized in respect of these accumulated tax losses because future taxable profit cannot be ascertained at this stage. The Group has tax losses mainly arising in Vietnam that will expire in several years for deduction against future taxable profit: Tax losses amount Tax losses amount Forfeited amount after fortfeit Originating year Can be utilized up to VND million VND million VND million 2018 2023 38,141 (38,141) — 2019 2024 3,159,750 — 3,159,750 2020 2025 10,146,449 — 10,146,449 2021 2026 16,833,932 — 16,833,932 2022 2027 26,647,819 — 26,647,819 2023 2028 4,975,403 — 4,975,403 TOTAL 61,801,494 (38,141) 61,763,353 As of December 31, 2023, the Group has tax losses arising in subsidiaries other than Vietnam of VND9,187.3 billion (USD385 million) that will be carried for deduction against future taxable profit depending on the local tax regulations. Interest expense exceeds the prescribed threshold The Group is entitled to carry forward interest expense exceeding the prescribed threshold that have not been deducted when calculating CIT for the current year (“non-deductible interest expenses”) to the following year when determining the total deductible interest expenses of the following year. The subsequent period that the interest expense can be carried forward to will not exceed consecutive period of 5 years subsequent to the year in which the non-deductible interest expense incurred. No deferred tax assets were recognised in respect of the remaining non-deductible interest expense because of the uncertainty in predicting whether this non-deductible interest expense will be carried forward in the remaining time limit or not. 18. Uncertain tax position The management takes into account the requirement of ASC 740 for all uncertainty over income tax treatments. In determining the treatment for uncertain tax positions, the management considers either the probability of whether the relevant taxation authority will accept the tax treatment under tax law or preparing its income tax filings and supporting tax treatments. Based on the reasonable estimates and prudent judgements of the management, it is more likely than not that the taxation authority will accept all uncertain tax treatments of the Group. Accordingly, the Group did not record any uncertain tax position as of December 31, 2023, 2022 and 2021. Income tax returns are filed in multiple jurisdictions and are subject to examination by taxing authorities throughout the world. We have open tax years from 2020 to 2023 with various significant tax jurisdictions. Tax authorities may have the ability to review and adjust net operating loss or tax credit carryforwards that were generated prior to these periods if utilized in an open tax year. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the sustainability of income tax credits for a given audit cycle. |
OTHER INCOME AND EXPENSES AND L
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | 19. 19.1 Other operating income/expenses For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Other operating income Foreign exchange gains 450,380 33,774 — — Voucher terminated 197,760 47,760 207,098 8,677,533 Interest due to late payment from customers — — 163,754 6,861,393 Others 40,438 111,558 99,575 4,172,253 Total 688,578 193,092 470,427 19,711,179 Other operating expenses Foreign exchange losses 1,611 861,935 676,986 28,366,128 Penalties 112,704 — — — Loss from disposal of long-lived assets 113,395 — 81,165 3,400,863 Others 48,396 47,536 234,050 9,806,838 Total 276,106 909,471 992,201 41,573,829 Net other operating expenses 412,472 (716,379) (521,774) (21,862,650) 19.2 Finance income For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Interest income on loan receivables 415,230 81,836 37,950 1,590,128 Interest income on sales-type lease 25,054 1,749 29,410 1,232,297 Others 5,855 4,475 16,493 691,067 Total 446,139 88,060 83,853 3,513,492 19. 19.3 Finance costs For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Contractual coupons on loans and borrowings 3,442,117 5,883,067 8,958,420 375,363,278 Change in amortized costs of financial instruments measured at amortized cost 1,156,118 1,999,914 2,833,459 118,723,665 Others — 76,859 341,521 14,309,939 Total 4,598,235 7,959,840 12,133,400 508,396,883 19.4 Loss per share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2023, 2022 and 2021. Details are as below: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Net loss attributable to controlling interests (32,183,727) (49,783,795) (57,396,864) (2,404,963,718) Net loss attributable to controlling interests adjusted for the effect of dilution (32,183,727) (49,783,795) (57,396,864) (2,404,963,718) Unit: Shares Weighted average number of ordinary shares for basic earnings per share 1,578,726,324 2,299,008,659 2,310,823,009 2,310,823,009 Weighted average number of ordinary shares adjusted for the effect of dilution 1,578,726,324 2,299,008,659 2,310,823,009 2,310,823,009 For the year ended December 31, 2021 2022 2023 2023 VND VND VND USD Basic loss per share (20,386) (21,654) (24,838) (1.04) Diluted loss per share (20,386) (21,654) (24,838) (1.04) 19. For the year ended December 31, 2023, the Company had potential ordinary shares, including unvested shares, convertibles notes, warrants and debenture note. As the Company incurred loss for the year ended December 31, 2023, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. The weighted average number of these potential ordinary shares were excluded from the calculation of diluted net loss per share as below: For the year ended December 31, 2023 Unvested shares for service providers 83,334 DPS (Note 21) 62,806,375 Number of outstanding warrants (Note 21) 3,321,002 Convertible Debenture (Note 12) 4,875,000 In January 2022, the Company effected a 100-for-one split of ordinary shares. On August 1, 2023, the shareholders of the Company approved the consolidation of 2,412,852,458 existing ordinary shares in the capital of the Company (“Existing Shares”) held by shareholders of the Company into 2,299,999,998 ordinary shares in the capital of the Company (the “Consolidated Shares”) without any change in the paid-up share capital amount. All shares and per share amounts presented in the consolidated financial statements have been revised on a retroactive basis to give effect to the share split and the share consolidation. |
FAIR VALUE HIERARCHY
FAIR VALUE HIERARCHY | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE HIERARCHY | |
FAIR VALUE HIERARCHY | 20. A. The fair value of financial assets and liabilities by classes that are carried at fair value are as follows (continued): As of December 31, 2022 Quoted prices in Significant active markets for Significant other unobservable identical instruments observable inputs inputs Total (Level 1) (Level 2) (Level 3) (*) VND million VND million VND million VND million Financial assets: Financial assets at fair value through profit or loss - Derivative assets — cross-currency interest rate swaps contracts (i) — — 1,229,050 1,229,050 In which: Non-current portion — — 696,332 696,332 Current portion — — 532,718 532,718 At December 31, 2022 — — 1,229,050 1,229,050 Financial liabilities: Financial liabilities at fair value through profit or loss - Long-term financial liabilities in respect of DPS2 (Note 21) — — 15,180,723 15,180,723 At December 31, 2022 — — 15,180,723 15,180,723 (*) There were no transfers 20. As of December 31, 2023 Quoted prices in Significant active markets for Significant other unobservable identical instruments observable inputs inputs Total Total (Level 1) (Level 2) (Level 3) (*) VND million VND million VND million VND million USD Financial assets: Financial assets at fair value through profit or loss - Derivative assets — cross-currency interest rate swaps contracts (i) — — 614,134 614,134 25,732,590 In which: Non-current portion — — 66,124 66,124 2,770,636 Current portion — — 548,010 548,010 22,961,954 At December 31, 2023 — — 614,134 614,134 25,732,590 Financial liabilities: Financial liabilities at fair value through profit or loss - Financial liabilities in respect of DPS2 (Note 21) — — 18,258,063 18,258,063 765,024,009 - Warrant liability (Note 21) 137,057 — — 137,057 5,742,772 In which: Non-current portion 137,057 — — 137,057 5,742,772 Current portion — — 18,258,063 18,258,063 765,024,009 At December 31, 2023 137,057 — 18,258,063 18,395,120 770,766,781 (*) There were no transfers Reconciliations of significant assets and liabilities categorized within Level 3 under the fair value hierarchy are as follow (continued): Net change in unrealized As of Initial recognition fair value recognized in As of January 1, during consolidated statements December 31, 2022 the year of operations 2022 VND million VND million VND million VND million Financial assets: Financial assets at fair value through profit or loss - Derivative asset — cross-currency interest rate swaps contract (i) 5,291 — 1,223,759 1,229,050 In which: Non-current portion 5,291 — 691,041 696,332 Current portion — — 532,718 532,718 Financial liabilities: Financial liability at fair value through profit or loss - Financial liabilities in respect of DPS2 (Note 21) — 13,995,359 1,185,364 15,180,723 - Derivative liabilities — cross-currency interest rate swaps contracts (i) 2,003,184 — (2,003,184) — In which: Non-current portion 891,711 13,995,359 293,653 15,180,723 Current portion 1,111,473 — (1,111,473) — 20. As of Net change in As of As of January 1, fair value December 31, December 31, 2023 during the year Reclassification 2023 2023 VND million VND million VND million VND million USD Financial assets: Financial assets at fair value through profit or loss - Derivative asset — cross-currency interest rate swaps contract (i) 1,229,050 (614,916) — 614,134 25,732,590 In which: Non-current portion 696,332 (630,208) — 66,124 2,770,636 Current portion 532,718 15,292 — 548,010 22,961,954 Financial liabilities: Financial liability at fair value through profit or loss - Financial liabilities in respect of DPS2 (Note 21) 15,180,723 3,077,340 — 18,258,063 765,024,009 In which: Non-current portion 15,180,723 3,077,340 (18,258,063) — — Current portion — — 18,258,063 18,258,063 765,024,009 (i) As of December 31, 2023, the total net amount of fair value of the CCIRS derivative assets were VND614.1 billion (USD25.7 million) (2022: VND1,229.1 billion). The Group opted not to designate the CCIRS under hedge accounting therefore, the whole fair value change was charged to the consolidated statement of operations. Net change in fair value of CCIRS derivative instruments for 2023 was recorded as net gain on financial instruments at fair value through profit or loss in the consolidated statement of operations. In the second quarter of 2023, certain CCIRS contracts were modified to replace the LIBOR rate with the Term Secured Overnight Financing Rate (“Term SOFR”). The Company elected to apply the optional expedient (with the required criteria met) to the modification of CCIRS contracts and accordingly, did not remeasure at the modification date. 20. B Valuation methods and assumptions The following methods and assumptions were used for the estimation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: ● The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy as of December 31, 2023 and as of December 31, 2022 are shown below: Valuation Significant unobservable Rate Item technique Valuation date inputs (%/annum) CCIRS contract of the loan No.1 Discounted Cash Flow (“DCF”) December 31, 2022 Interpolated LIBOR for 4.41-4.96 December 31, 2023 Interpolated SOFR for 4.70-5.54 CCIRS contract of the loan No.2 DCF December 31, 2022 Interpolated LIBOR for 4.54-4.97 December 31, 2023 Interpolated SOFR for 4.98-5.57 CCIRS contract of the loan No.3 DCF December 31, 2022 Interpolated LIBOR for 4.86-4.89 December 31, 2023 Interpolated SOFR for Expired in Financial liabilities in respect of DPS2 Binomial option pricing model – Lattice model and DCF December 31, 2022 Credit spread of the Company (ii) 12.46 Probability of expected events & 3.31 Dividend yield ($) (ii) 0 Volatility (ii) 85%-88% Binomial option pricing model – Lattice model and Available Market Price (AMP) December 31, 2023 Credit spread of the Company (ii) 12.46 Probability of expected events & Dividend yield ($) (ii) 0 Volatility (ii) 66.6% (i) The fair value of ordinary shares as of December 31, 2022 was estimated based on the DCF method. Because there has been no public market for ordinary shares, the Company with the assistance of an independent third-party valuer has determined the fair value of ordinary shares by considering a number of objective and subjective factors, including, amongst others, operating and financial performance and trends in industry. 20. The fair value of the ordinary shares as of December 31, 2023 of $8.37 is determined as the market price of AMP ordinary shares as at the valuation date with the assistance of an independent third party valuer. An increase/decrease in the estimated fair value of ordinary shares would result in an increase/decrease in fair value of the Financial liabilities in respect of DPS2. (ii) The risk-free rates are estimated based on the curve of USD SOFR rates, swap rates, future rates as at the valuation date. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. The expected volatility at valuation date is estimated based on historical volatilities of comparable companies mirroring the remaining time to respective conversion or maturity date of the EB. Lattice model is applied to back-solve the implied credit spread of the Company at First closing date. An increase/decrease in the credit spread of the Company would result in a decrease/increase in fair value of the Financial liabilities in respect of DPS2. |
WARRANT INSTRUMENTS AND DIVIDEN
WARRANT INSTRUMENTS AND DIVIDEND PREFERENCE SHARES | 12 Months Ended |
Dec. 31, 2023 | |
WARRANT INSTRUMENTS AND DIVIDEND PREFERENCE SHARES | |
WARRANT INSTRUMENTS AND DIVIDEND PREFERENCE SHARES | 21. (i) As a result from the Business Combination Agreement with Black Spade (Note 1(b)), there were 14,829,989 warrants outstanding as of August 14, 2023. The fair value of warrant liability would be revaluated at the exercised date or at the end of each reporting period, based on the trading price of warrants on the market, with the change in fair value being recorded as a gain/loss in the consolidated statements of operations. The fair value of the warrant liability would continue to be classified as a liability until the warrants are exercised or expired or an amendment of the warrant agreement renders these warrants to be no longer classified as a liability. Details of warrants excerised during the year as belows: Number of Value of warrants warrants Exercised warrant’s exercised (VND Exercised date exercised fair value (USD) million) September 11, 2023 8,952,668 5.22 1,132,105 September 12, 2023 1,548,597 5.79 217,524 September 13, 2023 301,203 5.725 41,937 September 14, 2023 79,164 5.49 10,598 September 15, 2023 243,403 6.05 35,968 September 18, 2023 32,246 5.83 4,611 September 19, 2023 306,104 6.4 48,085 September 20, 2023 45,601 5.95 6,643 Total 11,508,986 1,497,471 There were 3,321,002 warrants outstanding and exercisable (ii) On April 29, 2022 and June 4, 2022, the Company and Vingroup JSC entered into Subscription Agreements with certain investors pursuant to which, Vingroup JSC issued to such investors, and such investors subscribed for, USD525 million aggregate principal amount of fixed rate exchangeable bonds due 2027 (‘First Closing Bonds’) and USD100 million aggregate principal amount of fixed rate exchangeable bonds due 2027 (‘Second Closing Bonds’), respectively. Both First Closing Bonds and Second Closing Bonds are referred to as the “EB”. Investors of the EB has the right to require Vingroup JSC to redeem the EB upon the occurrence of certain events, including, amongst others, a change of control of the Company, certain qualifying liquidity events occurring or failing to occur on or prior to September 25, 2023, in respect of the Company. The amount payable upon redemption depends on the relevant redemption event, timing and other applicable conditions; in certain instances, the amount payable is the amount which would provide the investors an agreed minimum internal rate of return. 21. Concurrent with the entry into the EB, the Company entered into a Deed Poll, pursuant to which investors of the EB have the rights to exchange their EB upon the completion of an initial public offering of the Company, for a specified number of ordinary shares in the Company at the exchange rate determined at the time of exchange. Pursuant to the Deed Poll, the Company is required to file a registration statement, at the Company’s sole cost and expense, registering the resale of exchange shares upon conversion of the EB. On February 29, 2024, a Supplemental Deed Poll was signed to extend the filing deadline of such registration statement to March 31, 2024, after receiving the approval from EB investors. Under the terms of the EB, Vingroup JSC shall use the proceeds from the issuance of the EB (net of fees and expenses incurred in connection with such issuance) to contribute capital into VinFast Vietnam via the issuance of Dividend Preferred Shares (“DPS2”) (Note 22). In May and June 2022, VinFast Vietnam issued DPS2 amounting to VND11,745.72 billion and VND2,249.64 billion to Vingroup JSC, respectively. The DPS2 are non-voting, non-redeemable and entitled to dividend at specified rates. The DPS2 shall be converted automatically into ordinary shares of VinFast Vietnam at the earlier of the transfer of such DPS2 from Vingroup JSC to the Company and the date falling five years and three months after the issuance date of DPS2 at the conversion rate 1:1 and the conversion rate can be adjusted based on the occurrence of the Adjusting Event which is defined in accordance with relevant documents and dependent on whether the appropriate internal approvals of VinFast Vietnam is in place or not. In July 2022, the Company entered into a put option agreement with Vingroup JSC, pursuant to which Vingroup JSC will have the right to require the Company to purchase DPS2 on the earlier of Vingroup JSC’s receipt of a notice to redeem the EB or the maturity date of the EB. The above series of financial instruments and contracts, together with all rights, obligations and features, were treated as a bundle, collectively, the ‘Financial liabilities in respect of DPS2’ and is measured at fair value through profit or loss in the consolidated statements of the Company. As of December 31, 2023, the fair value of the Financial liabilities in respect of DPS2 was VND18,258.1 billion (USD765.0 million). Change in fair value of the Financial liabilities in respect of DPS2 was recorded as loss on financial instruments at fair value through profit or loss in the consolidated statement of operations. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
TRANSACTIONS WITH RELATED PARTIES | |
TRANSACTIONS WITH RELATED PARTIES | 22. The principal related parties with which the Group had significant transactions during the years ended December 31, 2023, 2022 and 2021 presented are as follows: Related parties Relationship with the Company Pham Nhat Vuong General Director Vingroup JSC Ultimate Parent VIG Shareholder Asian Star Trading & Investment Pte. Ltd. (“Asian Star”) Shareholder VinES Energy Solutions JSC (“VinES JSC”) Entity under common control Vinbus Ecology Transport Services Limited Liability Company (“Vinbus Ecology LLC”) Entity under common control Vincom Retail JSC Entity under common control Vincom Retail Operation Company Limited (“Vincom Retail Operation LLC”) Entity under common control VIN3S JSC Entity under common control Vinhomes Industrial Zone Investment JSC (“VHIZ JSC”) Entity under common control Vinhomes JSC Entity under common control Vinpearl JSC Entity under common control Vinsmart Research and Manufacture JSC (“Vinsmart JSC”) Entity under common control VinFast Lithium Battery Pack Limited Liability Company (“VinFast Lithium Battery Pack LLC”) Associate of Parent Company SADO JSC Entity under common control Times Trading Investment and Development One Member LLC Entity under common control Vinbiocare Biotechnology JSC Entity under common control Thai Son Construction Investment JSC Entity under common control Green and Smart Mobility Joint Stock Company (“GSM JSC”) Entity under common control Ecology Development and Investment Joint Stock Company (“Ecology JSC”) Entity under common control Suoi Hoa Urban Development and Investment Joint Stock Company (“Suoi Hoa JSC”) Entity under common control VinCSS Internet Security Services Joint Stock Company (“VinCSS JSC”) Entity under common control VinITIS Transmission Infrastructure and Information Technology Solution (“VinITIS JSC”) Entity under common control Vantix Technology Solutions and Services Joint Stock Company Entity under common control VinBigData Joint Stock Company (“VinBigData JSC”) Entity under common control 22. TRANSACTIONS WITH RELATED PARTIES (continued) Significant transactions with related parties during the year ended December 31, 2023, 2022 and 2021 were as follows: For the year ended December 31, 2021 2022 2023 2023 Related party Transactions VND million VND million VND million USD Vingroup JSC Borrowings 31,938,007 51,879,878 73,708,579 3,088,434,551 Borrowings (converted from interest payable) — 2,625,845 — — Borrowings (converted from the Group’s consideration payable to Vingroup JSC for acquisition of Vingroup Investment) 4,693,380 — — — Interest expense 1,229,683 2,349,133 3,757,113 157,425,333 Capital contribution by offsetting against 4,121,775 45,733,714 — — Capital contribution receipt in cash 2,515,000 6,000,000 — — Capital contribution by offsetting against P — 25,782,160 — — Capital contribution receipt in cash — 163,392 — — Issuance of DPS2 — 13,995,359 — — Cash received from selling car vouchers — 700,150 — — Payable due to the acquisition of VinFast 25,782,160 — — — Advance to acquire shares of VinFast 235,000 — — — Information technology service fee 9,238 18,348 23,400 980,474 22. TRANSACTIONS WITH RELATED PARTIES (continued) For the year ended December 31, 2021 2022 2023 2023 Related party Transactions VND million VND million VND million USD Asian Star Borrowings — 94,920 — — Capital contribution receipt in cash — 47,569 — — Sponsorship contribution – accounted for as deemed contribution — — 1,667,786 69,881,254 VIG Payable due to the acquisition of VinFast Vietnam by 24,208,340 — — — Consideration receivable from disposal of ICE assets — 24,208,340 — — Consideration receivable from disposal of ICE assets — 1,148,215 — — Cash received for disposal of ICE assets (inclusive of — 2,000,000 — — Capital contribution receipt in cash 5,870,619 106,168 — — Advance to acquire shares of VinFast Vietnam 226,917 — — — Pham Nhat Vuong Sponsorship contribution - accounted for as deemed — 350,000 18,980,000 795,273,611 Capital contribution in cash 247,963 — — — Vinhomes JSC Cash received from selling car and e-scooter vouchers 3,967,140 5,345,953 937,953 39,300,804 Sale of smart devices — 1,933 136,773 5,730,872 Borrowings 4,270,000 — — — Reduction of borrowings through offsetting debt 1,921,337 — — — Service fee 41,627 73,091 68,002 2,849,325 Vinpearl JSC Borrowing — 500,000 — — Interest expenses — 13,956 20,523 859,926 Interest receivable 244,557 72,353 9,862 413,224 Purchase of hospitality vouchers 165,303 56,095 160,564 6,727,730 Purchase of other services 18,811 99,224 96,026 4,023,548 Advance to buy voucher — 150,000 — — Hotel service expenses 121,122 99,794 43,044 1,803,570 Sale of vehicles and spare parts — 40,249 26,696 1,118,579 Loan receivables 4,353,000 — — — VinBigData JSC Purchase of assets, tools — 43,273 49,385 2,069,262 22. TRANSACTIONS WITH RELATED PARTIES (continued) For the year ended December 31, 2021 2022 2023 2023 Related party Transactions VND million VND million VND million USD VinES JSC Sale of battery parts and finished batteries — 1,355,548 — — Transfer of battery production facilities — 5,061,503 85,799 3,595,031 Processing fee — — 892,591 37,400,109 Purchase of finished battery packs, tools and service — 5,413,397 1,309,497 54,868,725 Payment on behalf related to batteries purchase — 7,448,574 16,813 704,475 Purchase of raw material and spare parts — — 699,999 29,330,386 Vinsmart JSC Purchase of fixed assets, tools, materials and goods 595,827 3,178,988 25,279 1,059,206 Loan receivable 1,227,000 — — — Transfer of investments 634,406 — — — Purchase of smartphones 930,065 — — — VHIZ JSC Contractual profit sharing under business investment 336,000 56,000 — — Interest expense — 1,202,202 1,574,845 65,986,969 Payment on behalf — 377,921 171,750 7,196,430 Vincom Retail JSC Borrowings 295,000 3,250,000 3,540,000 148,328,166 Interest expense 5,173 54,547 42,262 1,770,804 Vincom Retail Operation LLC Rental showrooms and charging stations 76,666 110,077 109,551 4,590,254 Borrowings — 4,570,000 6,920,000 289,952,233 Interest expense — 55,726 117,031 4,903,670 Suoi Hoa JSC Borrowings — — 685,000 28,701,919 VIN3S JSC Purchase of information technology services and software 148,586 350,577 23,959 1,003,897 VinFast Lithium Battery Pack LLC Purchase of assets, materials and tools 189,407 319 5,140 215,369 Vantix JSC Purchase of services — 6,435 24,690 1,034,526 Vinbus Ecology LLC Revenue from sale of electric buses 480,102 847,128 170,427 7,140,996 Ecology JSC Revenue from sale of electric buses — 46 254,902 10,680,550 GSM JSC Revenue from sale of vehicles — — 18,969,175 794,820,037 Other revenues — — 9,184 384,815 Late payment penalty interest — — 143,856 6,027,654 VinCSS JSC Information technology service fee 8,505 73,421 94,196 3,946,870 VinITIS JSC Information technology service fee 25,917 28,959 60,020 2,514,875 VinBigData JSC Purchase of assets and tools — 43,273 49,385 2,069,262 22. TRANSACTIONS WITH RELATED PARTIES (continued) Terms and conditions of transactions with related parties during the years During the year ended December 31, 2023, 2022 and 2021, the Group sold/purchased goods and rendered/purchased services to/from related parties based on negotiated prices. The sales to and purchases from related parties are made on terms agreed among parties. Outstanding balances at the year-end are unsecured and interest free (except for loans to and borrowings from related parties which are subject to interest rate of 5.7% or 15% per annum) and settlement occurs in cash or offsetting against debts. There has been no guarantee provided or received for any related party receivables or payables. During the years ended December 31, 2023, 2022 and 2021, the Group has not made provision for doubtful debts relating to amounts due from related parties. This assessment is undertaken each financial period through the examination of the financial position of the related parties and the market in which the related parties operate. Capital Funding Agreement VinFast Vietnam, a subsidiary, has entered into the non-binding Capital Funding Agreement and the related amendment with the Company’s General Director, Mr. Pham Nhat Vuong and Vingroup JSC, Asian Star, VIG (hereby called the Initial Shareholders) that provides a framework for us to receive up to VND60,000.0 billion (USD2,514.0 million), consisting of VND24,000.0 billion (USD1,005.6 million) in grants from the General Director, Mr. Pham Nhat Vuong, directly or through the Asian Star and VIG, as well as up to VND24,000.0 billion (USD1,005.6 million) in loans and up to VND12,000.0 billion (USD502.8 million) in grants from Vingroup JSC by April 2024, in amounts to be mutually agreed, at such time as required by VinFast and subject to the Company’s General Director and the Company’s Initial Shareholders having sufficient financial resources. As of December 31, 2023, Mr. Pham Nhat Vuong and Asian Star have disbursed an aggregate amount of VND20,647.8 billion (USD865.2 million) to VinFast as a free grant and Vingroup has disbursed approximately VND23,986.6 billion (USD1,005.1 million) in loans to VinFast in accordance with the Capital Funding Agreement. Transactions with VIG JSC related to internal combustion engine (“ICE”) assets disposal in 2022 In 2022, VinFast Vietnam disposed ICE Assets to VIG. After the ICE Assets were legally transferred in June 2022, a portion of these assets was leased back until early November 2022, at which point ICE vehicle production was ceased, resulting to the disposal of ICE Assets being completed by that time, at net gain of VND13,604.2 billion. During 2022, VIG settled a portion of the consideration. For the purpose of presentation, the net gain of VND13,604.2 billion is presented net of the outstanding receivable due from VIG of VND1,642.5 billion (USD68.8 million). As a result, the net impact of VND11,961.7 billion (USD501.2 million) is recognized in the consolidated statements of shareholders’ equity as a deemed contribution arising from the disposal of the ICE assets. 22. TRANSACTIONS WITH RELATED PARTIES (continued) Amounts due to and from related parties as of December 31, 2023 and 2022: As of December 31 2022 2023 2023 VND million VND million USD Amounts due from related parties Short-term loans, advance to and receivables from related parties. 1,978,097 3,080,663 129,081,664 Short-term loans (Note 22a) 545,400 — — Short-term advance to and receivables (Note 22b) 1,432,697 3,080,663 129,081,664 Long-term loans to and receivables 44,533 47,443 1,987,891 Long-term receivables 44,533 47,443 1,987,891 Total 2,022,630 3,128,106 131,069,555 Amounts due to related parties Short-term payables to and borrowings from related parties 17,325,317 44,338,043 1,857,791,125 Short-term payables (Note 22b) 16,605,397 6,910,748 289,564,568 Short-term borrowings (Note 22a) 719,920 37,427,295 1,568,226,557 Long-term payables to related parties 21,918,710 18,151,355 760,552,879 Long-term payables (Note 22b) 14,371,365 15,765,658 660,590,715 Long-term borrowings (Note 22a) 7,547,345 2,385,697 99,962,164 Total 39,244,027 62,489,398 2,618,344,004 a) As of December 31, 2023: Interest rate Related parties VND million per annum Maturity date Short-term borrowings from related parties Vingroup JSC 37,410,790 From 5.7% to 12 % From February 2024 to December 2024 Vinpearl Australia Pty Ltd. 16,505 7 % August 2024 Total 37,427,295 Long-term borrowings from a related party Vingroup JSC 2,385,697 From 14.5% to 15 % August 2025 and September 2026 Total 2,385,697 22. TRANSACTIONS WITH RELATED PARTIES (continued) As of December 31, 2022: Interest rate Related parties VND million per annum Maturity date Short-term loans to a related party Vinpearl JSC 545,400 9 % September 2023 Total 545,400 Short-term borrowings from related parties Vingroup JSC 325,000 9 % From August 2023 to October 2023 Vinpearl JSC 300,000 9 % August 2023 Asian Star 94,920 7.5 % June 2023 Total 719,920 Long-term borrowings from a related party Vinpearl JSC 7,547,345 9 % February 2024 and December 2026 Total 7,547,345 b) Detail of other balance due from and due to related parties: As of December 31, 2023: Related parties Transactions VND million Short-term advance to and receivables from related parties GSM JSC Receivable from sale of vehicles 2,295,142 Ecology JSC Receivable from sale of electric buses 275,215 VinES JSC Receivable from disposal of assets 237,184 Vinhomes JSC Receivable from sale of smart devices 87,735 Vinbus Ecology LLC Receivable from sale of electric buses 75,010 VHIZ JSC Payment on behalf and others 36,760 Others Other advance and short-term receivables 73,617 Total 3,080,663 Short-term payables to related parties VHIZ JSC Payable for leaseback transaction and others 1,165,590 Vingroup JSC Interest payables and others 1,781,633 Vinsmart JSC Payable for purchasing of raw materials and assets 114,633 Vinhomes JSC Car vouchers which have not been redeemed 888,801 Other payables 1,496,378 VinES JSC Payable for purchasing of goods and services 901,233 Vin3S JSC Payable for purchasing of assets and services 58,408 Others Other payables 504,072 Total 6,910,748 Long-term payables to related parties VHIZ JSC Payables for leaseback transaction and others 15,296,294 Vingroup JSC Interest payables 469,364 Total 15,765,658 22. TRANSACTIONS WITH RELATED PARTIES (continued) As of December 31, 2022: Related parties Transactions VND million Short-term advance to and receivables from related parties VinES JSC Receivable from disposal of assets 1,000,000 VinFast Lithium Battery Pack LLC Receivable from disposal of assets and selling material 46,270 Vinpearl JSC Interest receivables 133,626 Advance for purchase of vouchers 91,944 Other receivables 24,634 Vingroup JSC Receivable from providing services and disposal of assets 45,676 VHIZ JSC Payment on behalf and others 38,413 Others Other advance and short-term receivables 52,134 Total 1,432,697 Short-term payables to related parties VHIZ JSC Payable relating to leaseback transaction and others 919,493 Vingroup JSC Car vouchers which have not been redeemed 699,390 Interest payables and others 113,883 Vinsmart JSC Payable for purchasing of raw materials and assets 2,038,084 Vinhomes JSC Car vouchers which have not been redeemed 3,520,132 Other payables 84,801 VinES JSC Payable relating to purchase of goods and services 8,816,483 Vin3S JSC Payable relating to purchase of assets and services 104,792 Others Other payables 308,339 Total 16,605,397 Long-term payables to related parties VHIZ JSC Payables relating to leaseback transaction and others 14,274,362 Vingroup JSC Interest payables 97,003 Total 14,371,365 |
ASSETS CLASSIFIED AS HELD FOR S
ASSETS CLASSIFIED AS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2023 | |
ASSETS CLASSIFIED AS HELD FOR SALE | |
ASSETS CLASSIFIED AS HELD FOR SALE | 23. The Group classified certain long - lived assets under the Automobiles segment, as held for sale as of December 31, 2023 due to its plan to dispose of these assets. As of December 31, 2022 2023 2023 VND million VND million USD Carrying value of assets held for sale Assets of Lang Lang Proving Ground 360,893 — — Total 360,893 — — In accordance with the Director’s Resolution dated 6 September 2021 of VinFast Australia Pty Ltd, the Group established a plan to dispose of fixed assets of Lang Lang Proving Ground in Australia. As of December 31, 2022, the Group identified a potential customer and was in the process of negotiation to finalize a sale agreement. However, the transaction was not completed by the end of 2023 given the Group’s non- agreement to continuously extend the due diligence period as required by the potential customer, the Group reclassified the Lang Lang Proving Ground from assets held for sale to assets held in use as of December 31, 2023. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | 24. The Company has three reportable segments, namely Automobiles, E-scooter and Spare parts & Aftermarket services. The Automobiles segment includes the design, development, manufacturing and sales of cars and electric buses and related battery lease and battery charging services for electric cars and buses. The E-scooter segment includes the design, development, manufacturing and sales of e-scooters and related battery lease and battery charging service for e-scooters. The sales of spare parts and rendering of aftermarket services for automobiles and e-scooters are included in the Spare parts & Aftermarket services segment. A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “All other”. The “All other” category mainly includes factory management service, other leasing activities. Our CODM does not evaluate operating segments using asset or liability information. Information about segments presented revenues, gross profit (loss) and operating profit (loss) by reportable segment were as follows: 24. SEGMENT REPORTING (continued) For the year ended December 31, 2023: Currency: VND million Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (**) Total Revenues (*) 24,943,304 2,619,240 1,069,287 80,220 — 28,712,051 Cost of sales (37,934,797) (3,178,050) (704,515) (121,463) — (41,938,825) Gross loss (12,991,493) (558,810) 364,772 (41,243) — (13,226,774) Operating expenses (21,297,408) (738,912) — — (5,190,065) (27,226,385) Operating loss (34,288,901) (1,297,722) 364,772 (41,243) (5,190,065) (40,453,159) (*) Revenues from a group of customers under common control of Automobiles and E-scooters segments represents approximately VND19,435.3 billion (USD812.7 million) of the Company’s consolidated revenues (2022: VND 923.3 billion, 2021: VND488.1 billion). For the year ended December 31, 2022 (represented): Currency: VND million Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (**) Total Revenues 11,136,049 1,505,461 2,213,369 110,712 — 14,965,591 Cost of sales (22,854,342) (2,323,472) (1,962,906) (91,776) — (27,232,496) Gross loss (11,718,293) (818,011) 250,463 18,936 — (12,266,905) Operating expenses (25,628,175) (688,540) — — (3,672,744) (29,989,459) Operating loss (37,346,468) (1,506,551) 250,463 18,936 (3,672,744) (42,256,364) For the year ended December 31, 2021: Currency: VND million Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (**) Total Revenues 13,593,482 678,936 634,793 1,120,971 — 16,028,182 Cost of sales (22,720,417) (1,040,905) (453,213) (1,069,423) — (25,283,958) Gross loss (9,126,935) (361,969) 181,580 51,548 — (9,255,776) Operating expenses (15,525,771) (499,865) — — (1,785,989) (17,811,625) Operating loss (24,652,706) (861,834) 181,580 51,548 (1,785,989) (27,067,401) 24. SEGMENT REPORTING (continued) For the year ended December 31, 2023 (convenience translation): Currency: USD Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (*) Total Revenues 1,045,139,697 109,747,763 44,803,779 3,361,261 — 1,203,052,500 Cost of sales (1,589,491,191) (133,162,239) (29,519,609) (5,089,386) — (1,757,262,425) Gross loss (544,351,494) (23,414,476) 15,284,170 (1,728,125) — (554,209,925) Operating expenses (892,374,424) (30,960,865) — — (217,466,899) (1,140,802,188) Operating loss (1,436,725,918) (54,375,341) 15,284,170 (1,728,125) (217,466,899) (1,695,012,113) (**) Unallocated expenses are mainly related to general and corporate administrative costs such as wages and salaries for employees responsible for general corporate functions, including accounting, finance, tax, legal and human relations; technology-related fees; depreciation and amortization of fixed assets used for administration purpose; professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker as part of segment performance. The following table presents revenues by geographic area based on the sales location of the products: For the year ended For the year ended December 31, 2021 December 31, 2022 For the year ended December 31,2023 VND million VND million VND million USD Vietnam 14,996,611 14,965,591 27,975,180 1,172,177,156 United States 1,031,571 — 159,164 6,669,069 Canada — — 577,707 24,206,277 Total 16,028,182 14,965,591 28,712,051 1,203,052,500 The following table presents revenues earned from customers for each group of similar products and services: For the year ended For the year ended December 31, 2021 December 31, 2022 For the year ended December 31,2023 VND million VND million VND million USD Sales of ICE vehicles 13,107,978 6,688,467 220,397 9,234,769 Sales of e-cars 5,402 3,582,632 23,499,733 984,653,189 Sales of e-buses 480,102 847,128 628,115 26,318,403 Sales of e-scooters 678,936 1,385,479 2,020,921 84,677,825 Sale of spare parts 538,216 2,072,628 882,146 36,962,457 Sale of smartphones 1,031,571 — — — Rendering of aftermarket services 96,577 140,689 187,141 7,841,322 Revenue from leasing activities and others 89,400 248,568 1,273,598 53,364,535 Total revenue 16,028,182 14,965,591 28,712,051 1,203,052,500 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 25. Commitments related to the development of the projects and products The Group signed contracts relating to the purchase and installation of machinery and equipment, information technology systems and deployment of site clearance, construction of factories and development of products. The estimated commitment amount of these contracts as of December 31, 2023 was VND13,198.2 billion (USD553.0 million) (December 31, 2022: VND18,498.9 billion). Commitments related to the minimum purchase commitment The Group signed the contracts with certain suppliers to agree the minimum purchase volume in which the Group committed and promised that the annual purchase volume from these suppliers is not lower than the quantity agreed upon by the two parties in the signed contract and/or other accompanying documents. In case of shortfall purchase, the suppliers will reserve the right to revise the quotation and component pricing or are entitled to compensation from the Group. If the specified minimum quantities are not reached, the Group is relieved from the obligation when the necessary waivers are obtained. Contingent liabilities related to contract termination penalty The Group has estimated the compensation expenses deriving from early termination of contracts with suppliers as result of the Group’s ceasation of production or development of certain vehicle models. The Group is in the process of negotiating with suppliers to finalize the compensation expenses. The ultimate resolution of the matter could result in a loss of up to VND421.6 billion (USD17.7 million) in excess of the amount accrued. Other commitments Under the agreement signed between VinFast Vietnam and World Triathlon Corporation, VinFast Vietnam is the Event Title Partner of Ironman World Championship event series. The Group has committed to paying the annual fees with total remaining amount of VND207.6 billion (USD8.7 million) until the end of 2025. The Group has engaged in a contract to buy engines from a supplier. As per the terms of this agreement, the Group anticipates incurring a loss of VND84 billion (equivalent to USD3.52 million) when fulfilling the remaining obligations of the contract. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 26. In January 2024, the Group completed the acquisition of VinES JSC, an affiliate, with no consideration from the Company’s General Director.The acquisition of VinES is intended to provide security to the Group’s battery supply, improve battery cost optimization and expand our access to external partners for the latest battery technologies. There are no other matters or circumstances that have arisen since the consolidated balance sheet date that requires disclosure in consolidated financial statements of the Group. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of preparation and presentation | Basis of preparation and presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of consolidation | Principles of consolidation All significant intercompany transactions and balances and unrealised gains or losses from intercompany transactions within the Group are eliminated upon consolidation. |
Operating segments | Operating segments ASC 280, Segment Reporting, establishes standards to report in consolidated financial statements information about operating segments, products, services, geographic areas, and major customers. The Chief Operating Decision Maker monitors each segment’s performance for the purpose of making decisions on resource allocation and performance assessment. Based on the criteria established by ASC 280, the Group has three operating segments which are reportable segments, namely Automobiles, E-scooters and Spare Parts & Aftermarket services. |
Use of estimates | b) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include, but are not limited to, the valuation of derivatives; depreciable lives of property, plant and equipment and intangible assets; assessment for impairment of long-lived assets and goodwill, product warranty, lease terms, shortfall volume provision, residual value guarantee and standalone selling price of each distinct performance obligation in revenue recognition. Actual results could differ from these estimates. |
Asset acquisitions | c) Asset acquisitions Where an asset is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Accordingly, no goodwill is recognized. Otherwise, the acquisitions are accounted for as business combinations. Regarding to the transaction with Black Spade pursuant to the Business Combination Agreement as disclosed in Note 1(b), the merger of Black Spade with a wholly owned subsidiary of VinFast is not within the scope of ASC 805 Business Combinations, considering that Black Spade does not meet the definition of a business in accordance with ASC 805. At the closing of transaction, VinFast issued ordinary shares for the identifiable net assets of Black Spade (a blank check company), which will be executed in the form of an exchange of Black Spade Ordinary Shares held by Black Spade Shareholders for VinFast ordinary shares, thereby the Transactions was accounted for as a recapitalization in accordance with U.S. GAAP. Under a recapitalization, no goodwill or other intangible assets was recorded. Upon Closing, Black Spade was the surviving company and renamed as SpecCo Ltd., i.e., surviving the Business Combination as a wholly owned subsidiary of VinFast. VinFast was determined to be the accounting acquirer as VinFast obtained control over Black Spade after the Transactions. The Sponsor was only entitled to designate one representative to attend meetings of VinFast’s Board in a non-voting observer capacity. Since it is a non-voting position, it does not affect VinFast’s ability to exercise control over Black Spade, and Black Spade is the accounting acquiree. Black Spade’s identifiable net assets were consolidated into VinFast at fair value. Any difference between the fair value of VinFast ordinary shares issued and the fair value of Black Spade’s identifiable net assets, if any, was recorded as additional paid-in capital. |
Business combinations | d) Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC Topic 805, Business Combinations. The purchase method of accounting requires that the consideration transferred to be allocated to the net assets, including separately identifiable assets and liabilities the Group acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of the fair value of considerations transferred, the fair value of the non-controlling interests (if any) and previously held equity interest (if any) over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. |
Disposal of subsidiaries to under common control entities | e) Disposal of subsidiaries to under common control entities The Group derecognizes the net assets transferred at carrying amount and generally recognizes no gains or losses. A difference between any proceeds received and the carrying amounts of the net assets transferred is recognized in equity in the consolidated financial statements. |
Investment | f) Investment Short-term investments consist of short-term deposits, which are time deposits placed with banks and have original maturities between three months and one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss for the years presented. |
Cash and cash equivalents | g) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, cash in banks, cash in transit and short-term, highly liquid investments, which are unrestricted as to withdrawal and use, with an original maturity of not more than three months that are readily convertible into known amount of cash and that are subject to an insignificant risk of change in value. |
Inventories | h) Inventories Inventories are stated at the lower of cost incurred in bringing each product to its present location and condition, and net realizable value. Net realizable value (“NRV”) is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. 2. The perpetual method is used to record inventories, which are valued as follows: Raw materials, goods in transit, tools and merchandises — cost of purchase on a weighted average basis. Finished goods and work in process — cost of direct materials and labour plus attributable manufacturing overheads based on the normal operating capacity on a weighted average basis. Reserve for obsolete inventories Raw materials, work in process, finished goods, and other inventories owned by the Group are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete based on appropriate evidence available at the date of the consolidated balance sheet. |
Property, plant and equipment | i) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. The cost of property, plant and equipment comprises their purchase prices and any directly attributable costs of bringing the property, plant and equipment to working condition for its intended use. Depreciation of property, plant and equipment are calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Buildings and structures (*) 3 – 49 years Machinery and equipment 3 – 25 years Leased-out EV batteries 9 Leased-out escooter batteries 3 – 8 years Vehicles 5 – 12 years Office equipment 3 – 10 years (*) Including leasehold improvements which are depreciated on a straight-line basis over the shorter of their estimated useful lives and terms of the related leases. Freehold land is not depreciated. Property, plant and equipment are derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss from disposal (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of operations when the asset is derecognized. The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Construction in progress is included within property, plant and equipment and is not amortized until the related asset is ready for its intended use. The useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the depreciation period or method, as appropriate, and are treated as changes in accounting estimate. |
Assets classified as held for sale | j) Assets classified as held for sale The Group classifies long-lived assets and disposal groups as held for sale if their carrying amounts will be recovered principally through disposal by sale rather than through continuing use. Such long-lived assets and disposal groups are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the sale, excluding the finance costs and income tax expenses. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheets. If at any time the criteria for held for sale classification are no longer met, a long-lived asset classified as held for sale should be considered to reclassify as held and used at the lower of its carrying amount before the asset was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell. |
Intangible assets | k) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Licenses Amortization of intangible assets is calculated on a straight-line basis over the estimated useful life of each asset as follows: License 3 years 2 months – 3 years 4 months Software 3 – 8 years Others 3 – 15 years Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimate. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of operations in the expense category that is consistent with the function of the intangible assets. 2. Software purchased from external suppliers for purpose of internal use which is in progress of development as of balance sheet date is included in intangible assets and not amortized until it is ready for intended use. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of operations. |
Goodwill | l) Goodwill The Group assesses goodwill for impairment in accordance with ASC 350-20, Intangibles-Goodwill and Other: Goodwill (“ASC 350-20”), which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events. The Group early adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) from January 1, 2019, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test from January 1, 2020. The Group has identified two reporting units as disclosed in Note 10. The Group has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. For the year ended December 31, 2023, 2022 and 2021, the Group elected to perform a quantitative assessment. The Group estimated the fair value of the reporting units based on an income approach which involved significant management judgment, estimates and assumptions such as the discount rate, sale price, sale volume, production costs and other operating expenditures, terminal growth rate. As a result of updating the estimates and assumptions after taking into account of actual performance, the fair value of the reporting units was less their carrying value and therefore, goodwill was fully impaired and recorded in the year ended December 31, 2023 (Note 10). |
Impairment of long-lived assets | m) Impairment of long-lived assets The Group evaluates its long-lived assets, including fixed assets, intangible assets with finite lives and right-of-use assets, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. |
Borrowing costs | n) Borrowing costs Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for the assets had not been made. Capitalization of interest costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are being incurred. Interest costs are capitalized until the assets are ready for their intended use. |
Warranty provisions | o) Warranty provisions The Group provides a standard manufacturer’s warranty on all new vehicles at the time of vehicle sale. The Group accrues a warranty reserve for the vehicles sold, which includes the best estimate of projected costs to repair or replace items under warranties including recalls when identified. These estimates are primarily based on the estimation of the nature, frequency and average costs of claims or peer benchmarking with other automakers. The estimate of warranty-related costs is revised at each reporting date. Warranty cost is recorded as a component of cost of sale in the consolidated statement of operations. The Group re-evaluates the adequacy of the warranty accrual on a regular basis. Management records and adjusts warranty reserves based on changes in estimated costs and actual warranty costs. As the Group only commenced volume production of VinFast cars in June 2019, management’s experience with warranty claims regarding vehicles or with estimating warranty reserves is limited. The Group could, in the future, become subject to significant and unexpected warranty claims, resulting in significant expenses, which would in turn materially and adversely affect its financial condition, results of operations, and prospects. As of December 31, 2023 and 2022, the portion of the warranty reserve expected to be incurred within the next 12 months is included in other current liabilities, while the remaining balance is included in other non-current liabilities on the consolidated balance sheets. |
Convertible debentures. | p) Convertible Debenture The Group has elected the fair value option to account for the Convertible Debenture that was issued in December 2023 due to the certain embedded features that is required to be birfurcated, discussed further in Note 12 - Convertible Debenture. The Group recorded the Convertible Debenture at the fair value upon issuance, with the change in the fair value being recorded in net gain/loss on financial instruments at fair value through profit or loss on the consolidated statements of operations. Interest expense related to the Convertible Debenture is included in the changes in fair value. |
Leases | q) Leases The Group assesses at contract inception whether a contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term corresponds to the non-cancellable period of each contract. The Group as a lessee Leases are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exist: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date or e) the leased asset is of such a specialized nature that it is expected to have no alternative use. Finance lease assets are presented separately on the consolidated balance sheet as finance lease right-of-use assets, and finance lease liabilities are included in accrued expenses and other payables, current and non-current. 2. All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the consolidated balance sheet. ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Group utilizes a market-based approach to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, reduced by lease incentives and accrued rent. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. The Group has lease agreements with lease and non-lease components, which are generally accounted for separately. In addition, leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet; the Group recognizes lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain rent holidays and escalating rent are considered when determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease incentives. The Group as a lessor At the commencement date, the lease payments consist of the fixed payments less any lease incentives paid or payable to the lessee relating to the use of the underlying asset during the lease term. Lease payments do not include variable lease payments that do not depend on an index or a rate. Leases are classified at the lease commencement date as either a sales-type lease or an operating lease. The lessor shall classify a lease as a sales-type lease when the lease meets any of the following criteria: a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, b) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, c) the lease term is for the major part of the remaining economic life of the underlying asset, d) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Notwithstanding the above criteria, leases are classified as operating leases if they have variable lease payments that do not depend on an index or rate and if classifying the lease as a sales-type lease or a direct financing lease would result in the recognition of a selling loss. For a sales-type lease, at the lease commencement, net investment in the lease is recognized by the sum of the lease receivable and the unguaranteed residual asset. Lease receivable is the present value of the sum of lease payments and the guaranteed residual asset. The Group recognises all revenue and costs associated with the sales-type lease as revenue from leasing activities and cost of leasing activities upon delivery of the underlying asset to the customer. Interest income based on the implicit rate in the lease is recorded to finance income over time as customers are invoiced on a monthly basis. All other leases are accounted for as operating leases wherein the Group recognizes, at the commencement date, the lease payments as income in profit or loss over the lease term on a straight-line basis and the Group recognizes variable lease payments as income in profit or loss in the period in which the changes in facts and circumstances on which the variable lease payment are based occur. 2. Battery leases (Note 2(r)) The Group has battery leases accounted for as both operating leases and sales-type leases. The Group’s operating leases for batteries allow variable monthly subscription fees that depend on mileage usage. Both types of battery leases have an indefinite term and can be terminated at any time at the customer’s discretion. At the termination of contract, customers are required to return the batteries to the Group. The Group considers a number of factors, including the technical useful lives of the vehicles and batteries, useful lives of the vehicles, the customer’s termination right, amongst others, in determining the lease term. |
Revenue recognition | r) Revenue recognition Sales of vehicles (automobiles, e-scooters) The Group identifies the individuals, distributors and the commercial banking partner/leasing company who purchase the vehicles as the customers in the contracts for sales of automobiles and e-scooters produced by the Group. Contracts with customers may include lease and non-lease components, comprising various performance obligations. Accordingly, the Group allocates its purchase consideration among lease (where applicable) and non-lease components, based on the relative estimated standalone selling price in accordance with ASC 606, Revenue recognition. The sale of vehicle can be bundled with the sale of battery or the lease of battery (Note 2(q)). In such cases, variable lease payments of the battery leases are also allocated to the lease components and non-lease components on the same basis. The Group generally determines standalone selling prices based on observable price of the goods and services — i.e., actual selling prices charged to customers for vehicles are the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using appropriate data that reflects the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods or services to the customer. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation and the lease component (where applicable), and changes in judgements on these assumptions and estimates may impact the revenue recognition. The allocated purchase consideration for the sales of vehicles (including sales of battery where applicable) is recognized in revenue at the point in time when control of the vehicles is transferred to the customers, usually upon the delivery of the vehicles. From January 2022 onwards, the Group provides extended warranty (“service-type warranty”) in addition to the standard manufacturer’s warranty (“assurance-type warranty”) for general repairs of defects that existed at the time of sale, which are accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when control of the vehicle is transferred to the customer (Note 2(o)). The Group will recognize the revenue for service-type warranty over time based on a straight-line method initially and will continue to monitor the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available. The consideration recognized represents the amount received, net of estimated sales incentives to customers that the Group reasonably expects to pay. Taxes assessed by various government entities, such as special consumption and value-added taxes, collected at the time of the vehicle sale are excluded from net sales and revenue. Amounts billed to customers related to shipping and handling are classified as automotive sales revenue, and the Group has elected to recognize the cost for freight and shipping when control over vehicles, parts or accessories have transferred to the customer as an expense in cost of automotive sales revenue. 2. Vehicle Sales with Residual Value Guarantee (“RVG”) Vietnam market In April 2023, the Group launched a residual value guarantee (“RVG”) program in Vietnam of which the Group has the choice to repurchase VinFast electric vehicles from customers after five years of their use at certain predetermined prices. Alternatively, the Group may choose to compensate for the deficit i.e., differential between the amounts recovered by the customer when sold to other third parties and the pre-determined price. If customers choose to sell to third party prior to Vinfast’s refusal, they are not entitled to the RVG i.e., Vinfast is not obligated to pay the above-mentioned difference. The Group accounts for the program in accordance with ASC 460, Guarantees and ASC 606, Revenue from Contracts with Customers. Accordingly, the Group first bifurcates the RVG at its fair value from the transaction price and accounts for it as a guarantee liability. The residual amount of transaction price is allocated among lease (where applicable) and non-lease components as presented above. US and Canadian market The Group provides RVG to its commercial banking partner/leasing company in connection with its vehicle leasing programs. Under these programs, the Group originates the lease with end customer and immediately transfer the lease and the underlying vehicle to commercial banking partner/leasing company and the Group is contractually obligated (or entitled) to bear the shortfall (or excess) between the resale value realized by the commercial banking partner/leasing company and a predetermined resale value. At the lease inception, the Group is required to deposit cash collateral equal to a contractual percentage of the residual value of the leased vehicles with the commercial banking partner/leasing company. The cash collateral is held in a restricted bank account owned by the commercial banking partner until it is used, as applicable, in settlement of the RVG at the end of the lease term. Cash collateral is recorded in other noncurrent assets, subject to asset impairment review at each reporting period. The Group accounts for the vehicle leasing programs in accordance with ASC 842, Leases, ASC 460, Guarantees and ASC 606, Revenue from Contracts with Customers. Accordingly, the Group first bifurcates the RVG at its fair value from the transaction price and accounts for it as a guarantee liability. The residual amount of transaction price is allocated among performance obligations. The guarantee liability represents the estimated amount the Group expects to pay. The Group incorporates information such as third-party residual value publications and risk of future price deterioration due to changes in market conditions in estimation of the estimated residual value guarantee liability. The total guarantee liability on vehicles sold under these programs was insignificant as of December 31, 2023. Exchange of used automobiles The Group receives used automobiles from certain customers in exchange for the new automobiles. The fair value of such non-cash consideration received from the customers is used as part of consideration and will be offset with the transaction price of new automobiles and measured when the Group obtains control of the used automobiles. The Group estimates the fair value of the non-cash consideration by reference to its market price. If the fair value cannot be reasonably estimated, the non-cash consideration is measured indirectly by reference to the standalone selling price of the used automobiles sold by the Group. 2. Sale of merchandise (automobiles) Proceeds from sales of trading automobiles are recognized in revenue upon transfer of control of the merchandise to the customer and the related merchandise carrying value in inventory is recognized in cost of sales. Sales of spare parts and components Proceeds from sales of spare parts and components to distributors and customers are recognized in revenue at the point in time when control of the goods is transferred to the distributor or the customer, usually upon the delivery of the spare parts and components. Rendering of services Revenue from rendering of services, which is mainly comprised of aftersales services and charging services, is recognized over time based on the level of work completion as the outcome of all contracts can be reasonably ascertained. Contract balances under ASC 606 Trade receivables A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Contract liabilities A contract liability is recognized if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). |
Cost of sales | s) Cost of sales Vehicles Cost of vehicles sold includes direct parts, materials, processing fees, labor costs, manufacturing overhead (including depreciation of assets associated with the production), shipping and logistic costs, penalties imposed by suppliers in case of the shortfall purchases and reserves for estimated warranty expenses. Cost of vehicle sold also includes adjustments to warranty expense and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in excess of forecasted demand. Other goods (merchandises, spare parts and components) Cost of other goods sold generally includes cost of purchase of merchandise, spare-parts and other goods, including transportation costs. 2. Services Cost of services and other revenue mainly includes labour cost and cost of depreciation of associated assets used for providing the services. |
Research and development expenses | t) Research and development expenses All costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses are primarily comprised of charges for R&D and consulting work performed by third parties; salaries, bonuses and benefits for those employees engaged in research, design and development activities; license expenses related to intellectual property of designing and developing cars; and allocated costs, including depreciation and amortization and other costs. |
Selling and distribution costs | u) Selling and distribution costs Selling and distribution costs consist primarily of marketing and advertising expenses, salaries and other expenses related to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of the Company’s image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under Selling and distribution costs. For the year ended December 31, 2021, 2022 and 2023, advertising cost totalled VND614,805 million, VND1,839,069 million and VND1,266,417 million (USD53.1 million), respectively. |
Taxes | v) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statement of operations. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Group accounts for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statement of operations as income tax expense. 2. The Group recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold is measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Group establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective tax jurisdictions. No significant provisions have been made in the consolidated financial statements for the year then ended December 31, 2023 and 2022 (Note 18). |
Share-based payment | w) Share-based payment The Company has several compensation plans that provide for the granting of share-based compensation to certain employees and directors. Share-based compensation plans are accounted for in accordance with ASC 718, Compensation — Stock Compensation and ASU 2018-07 — Compensation — Stock compensation (Topic 718) — Improvements to non-employee share-based payment accounting. Employees’ share based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share options or restricted shares granted with only service conditions, using the straight-line vesting method, net of estimated forfeitures, over the vesting period; or c) for share options where the underlying share is liability within the scope of ASC 480, using the graded vesting method, net of estimated forfeitures, over the vesting period, and re-measuring the fair value of the award at each reporting period end until the award is settled. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined with reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Share-based compensation expense is recognized in selling, general and administration expense in the Consolidated statements of operations, together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (“vesting period”). The cumulative expense is recognized for equity-settled transactions at each reporting date using the graded vesting method and reflected the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense in the Consolidated statements of operations for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. 2. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there were also service and/or performance conditions. Compensation cost related to the equity grant of the ultimate parent company awards to employees of the Company of the ultimate parent company’s shares are recognized in the Company’s consolidated financial statements with a corresponding credit to equity, representing the ultimate parent company’s deemed capital contribution. Compensation for cash-settled transactions granted by Vietnam Investment Group Joint Stock Company (“VIG” — a shareholder) to employees and non-employees of the Company are recognized in the Company’s consolidated financial statements with a corresponding credit to equity, representing the shareholder’s deemed capital contribution. Such amount is remeasured at each reporting date up to and including the settlement date. |
Government grant | x) Government grant The Group’s subsidiaries received government subsidies from certain local governments. The Group’s government subsidies consisted of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as factory development and renewal of production facilities. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group; receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The Group recorded specific purpose subsidies as advances payable when received in case of the all the conditions are not met. For specific subsidies, upon government acceptance of the related project development or asset acquisition, the specific purpose subsidies are recognized to reduce related the cost of asset acquisition in case of all the attached contingent conditions are met. Other subsidies are recognized as other operating income upon receipt as further performance by the Group is not required. Site Development Agreement The Group’s subsidiaries have the Site Development Agreement with North Carolina Department of Commerce (“NC DOC”), pursuant to which, the Group’s subsidiaries are required to submit relevant documents to request for reimbursement of costs associated with the land levelling up to USD125 million. For the year ended December 31, 2023, the Group’s subdiaries received an amount of USD16.2 million in cash from this incentive. As of December 31, 2023, such amount of incentive was recorded in the account of other long-term liabilities due to the uncertainty of certain events and conditions for Recovery of Funds as specified in the Site Development Agreement. Subsequently, the Group’s subsidiaries submitted the second Requisition to NC DOC for Appropriate Proceeds on January 18, 2024 for reimbursement of eligible expenses for the amount of USD 20.8 million. On January 26, 2024, the Group’s subsidiaries received the USD 20.8 million reimbursement from NC DOC for the eligible site restoration expenses. |
Foreign currencies | y) Foreign currencies The consolidated financial statements are presented in VND. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration. The assets and liabilities of foreign operations are translated into VND at the rate of exchange prevailing at the reporting date and their consolidated statement of operations are translated at monthly average functional exchange rates. The exchange differences arising on translation for consolidation are recognized in Other components of equity in the consolidated statement of shareholders’ equity. Convenience Translation Translations of balances in the consolidated balance sheet, consolidated statement of operations, consolidated statement of other comprehensive loss and consolidated statement of cash flows from VND into USD as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of USD1.00 = VND23,866, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of December 31, 2023. No representation is made that the VND amounts represent or could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2023, or at any other rate. The amounts shown in the consolidated financial statements have been rounded or truncated as deemed appropriate by the management. Accordingly, numerical figures shown as totals in certain tables might not be an arithmetic aggregation of the figures that precede them. |
Fair value measurement | z) Fair value measurement The Group applies ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided for fair value measurements. ASC 820 establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: ¾ ¾ ¾ ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial instruments include cash and cash equivalents, trade receivables, certain other receivables, short-term derivative asset, other investments, long-term derivative asset, amounts due from related parties, certain other non-current assets, accounts payable, accruals, short-term derivative liabilities, short-term loans, long-term borrowings, long-term derivative liabilities, amounts due to related parties, and certain other current liabilities. The carrying values of the financial instruments included in current assets and liabilities approximate their fair values due to their short-term maturities. The carrying amount of long-term borrowings approximates its fair value due to the fact that the related interest rates approximate market rates for similar debt instruments of comparable maturities. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Group uses its valuation processes to decide its valuation policies and procedures and analyse changes in fair value measurements from period to period. For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting. |
Commitments and contingencies | aa) Commitments and contingencies In the normal course of business, the Group is subject to contingencies, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If the assessment of a contingency indicates that it is probable that a loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Group’s consolidated financial statements. If the assessment indicates that a potential loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. |
Current expected credit loss | ab) Current expected credit loss In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Group has early adopted this ASC Topic 326 and several associated ASUs. The Group’s cash and cash equivalents, accounts receivable, net investment in sales-type lease, certain other receivables, and other current assets are in scope of ASC Topic 326. The Group’s loan receivables from related parties (entities under common control) are excluded from the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related cash and cash equivalents, accounts receivable, certain other receivables, amounts due from other related parties, other current assets and other non-current assets which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables and amounts due from related parties with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each reporting date based on the Group’s specific facts and circumstances. As of December 31, 2023 and 2022, the allowance for credit losses of the financial assets was insignificant. Write-off and recoveries of financial assets When the Group deems all or a portion of a financial asset to be uncollectible, it will reduce the allowance for current expected credit losses by the same amount as the portion that is being written off. An instrument is considered to be recoverable when it no longer meets any of the default criteria. The decision whether to incorporate an estimate of expected recoveries depends on supportable factors such as consideration (e.g. cash) in satisfaction of some or all of the amounts it previously wrote off and historical recoveries in the historical data. |
Loss per share | ac) Loss per share Basic loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive. |
Financial assets transfered that qualify for sale accounting in accordance with ASC 860 | ad) Financial assets transfered that qualify for sale accounting in accordance with ASC 860 US and Canadian market In connection with the vehicle financing program, the Group sells its receivables to its commercial banking partners. Such transfers are accounted for as sales of receivables with the de-recognition of such receivables from its Consolidated balance sheet as the Group has met all the de-recognition criteria of ASC 860, Transfers and Servicing. The Company does not hold a retained interest in the receivables sold nor is it responsible for the collection and administrative responsibilities of the sold receivables. |
Recent accounting pronouncements | ae) Recent accounting pronouncements Under the Jumpstart Our Business Startups Act of 2012, as amended (“the JOBS Act”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with accounting standards update, which delays the adoption of these accounting standards until they would apply to private companies. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures On December 14, 2023, FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, on improvements to income tax disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU applies to all entities subject to income taxes. For public business entities (PBEs), the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities (non-PBEs), the requirements will be effective for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures On November 23, 2023, FSAB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. ASU 2023-01, Leases (Topic 842): Common Control Arrangements On March 27, 2023, FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. The amendments require all companies to amortize leasehold improvements associated with common control leases over the asset’s useful life to the common control group regardless of the lease term and allow private and certain not-for-profit entities to use the written terms and conditions of an agreement to account for common control leases without further assessing the legal enforceability of those terms. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. The amendments are not expected to have a material impact on the Group. 2. ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The amendments in this Update require that an acquirer recognizes and measures contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The amendments are currently not expected to have a material impact on the Group’s consolidated financial statements. ASU 2020-10, Codification Improvements In October 2020, FASB issued ASU 2020-10, Codification Improvements. The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early application of the amendments in this Update is permitted for public business entities for any annual or interim period for which financial statements have not been issued. For all other entities, early application of the amendments is permitted for any annual or interim period for which financial statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments at the beginning of the period that includes the adoption date. The amendments did not have a material impact on the Group’s consolidated financial statements. |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
Schedule of group of entities | As of December 31, 2022 As of December 31, 2023 Voting Equity Voting Equity Registered office’s No. Name Short name right (%) interest (%) right (%) interest (%) address Principal activities 1 VinFast Auto Ltd. VinFast Auto — — — — 61 Robinson Road #06-01 Investment holding (Suite 608), 61 Robinson, Singapore 068893 2 VinFast Trading and Production JSC VinFast Vietnam 99.9 99.9 99.9 99.9 Dinh Vu – Cat Hai Manufacturing cars, Economic Zone, Cat Hai motor vehicles, render Island, Cat Hai Town, cat leasing activities and Hai District, Hai related businesses Phong City, Vietnam 3 VinFast Commercial and Services Trading LLC VinFast Trading 99.5 99.4 99.5 98.7 No. 7, Bang Lang 1 Vehicles retail and Street, Vinhomes distribution Riverside Eco-Urban Area, Viet Hung Ward, Long Bien District, Hanoi, Vietnam 4 VinFast Germany GmbH VinFast Germany 100.0 99.9 100.0 99.9 Kornmarktarkaden, Trading, importing and Bethmannstraße exporting equipment, 8/Berliner Straße 51 – components and spare 60311 Frankfurtam parts for automobiles, Main, Germany e-scooters and related goods 5 VinFast Engineering Australia Pty Ltd VinFast Australia 100.0 99.9 100.0 99.9 234 Balaclava Road, Automobile designing, Caulfield North, VIC collaborating in 3161, Australia technological research, importing and distributing goods 6 Vingroup Investment Vingroup Investment 99.3 99.2 99.3 99.2 No. 7, Bang Lang 1 Consultancy and Vietnam JSC Street, Vinhomes investment activities Riverside Eco-Urban Area, Viet Hung Ward, Long Bien District, Hanoi, Vietnam 7 Vingroup USA, LLC Vingroup USA 100.0 99.2 100.0 100.0 333 W. San Carlos St., Importing and Suite 600, San Jose, distributing electronic and CA 95110, USA telecommunication equipment 8 VinFast USA Distribution, LLC VinFast USA Distribution 100.0 99.2 100.0 100.0 12777 West Jefferson Blvd, Distribution of automotive Suite A-101, Los Angeles, vehicles CA 90066, USA 1. As of December 31, 2022 As of December 31, 2023 Voting Equity Voting Equity Registered office’s No. Name Short name right (%) interest (%) right (%) interest (%) address Principal activities 9 VinFast Auto, LLC VinFast Auto, LLC 100.0 99.2 100.0 100.0 790 N. San Mateo Drive, Distribution of automotive San Mateo, CA 94401, vehicles USA 10 VinFast Auto Canada Inc. VinFast Auto Canada 100.0 99.2 100.0 99.2 Suite 2600, Three Distribution of automotive Bentall Centre 595 vehicles Burrard Street, P.O. Box 49314, Vancouver Bc V7X 1L3, Canada 11 VinFast France VinFast France 100.0 99.2 100.0 99.2 72 rue du Faubourg Saint Distribution of automotive Honoré, Paris, 75008 vehicles France 12 VinFast Netherlands B.V VinFast Netherlands 100.0 99.2 100.0 99.2 Vijzelstraat 68, 1017HL Distribution of automotive Amsterdam, Netherlands vehicles 13 VinFast OEM US Holding, VinFast OEM 100.0 100.0 — — 850 New Burton Road, Investment holding, research Inc.(*) Suite 201, Dover, Delaware and development of market. 19904, Kent County, USA 14 VinFast Manufacturing US, LLC VinFast Manufacturing 100.0 100.0 100.0 100.0 160 Mine Lake Court, Vehicles manufacturing. Ste 200, Raleigh, North Carolina 27615, USA 15 PT VinFast Automobile Indonnesia VinFast Indo — — 99.9 99.9 Axa Tower, 45 th Distribution of automotive JL. Prof. Dr. Satrio Kav vehicles 18., Karet Kuningan Village/ Subdistrict, District. Setiabudi City Adm. Jakarta South, DKI Jakarta Province. 16 VinFast Auto (Thailand) Co., Ltd. VinFast Thailand — — 99.9 99.9 Bangkok, Thailand Distribution of automotive vehicles 17 VinFast India Ltd. (Formerly VinFast India — — 99.9 99.9 Flat No.164, Ground Floor, Vehicles manufacturing and known as Varchaunam Suryodaya Apartment, related businesses. Consultancy Private Limited) Pocket-8, Sector 12, Dwarka, New Delhi-110078, India 18 VinFast UK Ltd. VinFast UK — — 100.0 100.0 21 Holborn Viaduct, Distribution of automotive London, United Kingdom, vehicles EC1A 2DY 19 VinFast Middle East Ltd. VinFast Middle East — — 100.0 100.0 Jebel Ali Free Zone, Distribution of automotive Dubai, UAE vehicles 20 SpecCo Ltd (**) SpecCo — — 100.0 100.0 Appleby Global Services Merging and acquisition (Cayman) Limited, 71 activities Fort Street, PO Box 500, Grand Cayman, Cayman Islands, KY1-1106 (*) VinFast OEM was merged into Vingroup USA, a subsidiary of the Company, in November 2023. (**) SpecCo Ltd. is is process of dissolution as of the date of this report. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of method used to record inventories | The perpetual method is used to record inventories, which are valued as follows: Raw materials, goods in transit, tools and merchandises — cost of purchase on a weighted average basis. Finished goods and work in process — cost of direct materials and labour plus attributable manufacturing overheads based on the normal operating capacity on a weighted average basis. |
Summary of estimated useful lives of property, plant and equipment | Buildings and structures (*) 3 – 49 years Machinery and equipment 3 – 25 years Leased-out EV batteries 9 Leased-out escooter batteries 3 – 8 years Vehicles 5 – 12 years Office equipment 3 – 10 years (*) Including leasehold improvements which are depreciated on a straight-line basis over the shorter of their estimated useful lives and terms of the related leases. |
Schedule of estimated useful life of intangible assets | License 3 years 2 months – 3 years 4 months Software 3 – 8 years Others 3 – 15 years |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |
Schedule of cash and cash equivalents | As of December 31, 2021 2022 2023 2023 VND million VND million VND million USD Cash on hand 99 382 1,279 53,591 Cash at banks 2,574,817 4,271,060 4,000,993 167,644,054 Cash equivalents 450,000 — — — Total cash and cash equivalents 3,024,916 4,271,442 4,002,272 167,697,645 Short-term restricted cash in short-term prepayments and other receivables — — 96,446 4,041,146 Long-term restricted cash in other non-current assets — — 660,363 27,669,614 Total cash, cash equivalents and restricted cash 3,024,916 4,271,442 4,759,081 199,408,405 |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TRADE RECEIVABLES | |
Schedule of trade receivables | As of December 31, 2022 2023 2023 VND million VND million USD Receivables from sale of finished goods and merchandises (i) 538,697 329,952 13,825,191 Receivables from disposal of assets and raw materials 76,341 61,333 2,569,890 Others 37,884 73,241 3,068,843 TOTAL 652,922 464,526 19,463,924 (i) This represents trade receivables from sale of automobiles, e-scooters, and spare-parts, which are unconditional (i.e., only the passage of time is required before payment of the consideration is due). |
INVENTORIES, NET (Tables)
INVENTORIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES, NET | |
Schedule of classification of inventory | At lower of cost and net realizable value As of December 31, 2022 2023 2023 VND million VND million USD Raw materials 12,096,176 14,557,976 609,988,100 Finished goods, including service parts 3,733,281 8,577,754 359,413,140 Good in transit 2,479,342 1,862,582 78,043,325 Work in progress 2,976,984 3,420,292 143,312,327 Merchandises 124,375 25,343 1,061,887 Tools and spare parts 197,119 222,048 9,303,948 TOTAL 21,607,277 28,665,995 1,201,122,727 |
SHORT-TERM PREPAYMENTS AND OT_2
SHORT-TERM PREPAYMENTS AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHORT-TERM PREPAYMENTS AND OTHER RECEIVABLES | |
Schedule of short term prepayments and other receivables | As of December 31, 2022 2023 2023 VND million VND million USD Financial assets: Cash collateral to support Standby letter of credit issuances and other financial assets (i) 808,518 358,883 15,037,417 Short-term restricted cash — 96,446 4,041,146 Subtotal 808,518 455,329 19,078,563 Non-financial assets: Valued added tax deductible 4,697,711 5,807,909 243,354,940 Import tax to be refunded 604,755 592,559 24,828,585 Other receivables 12,697 9,245 387,371 Other prepaid expenses 333,488 364,433 15,269,966 Subtotal 5,648,651 6,774,146 283,840,862 TOTAL 6,457,169 7,229,475 302,919,425 (i) This mainly comprises deposit for lease contracts and secured deposit held in designated bank accounts for being pledged for autonomous vehicle manufacturing surety bonds issued by counterparty. |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
Schedule of property, plant and equipment, net | As of December 31, 2022 2023 2023 VND million VND million USD Freehold land 1,854,095 2,014,497 84,408,657 Buildings and structures 18,212,817 20,730,635 868,626,288 Machinery and equipment 42,641,762 53,408,565 2,237,851,546 Leased-out batteries 2,383,095 4,782,818 200,403,000 Vehicles 1,135,902 2,316,130 97,047,264 Office equipment 861,099 845,043 35,407,819 Others 92,280 102,120 4,278,890 Subtotal 67,181,050 84,199,808 3,528,023,464 Less: Accumulated depreciation (8,938,736) (14,443,576) (605,194,670) Less: Impairment charges (1,053,647) (2,077,258) (87,038,381) Total property, plant and equipment, net 57,188,667 67,678,974 2,835,790,413 |
INTANGIBLE ASSETS, NET AND GO_2
INTANGIBLE ASSETS, NET AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS, NET AND GOODWILL | |
Schedule of finite-lived intangible assets | As of December 31, 2022 As of December 31, 2023 Accumulated Net carrying Accumulated Net carrying Net carrying Cost amortization value Cost amortization value value VND million VND million VND million VND million VND million VND million USD Finite-lived intangible assets: License 3,903,095 (3,698,305) 204,790 3,690,720 (3,690,720) — — Software (i) 1,442,065 (608,416) 833,649 2,046,815 (887,418) 1,159,397 48,579,444 Purchased software under development phase 410,506 — 410,506 120,157 — 120,157 5,034,652 Others 17,176 (5,050) 12,126 18,446 (6,280) 12,166 509,763 Total 5,772,842 (4,311,771) 1,461,071 5,876,138 (4,584,418) 1,291,720 54,123,858 (i) Weighted-average remaining useful life of 53 months as of December 31, 2023 (2022: 43 months , 2021: 48 months ). |
Schedule of estimated amortization expense of intangible assets | The following table identifies the estimated amortization expense of the Group’s intangible assets as of December 31, 2023 for each of the next five years (in VND million): 2024 353,048 2025 356,247 2026 205,287 2027 153,558 2028 and thereafter 223,580 |
Schedule of allocation of goodwill | Reporting unit Goodwill allocated As of December 31, 2022 2023 2023 VND million VND million USD Automotive 262,252 — — E-scooter 9,951 — — Total 272,203 — — |
INTEREST-BEARING LOANS AND BO_2
INTEREST-BEARING LOANS AND BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Schedule of interest-bearing loans and borrowings | As of December 31, Note 2022 2023 2023 VND million VND million USD Short-term Loans from banks 11.1 6,268,276 21,307,941 892,815,763 Current portion of long-term loans 11.2 8,311,277 7,143,376 299,311,824 Current portion of bonds 11.3 — 11,443,465 479,488,184 TOTAL 14,579,553 39,894,782 1,671,615,771 Long-term Loans from banks 11.2 27,652,234 22,590,438 946,553,172 Bonds 11.3 13,972,726 7,551,628 316,417,833 Loans from others — 28,083 1,176,695 TOTAL 41,624,960 30,170,149 1,264,147,700 |
Schedule of short-term loans from banks and interest rate | Bank As of December 31, 2023 Maturity Collateral USD (Convenience VND million translation) Vietnam Prosperity Joint Stock Commercial 8,357,347 350,177,952 From January Sharing collateral with a group of Bank 2024 to companies guaranteed the ultimate June 2024 parent company Vietnam Technological and Commercial 4,336,556 181,704,349 From January to Sharing collateral with a group of Joint Stock Bank November 2024 companies guaranteed the ultimate parent company Saigon – Hanoi Commercial Joint Stock 1,999,554 83,782,536 From February Sharing collateral with a group of Bank 2024 to companies guaranteed by certain shares December 2024 of the ultimate parent company Joint stock Commercial Bank for Investment 1,495,421 62,659,055 From March Certain shares of an affiliate of the and Development of Viet Nam – Ha Thanh 2024 to June Group held by the ultimate parent Branch 2024 company Joint stock Commercial Bank for Investment 1,300,000 54,470,795 From April Certain shares of an affiliate of the and Development of Viet Nam – Quang 2024 to June Group held by the ultimate parent Trung Branch 2024 company Westlake Flooring Company, LLC 824,671 34,554,219 May 2024 Vehicles under loan contract Ho Chi Minh City Development Joint Stock 2,994,392 125,466,857 From January Certain shares of an affiliate of the Commercial Bank 2024 to Group held by the ultimate parent June 2024 company TOTAL 21,307,941 892,815,763 Loans and borrowings Currency Interest rate applicable in 2023 Short-term Loans VND From 6.7% to 15% UPAS Letter of Credit VND From 10.5% to 14.5% |
Schedule of long-term loans from banks and interest rate | Lenders As of December 31, 2023 Maturity date Collateral USD (Convenience VND million translation) Syndicated loan No.1 13,997,995 586,524,554 From March 2024 to September 2030 (i) In which: current portion 2,176,904 91,213,609 Syndicated loan No.2 4,473,261 187,432,372 From May 2024 to November 2024 (i) In which: current portion 4,473,261 187,432,372 Syndicated loan No.4 2,200,874 92,217,967 From June 2024 to December 2026 (i) In which: current portion 358,215 15,009,428 Syndicated loan No.5 3,127,891 131,060,546 From November 2024 to November 2029 (i) In which: current portion 129,791 5,438,322 Syndicated loan No.6 5,918,804 248,001,508 From November 2025 to November 2026 (i) Loan from others 14,989 628,049 From January 2024 to October 2026 Unsercured In which: current portion 5,205 218,093 TOTAL 29,733,814 1,245,864,996 In which: Non-current portion 22,590,438 946,553,172 Current portion 7,143,376 299,311,824 Lenders As of December 31, 2022 Maturity date Collateral USD (Convenience VND million translation) Syndicated loan No.1 15,287,959 640,574,834 From March 2023 to September 2030 (i) In which: current portion 2,119,385 88,803,528 Syndicated loan No.2 5,563,099 233,097,251 From May 2023 to November 2024 (i) In which: current portion 1,277,045 53,508,967 Syndicated loan No.3 4,714,072 197,522,501 April 2023 (i) In which: current portion 4,714,072 197,522,501 Syndicated loan No.4 2,290,606 95,977,793 From December 2023 to December 2026 (i) In which: current portion 176,775 7,406,981 Syndicated loan No.5 2,912,644 122,041,565 From November 2024 to November 2029 (i) Syndicated loan No.6 5,137,283 215,255,300 From November 2025 to November 2026 (i) Other loan from bank 57,848 2,423,868 From March 2023 to December 2024 (i) In which: current portion 24,000 1,005,614 TOTAL 35,963,511 1,506,893,112 In which: Non-current portion 27,652,234 1,158,645,521 Current portion 8,311,277 348,247,591 (i) As of December 31, 2023 and 2022, these long-term loans were secured by: ● Property, plant and equipment (Note 9), the Debt Service Reserve Account at the offshore account management bank, the Revenue Account at a commercial bank with outstanding balance and accumulated other related benefits arising from such account; 11. ● Certain shares of an affiliate held by another affiliate, certain shares of another subsidiary held by the ultimate parent company; ● Payment guarantee from the ultimate parent company and a commercial bank. The payment guarantee from the commercial bank is secured by certain properties held by affiliates; Loans and borrowings Currency Interest rate applicable in 2023 Secured loans VND Floating interest rate, determined by the bank every six months, 10.2% to 11.8% per annum Secured loans without swap contract USD Floating interest rate, from 4.93% to 9.09% per annum Secured loans with floating interest rate swapped for fixed interest rate (also fixed transaction rate) under swap contracts (Note 20A) USD Fixed interest rate under swap contract from 4.1% to 9.15% per annum |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DEFERRED REVENUE | |
Schedule of deferred revenue | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Beginning balance of the year 9,087 43,283 606,843 25,427,093 Additions 122,035 615,265 1,510,879 63,306,755 Revenue recognized (87,839) (51,705) (134,042) (5,616,442) Ending balance of the year 43,283 606,843 1,983,680 83,117,406 In which Short-term 17,338 107,448 173,582 7,273,192 Long-term 25,945 499,395 1,810,098 75,844,214 |
SHORT-TERM ACCRUALS (Tables)
SHORT-TERM ACCRUALS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHORT-TERM ACCRUALS | |
Schedule of short-term accruals | As of December 31, 2022 2023 2023 VND million VND million USD Accruals for the purchase of raw material, machines and equipment, information technology systems and development costs 7,885,194 8,186,016 342,999,078 Accrued construction costs for factories and infrastructure 1,561,480 917,592 38,447,666 Accrued selling expenses 827,978 605,098 25,353,976 Accrued loan and bonds interests 500,259 668,000 27,989,609 Others 281,755 773,950 32,428,979 TOTAL 11,056,666 11,150,656 467,219,308 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER LIABILITIES | |
Schedule of other liabilities | As of December 31, 2022 2023 2023 VND million VND million USD Provision for contract penalty, compensations and purchase commitments 1,321,147 1,476,203 61,853,809 Tax payables 1,756,860 609,469 25,537,124 Assurance-type warranties 254,792 898,593 37,651,596 Payables to employees 631,064 773,628 32,415,486 Payables relating to business cooperation contract with Nam An (*) - 5,814,429 243,628,132 Others 214,115 454,971 19,063,564 TOTAL CURRENT LIABILITIES 4,177,978 10,027,293 420,149,711 Assurance-type warranties 606,429 1,692,005 70,896,045 Payable relating to government grant — 396,696 16,621,805 Others — 131,594 5,513,869 TOTAL NON-CURRENT LIABILITES 606,429 2,220,295 93,031,719 (*) On March 9, 2023, the Group entered into a business cooperation contract with Nam An Investment and Trading Joint Stock Company (“Nam An”), and a subsequent appendix to the contract (collectively refer as “the BCC”). According to the BCC, Nam An provided VND5,875 billion of cooperation capital to fund the development and construction of our automobile manufacturing facilities in Hai Phong. |
Schedule of movement of certain provisions | Currency: VND million Provision for Provision contract penalty related and to purchase Assurance-type compensation commitment warranties TOTAL At January 1, 2021: — 1,444,833 428,046 1,872,879 Provision made during the year 4,340,322 65,981 178,377 4,584,680 Change in accounting estimate for pre-existing provisions — — (211,399) (211,399) Reversal of provision — (245,101) — (245,101) Offsetting against advances (402,777) — — (402,777) Utilized — (1,087,302) (59,554) (1,146,856) At December 31, 2021 3,937,545 178,411 335,470 4,451,426 At January 1, 2022: 3,937,545 178,411 335,470 4,451,426 Provision made during the year 272,779 — 740,710 1,013,489 Change in accounting estimate for pre-existing provisions (157,349) (7,728) (25,024) (190,101) Utilized (2,731,828) (170,683) (189,935) (3,092,446) At December 31, 2022 1,321,147 — 861,221 2,182,368 At January 1, 2023: 1,321,147 — 861,221 2,182,368 Provision made during the year (i) 1,111,317 — 1,873,325 2,984,642 Change in accounting estimate for pre-existing provisions — — 222,988 222,988 Utilized (956,261) — (366,936) (1,323,197) At December 31, 2023 1,476,203 — 2,590,598 4,066,801 USD 61,853,809 — 108,547,641 170,401,450 (i) The penalty and compensation costs incurred in 2023 were primarily related to the estimated charge from suppliers due to the cessation of production of certain e-scooter models and development of certain electric vehicle models. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of operating leases | As of December 31, 2022 2023 2023 VND million VND million USD Operating lease Right-of-use assets – Operating lease 4,558,983 7,074,785 296,437,819 Total operating lease liabilities 4,025,234 6,847,762 286,925,417 In which: Current portion of operating lease liabilities 768,883 1,520,305 63,701,710 Non-current operating lease liabilities 3,256,351 5,327,457 223,223,707 In which: Lease liabilities from related parties (*) 689,846 1,098,369 46,022,333 Lease liabilities from third parties 3,335,388 5,749,393 240,903,084 (*) Detail of balance of lease liabilities from related parties are as follows: As of December 31, 2022 2023 2023 VND million VND million USD Vinhomes JSC 41,517 36,133 1,513,995 VHIZ JSC — 480,290 20,124,445 Vincom Retail JSC 237,939 251,927 10,555,895 Vincom Retail Operation LLC 410,390 310,162 12,995,978 Others — 19,857 832,020 TOTAL 689,846 1,098,369 46,022,333 |
Schedule of components of lease expense, other information and supplemental cash flow information related to operating leases | The components of lease expense are as follows: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Operating lease expense 336,644 757,710 1,729,244 72,456,381 Finance lease expense 12,421 — — — Other information related to operating leases where the Group is the lessee is as follows: As of December 31, 2022 2023 Weighted-average remaining lease term: Operating lease 79 76 Weighted-average discount rate: Operating leases 9.20 % 11.26 % 17. (continued) Supplemental cash flow information related to operating leases where the Group is the lessee was as follows: For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases 289,642 638,235 1,549,627 64,930,319 |
Schedule of maturities of operating lease liabilities | As of December 31, 2022 2023 2023 VND million VND million USD Less than 1 year 811,630 1,611,095 67,505,866 From 1 to 2 years 905,685 1,829,025 76,637,266 From 2 to 3 years 904,013 1,700,901 71,268,792 From 3 to 4 years 822,308 1,513,648 63,422,777 From 4 to 5 years 647,396 949,310 39,776,670 Thereafter 2,086,969 2,711,211 113,601,399 TOTAL 6,178,001 10,315,190 432,212,770 Less: Imputed interest 2,152,767 3,467,428 145,287,353 Present value of lease obligations 4,025,234 6,847,762 286,925,417 Less: Current portion 768,883 1,520,305 63,701,710 Non-current portion of lease obligations 3,256,351 5,327,457 223,223,707 |
Schedule of maturities of operating lease and sales-type lease receivables from customers | Sale-type lease Operating lease As of December 31, As of December 31, 2022 2023 2023 2022 2023 2023 VND million VND million USD VND million VND million USD Less than 1 year 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 1 to 2 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 2 to 3 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 3 to 4 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 From 4 to 5 years 18,677 107,553 4,506,536 92,632 165,767 6,945,739 Thereafter 56,031 322,353 13,506,789 367,748 653,545 27,383,935 TOTAL 149,416 860,118 36,039,469 830,908 1,482,380 62,112,630 |
Schedule of lease receivables relating to sales-type leases | As of December 31, 2022 2023 2023 VND million VND million USD Gross lease receivables 149,417 904,418 37,895,667 Received cash (2,649) (53,765) (2,252,786) Unearned interest income (59,258) (142,436) (5,968,156) Net investment in sales-type leases 87,510 708,217 29,674,725 Reported as: Current net investment in sales-type lease 5,448 87,552 3,668,482 Non-current net investment in sales-type lease 82,062 620,665 26,006,243 Net investment in sales-type leases 87,510 708,217 29,674,725 |
Schedule of lease income in operating lease | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Lease income relating to lease payments 11,466 26,387 233,817 9,797,059 Lease income relating to variable lease payments not included in the measurement of the lease receivable 7,770 14,065 67,272 2,818,722 |
CORPORATE INCOME TAX (Tables)
CORPORATE INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CORPORATE INCOME TAX | |
Summary of major components of tax expense | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Income taxes Current income tax expense 58,701 — 111,426 4,668,859 Deferred income tax expense/(income) 150,536 946,738 (22,294) (934,174) Income tax expense reported in the consolidated statement of operations 209,237 946,738 89,132 3,734,685 |
Summary of reconciliation of tax computed by applying the Vietnam's statutory tax rate of 20% to the Group's income tax expense | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Loss before tax expense (32,009,724) (48,902,132) (57,382,539) (2,404,363,492) Income tax benefit computed at the Vietnam statutory tax rate of 20% (6,401,985) (9,780,426) (11,476,508) (480,872,691) Effect of preferential tax rates 3,086,200 4,397,659 5,189,246 217,432,638 Foreign tax rates differential (128,853) (232,379) (341,129) (14,293,538) Non-deductible expenses 181,983 684,104 2,411,043 101,024,110 Change in valuation allowance 3,471,892 5,877,780 4,306,480 180,444,166 Estimated income tax expense 209,237 946,738 89,132 3,734,685 |
Summary of deferred tax assets and deferred tax liabilities | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Deferred tax assets Unrecognised tax loss carried forward 1,745,182 3,238,531 5,051,815 211,674,139 Deferred tax assets from lease back transaction — 2,806,243 3,159,925 132,402,791 Written-off R&D expenses 118,549 877,778 2,136,302 89,512,361 Lease liabilities 384,044 904,451 1,063,152 44,546,719 Exceeding-deductible-cap interest expense carried forward 430,351 728,237 1,119,351 46,901,492 Start-up costs — 704,720 794,479 33,289,156 Provision for net realizable value of inventory 11,281 192,142 443,048 18,563,982 Impairment of lease assets — 122,954 44,663 1,871,407 Others 534,947 173,872 732,297 30,683,692 Total deferred tax assets 3,224,354 9,748,928 14,545,032 609,445,739 Less valuation allowance (2,840,310) (7,570,934) (12,046,066) (504,737,535) Total deferred tax assets, net amount 384,044 2,177,994 2,498,966 104,708,204 Deferred tax liabilities Deferred tax liabilities from lease back transaction — (2,115,120) (2,202,528) (92,287,271) Right-of-use assets (384,044) (904,451) (1,063,152) (44,546,719) Others (1,243) (106,404) (158,973) (6,661,066) Total deferred tax liabilities (385,287) (3,125,975) (3,424,653) (143,495,056) Net deferred tax liabilities (1,243) (947,981) (925,687) (38,786,852) Reflected in the consolidated balance sheet as follows: Deferred tax assets 50,219 — — — Deferred tax liabilities (51,462) (947,981) (925,687) (38,786,852) Deferred tax liabilities, net (1,243) (947,981) (925,687) (38,786,852) |
Summary of movement of valuation allowance | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Balance at beginning of the year 1,721,902 2,840,310 7,570,934 317,226,766 Additions 1,118,408 4,730,624 4,475,132 187,510,769 Balance at end of the year 2,840,310 7,570,934 12,046,066 504,737,535 |
Summary of tax losses mainly arising in Vietnam that will expire in several years for deduction against future taxable profit | Tax losses amount Tax losses amount Forfeited amount after fortfeit Originating year Can be utilized up to VND million VND million VND million 2018 2023 38,141 (38,141) — 2019 2024 3,159,750 — 3,159,750 2020 2025 10,146,449 — 10,146,449 2021 2026 16,833,932 — 16,833,932 2022 2027 26,647,819 — 26,647,819 2023 2028 4,975,403 — 4,975,403 TOTAL 61,801,494 (38,141) 61,763,353 |
OTHER INCOME AND EXPENSES AND_2
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | |
Schedule of other operating income/expenses | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Other operating income Foreign exchange gains 450,380 33,774 — — Voucher terminated 197,760 47,760 207,098 8,677,533 Interest due to late payment from customers — — 163,754 6,861,393 Others 40,438 111,558 99,575 4,172,253 Total 688,578 193,092 470,427 19,711,179 Other operating expenses Foreign exchange losses 1,611 861,935 676,986 28,366,128 Penalties 112,704 — — — Loss from disposal of long-lived assets 113,395 — 81,165 3,400,863 Others 48,396 47,536 234,050 9,806,838 Total 276,106 909,471 992,201 41,573,829 Net other operating expenses 412,472 (716,379) (521,774) (21,862,650) |
Schedule of finance income | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Interest income on loan receivables 415,230 81,836 37,950 1,590,128 Interest income on sales-type lease 25,054 1,749 29,410 1,232,297 Others 5,855 4,475 16,493 691,067 Total 446,139 88,060 83,853 3,513,492 |
Schedule of finance costs | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Contractual coupons on loans and borrowings 3,442,117 5,883,067 8,958,420 375,363,278 Change in amortized costs of financial instruments measured at amortized cost 1,156,118 1,999,914 2,833,459 118,723,665 Others — 76,859 341,521 14,309,939 Total 4,598,235 7,959,840 12,133,400 508,396,883 |
Schedule of basic loss per share and diluted loss per share calculated in accordance with ASC 260 | For the year ended December 31, 2021 2022 2023 2023 VND million VND million VND million USD Net loss attributable to controlling interests (32,183,727) (49,783,795) (57,396,864) (2,404,963,718) Net loss attributable to controlling interests adjusted for the effect of dilution (32,183,727) (49,783,795) (57,396,864) (2,404,963,718) Unit: Shares Weighted average number of ordinary shares for basic earnings per share 1,578,726,324 2,299,008,659 2,310,823,009 2,310,823,009 Weighted average number of ordinary shares adjusted for the effect of dilution 1,578,726,324 2,299,008,659 2,310,823,009 2,310,823,009 For the year ended December 31, 2021 2022 2023 2023 VND VND VND USD Basic loss per share (20,386) (21,654) (24,838) (1.04) Diluted loss per share (20,386) (21,654) (24,838) (1.04) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | For the year ended December 31, 2023 Unvested shares for service providers 83,334 DPS (Note 21) 62,806,375 Number of outstanding warrants (Note 21) 3,321,002 Convertible Debenture (Note 12) 4,875,000 |
FAIR VALUE HIERARCHY (Tables)
FAIR VALUE HIERARCHY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE HIERARCHY | |
Schedule of financial assets and liabilities by classes that are carried at fair value | As of December 31, 2022 Quoted prices in Significant active markets for Significant other unobservable identical instruments observable inputs inputs Total (Level 1) (Level 2) (Level 3) (*) VND million VND million VND million VND million Financial assets: Financial assets at fair value through profit or loss - Derivative assets — cross-currency interest rate swaps contracts (i) — — 1,229,050 1,229,050 In which: Non-current portion — — 696,332 696,332 Current portion — — 532,718 532,718 At December 31, 2022 — — 1,229,050 1,229,050 Financial liabilities: Financial liabilities at fair value through profit or loss - Long-term financial liabilities in respect of DPS2 (Note 21) — — 15,180,723 15,180,723 At December 31, 2022 — — 15,180,723 15,180,723 (*) There were no transfers As of December 31, 2023 Quoted prices in Significant active markets for Significant other unobservable identical instruments observable inputs inputs Total Total (Level 1) (Level 2) (Level 3) (*) VND million VND million VND million VND million USD Financial assets: Financial assets at fair value through profit or loss - Derivative assets — cross-currency interest rate swaps contracts (i) — — 614,134 614,134 25,732,590 In which: Non-current portion — — 66,124 66,124 2,770,636 Current portion — — 548,010 548,010 22,961,954 At December 31, 2023 — — 614,134 614,134 25,732,590 Financial liabilities: Financial liabilities at fair value through profit or loss - Financial liabilities in respect of DPS2 (Note 21) — — 18,258,063 18,258,063 765,024,009 - Warrant liability (Note 21) 137,057 — — 137,057 5,742,772 In which: Non-current portion 137,057 — — 137,057 5,742,772 Current portion — — 18,258,063 18,258,063 765,024,009 At December 31, 2023 137,057 — 18,258,063 18,395,120 770,766,781 (*) There were no transfers |
Schedule of reconciliations of significant assets and liabilities categorized within Level 3 under the fair value hierarchy | Net change in unrealized As of Initial recognition fair value recognized in As of January 1, during consolidated statements December 31, 2022 the year of operations 2022 VND million VND million VND million VND million Financial assets: Financial assets at fair value through profit or loss - Derivative asset — cross-currency interest rate swaps contract (i) 5,291 — 1,223,759 1,229,050 In which: Non-current portion 5,291 — 691,041 696,332 Current portion — — 532,718 532,718 Financial liabilities: Financial liability at fair value through profit or loss - Financial liabilities in respect of DPS2 (Note 21) — 13,995,359 1,185,364 15,180,723 - Derivative liabilities — cross-currency interest rate swaps contracts (i) 2,003,184 — (2,003,184) — In which: Non-current portion 891,711 13,995,359 293,653 15,180,723 Current portion 1,111,473 — (1,111,473) — As of Net change in As of As of January 1, fair value December 31, December 31, 2023 during the year Reclassification 2023 2023 VND million VND million VND million VND million USD Financial assets: Financial assets at fair value through profit or loss - Derivative asset — cross-currency interest rate swaps contract (i) 1,229,050 (614,916) — 614,134 25,732,590 In which: Non-current portion 696,332 (630,208) — 66,124 2,770,636 Current portion 532,718 15,292 — 548,010 22,961,954 Financial liabilities: Financial liability at fair value through profit or loss - Financial liabilities in respect of DPS2 (Note 21) 15,180,723 3,077,340 — 18,258,063 765,024,009 In which: Non-current portion 15,180,723 3,077,340 (18,258,063) — — Current portion — — 18,258,063 18,258,063 765,024,009 (i) |
Schedule of valuation methods and assumptions | Valuation Significant unobservable Rate Item technique Valuation date inputs (%/annum) CCIRS contract of the loan No.1 Discounted Cash Flow (“DCF”) December 31, 2022 Interpolated LIBOR for 4.41-4.96 December 31, 2023 Interpolated SOFR for 4.70-5.54 CCIRS contract of the loan No.2 DCF December 31, 2022 Interpolated LIBOR for 4.54-4.97 December 31, 2023 Interpolated SOFR for 4.98-5.57 CCIRS contract of the loan No.3 DCF December 31, 2022 Interpolated LIBOR for 4.86-4.89 December 31, 2023 Interpolated SOFR for Expired in Financial liabilities in respect of DPS2 Binomial option pricing model – Lattice model and DCF December 31, 2022 Credit spread of the Company (ii) 12.46 Probability of expected events & 3.31 Dividend yield ($) (ii) 0 Volatility (ii) 85%-88% Binomial option pricing model – Lattice model and Available Market Price (AMP) December 31, 2023 Credit spread of the Company (ii) 12.46 Probability of expected events & Dividend yield ($) (ii) 0 Volatility (ii) 66.6% (i) The fair value of ordinary shares as of December 31, 2022 was estimated based on the DCF method. Because there has been no public market for ordinary shares, the Company with the assistance of an independent third-party valuer has determined the fair value of ordinary shares by considering a number of objective and subjective factors, including, amongst others, operating and financial performance and trends in industry. 20. The fair value of the ordinary shares as of December 31, 2023 of $8.37 is determined as the market price of AMP ordinary shares as at the valuation date with the assistance of an independent third party valuer. An increase/decrease in the estimated fair value of ordinary shares would result in an increase/decrease in fair value of the Financial liabilities in respect of DPS2. (ii) The risk-free rates are estimated based on the curve of USD SOFR rates, swap rates, future rates as at the valuation date. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. The expected volatility at valuation date is estimated based on historical volatilities of comparable companies mirroring the remaining time to respective conversion or maturity date of the EB. |
WARRANT INSTRUMENTS AND DIVID_2
WARRANT INSTRUMENTS AND DIVIDEND PREFERENCE SHARES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
WARRANT INSTRUMENTS AND DIVIDEND PREFERENCE SHARES | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Number of Value of warrants warrants Exercised warrant’s exercised (VND Exercised date exercised fair value (USD) million) September 11, 2023 8,952,668 5.22 1,132,105 September 12, 2023 1,548,597 5.79 217,524 September 13, 2023 301,203 5.725 41,937 September 14, 2023 79,164 5.49 10,598 September 15, 2023 243,403 6.05 35,968 September 18, 2023 32,246 5.83 4,611 September 19, 2023 306,104 6.4 48,085 September 20, 2023 45,601 5.95 6,643 Total 11,508,986 1,497,471 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TRANSACTIONS WITH RELATED PARTIES | |
Schedule of principal related parties with which the Group had significant transactions | The principal related parties with which the Group had significant transactions during the years ended December 31, 2023, 2022 and 2021 presented are as follows: Related parties Relationship with the Company Pham Nhat Vuong General Director Vingroup JSC Ultimate Parent VIG Shareholder Asian Star Trading & Investment Pte. Ltd. (“Asian Star”) Shareholder VinES Energy Solutions JSC (“VinES JSC”) Entity under common control Vinbus Ecology Transport Services Limited Liability Company (“Vinbus Ecology LLC”) Entity under common control Vincom Retail JSC Entity under common control Vincom Retail Operation Company Limited (“Vincom Retail Operation LLC”) Entity under common control VIN3S JSC Entity under common control Vinhomes Industrial Zone Investment JSC (“VHIZ JSC”) Entity under common control Vinhomes JSC Entity under common control Vinpearl JSC Entity under common control Vinsmart Research and Manufacture JSC (“Vinsmart JSC”) Entity under common control VinFast Lithium Battery Pack Limited Liability Company (“VinFast Lithium Battery Pack LLC”) Associate of Parent Company SADO JSC Entity under common control Times Trading Investment and Development One Member LLC Entity under common control Vinbiocare Biotechnology JSC Entity under common control Thai Son Construction Investment JSC Entity under common control Green and Smart Mobility Joint Stock Company (“GSM JSC”) Entity under common control Ecology Development and Investment Joint Stock Company (“Ecology JSC”) Entity under common control Suoi Hoa Urban Development and Investment Joint Stock Company (“Suoi Hoa JSC”) Entity under common control VinCSS Internet Security Services Joint Stock Company (“VinCSS JSC”) Entity under common control VinITIS Transmission Infrastructure and Information Technology Solution (“VinITIS JSC”) Entity under common control Vantix Technology Solutions and Services Joint Stock Company Entity under common control VinBigData Joint Stock Company (“VinBigData JSC”) Entity under common control |
Schedule of significant transactions with related parties | For the year ended December 31, 2021 2022 2023 2023 Related party Transactions VND million VND million VND million USD Vingroup JSC Borrowings 31,938,007 51,879,878 73,708,579 3,088,434,551 Borrowings (converted from interest payable) — 2,625,845 — — Borrowings (converted from the Group’s consideration payable to Vingroup JSC for acquisition of Vingroup Investment) 4,693,380 — — — Interest expense 1,229,683 2,349,133 3,757,113 157,425,333 Capital contribution by offsetting against 4,121,775 45,733,714 — — Capital contribution receipt in cash 2,515,000 6,000,000 — — Capital contribution by offsetting against P — 25,782,160 — — Capital contribution receipt in cash — 163,392 — — Issuance of DPS2 — 13,995,359 — — Cash received from selling car vouchers — 700,150 — — Payable due to the acquisition of VinFast 25,782,160 — — — Advance to acquire shares of VinFast 235,000 — — — Information technology service fee 9,238 18,348 23,400 980,474 For the year ended December 31, 2021 2022 2023 2023 Related party Transactions VND million VND million VND million USD Asian Star Borrowings — 94,920 — — Capital contribution receipt in cash — 47,569 — — Sponsorship contribution – accounted for as deemed contribution — — 1,667,786 69,881,254 VIG Payable due to the acquisition of VinFast Vietnam by 24,208,340 — — — Consideration receivable from disposal of ICE assets — 24,208,340 — — Consideration receivable from disposal of ICE assets — 1,148,215 — — Cash received for disposal of ICE assets (inclusive of — 2,000,000 — — Capital contribution receipt in cash 5,870,619 106,168 — — Advance to acquire shares of VinFast Vietnam 226,917 — — — Pham Nhat Vuong Sponsorship contribution - accounted for as deemed — 350,000 18,980,000 795,273,611 Capital contribution in cash 247,963 — — — Vinhomes JSC Cash received from selling car and e-scooter vouchers 3,967,140 5,345,953 937,953 39,300,804 Sale of smart devices — 1,933 136,773 5,730,872 Borrowings 4,270,000 — — — Reduction of borrowings through offsetting debt 1,921,337 — — — Service fee 41,627 73,091 68,002 2,849,325 Vinpearl JSC Borrowing — 500,000 — — Interest expenses — 13,956 20,523 859,926 Interest receivable 244,557 72,353 9,862 413,224 Purchase of hospitality vouchers 165,303 56,095 160,564 6,727,730 Purchase of other services 18,811 99,224 96,026 4,023,548 Advance to buy voucher — 150,000 — — Hotel service expenses 121,122 99,794 43,044 1,803,570 Sale of vehicles and spare parts — 40,249 26,696 1,118,579 Loan receivables 4,353,000 — — — VinBigData JSC Purchase of assets, tools — 43,273 49,385 2,069,262 For the year ended December 31, 2021 2022 2023 2023 Related party Transactions VND million VND million VND million USD VinES JSC Sale of battery parts and finished batteries — 1,355,548 — — Transfer of battery production facilities — 5,061,503 85,799 3,595,031 Processing fee — — 892,591 37,400,109 Purchase of finished battery packs, tools and service — 5,413,397 1,309,497 54,868,725 Payment on behalf related to batteries purchase — 7,448,574 16,813 704,475 Purchase of raw material and spare parts — — 699,999 29,330,386 Vinsmart JSC Purchase of fixed assets, tools, materials and goods 595,827 3,178,988 25,279 1,059,206 Loan receivable 1,227,000 — — — Transfer of investments 634,406 — — — Purchase of smartphones 930,065 — — — VHIZ JSC Contractual profit sharing under business investment 336,000 56,000 — — Interest expense — 1,202,202 1,574,845 65,986,969 Payment on behalf — 377,921 171,750 7,196,430 Vincom Retail JSC Borrowings 295,000 3,250,000 3,540,000 148,328,166 Interest expense 5,173 54,547 42,262 1,770,804 Vincom Retail Operation LLC Rental showrooms and charging stations 76,666 110,077 109,551 4,590,254 Borrowings — 4,570,000 6,920,000 289,952,233 Interest expense — 55,726 117,031 4,903,670 Suoi Hoa JSC Borrowings — — 685,000 28,701,919 VIN3S JSC Purchase of information technology services and software 148,586 350,577 23,959 1,003,897 VinFast Lithium Battery Pack LLC Purchase of assets, materials and tools 189,407 319 5,140 215,369 Vantix JSC Purchase of services — 6,435 24,690 1,034,526 Vinbus Ecology LLC Revenue from sale of electric buses 480,102 847,128 170,427 7,140,996 Ecology JSC Revenue from sale of electric buses — 46 254,902 10,680,550 GSM JSC Revenue from sale of vehicles — — 18,969,175 794,820,037 Other revenues — — 9,184 384,815 Late payment penalty interest — — 143,856 6,027,654 VinCSS JSC Information technology service fee 8,505 73,421 94,196 3,946,870 VinITIS JSC Information technology service fee 25,917 28,959 60,020 2,514,875 VinBigData JSC Purchase of assets and tools — 43,273 49,385 2,069,262 As of December 31 2022 2023 2023 VND million VND million USD Amounts due from related parties Short-term loans, advance to and receivables from related parties. 1,978,097 3,080,663 129,081,664 Short-term loans (Note 22a) 545,400 — — Short-term advance to and receivables (Note 22b) 1,432,697 3,080,663 129,081,664 Long-term loans to and receivables 44,533 47,443 1,987,891 Long-term receivables 44,533 47,443 1,987,891 Total 2,022,630 3,128,106 131,069,555 Amounts due to related parties Short-term payables to and borrowings from related parties 17,325,317 44,338,043 1,857,791,125 Short-term payables (Note 22b) 16,605,397 6,910,748 289,564,568 Short-term borrowings (Note 22a) 719,920 37,427,295 1,568,226,557 Long-term payables to related parties 21,918,710 18,151,355 760,552,879 Long-term payables (Note 22b) 14,371,365 15,765,658 660,590,715 Long-term borrowings (Note 22a) 7,547,345 2,385,697 99,962,164 Total 39,244,027 62,489,398 2,618,344,004 Interest rate Related parties VND million per annum Maturity date Short-term borrowings from related parties Vingroup JSC 37,410,790 From 5.7% to 12 % From February 2024 to December 2024 Vinpearl Australia Pty Ltd. 16,505 7 % August 2024 Total 37,427,295 Long-term borrowings from a related party Vingroup JSC 2,385,697 From 14.5% to 15 % August 2025 and September 2026 Total 2,385,697 Interest rate Related parties VND million per annum Maturity date Short-term loans to a related party Vinpearl JSC 545,400 9 % September 2023 Total 545,400 Short-term borrowings from related parties Vingroup JSC 325,000 9 % From August 2023 to October 2023 Vinpearl JSC 300,000 9 % August 2023 Asian Star 94,920 7.5 % June 2023 Total 719,920 Long-term borrowings from a related party Vinpearl JSC 7,547,345 9 % February 2024 and December 2026 Total 7,547,345 Related parties Transactions VND million Short-term advance to and receivables from related parties GSM JSC Receivable from sale of vehicles 2,295,142 Ecology JSC Receivable from sale of electric buses 275,215 VinES JSC Receivable from disposal of assets 237,184 Vinhomes JSC Receivable from sale of smart devices 87,735 Vinbus Ecology LLC Receivable from sale of electric buses 75,010 VHIZ JSC Payment on behalf and others 36,760 Others Other advance and short-term receivables 73,617 Total 3,080,663 Short-term payables to related parties VHIZ JSC Payable for leaseback transaction and others 1,165,590 Vingroup JSC Interest payables and others 1,781,633 Vinsmart JSC Payable for purchasing of raw materials and assets 114,633 Vinhomes JSC Car vouchers which have not been redeemed 888,801 Other payables 1,496,378 VinES JSC Payable for purchasing of goods and services 901,233 Vin3S JSC Payable for purchasing of assets and services 58,408 Others Other payables 504,072 Total 6,910,748 Long-term payables to related parties VHIZ JSC Payables for leaseback transaction and others 15,296,294 Vingroup JSC Interest payables 469,364 Total 15,765,658 Related parties Transactions VND million Short-term advance to and receivables from related parties VinES JSC Receivable from disposal of assets 1,000,000 VinFast Lithium Battery Pack LLC Receivable from disposal of assets and selling material 46,270 Vinpearl JSC Interest receivables 133,626 Advance for purchase of vouchers 91,944 Other receivables 24,634 Vingroup JSC Receivable from providing services and disposal of assets 45,676 VHIZ JSC Payment on behalf and others 38,413 Others Other advance and short-term receivables 52,134 Total 1,432,697 Short-term payables to related parties VHIZ JSC Payable relating to leaseback transaction and others 919,493 Vingroup JSC Car vouchers which have not been redeemed 699,390 Interest payables and others 113,883 Vinsmart JSC Payable for purchasing of raw materials and assets 2,038,084 Vinhomes JSC Car vouchers which have not been redeemed 3,520,132 Other payables 84,801 VinES JSC Payable relating to purchase of goods and services 8,816,483 Vin3S JSC Payable relating to purchase of assets and services 104,792 Others Other payables 308,339 Total 16,605,397 Long-term payables to related parties VHIZ JSC Payables relating to leaseback transaction and others 14,274,362 Vingroup JSC Interest payables 97,003 Total 14,371,365 |
ASSETS CLASSIFIED AS HELD FOR_2
ASSETS CLASSIFIED AS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ASSETS CLASSIFIED AS HELD FOR SALE | |
Schedule of assets classified as held for sale | As of December 31, 2022 2023 2023 VND million VND million USD Carrying value of assets held for sale Assets of Lang Lang Proving Ground 360,893 — — Total 360,893 — — |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT REPORTING | |
Schedule of information about segments | 24. SEGMENT REPORTING (continued) For the year ended December 31, 2023: Currency: VND million Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (**) Total Revenues (*) 24,943,304 2,619,240 1,069,287 80,220 — 28,712,051 Cost of sales (37,934,797) (3,178,050) (704,515) (121,463) — (41,938,825) Gross loss (12,991,493) (558,810) 364,772 (41,243) — (13,226,774) Operating expenses (21,297,408) (738,912) — — (5,190,065) (27,226,385) Operating loss (34,288,901) (1,297,722) 364,772 (41,243) (5,190,065) (40,453,159) (*) Revenues from a group of customers under common control of Automobiles and E-scooters segments represents approximately VND19,435.3 billion (USD812.7 million) of the Company’s consolidated revenues (2022: VND 923.3 billion, 2021: VND488.1 billion). For the year ended December 31, 2022 (represented): Currency: VND million Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (**) Total Revenues 11,136,049 1,505,461 2,213,369 110,712 — 14,965,591 Cost of sales (22,854,342) (2,323,472) (1,962,906) (91,776) — (27,232,496) Gross loss (11,718,293) (818,011) 250,463 18,936 — (12,266,905) Operating expenses (25,628,175) (688,540) — — (3,672,744) (29,989,459) Operating loss (37,346,468) (1,506,551) 250,463 18,936 (3,672,744) (42,256,364) For the year ended December 31, 2021: Currency: VND million Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (**) Total Revenues 13,593,482 678,936 634,793 1,120,971 — 16,028,182 Cost of sales (22,720,417) (1,040,905) (453,213) (1,069,423) — (25,283,958) Gross loss (9,126,935) (361,969) 181,580 51,548 — (9,255,776) Operating expenses (15,525,771) (499,865) — — (1,785,989) (17,811,625) Operating loss (24,652,706) (861,834) 181,580 51,548 (1,785,989) (27,067,401) 24. SEGMENT REPORTING (continued) For the year ended December 31, 2023 (convenience translation): Currency: USD Spare parts and aftermarket Automobiles E-scooter services All other Unallocated (*) Total Revenues 1,045,139,697 109,747,763 44,803,779 3,361,261 — 1,203,052,500 Cost of sales (1,589,491,191) (133,162,239) (29,519,609) (5,089,386) — (1,757,262,425) Gross loss (544,351,494) (23,414,476) 15,284,170 (1,728,125) — (554,209,925) Operating expenses (892,374,424) (30,960,865) — — (217,466,899) (1,140,802,188) Operating loss (1,436,725,918) (54,375,341) 15,284,170 (1,728,125) (217,466,899) (1,695,012,113) (**) Unallocated expenses are mainly related to general and corporate administrative costs such as wages and salaries for employees responsible for general corporate functions, including accounting, finance, tax, legal and human relations; technology-related fees; depreciation and amortization of fixed assets used for administration purpose; professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker as part of segment performance. |
Schedule of revenues by geographic area based on the sales location of the products | For the year ended For the year ended December 31, 2021 December 31, 2022 For the year ended December 31,2023 VND million VND million VND million USD Vietnam 14,996,611 14,965,591 27,975,180 1,172,177,156 United States 1,031,571 — 159,164 6,669,069 Canada — — 577,707 24,206,277 Total 16,028,182 14,965,591 28,712,051 1,203,052,500 |
Schedule of revenues earned from external customers for each group of similar products and services | For the year ended For the year ended December 31, 2021 December 31, 2022 For the year ended December 31,2023 VND million VND million VND million USD Sales of ICE vehicles 13,107,978 6,688,467 220,397 9,234,769 Sales of e-cars 5,402 3,582,632 23,499,733 984,653,189 Sales of e-buses 480,102 847,128 628,115 26,318,403 Sales of e-scooters 678,936 1,385,479 2,020,921 84,677,825 Sale of spare parts 538,216 2,072,628 882,146 36,962,457 Sale of smartphones 1,031,571 — — — Rendering of aftermarket services 96,577 140,689 187,141 7,841,322 Revenue from leasing activities and others 89,400 248,568 1,273,598 53,364,535 Total revenue 16,028,182 14,965,591 28,712,051 1,203,052,500 |
ORGANIZATION AND NATURE OF OP_3
ORGANIZATION AND NATURE OF OPERATIONS - The Corporate information Tabular (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
VinFast Trading and Production JSC | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 99.90% | 99.90% |
Equity interest | 99.90% | 99.90% |
VinFast Commercial and Services Trading LLC | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 99.50% | 99.50% |
Equity interest | 98.70% | 99.40% |
VinFast Germany GmbH | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 99.90% | 99.90% |
VinFast Engineering Australia Pty Ltd | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 99.90% | 99.90% |
Vingroup Investment Vietnam JSC | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 99.30% | 99.30% |
Equity interest | 99.20% | 99.20% |
Vingroup USA, LLC | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 100% | 99.20% |
VinFast USA Distribution, LLC | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 100% | 99.20% |
VinFast Auto, LLC | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 100% | 99.20% |
VinFast Auto Canada Inc. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 99.20% | 99.20% |
VinFast France | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 99.20% | 99.20% |
VinFast Netherlands B.V | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 99.20% | 99.20% |
VinFast OEM US Holding, Inc.(*) | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | |
Equity interest | 100% | |
VinFast Manufacturing US, LLC | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | 100% |
Equity interest | 100% | 100% |
PT VinFast Automobile Indonnesia | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 99.90% | |
Equity interest | 99.90% | |
VinFast Auto (Thailand) Co., Ltd. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 99.90% | |
Equity interest | 99.90% | |
VinFast India Ltd. (Formerly known as Varchaunam Consultancy Private Limited) | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 99.90% | |
Equity interest | 99.90% | |
VinFast UK Ltd. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | |
Equity interest | 100% | |
VinFast Middle East Ltd. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | |
Equity interest | 100% | |
SpecCo Ltd(**) | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Voting right (as a percent) | 100% | |
Equity interest | 100% |
ORGANIZATION AND NATURE OF OP_4
ORGANIZATION AND NATURE OF OPERATIONS - The Business Combination Agreement (Details) $ / shares in Units, ₫ in Millions, $ in Millions | 12 Months Ended | |||||
Aug. 14, 2023 USD ($) $ / shares shares | Dec. 31, 2023 VND (₫) shares | Aug. 01, 2023 shares | Jul. 31, 2023 shares | Jul. 30, 2023 shares | Dec. 31, 2022 shares | |
ORGANIZATION AND NATURE OF OPERATIONS | ||||||
Number of shares Issued | 2,337,788,498 | 2,299,999,998 | 2,412,852,458 | 2,299,999,998 | ||
Number of shares outstanding | 2,337,788,498 | 2,299,999,998 | 2,299,999,998 | 2,412,852,458 | 2,299,999,998 | |
Value of shares issued | ₫ | ₫ 4,605,166 | |||||
Outstanding warrants | 3,321,002 | |||||
Back Stop Subscription | ||||||
ORGANIZATION AND NATURE OF OPERATIONS | ||||||
Issuance of ordinary shares | 1,636,797 | |||||
Share price per share | $ / shares | $ 10 | |||||
Value of shares issued | $ | $ 16.4 | |||||
Black Spade Acquisition Co [Member] | ||||||
ORGANIZATION AND NATURE OF OPERATIONS | ||||||
Number of shares outstanding | 2,307,170,695 | |||||
Outstanding warrants | 14,829,989 | |||||
Black Spade Acquisition Co [Member] | ||||||
ORGANIZATION AND NATURE OF OPERATIONS | ||||||
Number of Vinfast Ordinary Share converted per Black Spade ordinary share | 1 | |||||
Black Spade Acquisition Co [Member] | Class B Ordinary Share | ||||||
ORGANIZATION AND NATURE OF OPERATIONS | ||||||
Common stock, par value per share | $ / shares | $ 0.0001 | |||||
Black Spade Acquisition Co [Member] | Class A Ordinary Share | ||||||
ORGANIZATION AND NATURE OF OPERATIONS | ||||||
Common stock, par value per share | $ / shares | $ 0.0001 |
ORGANIZATION AND NATURE OF OP_5
ORGANIZATION AND NATURE OF OPERATIONS - Standby Equity Subscription Agreement (Details) - Standby Equity Subscription Agreement with Yorkville $ in Billions | Dec. 31, 2023 shares | Oct. 20, 2023 USD ($) D shares |
ORGANIZATION AND NATURE OF OPERATIONS | ||
Subscription amount | $ | $ 1 | |
Percentage of market price | 97.50% | |
Number of trading days | D | 5 | |
Percentage of Outstanding ordinary shares | 4.99% | |
Number of shares issued | 4,726,669 | |
Shares issued during period as commitment fee | 800,000 |
ORGANIZATION AND NATURE OF OP_6
ORGANIZATION AND NATURE OF OPERATIONS - Going concern basis of accounting (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | Dec. 31, 2023 USD ($) | |
ORGANIZATION AND NATURE OF OPERATIONS | |||||
Net losses | ₫ (57,471,671) | $ (2,408,098,177) | ₫ (49,848,870) | ₫ (32,218,961) | |
Accumulated losses | (184,588,076) | (127,188,455) | $ (7,734,353,306) | ||
Net current liability position | 89,754,100 | 3,760,800,000 | |||
Cash and cash equivalents | ₫ 4,002,272 | ₫ 4,271,442 | ₫ 3,024,916 | $ 167,697,645 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | ||
Jan. 26, 2024 USD ($) | Dec. 31, 2023 USD ($) segment | Jan. 18, 2024 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Number of operating segments | segment | 3 | ||
Number of reportable segments | segment | 3 | ||
NC DOC | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Proceeds from Incentive, Related to Reimbursement Cost Associated with Land Levelling | $ 16.2 | ||
Reimbursement Cost Receivable Associated with Land Levelling, Requires Submission of Relevant Documents | $ 125 | ||
Reimbursement of Eligible Site Restoration Expenses Receivable | $ 20.8 | ||
Proceeds from Site Restoration Expenses monetary | $ 20.8 | ||
Buildings and structures | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 3 years | ||
Buildings and structures | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 49 years | ||
Machinery and equipment | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 3 years | ||
Machinery and equipment | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 25 years | ||
Leased-out EV batteries | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 9 years | ||
Leased-out EV batteries | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 10 years | ||
Leased-out escooter batteries | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 3 years | ||
Leased-out escooter batteries | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 8 years | ||
Sales of vehicles | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 5 years | ||
Sales of vehicles | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 12 years | ||
Office equipment | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 3 years | ||
Office equipment | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Estimated useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details) ₫ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) item $ / ₫ | Dec. 31, 2023 USD ($) item $ / ₫ | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Number of reporting units | item | 2 | 2 | ||
Advertising cost | ₫ 1,266,417 | $ 53.1 | ₫ 1,839,069 | ₫ 614,805 |
Convenience translation rate (USD to VND) | $ / ₫ | 23,866 | 23,866 | ||
License | Minimum | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Estimated useful life | 3 years 2 months | 3 years 2 months | ||
License | Maximum | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Estimated useful life | 3 years 4 months | 3 years 4 months | ||
Software | Minimum | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Estimated useful life | 3 years | 3 years | ||
Software | Maximum | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Estimated useful life | 8 years | 8 years | ||
Others | Minimum | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Estimated useful life | 3 years | 3 years | ||
Others | Maximum | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Estimated useful life | 15 years | 15 years |
CONCENTRATION OF RISKS (Details
CONCENTRATION OF RISKS (Details) | 12 Months Ended |
Dec. 31, 2023 item | |
Concentration Risk [Line Items] | |
Number of types of market risk focused by management | 2 |
Accounts Receivable | Customer Concentration Risk | GSM JSC Customer | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 66% |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 VND (₫) | Dec. 31, 2020 VND (₫) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||
Cash on hand | ₫ 1,279 | $ 53,591 | ₫ 382 | ₫ 99 | ||
Cash at banks | 4,000,993 | 167,644,054 | 4,271,060 | 2,574,817 | ||
Cash equivalents | 450,000 | |||||
Total cash and cash equivalents | 4,002,272 | 167,697,645 | 4,271,442 | 3,024,916 | ||
Short-term restricted cash in short-term prepayments and other receivables | 96,446 | 4,041,146 | ||||
Long-term restricted cash in other non-current assets | 660,363 | 27,669,614 | ||||
Total cash, cash equivalents and restricted cash | ₫ 4,759,081 | $ 199,408,405 | ₫ 4,271,442 | $ 178,976,033 | ₫ 3,024,916 | ₫ 827,742 |
TRADE RECEIVABLES (Details)
TRADE RECEIVABLES (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
TRADE RECEIVABLES | |||
Receivables from sale of finished goods and merchandises (i) | ₫ 329,952 | $ 13,825,191 | ₫ 538,697 |
Receivables from disposal of assets and raw materials | 61,333 | 2,569,890 | 76,341 |
Others | 73,241 | 3,068,843 | 37,884 |
TOTAL | ₫ 464,526 | $ 19,463,924 | ₫ 652,922 |
INVENTORIES, NET (Details)
INVENTORIES, NET (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
INVENTORIES, NET | |||
Raw materials | ₫ 14,557,976 | $ 609,988,100 | ₫ 12,096,176 |
Finished goods, including service parts | 8,577,754 | 359,413,140 | 3,733,281 |
Good in transit | 1,862,582 | 78,043,325 | 2,479,342 |
Work in progress | 3,420,292 | 143,312,327 | 2,976,984 |
Merchandises | 25,343 | 1,061,887 | 124,375 |
Tools and spare parts | 222,048 | 9,303,948 | 197,119 |
TOTAL | ₫ 28,665,995 | $ 1,201,122,727 | ₫ 21,607,277 |
INVENTORIES, NET - Additional i
INVENTORIES, NET - Additional information (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | Dec. 31, 2023 USD ($) | |
INVENTORIES, NET | |||||
Inventories, net | ₫ 28,665,995 | ₫ 21,607,277 | $ 1,201,122,727 | ||
Inventory measured at cost | 36,572,700 | 27,854,200 | ₫ 9,208,796 | 1,532,400,000 | |
Inventory write-downs | 5,483,100 | $ 229,700,000 | 5,143,900 | ₫ 2,385,334 | |
Pledged as collateral | |||||
INVENTORIES, NET | |||||
Inventories, net | ₫ 936,300 | ₫ 500,000 | $ 39,200,000 |
SHORT-TERM PREPAYMENTS AND OT_3
SHORT-TERM PREPAYMENTS AND OTHER RECEIVABLES (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
Financial assets: | |||
Cash collateral to support Standby letter of credit issuances and other financial assets | ₫ 358,883 | $ 15,037,417 | ₫ 808,518 |
Short-term restricted cash | 96,446 | 4,041,146 | |
Subtotal | 455,329 | 19,078,563 | 808,518 |
Non-financial assets: | |||
Valued added tax deductible | 5,807,909 | 243,354,940 | 4,697,711 |
Import tax to be refunded | 592,559 | 24,828,585 | 604,755 |
Other receivables | 9,245 | 387,371 | 12,697 |
Other prepaid expenses | 364,433 | 15,269,966 | 333,488 |
Subtotal | 6,774,146 | 283,840,862 | 5,648,651 |
TOTAL | ₫ 7,229,475 | $ 302,919,425 | ₫ 6,457,169 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | ₫ 84,199,808 | $ 3,528,023,464 | ₫ 67,181,050 |
Less: Accumulated depreciation | (14,443,576) | (605,194,670) | (8,938,736) |
Less: Impairment charges | (2,077,258) | (87,038,381) | (1,053,647) |
Total property, plant and equipment, net | 67,678,974 | 2,835,790,413 | 57,188,667 |
Freehold land | |||
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | 2,014,497 | 84,408,657 | 1,854,095 |
Buildings and structures | |||
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | 20,730,635 | 868,626,288 | 18,212,817 |
Machinery and equipment | |||
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | 53,408,565 | 2,237,851,546 | 42,641,762 |
Leased-out batteries | |||
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | 4,782,818 | 200,403,000 | 2,383,095 |
Vehicles | |||
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | 2,316,130 | 97,047,264 | 1,135,902 |
Office equipment | |||
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | 845,043 | 35,407,819 | 861,099 |
Others | |||
PROPERTY, PLANT AND EQUIPMENT, NET | |||
Subtotal | ₫ 102,120 | $ 4,278,890 | ₫ 92,280 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, NET - Additional information (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | Dec. 31, 2023 USD ($) | |
PROPERTY, PLANT AND EQUIPMENT, NET | |||||
Depreciation of property, plant and equipment | ₫ 5,849,238 | $ 245,086,650 | ₫ 3,924,658 | ₫ 3,981,389 | |
Property, plant and equipment, net | 67,678,974 | 57,188,667 | $ 2,835,790,413 | ||
Interest cost capitalized | 669,400 | 28,000,000 | 357,000 | ₫ 323,000 | |
Leased-out batteries | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | |||||
Impairment charges relating to leased-out batteries | ₫ 1,023,611 | $ 42,900,000 | ₫ 1,053,647 |
INTANGIBLE ASSETS, NET AND GO_3
INTANGIBLE ASSETS, NET AND GOODWILL (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | Dec. 31, 2023 USD ($) | |
INTANGIBLE ASSETS, NET AND GOODWILL | |||||
Cost | ₫ 5,876,138 | ₫ 5,772,842 | |||
Accumulated amortization | (4,584,418) | (4,311,771) | |||
Net carrying value | 1,291,720 | 1,461,071 | $ 54,123,858 | ||
Amortization of intangible assets | 466,454 | $ 19,544,708 | 2,341,850 | ₫ 897,562 | |
License | |||||
INTANGIBLE ASSETS, NET AND GOODWILL | |||||
Cost | 3,690,720 | 3,903,095 | |||
Accumulated amortization | (3,690,720) | (3,698,305) | |||
Net carrying value | 204,790 | ||||
Software | |||||
INTANGIBLE ASSETS, NET AND GOODWILL | |||||
Cost | 2,046,815 | 1,442,065 | |||
Accumulated amortization | (887,418) | (608,416) | |||
Net carrying value | ₫ 1,159,397 | ₫ 833,649 | $ 48,579,444 | ||
Weighted-average remaining useful life | 53 months | 43 months | 48 months | 53 months | |
Purchased software under development phase | |||||
INTANGIBLE ASSETS, NET AND GOODWILL | |||||
Cost | ₫ 120,157 | ₫ 410,506 | |||
Net carrying value | 120,157 | 410,506 | $ 5,034,652 | ||
Others | |||||
INTANGIBLE ASSETS, NET AND GOODWILL | |||||
Cost | 18,446 | 17,176 | |||
Accumulated amortization | (6,280) | (5,050) | |||
Net carrying value | ₫ 12,166 | ₫ 12,126 | $ 509,763 |
INTANGIBLE ASSETS, NET AND GO_4
INTANGIBLE ASSETS, NET AND GOODWILL - Estimated amortization expense (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) |
Estimated amortization expense | |
2024 | ₫ 353,048 |
2025 | 356,247 |
2026 | 205,287 |
2027 | 153,558 |
2028 and thereafter | ₫ 223,580 |
INTANGIBLE ASSETS, NET AND GO_5
INTANGIBLE ASSETS, NET AND GOODWILL - Allocation of goodwill (Details) ₫ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | |
INTANGIBLE ASSETS, NET AND GOODWILL | |||
Goodwill | ₫ 272,203 | ||
Goodwill Impairment Loss | ₫ 272,000 | $ 11.4 | |
Accumulated impairment loss on goodwill | ₫ 0 | ||
Terminal growth rate | 3% | 3% | 3% |
Discount rate applied to cash flow projections | 16% | 16% | 15% |
Automotive | |||
INTANGIBLE ASSETS, NET AND GOODWILL | |||
Goodwill | ₫ 262,252 | ||
E-scooter | |||
INTANGIBLE ASSETS, NET AND GOODWILL | |||
Goodwill | ₫ 9,951 |
INTEREST-BEARING LOANS AND BO_3
INTEREST-BEARING LOANS AND BORROWINGS (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2022 USD ($) |
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Short-term loans from banks | ₫ 21,307,941 | $ 892,815,763 | ₫ 6,268,276 | |
Short-term interest-bearing loans and borrowings, TOTAL | 39,894,782 | 1,671,615,771 | 14,579,553 | |
Long-term interest-bearing loans and borrowings | 30,170,149 | 1,264,147,700 | 41,624,960 | |
Total short term and long term loans | 30,170,149 | 1,264,147,700 | 41,624,960 | |
Remaining balance of undrawn lines of credit for short-term financing | 2,176,600 | 91,200,000 | ||
Loans from bank | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Current portion of long-term loans | 7,143,376 | 299,311,824 | 8,311,277 | $ 348,247,591 |
Long-term interest-bearing loans and borrowings | 22,590,438 | 946,553,172 | 27,652,234 | 1,158,645,521 |
Bonds | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Current portion of long-term loans | 11,443,465 | 479,488,184 | ||
Long-term interest-bearing loans and borrowings | 7,551,628 | 316,417,833 | 13,972,726 | |
Loans from others | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Current portion of long-term loans | 5,205 | 218,093 | ₫ 24,000 | $ 1,005,614 |
Long-term interest-bearing loans and borrowings | ₫ 28,083 | $ 1,176,695 |
INTEREST-BEARING LOANS AND BO_4
INTEREST-BEARING LOANS AND BORROWINGS - Short-term loans from banks (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
Short-term loans from banks | |||
Short-term loans from banks | ₫ 21,307,941 | $ 892,815,763 | ₫ 6,268,276 |
Vietnam Prosperity Joint Stock Commercial Bank | |||
Short-term loans from banks | |||
Short-term loans from banks | 8,357,347 | 350,177,952 | |
Vietnam Technological and Commercial Joint Stock Bank | |||
Short-term loans from banks | |||
Short-term loans from banks | 4,336,556 | 181,704,349 | |
Saigon Hanoi Commercial Joint Stock Bank | |||
Short-term loans from banks | |||
Short-term loans from banks | 1,999,554 | 83,782,536 | |
Joint stock Commercial Bank for Investment and Development of Viet Nam - Ha Thanh Branch | |||
Short-term loans from banks | |||
Short-term loans from banks | 1,495,421 | 62,659,055 | |
Joint stock Commercial Bank for Investment and Development of Viet Nam - Quang Trung Branch | |||
Short-term loans from banks | |||
Short-term loans from banks | 1,300,000 | 54,470,795 | |
Westlake Flooring Company, LLC | |||
Short-term loans from banks | |||
Short-term loans from banks | 824,671 | 34,554,219 | |
Ho Chi Minh City Development Joint Stock Commercial Bank | |||
Short-term loans from banks | |||
Short-term loans from banks | ₫ 2,994,392 | $ 125,466,857 |
INTEREST-BEARING LOANS AND BO_5
INTEREST-BEARING LOANS AND BORROWINGS - Short-term loans from banks, interest rate (Details) | Dec. 31, 2023 |
Short-term Loans | Minimum | |
Short-term loans from banks | |
Short-term loans, interest rate | 6.70% |
Short-term Loans | Maximum | |
Short-term loans from banks | |
Short-term loans, interest rate | 15% |
UPAS Letter of Credit | Minimum | |
Short-term loans from banks | |
Short-term loans, interest rate | 10.50% |
UPAS Letter of Credit | Maximum | |
Short-term loans from banks | |
Short-term loans, interest rate | 14.50% |
INTEREST-BEARING LOANS AND BO_6
INTEREST-BEARING LOANS AND BORROWINGS - Long-term loans from banks (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2022 USD ($) |
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks, Non-current portion | ₫ 30,170,149 | $ 1,264,147,700 | ₫ 41,624,960 | |
Loans from bank | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 29,733,814 | 1,245,864,996 | 35,963,511 | $ 1,506,893,112 |
Long-term loans from banks, Non-current portion | 22,590,438 | 946,553,172 | 27,652,234 | 1,158,645,521 |
Long-term loans from banks, Current portion | 7,143,376 | 299,311,824 | 8,311,277 | 348,247,591 |
Outstanding balance of collateral cover ratio less than required ratio specified in borrowing agreements | 17,125,887 | 718 | ||
Non-current outstanding borrowing subject to collateral cover ratio | 14,819,192 | 621 | ||
Syndicated loan No.1 | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 13,997,995 | 586,524,554 | 15,287,959 | 640,574,834 |
Long-term loans from banks, Current portion | 2,176,904 | 91,213,609 | 2,119,385 | 88,803,528 |
Syndicated loan No.2 | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 4,473,261 | 187,432,372 | 5,563,099 | 233,097,251 |
Long-term loans from banks, Current portion | 4,473,261 | 187,432,372 | 1,277,045 | 53,508,967 |
Syndicated loan No.3 | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 4,714,072 | 197,522,501 | ||
Long-term loans from banks, Current portion | 4,714,072 | 197,522,501 | ||
Syndicated loan No.4 | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 2,200,874 | 92,217,967 | 2,290,606 | 95,977,793 |
Long-term loans from banks, Current portion | 358,215 | 15,009,428 | 176,775 | 7,406,981 |
Syndicated loan No.5 | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 3,127,891 | 131,060,546 | 2,912,644 | 122,041,565 |
Long-term loans from banks, Current portion | 129,791 | 5,438,322 | ||
Syndicated loan No.6 | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 5,918,804 | 248,001,508 | 5,137,283 | 215,255,300 |
Loans from others | ||||
INTEREST-BEARING LOANS AND BORROWINGS | ||||
Long-term loans from banks | 14,989 | 628,049 | 57,848 | 2,423,868 |
Long-term loans from banks, Non-current portion | 28,083 | 1,176,695 | ||
Long-term loans from banks, Current portion | ₫ 5,205 | $ 218,093 | ₫ 24,000 | $ 1,005,614 |
INTEREST-BEARING LOANS AND BO_7
INTEREST-BEARING LOANS AND BORROWINGS - Long-term loans from banks, interest rate (Details) | Dec. 31, 2023 |
Secured loans | Minimum | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Floating interest rate | 10.20% |
Secured loans | Maximum | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Floating interest rate | 11.80% |
Secured loans without swap contract | Minimum | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Floating interest rate | 4.93% |
Secured loans without swap contract | Maximum | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Floating interest rate | 9.09% |
Secured loans with floating interest rate swapped for fixed interest rate (also fixed transaction rate) under swap contracts | Minimum | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Fixed interest rate | 4.10% |
Secured loans with floating interest rate swapped for fixed interest rate (also fixed transaction rate) under swap contracts | Maximum | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Fixed interest rate | 9.15% |
INTEREST-BEARING LOANS AND BO_8
INTEREST-BEARING LOANS AND BORROWINGS - Bonds (Details) ₫ in Millions | 12 Months Ended | ||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | |
INTEREST-BEARING LOANS AND BORROWINGS | |||
Long-term interest-bearing loans and borrowings | ₫ 30,170,149 | $ 1,264,147,700 | ₫ 41,624,960 |
Bonds | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Long-term interest-bearing loans and borrowings | 7,551,628 | 316,417,833 | ₫ 13,972,726 |
Bonds due in December 2024 | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Total issuance value | 11,500,000 | ||
Long-term interest-bearing loans and borrowings | ₫ 11,443,500 | $ 479,500,000 | |
Bonds due in December 2024 | Minimum | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Interest rate for the first year (as a percent) | 9% | 9% | |
Marginal interest rate during the following years (as a percent) | 3.80% | ||
Bonds due in December 2024 | Maximum | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Interest rate for the first year (as a percent) | 9.25% | 9.25% | |
Marginal interest rate during the following years (as a percent) | 3.90% | ||
Bonds due in May 2025 | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Total issuance value | ₫ 2,000,000 | ||
Long-term interest-bearing loans and borrowings | ₫ 1,985,700 | $ 83,200,000 | |
Interest rate for the first year (as a percent) | 9.26% | 9.26% | |
Marginal interest rate during the following years (as a percent) | 3.90% | ||
Bonds due in September 2025 | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Total issuance value | ₫ 1,200,000 | ||
Disbursement received | 620,000 | ||
Long-term interest-bearing loans and borrowings | ₫ 614,100 | $ 25,700,000 | |
Interest rate for the first year (as a percent) | 10.42% | 10.42% | |
Marginal interest rate during the following years (as a percent) | 5% | ||
Bonds Due in January 2025 and March 2025 | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Total issuance value | ₫ 5,000,000 | ||
Long-term interest-bearing loans and borrowings | ₫ 4,951,800 | $ 207,500,000 | |
Bonds Due in January 2025 and March 2025 | Minimum | Director Member | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Interest rate for the first year (as a percent) | 14.40% | 14.40% | |
Bonds Due in January 2025 and March 2025 | Maximum | Director Member | |||
INTEREST-BEARING LOANS AND BORROWINGS | |||
Interest rate for the first year (as a percent) | 14.50% | 14.50% |
CONVERTIBLE DEBENTURE (Details)
CONVERTIBLE DEBENTURE (Details) - Convertible Debenture | Dec. 29, 2023 USD ($) D $ / shares |
INTEREST-BEARING LOANS AND BORROWINGS | |
Total issuance value | $ 50,000,000 |
Purchase price | $ 48,750,000 |
Short-term loans, interest rate | 4% |
Conversion Price (in dollar per share) | $ / shares | $ 10 |
Scheduled trading days' | D | 10 |
Principal amount being redeemed (as a percent) | 5% |
Breach of Registration Rights | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Accrued interest per annum | 8% |
Default, Without Duplication of Specified Additional Interest | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Accrued interest per annum | 15% |
Maximum | |
INTEREST-BEARING LOANS AND BORROWINGS | |
Ordinary shares issuable upon the conversion | 5,100,000 |
DEPOSITS AND DOWN PAYMENT FRO_2
DEPOSITS AND DOWN PAYMENT FROM CUSTOMERS (Details) $ in Millions, ₫ in Billions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | Dec. 31, 2023 USD ($) | |
DEPOSITS AND DOWN PAYMENT FROM CUSTOMERS | |||||
Refundable deposit liabilities | ₫ 329.7 | $ 13.8 | |||
Non-refundable down-payment of contract liabilities | 534.7 | $ 22.4 | |||
Revenue recognized from contract liabilities | ₫ 2,717.1 | $ 113.8 | ₫ 1,009 | ₫ 1,069 |
DEFERRED REVENUE (Details)
DEFERRED REVENUE (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | Dec. 31, 2023 USD ($) | |
Deferred revenue | |||||
Beginning balance of the year | ₫ 606,843 | $ 25,427,093 | ₫ 43,283 | ₫ 9,087 | |
Additions | 1,510,879 | 63,306,755 | 615,265 | 122,035 | |
Revenue recognized | (134,042) | (5,616,442) | (51,705) | (87,839) | |
Ending balance of the year | 1,983,680 | 83,117,406 | 606,843 | 43,283 | |
Short-term | 173,582 | 107,448 | 17,338 | $ 7,273,192 | |
Long-term | 1,810,098 | ₫ 499,395 | ₫ 25,945 | $ 75,844,214 | |
Revenue recognized during the year | 84,500 | 3,500,000 | |||
Revenue expects to be recognized in next 12 months | ₫ 173,600 | $ 7,300,000 |
SHORT-TERM ACCRUALS (Details)
SHORT-TERM ACCRUALS (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
SHORT-TERM ACCRUALS | |||
Accruals for the purchase of raw material, machines and equipment, information technology systems and development costs | ₫ 8,186,016 | $ 342,999,078 | ₫ 7,885,194 |
Accrued construction costs for factories and infrastructure | 917,592 | 38,447,666 | 1,561,480 |
Accrued selling expenses | 605,098 | 25,353,976 | 827,978 |
Accrued loan and bonds interests | 668,000 | 27,989,609 | 500,259 |
Others | 773,950 | 32,428,979 | 281,755 |
TOTAL | ₫ 11,150,656 | $ 467,219,308 | ₫ 11,056,666 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - Nonrelated party ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
OTHER LIABILITIES | |||
Provision for contract penalty, compensations and purchase commitments | ₫ 1,476,203 | $ 61,853,809 | ₫ 1,321,147 |
Tax payables | 609,469 | 25,537,124 | 1,756,860 |
Assurance-type warranties | 898,593 | 37,651,596 | 254,792 |
Payables to employees | 773,628 | 32,415,486 | 631,064 |
Payables relating to business cooperation contract with Nam An | 5,814,429 | 243,628,132 | |
Others | 454,971 | 19,063,564 | 214,115 |
TOTAL | 10,027,293 | 420,149,711 | 4,177,978 |
Assurance-type warranties | 1,692,005 | 70,896,045 | 606,429 |
Payable relating to government grant | 396,696 | 16,621,805 | |
Others | 131,594 | 5,513,869 | |
TOTAL | ₫ 2,220,295 | $ 93,031,719 | ₫ 606,429 |
OTHER LIABILITIES - Movement of
OTHER LIABILITIES - Movement of certain provisions (Details) ₫ in Millions | 12 Months Ended | |||||
Mar. 10, 2023 | Mar. 09, 2023 VND (₫) | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
Nam An | ||||||
OTHER LIABILITIES | ||||||
Proceeds From Contract | ₫ 5,875,000 | |||||
Distributions Percentage on Funds Received | 0.25% | |||||
Percentage of Cooperation Capital, If Revenue Schedule is not Met | 5% | |||||
Agreement Term | 18 months | |||||
Additional, Agreement Term | 18 months | |||||
Nonrelated party | ||||||
OTHER LIABILITIES | ||||||
Provision beginning of period | ₫ 2,182,368 | ₫ 4,451,426 | ₫ 1,872,879 | |||
Provision made during the year | 2,984,642 | 1,013,489 | 4,584,680 | |||
Change in accounting estimate for pre-existing provisions | 222,988 | (190,101) | (211,399) | |||
Reversal of provision | (245,101) | |||||
Offsetting against advances | (402,777) | |||||
Utilized | (1,323,197) | (3,092,446) | (1,146,856) | |||
Provision at end of period | 4,066,801 | $ 170,401,450 | 2,182,368 | 4,451,426 | ||
Provision for contract penalty and compensation for the ICE phasing-out | Nonrelated party | ||||||
OTHER LIABILITIES | ||||||
Provision beginning of period | 1,321,147 | 3,937,545 | ||||
Provision made during the year | 1,111,317 | 272,779 | 4,340,322 | |||
Change in accounting estimate for pre-existing provisions | (157,349) | |||||
Offsetting against advances | (402,777) | |||||
Utilized | (956,261) | (2,731,828) | ||||
Provision at end of period | 1,476,203 | 61,853,809 | 1,321,147 | 3,937,545 | ||
Provision related to purchase commitment | Nonrelated party | ||||||
OTHER LIABILITIES | ||||||
Provision beginning of period | 178,411 | 1,444,833 | ||||
Provision made during the year | 65,981 | |||||
Change in accounting estimate for pre-existing provisions | (7,728) | |||||
Reversal of provision | (245,101) | |||||
Utilized | (170,683) | (1,087,302) | ||||
Provision at end of period | 178,411 | |||||
Assurance-type warranties | Nonrelated party | ||||||
OTHER LIABILITIES | ||||||
Provision beginning of period | 861,221 | 335,470 | 428,046 | |||
Provision made during the year | 1,873,325 | 740,710 | 178,377 | |||
Change in accounting estimate for pre-existing provisions | 222,988 | (25,024) | (211,399) | |||
Utilized | (366,936) | (189,935) | (59,554) | |||
Provision at end of period | ₫ 2,590,598 | $ 108,547,641 | ₫ 861,221 | ₫ 335,470 |
LEASES - Leases of lessee (Deta
LEASES - Leases of lessee (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
Operating lease | |||
Right-of-use assets - Operating lease | ₫ 7,074,785 | $ 296,437,819 | ₫ 4,558,983 |
Total operating lease liabilities | 6,847,762 | 286,925,417 | 4,025,234 |
Current portion of operating lease liabilities | 1,520,305 | 63,701,710 | 768,883 |
Non-current operating lease liabilities | 5,327,457 | 223,223,707 | 3,256,351 |
Related party | |||
Operating lease | |||
Total operating lease liabilities | 1,098,369 | 46,022,333 | 689,846 |
Related party | Vinhomes JSC | |||
Operating lease | |||
Total operating lease liabilities | 36,133 | 1,513,995 | 41,517 |
Related party | VHIZ JSC | |||
Operating lease | |||
Total operating lease liabilities | 480,290 | 20,124,445 | |
Related party | Vincom Retail JSC | |||
Operating lease | |||
Total operating lease liabilities | 251,927 | 10,555,895 | 237,939 |
Related party | Vincom Retail Operation LLC | |||
Operating lease | |||
Total operating lease liabilities | 310,162 | 12,995,978 | 410,390 |
Related party | Others | |||
Operating lease | |||
Total operating lease liabilities | 19,857 | 832,020 | |
Nonrelated party | |||
Operating lease | |||
Total operating lease liabilities | ₫ 5,749,393 | $ 240,903,084 | ₫ 3,335,388 |
LEASES - Components of lease ex
LEASES - Components of lease expense (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
LEASES | ||||
Operating lease expense | ₫ 1,729,244 | $ 72,456,381 | ₫ 757,710 | ₫ 336,644 |
Finance lease expense | 12,421 | |||
Weighted-average remaining lease term, Operating lease | 76 months | 76 months | 79 months | |
Weighted-average discount rate, Operating leases | 11.26% | 11.26% | 9.20% | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash outflows from operating leases | ₫ 1,549,627 | $ 64,930,319 | ₫ 638,235 | ₫ 289,642 |
LEASES - Maturities of operatin
LEASES - Maturities of operating lease liabilities (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
LEASES | |||
Less than 1 year | ₫ 1,611,095 | $ 67,505,866 | ₫ 811,630 |
From 1 to 2 years | 1,829,025 | 76,637,266 | 905,685 |
From 2 to 3 years | 1,700,901 | 71,268,792 | 904,013 |
From 3 to 4 years | 1,513,648 | 63,422,777 | 822,308 |
From 4 to 5 years | 949,310 | 39,776,670 | 647,396 |
Thereafter | 2,711,211 | 113,601,399 | 2,086,969 |
TOTAL | 10,315,190 | 432,212,770 | 6,178,001 |
Less: Imputed interest | 3,467,428 | 145,287,353 | 2,152,767 |
Present value of lease obligations | 6,847,762 | 286,925,417 | 4,025,234 |
Less: Current portion | 1,520,305 | 63,701,710 | 768,883 |
Non-current portion of lease obligations | ₫ 5,327,457 | $ 223,223,707 | ₫ 3,256,351 |
LEASES - Maturities of operat_2
LEASES - Maturities of operating lease and sales-type lease receivables - Lessor (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
Maturities of sales-type lease receivables | |||
Less than 1 year | ₫ 107,553 | $ 4,506,536 | ₫ 18,677 |
From 1 to 2 years | 107,553 | 4,506,536 | 18,677 |
From 2 to 3 years | 107,553 | 4,506,536 | 18,677 |
From 3 to 4 years | 107,553 | 4,506,536 | 18,677 |
From 4 to 5 years | 107,553 | 4,506,536 | 18,677 |
Thereafter | 322,353 | 13,506,789 | 56,031 |
TOTAL | 860,118 | 36,039,469 | 149,416 |
Maturities of operating lease receivables | |||
Less than 1 year | 165,767 | 6,945,739 | 92,632 |
From 1 to 2 years | 165,767 | 6,945,739 | 92,632 |
From 2 to 3 years | 165,767 | 6,945,739 | 92,632 |
From 3 to 4 years | 165,767 | 6,945,739 | 92,632 |
From 4 to 5 years | 165,767 | 6,945,739 | 92,632 |
Thereafter | 653,545 | 27,383,935 | 367,748 |
TOTAL | ₫ 1,482,380 | $ 62,112,630 | ₫ 830,908 |
LEASES - Net investment in sale
LEASES - Net investment in sales-type leases (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
LEASES | |||
Gross lease receivables | ₫ 904,418 | $ 37,895,667 | ₫ 149,417 |
Received cash | (53,765) | (2,252,786) | (2,649) |
Unearned interest income | (142,436) | (5,968,156) | (59,258) |
Net investment in sales-type leases | 708,217 | 29,674,725 | 87,510 |
Current net investment in sales-type lease | 87,552 | 3,668,482 | 5,448 |
Non-current net investment in sales-type lease | ₫ 620,665 | $ 26,006,243 | ₫ 82,062 |
LEASES - Lease income in operat
LEASES - Lease income in operating lease (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
LEASES | ||||
Lease income relating to lease payments | ₫ 233,817 | $ 9,797,059 | ₫ 26,387 | ₫ 11,466 |
Lease income relating to variable lease payments not included in the measurement of the lease receivable | ₫ 67,272 | $ 2,818,722 | ₫ 14,065 | ₫ 7,770 |
CORPORATE INCOME TAX - Major co
CORPORATE INCOME TAX - Major components of tax expense (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
Income taxes | ||||
Current income tax expense | ₫ 111,426 | $ 4,668,859 | ₫ 58,701 | |
Deferred income tax expenses | (22,294) | (934,174) | ₫ 946,738 | 150,536 |
Income tax expense reported in the consolidated statement of operations | ₫ 89,132 | $ 3,734,685 | ₫ 946,738 | ₫ 209,237 |
CORPORATE INCOME TAX - Reconcil
CORPORATE INCOME TAX - Reconciliation of tax computed by applying the Vietnam's statutory tax rate to the Group's income tax expense (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
Reconciliation of tax computed by applying the Vietnam's statutory tax rate of 20% to the Group's income tax expense | ||||
Statutory tax rate | 20% | 20% | 20% | 20% |
Loss before tax expense | ₫ (57,382,539) | $ (2,404,363,492) | ₫ (48,902,132) | ₫ (32,009,724) |
Income tax benefit computed at the Vietnam statutory tax rate of 20% | (11,476,508) | (480,872,691) | (9,780,426) | (6,401,985) |
Effect of preferential tax rates | 5,189,246 | 217,432,638 | 4,397,659 | 3,086,200 |
Foreign tax rates differential | (341,129) | (14,293,538) | (232,379) | (128,853) |
Non-deductible expenses | 2,411,043 | 101,024,110 | 684,104 | 181,983 |
Change in valuation allowance | 4,306,480 | 180,444,166 | 5,877,780 | 3,471,892 |
Income tax expense reported in the consolidated statement of operations | ₫ 89,132 | $ 3,734,685 | ₫ 946,738 | ₫ 209,237 |
CORPORATE INCOME TAX - Current
CORPORATE INCOME TAX - Current corporate income tax (Details) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | |
Corporate income tax | ||||
Statutory tax rate | 20% | 20% | 20% | |
Singapore | ||||
Corporate income tax | ||||
Statutory tax rate | 17% | |||
Vietnam | ||||
Corporate income tax | ||||
Statutory tax rate | 20% | |||
Vietnam | VinFast Vietnam | ||||
Corporate income tax | ||||
Tax rate for incentive generated from investment project | 10% | |||
Consecutive years for tax rate for incentive generated from investment project | 15 years | |||
Exemption period from corporate income tax for investment project | 4 years | |||
Percentage of reduction in corporate income tax for the subsequent years | 50% | |||
Term for reduction in corporate income tax | 9 years | |||
Preferential tax rate | 10% | |||
Effective tax rate | 0% |
CORPORATE INCOME TAX - Deferred
CORPORATE INCOME TAX - Deferred tax (Details) ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 VND (₫) | Dec. 31, 2020 VND (₫) |
Deferred tax assets | ||||||
Unrecognised tax loss carried forward | ₫ 5,051,815 | $ 211,674,139 | ₫ 3,238,531 | ₫ 1,745,182 | ||
Deferred tax assets from lease back transaction | 3,159,925 | 132,402,791 | 2,806,243 | |||
Written-off R&D expenses | 2,136,302 | 89,512,361 | 877,778 | 118,549 | ||
Lease liabilities | 1,063,152 | 44,546,719 | 904,451 | 384,044 | ||
Exceeding-deductible-cap interest expense carried forward | 1,119,351 | 46,901,492 | 728,237 | 430,351 | ||
Start-up costs | 794,479 | 33,289,156 | 704,720 | |||
Provision for net realizable value of inventory | 443,048 | 18,563,982 | 192,142 | 11,281 | ||
Impairment of lease assets | 44,663 | 1,871,407 | 122,954 | |||
Others | 732,297 | 30,683,692 | 173,872 | 534,947 | ||
Total deferred tax assets | 14,545,032 | 609,445,739 | 9,748,928 | 3,224,354 | ||
Less valuation allowance | (12,046,066) | (504,737,535) | (7,570,934) | $ (317,226,766) | (2,840,310) | ₫ (1,721,902) |
Total deferred tax assets, net amount | 2,498,966 | 104,708,204 | 2,177,994 | 384,044 | ||
Deferred tax liabilities | ||||||
Deferred tax liabilities from lease back transaction | (2,202,528) | (92,287,271) | (2,115,120) | |||
Right-of-use assets | (1,063,152) | (44,546,719) | (904,451) | (384,044) | ||
Others | (158,973) | (6,661,066) | (106,404) | (1,243) | ||
Total deferred tax liabilities | (3,424,653) | (143,495,056) | (3,125,975) | (385,287) | ||
Deferred tax liabilities, net | (925,687) | (38,786,852) | (947,981) | (1,243) | ||
Reflected in the consolidated balance sheet as follows: | ||||||
Deferred tax assets | 50,219 | |||||
Deferred tax liabilities | 925,687 | 38,786,852 | 947,981 | 51,462 | ||
Deferred tax liabilities, net | ₫ (925,687) | $ (38,786,852) | ₫ (947,981) | ₫ (1,243) |
CORPORATE INCOME TAX - Valuatio
CORPORATE INCOME TAX - Valuation allowance for deferred tax assets (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
Movement of valuation allowance | ||||
Balance at beginning of the year | ₫ 7,570,934 | $ 317,226,766 | ₫ 2,840,310 | ₫ 1,721,902 |
Additions | 4,475,132 | 187,510,769 | 4,730,624 | 1,118,408 |
Balance at end of the year | ₫ 12,046,066 | $ 504,737,535 | ₫ 7,570,934 | ₫ 2,840,310 |
CORPORATE INCOME TAX - Tax loss
CORPORATE INCOME TAX - Tax loss carried forward (Details) - 12 months ended Dec. 31, 2023 ₫ in Millions | USD ($) | VND (₫) | USD ($) |
Tax loss carried forward | |||
Expiration period of operating loss carryforwards | 5 years | ||
Tax loss amount | ₫ 70,951,000 | $ 2,972,900,000 | |
Deferred tax assets recognized | $ | $ 0 | ||
VinFast Trading and Production JSC | |||
Tax loss carried forward | |||
Tax loss amount | 61,801,494 | ||
Operating Loss Carryforwards, Forfeited Amount | (38,141) | ||
Operating Loss Carryforwards, Net of Forfeiture | 61,763,353 | ||
Subsidiaries other than Vietnam | |||
Tax loss carried forward | |||
Tax loss amount | 9,187,300 | $ 385,000,000 | |
2018 | VinFast Trading and Production JSC | |||
Tax loss carried forward | |||
Tax loss amount | 38,141 | ||
Operating Loss Carryforwards, Forfeited Amount | (38,141) | ||
2019 | VinFast Trading and Production JSC | |||
Tax loss carried forward | |||
Tax loss amount | 3,159,750 | ||
Operating Loss Carryforwards, Net of Forfeiture | 3,159,750 | ||
2020 | VinFast Trading and Production JSC | |||
Tax loss carried forward | |||
Tax loss amount | 10,146,449 | ||
Operating Loss Carryforwards, Net of Forfeiture | 10,146,449 | ||
2021 | VinFast Trading and Production JSC | |||
Tax loss carried forward | |||
Tax loss amount | 16,833,932 | ||
Operating Loss Carryforwards, Net of Forfeiture | 16,833,932 | ||
2022 | VinFast Trading and Production JSC | |||
Tax loss carried forward | |||
Tax loss amount | 26,647,819 | ||
Operating Loss Carryforwards, Net of Forfeiture | 26,647,819 | ||
2023 | VinFast Trading and Production JSC | |||
Tax loss carried forward | |||
Tax loss amount | 4,975,403 | ||
Operating Loss Carryforwards, Net of Forfeiture | ₫ 4,975,403 |
OTHER INCOME AND EXPENSES AND_3
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE - Other operating income/expenses (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
Other operating income | ||||
Foreign exchange gains | ₫ 33,774 | ₫ 450,380 | ||
Voucher terminated | ₫ 207,098 | $ 8,677,533 | 47,760 | 197,760 |
Interest due to late payment from customers | 163,754 | 6,861,393 | ||
Others | 99,575 | 4,172,253 | 111,558 | 40,438 |
Total | 470,427 | 19,711,179 | 193,092 | 688,578 |
Other operating expenses | ||||
Foreign exchange losses | 676,986 | 28,366,128 | 861,935 | 1,611 |
Penalties | 112,704 | |||
Loss from disposal of long-lived assets | 81,165 | 3,400,863 | 113,395 | |
Others | 234,050 | 9,806,838 | 47,536 | 48,396 |
Total | 992,201 | 41,573,829 | 909,471 | 276,106 |
Net other operating income/(expenses) | ₫ (521,774) | $ (21,862,650) | ₫ (716,379) | ₫ 412,472 |
OTHER INCOME AND EXPENSES AND_4
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE - Schedule of finance income (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | ||||
Interest income on loan receivables | ₫ 37,950 | $ 1,590,128 | ₫ 81,836 | ₫ 415,230 |
Interest income on sales-type lease | 29,410 | 1,232,297 | 1,749 | 25,054 |
Others | 16,493 | 691,067 | 4,475 | 5,855 |
Total | ₫ 83,853 | $ 3,513,492 | ₫ 88,060 | ₫ 446,139 |
OTHER INCOME AND EXPENSES AND_5
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE - Schedule of finance costs (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | ||||
Contractual coupons on loans and borrowings | ₫ 8,958,420 | $ 375,363,278 | ₫ 5,883,067 | ₫ 3,442,117 |
Change in amortized costs of financial instruments measured at amortized cost | 2,833,459 | 118,723,665 | 1,999,914 | 1,156,118 |
Others | 341,521 | 14,309,939 | 76,859 | |
Total | ₫ 12,133,400 | $ 508,396,883 | ₫ 7,959,840 | ₫ 4,598,235 |
OTHER INCOME AND EXPENSES AND_6
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE - Schedule of investment gain (Details) ₫ in Millions | 12 Months Ended |
Dec. 31, 2021 VND (₫) | |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | |
Total | ₫ 956,588 |
OTHER INCOME AND EXPENSES AND_7
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE - Schedule of basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share (Details) ₫ / shares in Units, $ / shares in Units, ₫ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 | Dec. 31, 2023 VND (₫) ₫ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 VND (₫) ₫ / shares shares | Dec. 31, 2021 VND (₫) ₫ / shares shares | |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | |||||
Net loss attributable to controlling interests | ₫ (57,396,864) | $ (2,404,963,718) | ₫ (49,783,795) | ₫ (32,183,727) | |
Net loss attributable to controlling interests adjusted for the effect of dilution | ₫ (57,396,864) | $ (2,404,963,718) | ₫ (49,783,795) | ₫ (32,183,727) | |
Weighted average number of ordinary shares for basic earnings per share (in shares) | 2,310,823,009 | 2,310,823,009 | 2,299,008,659 | 1,578,726,324 | |
Weighted average number of ordinary shares adjusted for the effect of dilution (in shares) | 2,310,823,009 | 2,310,823,009 | 2,299,008,659 | 1,578,726,324 | |
Basic loss per share (amount per share) | (per share) | ₫ (24,838) | $ (1.04) | ₫ (21,654) | ₫ (20,386) | |
Diluted loss per share (amount per share) | (per share) | ₫ (24,838) | $ (1.04) | ₫ (21,654) | ₫ (20,386) | |
Ordinary shares split ratio | 100 |
OTHER INCOME AND EXPENSES AND_8
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE (Details) - shares | Dec. 31, 2023 | Aug. 01, 2023 | Jul. 31, 2023 | Jul. 30, 2023 | Dec. 31, 2022 |
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE | |||||
Number of shares outstanding | 2,337,788,498 | 2,299,999,998 | 2,299,999,998 | 2,412,852,458 | 2,299,999,998 |
OTHER INCOME AND EXPENSES AND_9
OTHER INCOME AND EXPENSES AND LOSSES PER SHARE - Loss per share (Details) | 12 Months Ended |
Dec. 31, 2023 shares | |
Unvested Shares for Service Providers | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 83,334 |
Dividend Preference Share | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 62,806,375 |
Number of outstanding warrants | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,321,002 |
Convertible Debenture | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,875,000 |
FAIR VALUE HIERARCHY - Schedule
FAIR VALUE HIERARCHY - Schedule of fair value of financial assets and liabilities by classes (Details) ₫ in Millions | 12 Months Ended | ||
Dec. 31, 2023 VND (₫) | Dec. 31, 2022 VND (₫) | Dec. 31, 2023 USD ($) | |
Financial assets at fair value through profit or loss | |||
Derivative asset | ₫ 614,134 | ₫ 1,229,050 | $ 25,732,590 |
Derivative asset, Non-current portion | 66,124 | 696,332 | 2,770,636 |
Derivative asset, Current portion | 548,010 | 532,718 | 22,961,954 |
Financial liability at fair value through profit or loss | |||
Derivative liabilities | 18,395,120 | 15,180,723 | 770,766,781 |
Derivative liabilities, Non-current portion | 137,057 | 5,742,772 | |
Derivative liabilities, Current portion | 18,258,063 | 765,024,009 | |
Amount of transfers into or out of Level 3 of the fair value hierarchy, assets | 0 | 0 | |
Amount of transfers into or out of Level 3 of the fair value hierarchy, liabilities | 0 | 0 | |
Cross currency interest rate swaps contract | |||
Financial assets at fair value through profit or loss | |||
Derivative asset | 614,134 | 1,229,050 | 25,732,590 |
DPS2 | |||
Financial liability at fair value through profit or loss | |||
Derivative liabilities | 18,258,063 | 15,180,723 | 765,024,009 |
Warrant Liability | |||
Financial liability at fair value through profit or loss | |||
Derivative liabilities | 137,057 | $ 5,742,772 | |
Quoted prices in active markets for identical instruments (Level 1) | |||
Financial liability at fair value through profit or loss | |||
Derivative liabilities | 137,057 | ||
Derivative liabilities, Non-current portion | 137,057 | ||
Quoted prices in active markets for identical instruments (Level 1) | Warrant Liability | |||
Financial liability at fair value through profit or loss | |||
Derivative liabilities | 137,057 | ||
Significant unobservable inputs (Level 3) | |||
Financial assets at fair value through profit or loss | |||
Derivative asset | 614,134 | 1,229,050 | |
Derivative asset, Non-current portion | 66,124 | 696,332 | |
Derivative asset, Current portion | 548,010 | 532,718 | |
Financial liability at fair value through profit or loss | |||
Derivative liabilities | 18,258,063 | 15,180,723 | |
Derivative liabilities, Current portion | 18,258,063 | ||
Significant unobservable inputs (Level 3) | Cross currency interest rate swaps contract | |||
Financial assets at fair value through profit or loss | |||
Derivative asset | 614,134 | 1,229,050 | |
Significant unobservable inputs (Level 3) | DPS2 | |||
Financial liability at fair value through profit or loss | |||
Derivative liabilities | ₫ 18,258,063 | ₫ 15,180,723 |
FAIR VALUE HIERARCHY - Reconcil
FAIR VALUE HIERARCHY - Reconciliations of significant assets and liabilities categorized within Level 3 (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2023 USD ($) | |
FAIR VALUE HIERARCHY | ||||
Financial assets, Non-current portion, As of beginning | ₫ 5,291 | |||
Financial liabilities, Non-current portion, Net change in unrealized fair value recognized in consolidated statements of operations | 691,041 | |||
Financial liability at fair value through profit or loss | ||||
FAIR VALUE HIERARCHY | ||||
Financial liabilities, Non-current portion, As of beginning | ₫ 15,180,723 | |||
Financial liabilities, Non-current portion, Initial recognition during the year | 3,077,340 | |||
Financial liabilities, Non-current portion, Net change in unrealized fair value recognized in consolidated statements of operations | (18,258,063) | |||
Financial liabilities, Non-current portion, As of ending | 15,180,723 | |||
Financial liabilities, Current portion, Net change in unrealized fair value recognized in consolidated statements of operations | 18,258,063 | |||
Financial liabilities, Current portion, As of ending | 18,258,063 | $ 765,024,009 | ||
Financial liabilities in respect of DPS2 | ||||
FAIR VALUE HIERARCHY | ||||
Financial liabilities, As of beginning | 15,180,723 | |||
Financial liabilities, Initial recognition during the year | 3,077,340 | 13,995,359 | ||
Financial liabilities, Net change in unrealized fair value recognized in consolidated statements of operations | 1,185,364 | |||
Financial liabilities, As of ending | 18,258,063 | 765,024,009 | 15,180,723 | |
Derivative liabilities - cross-currency interest rate swaps contract | ||||
FAIR VALUE HIERARCHY | ||||
Financial liabilities, As of beginning | 2,003,184 | |||
Financial liabilities, Net change in unrealized fair value recognized in consolidated statements of operations | (2,003,184) | |||
Financial liabilities, Non-current portion, As of beginning | 15,180,723 | 891,711 | ||
Financial liabilities, Non-current portion, Initial recognition during the year | 13,995,359 | |||
Financial liabilities, Non-current portion, Net change in unrealized fair value recognized in consolidated statements of operations | 293,653 | |||
Financial liabilities, Non-current portion, As of ending | 15,180,723 | |||
Financial liabilities, Current portion, As of beginning | 1,111,473 | |||
Financial liabilities, Current portion, Net change in unrealized fair value recognized in consolidated statements of operations | (1,111,473) | |||
Derivative asset - cross-currency interest rate swaps contract | ||||
FAIR VALUE HIERARCHY | ||||
Financial assets, As of beginning | 1,229,050 | 5,291 | ||
Financial assets, Initial recognition during the year | (614,916) | |||
Financial assets, Net change in unrealized fair value recognized in consolidated statements of operations | 1,223,759 | |||
Financial assets, As of ending | 614,134 | 25,732,590 | 1,229,050 | |
Financial assets, Non-current portion, As of beginning | 696,332 | |||
Financial assets, Non-current portion, Initial recognition during the year | (630,208) | |||
Financial assets, Non-current portion, As of ending | 66,124 | 2,770,636 | 696,332 | |
Financial assets, Current portion, As of beginning | 532,718 | |||
Financial assets, Current portion, Initial recognition during the year | 15,292 | |||
Financial assets, Current portion, As of ending | 548,010 | $ 22,961,954 | 532,718 | |
Cross currency interest rate swaps contract | ||||
FAIR VALUE HIERARCHY | ||||
Fair value of the derivative liabilities and derivative assets | ₫ 614,100 | ₫ 1,229,100 | $ 25,700,000 |
FAIR VALUE HIERARCHY - Signific
FAIR VALUE HIERARCHY - Significant unobservable inputs used in the fair value measurements categorized within Level 3 (Details) - Level 3 $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 |
CCIRS contract of the loan No.1 | ||
FAIR VALUE HIERARCHY | ||
Derivative Asset (Liability) Net, Valuation Technique [Extensible Enumeration] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | |
CCIRS contract of the loan No.1 | Minimum | Interpolated LIBOR for subsequent years | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.0470 | 0.0441 |
CCIRS contract of the loan No.1 | Maximum | Interpolated LIBOR for subsequent years | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.0554 | 0.0496 |
CCIRS contract of the loan No.2 | ||
FAIR VALUE HIERARCHY | ||
Derivative Asset (Liability) Net, Valuation Technique [Extensible Enumeration] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | |
CCIRS contract of the loan No.2 | Minimum | Interpolated LIBOR for subsequent years | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.0498 | 0.0454 |
CCIRS contract of the loan No.2 | Maximum | Interpolated LIBOR for subsequent years | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.0557 | 0.0497 |
CCIRS contract of the loan No.3 | ||
FAIR VALUE HIERARCHY | ||
Derivative Asset (Liability) Net, Valuation Technique [Extensible Enumeration] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | |
CCIRS contract of the loan No.3 | Minimum | Interpolated LIBOR for subsequent years | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.0486 | |
CCIRS contract of the loan No.3 | Maximum | Interpolated LIBOR for subsequent years | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.0489 | |
DPS2 | ||
FAIR VALUE HIERARCHY | ||
Derivative Asset (Liability) Net, Valuation Technique [Extensible Enumeration] | vfs:ValuationTechniqueLatticeModelAndDiscountedCashFlowMember | vfs:ValuationTechniqueLatticeModelAndDiscountedCashFlowMember |
DPS2 | Credit spread of the Company | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.1246 | 0.1246 |
DPS2 | Fair value of the ordinary shares | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.0331 | |
Dollar value of increase in measurement input | $ 8,370 | |
DPS2 | Dividend yield | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0 | |
DPS2 | Volatility | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.666 | |
DPS2 | Minimum | Volatility | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.85 | |
DPS2 | Maximum | Volatility | ||
FAIR VALUE HIERARCHY | ||
Derivative, measurement input | 0.88 |
WARRANT INSTRUMENTS AND DIVID_3
WARRANT INSTRUMENTS AND DIVIDEND PREFERENCE SHARES (Details) $ / shares in Units, ₫ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) | May 31, 2022 VND (₫) | Dec. 31, 2023 VND (₫) shares | Dec. 31, 2023 USD ($) $ / shares shares | Aug. 14, 2023 shares | Jun. 04, 2022 USD ($) | Apr. 29, 2022 USD ($) | |
DIVIDEND PREFERENCE SHARES | |||||||
Value of shares issued | ₫ | ₫ 4,605,166 | ||||||
Automatic conversion period for preferred stock (in years) | 5 years 3 months | ||||||
Long-term derivative liabilities | ₫ 137,057 | $ 5,742,772 | |||||
Outstanding warrants | 3,321,002 | 3,321,002 | |||||
Class of Warrant or Right, Exercisable | 3,321,002 | 3,321,002 | |||||
Class of Warrant or Right, Fair Value Per Share | $ / shares | $ 1.69 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 11.5 | ||||||
Warrants And Rights Outstanding Term | 5 years | 5 years | |||||
Vingroup JSC | First Closing Bonds | |||||||
DIVIDEND PREFERENCE SHARES | |||||||
Aggregate principal amount | $ | $ 525,000,000 | ||||||
Vingroup JSC | Second Closing Bonds | |||||||
DIVIDEND PREFERENCE SHARES | |||||||
Aggregate principal amount | $ | $ 100,000,000 | ||||||
Black Spade Acquisition Co [Member] | |||||||
DIVIDEND PREFERENCE SHARES | |||||||
Outstanding warrants | 14,829,989 | ||||||
DPS1 | VinFast Vietnam | |||||||
DIVIDEND PREFERENCE SHARES | |||||||
Conversion ratio | 1 | 1 | |||||
DPS2 | |||||||
DIVIDEND PREFERENCE SHARES | |||||||
Long-term derivative liabilities | ₫ 18,258,100 | $ 765,000,000 | |||||
DPS2 | VinFast Vietnam | |||||||
DIVIDEND PREFERENCE SHARES | |||||||
Value of shares issued | $ 2,249,640,000,000 | ₫ 11,745,720 |
WARRANT INSTRUMENTS AND DIVID_4
WARRANT INSTRUMENTS AND DIVIDEND PREFERENCE SHARES (warrants exercised) (Details) - 12 months ended Dec. 31, 2023 ₫ in Millions | VND (₫) shares | $ / shares |
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 11,508,986 | |
Value of warrants exercised | ₫ | ₫ 1,497,471 | |
Warrants Exercise, September 11 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 8,952,668 | |
Exercised warrant's fair value | $ / shares | $ 5.22 | |
Value of warrants exercised | ₫ | ₫ 1,132,105 | |
Warrants Exercise, September 12 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 1,548,597 | |
Exercised warrant's fair value | $ / shares | 5.79 | |
Value of warrants exercised | ₫ | ₫ 217,524 | |
Warrants Exercise, September 13 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 301,203 | |
Exercised warrant's fair value | $ / shares | 5.725 | |
Value of warrants exercised | ₫ | ₫ 41,937 | |
Warrants Exercise, September 14 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 79,164 | |
Exercised warrant's fair value | $ / shares | 5.49 | |
Value of warrants exercised | ₫ | ₫ 10,598 | |
Warrants Exercise, September 15 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 243,403 | |
Exercised warrant's fair value | $ / shares | 6.05 | |
Value of warrants exercised | ₫ | ₫ 35,968 | |
Warrants Exercise, September 18 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 32,246 | |
Exercised warrant's fair value | $ / shares | 5.83 | |
Value of warrants exercised | ₫ | ₫ 4,611 | |
Warrants Exercise, September 19 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 306,104 | |
Exercised warrant's fair value | $ / shares | 6.4 | |
Value of warrants exercised | ₫ | ₫ 48,085 | |
Warrants Exercise, September 20 2023 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants exercised | shares | 45,601 | |
Exercised warrant's fair value | $ / shares | $ 5.95 | |
Value of warrants exercised | ₫ | ₫ 6,643 |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) - Related party ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
Borrowings | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | ₫ 73,708,579 | $ 3,088,434,551 | ₫ 51,879,878 | ₫ 31,938,007 |
Borrowings | Asian Star | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 94,920 | |||
Borrowings | Vinhomes JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 4,270,000 | |||
Borrowings | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 500,000 | |||
Borrowings | Vincom Retail JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 3,540,000 | 148,328,166 | 3,250,000 | 295,000 |
Borrowings | Vincom Retail Operation LLC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 6,920,000 | 289,952,233 | 4,570,000 | |
Borrowings | Suoi Hoa JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 685,000 | 28,701,919 | ||
Borrowings (converted from interest payable) | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 2,625,845 | |||
Borrowings (converted from the Group's consideration payable to Vingroup JSC for acquisition of Vingroup Investment) | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 4,693,380 | |||
Interest expense | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 3,757,113 | 157,425,333 | 2,349,133 | 1,229,683 |
Interest expense | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 20,523 | 859,926 | 13,956 | |
Interest expense | VHIZ JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 1,574,845 | 65,986,969 | 1,202,202 | |
Interest expense | Vincom Retail JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 42,262 | 1,770,804 | 54,547 | 5,173 |
Interest expense | Vincom Retail Operation LLC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 117,031 | 4,903,670 | 55,726 | |
Capital contribution by offsetting against borrowings | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 45,733,714 | 4,121,775 | ||
Capital contribution receipt in cash | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 6,000,000 | 2,515,000 | ||
Capital contribution by offsetting against P-notes | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 25,782,160 | |||
Capital contribution receipt in cash | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 163,392 | |||
Capital contribution receipt in cash | Asian Star | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 47,569 | |||
Capital contribution receipt in cash | VIG | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 106,168 | 5,870,619 | ||
Capital contribution in cash | Pham Nhat Vuong | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 247,963 | |||
Issuance of DPS2 | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 13,995,359 | |||
Payable due to the acquisition of VinFast Vietnam by VinFast Auto | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 25,782,160 | |||
Payable due to the acquisition of VinFast Vietnam by VinFast Auto | VIG | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 24,208,340 | |||
Advance to acquire shares of VinFast Vietnam | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 235,000 | |||
Advance to acquire shares of VinFast Vietnam | VIG | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 226,917 | |||
Cash received from selling car vouchers | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 700,150 | |||
Consideration receivable from disposal of ICE assets which was used to offset against P-notes | VIG | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 24,208,340 | |||
Consideration receivable from disposal of ICE assets which was used to offset against debts related to lease back ICE assets | VIG | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 1,148,215 | |||
Cash received for disposal of ICE assets (inclusive of VAT receivable) | VIG | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 2,000,000 | |||
Sponsorship contribution - accounted for as deemed contribution | Asian Star | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 1,667,786 | 69,881,254 | ||
Sponsorship contribution - accounted for as deemed contribution | Pham Nhat Vuong | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 18,980,000 | 795,273,611 | 350,000 | |
Cash received from selling car and e-scooter vouchers | Vinhomes JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 937,953 | 39,300,804 | 5,345,953 | 3,967,140 |
Reduction of borrowings through offsetting debt | Vinhomes JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 1,921,337 | |||
Loan receivables | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 4,353,000 | |||
Loan receivables | Vinsmart Research and Manufacture JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 1,227,000 | |||
Interest receivable | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 9,862 | 413,224 | 72,353 | 244,557 |
Purchase of hospitality vouchers | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 160,564 | 6,727,730 | 56,095 | 165,303 |
Advance to buy voucher | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 150,000 | |||
Hotel service expenses | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 43,044 | 1,803,570 | 99,794 | 121,122 |
Sale of battery parts and finished batteries | VinES JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 1,355,548 | |||
Transfer of battery production facilities | VinES JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 85,799 | 3,595,031 | 5,061,503 | |
Purchase of finished battery packs, tools and service | VinES JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 1,309,497 | 54,868,725 | 5,413,397 | |
Payment on behalf related to batteries purchase | VinES JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 16,813 | 704,475 | 7,448,574 | |
Transfer of investments | Vinsmart Research and Manufacture JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 634,406 | |||
Purchase of smartphones | Vinsmart Research and Manufacture JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 930,065 | |||
Purchase of fixed assets, tools, materials and goods | Vinsmart Research and Manufacture JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 25,279 | 1,059,206 | 3,178,988 | 595,827 |
Contractual profit sharing under business investment and cooperation contract | VHIZ JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 56,000 | 336,000 | ||
Rental showrooms and charging stations | Vincom Retail Operation LLC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 109,551 | 4,590,254 | 110,077 | 76,666 |
Purchase of information technology services and software | VIN3S JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 23,959 | 1,003,897 | 350,577 | 148,586 |
Purchase of assets, materials and tools | VinFast Lithium Battery Pack LLC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 5,140 | 215,369 | 319 | 189,407 |
Revenue from sale of electric buses | Vinbus Ecology Transport Services LLC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 170,427 | 7,140,996 | 847,128 | 480,102 |
Revenue from sale of electric buses | Ecology JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 254,902 | 10,680,550 | 46 | |
Information technology service fee | Vingroup JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 23,400 | 980,474 | 18,348 | 9,238 |
Information technology service fee | VinCSS JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 94,196 | 3,946,870 | 73,421 | 8,505 |
Information technology service fee | VinITIS JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 60,020 | 2,514,875 | 28,959 | 25,917 |
Sale of smart devices | Vinhomes JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 136,773 | 5,730,872 | 1,933 | |
Service fee | Vinhomes JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 68,002 | 2,849,325 | 73,091 | 41,627 |
Sale of vehicles and spare parts | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 26,696 | 1,118,579 | 40,249 | |
Purchase of services | Vantix JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 24,690 | 1,034,526 | 6,435 | |
Revenue from sale of vehicles | GSM JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 18,969,175 | 794,820,037 | ||
Purchase of other services | Vinpearl JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 96,026 | 4,023,548 | 99,224 | ₫ 18,811 |
Processing fee | VinES JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 892,591 | 37,400,109 | ||
Purchase of raw material and spare parts | VinES JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 699,999 | 29,330,386 | ||
Payment on behalf | VHIZ JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 171,750 | 7,196,430 | 377,921 | |
Other revenue | GSM JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 9,184 | 384,815 | ||
Late payment penalty interest | GSM JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | 143,856 | 6,027,654 | ||
Purchase of assets and tools | VinBigData JSC | ||||
TRANSACTIONS WITH RELATED PARTIES | ||||
Amount of transaction | ₫ 49,385 | $ 2,069,262 | ₫ 43,273 |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES - Amounts due to and from related parties (Details) ₫ in Millions | 12 Months Ended | ||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | |
TRANSACTIONS WITH RELATED PARTIES | |||
Amounts due from related parties | ₫ 3,128,106 | $ 131,069,555 | ₫ 2,022,630 |
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Related party | Related party | |
Maximum | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Interest rate per annum | 15% | ||
Minimum | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Interest rate per annum | 5.70% | ||
Related party | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | ₫ 3,080,663 | $ 129,081,664 | 1,978,097 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related party | Related party | |
Long-term amounts due from related parties | ₫ 47,443 | $ 1,987,891 | 44,533 |
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration] | Related party | Related party | |
Short-term amounts due to related parties | ₫ 44,338,043 | $ 1,857,791,125 | 17,325,317 |
Long-term amounts due to related parties | 18,151,355 | 760,552,879 | 21,918,710 |
Amounts due to related parties | 62,489,398 | 2,618,344,004 | 39,244,027 |
Related party | Short-term loans, advance to and receivables from related parties | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | ₫ 3,080,663 | $ 129,081,664 | 1,978,097 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related party | Related party | |
Related party | Short-term loans | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 545,400 | ||
Related party | Short-term advance to and receivables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | ₫ 3,080,663 | $ 129,081,664 | 1,432,697 |
Related party | Long-term loans to and receivables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Long-term amounts due from related parties | ₫ 47,443 | $ 1,987,891 | 44,533 |
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration] | Related party | Related party | |
Related party | Long-term receivables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Long-term amounts due from related parties | ₫ 47,443 | $ 1,987,891 | 44,533 |
Related party | Short-term payables to and borrowings from related parties | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due to related parties | 44,338,043 | 1,857,791,125 | 17,325,317 |
Related party | Short-term payables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due to related parties | 6,910,748 | 289,564,568 | 16,605,397 |
Related party | Short-term borrowings | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due to related parties | 37,427,295 | 1,568,226,557 | 719,920 |
Related party | Long-term payables to related parties | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Long-term amounts due to related parties | 18,151,355 | 760,552,879 | 21,918,710 |
Related party | Long-term payables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Long-term amounts due to related parties | 15,765,658 | 660,590,715 | 14,371,365 |
Related party | Long-term borrowings | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Long-term amounts due to related parties | ₫ 2,385,697 | $ 99,962,164 | ₫ 7,547,345 |
TRANSACTIONS WITH RELATED PAR_5
TRANSACTIONS WITH RELATED PARTIES - Detail of loans to and borrowings (Details) ₫ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
TRANSACTIONS WITH RELATED PARTIES | |||||||
Outstanding receivables | ₫ 3,128,106 | ₫ 2,022,630 | $ 131,069,555 | ||||
Maximum | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Interest rate per annum | 15% | 15% | |||||
Maximum | VinFast Trading and Production JSC [Member] | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | ₫ 60,000,000 | $ 2,514,000,000 | |||||
Minimum | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Interest rate per annum | 5.70% | 5.70% | |||||
Grants | Vingroup JSC | Maximum | VinFast Trading and Production JSC [Member] | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | ₫ 12,000,000 | $ 502,800,000 | |||||
Grants | Pham Nhat Vuong | VinFast Trading and Production JSC [Member] | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Proceeds from grants received | 20,647,800 | 865,200,000 | |||||
Grants | Pham Nhat Vuong | Maximum | VinFast Trading and Production JSC [Member] | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | 24,000,000 | 1,005,600,000 | |||||
Borrowings | Vingroup JSC | VinFast Trading and Production JSC [Member] | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Loans to VinFast in accordance with the Capital Funding Agreement | 23,986,600 | 1,005,100,000 | |||||
Borrowings | Vingroup JSC | Maximum | VinFast Trading and Production JSC [Member] | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | 24,000,000 | $ 1,005,600,000 | |||||
Related party | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Short-term amounts due from related parties | 3,080,663 | 1,978,097 | 129,081,664 | ||||
Other current liabilities | 44,338,043 | 17,325,317 | 1,857,791,125 | ||||
Other | 18,151,355 | 21,918,710 | 760,552,879 | ||||
Related party | VIG | VinFast Trading and Production JSC [Member] | ICE Assets [Member] | ICE assets disposal | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Gain from disposal of ICE assets | 13,604,200 | ||||||
Outstanding receivables | 1,642,500 | $ 68,800,000 | |||||
Adjustments to additional paid in capital, deemed contribution from disposal of assets | 11,961,700 | $ 501,200,000 | |||||
Related party | Short-term loans, advance to and receivables from related parties | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Short-term amounts due from related parties | 3,080,663 | 1,978,097 | 129,081,664 | ||||
Related party | Short-term loans | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Short-term amounts due from related parties | 545,400 | ||||||
Related party | Short-term loans | Vinpearl JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Short-term amounts due from related parties | ₫ 545,400 | ||||||
Interest rate per annum | 9% | 9% | |||||
Related party | Short-term payables to and borrowings from related parties | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other current liabilities | 44,338,043 | ₫ 17,325,317 | 1,857,791,125 | ||||
Related party | Short-term borrowings | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other current liabilities | 37,427,295 | 719,920 | 1,568,226,557 | ||||
Related party | Short-term borrowings | Vinpearl JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other current liabilities | ₫ 16,505 | ₫ 300,000 | |||||
Interest rate per annum | 7% | 7% | 9% | 9% | |||
Related party | Short-term borrowings | Vingroup JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other current liabilities | ₫ 37,410,790 | ₫ 325,000 | |||||
Interest rate per annum | 9% | 9% | |||||
Related party | Short-term borrowings | Vingroup JSC | Maximum | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Interest rate per annum | 12% | 12% | |||||
Related party | Short-term borrowings | Vingroup JSC | Minimum | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Interest rate per annum | 5.70% | 5.70% | |||||
Related party | Short-term borrowings | Asian Star | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other current liabilities | ₫ 94,920 | ||||||
Interest rate per annum | 7.50% | 7.50% | |||||
Related party | Long-term payables to related parties | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other | ₫ 18,151,355 | ₫ 21,918,710 | 760,552,879 | ||||
Related party | Long-term borrowings | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other | 2,385,697 | 7,547,345 | $ 99,962,164 | ||||
Related party | Long-term borrowings | Vinpearl JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other | ₫ 7,547,345 | ||||||
Interest rate per annum | 9% | 9% | |||||
Related party | Long-term borrowings | Vingroup JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Other | ₫ 2,385,697 | ||||||
Related party | Long-term borrowings | Vingroup JSC | Maximum | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Interest rate per annum | 15% | 15% | |||||
Related party | Long-term borrowings | Vingroup JSC | Minimum | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Interest rate per annum | 14.50% | 14.50% | |||||
Related party | Borrowings | Vinpearl JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | ₫ 500,000 | ||||||
Related party | Borrowings | Vingroup JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | ₫ 73,708,579 | $ 3,088,434,551 | 51,879,878 | ₫ 31,938,007 | |||
Related party | Borrowings | Asian Star | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | 94,920 | ||||||
Related party | Borrowings | Vincom Retail JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | ₫ 3,540,000 | $ 148,328,166 | ₫ 3,250,000 | 295,000 | |||
Related party | Borrowings | Vinhomes JSC | |||||||
TRANSACTIONS WITH RELATED PARTIES | |||||||
Amount of transaction | ₫ 4,270,000 |
TRANSACTIONS WITH RELATED PAR_6
TRANSACTIONS WITH RELATED PARTIES - Detail of other balance due from and due (Details) - Related party ₫ in Millions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | ₫ 3,080,663 | $ 129,081,664 | ₫ 1,978,097 |
Other current liabilities | 44,338,043 | 1,857,791,125 | 17,325,317 |
Other | 18,151,355 | 760,552,879 | 21,918,710 |
Short-term loans, advance to and receivables from related parties | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 3,080,663 | 129,081,664 | 1,978,097 |
Short-term advance to and receivables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 3,080,663 | 129,081,664 | 1,432,697 |
Receivable from sale of vehicles | GSM JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 2,295,142 | ||
Receivable from sale of electric buses | Ecology JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 275,215 | ||
Receivable from sale of electric buses | Vinbus Ecology Transport Services LLC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 75,010 | ||
Receivable from sale of smart devices | Vinhomes JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 87,735 | ||
Receivable from disposal of assets | VinES JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 237,184 | 1,000,000 | |
Receivable from disposal of assets and selling material | VinFast Lithium Battery Pack LLC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 46,270 | ||
Interest receivables | Vinpearl JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 133,626 | ||
Advance for purchase of vouchers | Vinpearl JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 91,944 | ||
Other receivables | Vinpearl JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 24,634 | ||
Receivable from providing services and disposal of assets | Vingroup JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 45,676 | ||
Payment on behalf and others | VHIZ JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 36,760 | 38,413 | |
Other advance and short-term receivables | Others | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Short-term amounts due from related parties | 73,617 | 52,134 | |
Short-term payables to and borrowings from related parties | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 44,338,043 | 1,857,791,125 | 17,325,317 |
Short-term payables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 6,910,748 | 289,564,568 | 16,605,397 |
Payable relating to leaseback transaction and others | VHIZ JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 1,165,590 | 919,493 | |
Other | 14,274,362 | ||
Car vouchers which have not been redeemed | Vingroup JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 699,390 | ||
Car vouchers which have not been redeemed | Vinhomes JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 888,801 | 3,520,132 | |
Interest payables and others | Vingroup JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 1,781,633 | 113,883 | |
Payable for purchasing of raw materials and assets | Vinsmart Research and Manufacture JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 114,633 | 2,038,084 | |
Payable relating to purchase of goods and services | VinES JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 901,233 | 8,816,483 | |
Payable relating to purchase of assets and services | VIN3S JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 58,408 | 104,792 | |
Other payables | Vinhomes JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 1,496,378 | 84,801 | |
Other payables | Others | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other current liabilities | 504,072 | 308,339 | |
Long-term payables to related parties | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other | 18,151,355 | 760,552,879 | 21,918,710 |
Long-term payables | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other | 15,765,658 | $ 660,590,715 | 14,371,365 |
Payables relating to leaseback transaction and others | VHIZ JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other | 15,296,294 | ||
Interest payables | Vingroup JSC | |||
TRANSACTIONS WITH RELATED PARTIES | |||
Other | ₫ 469,364 | ₫ 97,003 |
ASSETS CLASSIFIED AS HELD FOR_3
ASSETS CLASSIFIED AS HELD FOR SALE (Details) ₫ in Millions | 12 Months Ended | |||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | |
ASSETS CLASSIFIED AS HELD FOR SALE | ||||
Carrying value of assets held for sale | ₫ 360,893 | |||
Foreign currency translation adjustment | ₫ (281,808) | $ (11,807,928) | (40,571) | ₫ (102,084) |
Disposal Group, Held-for-Sale | Assets of Lang Lang Proving Ground | ||||
ASSETS CLASSIFIED AS HELD FOR SALE | ||||
Carrying value of assets held for sale | ₫ 360,893 |
SEGMENT REPORTING - Information
SEGMENT REPORTING - Information about segments (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) segment | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | ||
SEGMENT REPORTING | |||||
Number of reportable segments | 3 | 3 | |||
Revenues | [1] | ₫ 28,712,051 | $ 1,203,052,500 | ₫ 14,965,591 | ₫ 16,028,182 |
Cost of sales | (41,938,825) | (1,757,262,425) | (27,232,496) | (25,283,958) | |
Gross profit/(loss) | (13,226,774) | (554,209,925) | (12,266,905) | (9,255,776) | |
Operating expenses | (27,226,385) | (1,140,802,188) | (29,989,459) | (17,811,625) | |
Operating loss | (40,453,159) | (1,695,012,113) | (42,256,364) | (27,067,401) | |
Group of customers under common control of Automobiles and E-scooters segments | |||||
SEGMENT REPORTING | |||||
Revenues | 19,435,300 | 812,700,000 | 923,300 | 488,100 | |
Operating segments | Automobiles | |||||
SEGMENT REPORTING | |||||
Revenues | 24,943,304 | 1,045,139,697 | 11,136,049 | 13,593,482 | |
Cost of sales | (37,934,797) | (1,589,491,191) | (22,854,342) | (22,720,417) | |
Gross profit/(loss) | (12,991,493) | (544,351,494) | (11,718,293) | (9,126,935) | |
Operating expenses | (21,297,408) | (892,374,424) | (25,628,175) | (15,525,771) | |
Operating loss | (34,288,901) | (1,436,725,918) | (37,346,468) | (24,652,706) | |
Operating segments | E-scooter | |||||
SEGMENT REPORTING | |||||
Revenues | 2,619,240 | 109,747,763 | 1,505,461 | 678,936 | |
Cost of sales | (3,178,050) | (133,162,239) | (2,323,472) | (1,040,905) | |
Gross profit/(loss) | (558,810) | (23,414,476) | (818,011) | (361,969) | |
Operating expenses | (738,912) | (30,960,865) | (688,540) | (499,865) | |
Operating loss | (1,297,722) | (54,375,341) | (1,506,551) | (861,834) | |
Operating segments | Spare parts and aftermarket services | |||||
SEGMENT REPORTING | |||||
Revenues | 1,069,287 | 44,803,779 | 2,213,369 | 634,793 | |
Cost of sales | (704,515) | (29,519,609) | (1,962,906) | (453,213) | |
Gross profit/(loss) | 364,772 | 15,284,170 | 250,463 | 181,580 | |
Operating loss | 364,772 | 15,284,170 | 250,463 | 181,580 | |
Operating segments | All other | |||||
SEGMENT REPORTING | |||||
Revenues | 80,220 | 3,361,261 | 110,712 | 1,120,971 | |
Cost of sales | (121,463) | (5,089,386) | (91,776) | (1,069,423) | |
Gross profit/(loss) | (41,243) | (1,728,125) | 18,936 | 51,548 | |
Operating loss | (41,243) | (1,728,125) | 18,936 | 51,548 | |
Unallocated | |||||
SEGMENT REPORTING | |||||
Operating expenses | (5,190,065) | (217,466,899) | (3,672,744) | (1,785,989) | |
Operating loss | ₫ (5,190,065) | $ (217,466,899) | ₫ (3,672,744) | ₫ (1,785,989) | |
[1]Including sales to related parties in 2021, 2022 and 2023 of VND516,546 million, VND2,378,858 million and VND19,716,922 million (USD826.1 million), respectively. |
SEGMENT REPORTING - Revenues by
SEGMENT REPORTING - Revenues by geographic area based on the sales location of the products (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | ||
SEGMENT REPORTING | |||||
Revenues | [1] | ₫ 28,712,051 | $ 1,203,052,500 | ₫ 14,965,591 | ₫ 16,028,182 |
Vietnam | |||||
SEGMENT REPORTING | |||||
Revenues | 27,975,180 | 1,172,177,156 | ₫ 14,965,591 | 14,996,611 | |
United States | |||||
SEGMENT REPORTING | |||||
Revenues | 159,164 | 6,669,069 | ₫ 1,031,571 | ||
Canada | |||||
SEGMENT REPORTING | |||||
Revenues | ₫ 577,707 | $ 24,206,277 | |||
[1]Including sales to related parties in 2021, 2022 and 2023 of VND516,546 million, VND2,378,858 million and VND19,716,922 million (USD826.1 million), respectively. |
SEGMENT REPORTING - Revenues ea
SEGMENT REPORTING - Revenues earned from external customers for each group of similar products and services (Details) ₫ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) | Dec. 31, 2021 VND (₫) | ||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues (*) | [1] | ₫ 28,712,051 | $ 1,203,052,500 | ₫ 14,965,591 | ₫ 16,028,182 |
Sale of spare parts | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 882,146 | 36,962,457 | 2,072,628 | 538,216 | |
Automobiles | Sales of ICE vehicles | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 220,397 | 9,234,769 | 6,688,467 | 13,107,978 | |
Automobiles | Sales of e-cars | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 23,499,733 | 984,653,189 | 3,582,632 | 5,402 | |
Automobiles | Sales of e-buses | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 628,115 | 26,318,403 | 847,128 | 480,102 | |
E-scooter | Sales of e-scooters | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 2,020,921 | 84,677,825 | 1,385,479 | 678,936 | |
Spare parts and aftermarket services | Sale of spare parts | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 882,146 | 36,962,457 | 2,072,628 | 538,216 | |
Spare parts and aftermarket services | Sale of smartphones | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 1,031,571 | ||||
Spare parts and aftermarket services | Aftermarket services | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | 187,141 | 7,841,322 | 140,689 | 96,577 | |
All other | |||||
Revenues earned from external customers for each group of similar products and services | |||||
Revenues earned from external customers | ₫ 1,273,598 | $ 53,364,535 | ₫ 248,568 | ₫ 89,400 | |
[1]Including sales to related parties in 2021, 2022 and 2023 of VND516,546 million, VND2,378,858 million and VND19,716,922 million (USD826.1 million), respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions, ₫ in Billions | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 VND (₫) |
COMMITMENTS AND CONTINGENCIES | |||
Estimated commitments related to the development of the projects and products | ₫ 13,198.2 | $ 553 | ₫ 18,498.9 |
Total remaining amount of annual fees committed to pay | 207.6 | 8.7 | |
Maximum | |||
COMMITMENTS AND CONTINGENCIES | |||
Possible loss on contract termination | ₫ 421.6 | $ 17.7 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - shares | Dec. 31, 2023 | Aug. 01, 2023 | Jul. 31, 2023 | Jul. 30, 2023 | Dec. 31, 2022 |
SUBSEQUENT EVENTS | |||||
Ordinary shares, outstanding | 2,337,788,498 | 2,299,999,998 | 2,299,999,998 | 2,412,852,458 | 2,299,999,998 |