|
Singapore
(State or other jurisdiction of
incorporation or organization) |
| |
3711
(Primary Standard Industrial
Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer
Identification Number) |
|
| | |
Page
|
| |||
| | | | iii | | | |
| | | | iii | | | |
| | | | v | | | |
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| | | | 51 | | | |
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| | | | 93 | | | |
| | | | 130 | | | |
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| | | | 175 | | | |
| | | | 201 | | | |
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| | | | 214 | | | |
| | | | 216 | | | |
| | | | 217 | | | |
| | | | 218 | | | |
| | | | 219 | | | |
| | | | F-1 | | | |
| | | | II-1 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
VND
(in billions) |
| |
VND
(in billions) |
| |
VND
(in billions) |
| |
USD
(in millions) |
| ||||||||||||
Cash and cash equivalents
|
| | | | 3,024.9 | | | | | | 4,271.4 | | | | | | 4,002.3 | | | | | | 167.7 | | |
Inventories, net
|
| | | | 6,683.7 | | | | | | 21,607.3 | | | | | | 28,666.0 | | | | | | 1,201.1 | | |
Short-term amounts due from related parties
|
| | | | 1,997.2 | | | | | | 1,978.1 | | | | | | 3,080.7 | | | | | | 129.1 | | |
Total current assets
|
| | | | 26,692.5 | | | | | | 44,838.6 | | | | | | 48,727.2 | | | | | | 2,041.7 | | |
Property, plant and equipment, net
|
| | | | 51,788.3 | | | | | | 57,188.7 | | | | | | 67,679.0 | | | | | | 2,835.8 | | |
Total assets
|
| | | | 85,321.5 | | | | | | 113,605.3 | | | | | | 131,336.6 | | | | | | 5,503.1 | | |
Amounts due to related parties
|
| | | | 56,035.3 | | | | | | 17,325.3 | | | | | | 44,338.0 | | | | | | 1,857.8 | | |
Total current liabilities
|
| | | | 87,305.3 | | | | | | 66,225.2 | | | | | | 138,481.3 | | | | | | 5,802.5 | | |
Long-term interest-bearing loans and borrowings
|
| | | | 31,343.1 | | | | | | 41,625.0 | | | | | | 30,170.1 | | | | | | 1,264.1 | | |
Total non-current liabilities
|
| | | | 74,957.4 | | | | | | 84,050.6 | | | | | | 58,866.0 | | | | | | 2,466.5 | | |
Ordinary shares, no par value – VinFast Auto (2,299,999,998 and 2,337,788,498 shares issued and outstanding as of December 31, 2022 and 2023 respectively)(1)
|
| | | | 553.9 | | | | | | 871.0 | | | | | | 9,847.5 | | | | | | 412.6 | | |
Accumulated losses
|
| | | | (77,416.9) | | | | | | (127,188.5) | | | | | | (184,588.1) | | | | | | (7,734.4) | | |
Deficit attributable to equity holders of the parent
|
| | | | (76,926.5) | | | | | | (114,109.8) | | | | | | (143,378.0) | | | | | | (6,007.6) | | |
Non-controlling interests(2)
|
| | | | (14.7) | | | | | | 77,439.4 | | | | | | 77,367.3 | | | | | | 3,241.7 | | |
Total deficit
|
| | | | (76,941.2) | | | | | | (36,670.5) | | | | | | (66,010.7) | | | | | | (2,765.9) | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
VND
(in billions) |
| |
VND
(in billions) |
| |
VND
(in billions) |
| |
USD
(in millions) |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of vehicles
|
| | | | 13,898.6 | | | | | | 12,391.5 | | | | | | 26,226.4 | | | | | | 1,098.9 | | |
Sales of merchandise
|
| | | | 1,405.4 | | | | | | 112.2 | | | | | | 142.8 | | | | | | 6.0 | | |
Sales of spare parts and components
|
| | | | 538.2 | | | | | | 2,072.6 | | | | | | 882.1 | | | | | | 37.0 | | |
Rendering of services
|
| | | | 96.6 | | | | | | 222.7 | | | | | | 455.4 | | | | | | 19.1 | | |
Rental income | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from leasing activities
|
| | | | 89.4 | | | | | | 166.5 | | | | | | 1,005.4 | | | | | | 42.1 | | |
Revenues (*)
|
| | | | 16,028.2 | | | | | | 14,965.6 | | | | | | 28,712.1 | | | | | | 1,203.1 | | |
Cost of vehicles sold
|
| | | | (23,327.0) | | | | | | (24,660.1) | | | | | | (39,153.4) | | | | | | (1,640.6) | | |
Cost of merchandise sold
|
| | | | (1,398.3) | | | | | | (151.4) | | | | | | (156.0) | | | | | | (6.5) | | |
Cost of spare parts and components sold
|
| | | | (437.2) | | | | | | (1,869.1) | | | | | | (608.6) | | | | | | (25.5) | | |
Cost of rendering services
|
| | | | (65.4) | | | | | | (389.6) | | | | | | (1,049.7) | | | | | | (44.0) | | |
Cost of leasing activities
|
| | | | (56.1) | | | | | | (162.3) | | | | | | (971.2) | | | | | | (40.7) | | |
Cost of sales
|
| | | | (25,284.0) | | | | | | (27,232.5) | | | | | | (41,938.8) | | | | | | (1,757.3) | | |
Gross loss
|
| | | | (9,255.8) | | | | | | (12,266.9) | | | | | | (13,226.8) | | | | | | (554.2) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development costs
|
| | | | (9,255.4) | | | | | | (19,939.9) | | | | | | (14,517.0) | | | | | | (608.3) | | |
Selling and distribution costs
|
| | | | (2,203.8) | | | | | | (5,213.7) | | | | | | (5,806.6) | | | | | | (243.3) | | |
Administrative expenses
|
| | | | (2,424.6) | | | | | | (4,010.0) | | | | | | (5,269.8) | | | | | | (220.8) | | |
Compensation expenses
|
| | | | (4,340.3) | | | | | | (109.4) | | | | | | (1,111.3) | | | | | | (46.6) | | |
Net other operating income/(expenses)
|
| | | | 412.5 | | | | | | (716.4) | | | | | | (521.8) | | | | | | (21.9) | | |
Operating loss
|
| | | | (27,067.4) | | | | | | (42,256.4) | | | | | | (40,453.2) | | | | | | (1,695.0) | | |
Finance income
|
| | | | 446.1 | | | | | | 88.1 | | | | | | 83.9 | | | | | | 3.5 | | |
Finance costs
|
| | | | (4,598.2) | | | | | | (7,959.8) | | | | | | (12,133.4) | | | | | | (508.4) | | |
Net (loss)/gain on financial instruments at fair value through profit or loss
|
| | | | (1,710.0) | | | | | | 1,226.0 | | | | | | (4,879.8) | | | | | | (204.5) | | |
Investment gain
|
| | | | 956.6 | | | | | | — | | | | | | — | | | | | | — | | |
Share of losses from equity investees
|
| | | | (36.8) | | | | | | — | | | | | | — | | | | | | — | | |
Loss before income tax expense
|
| | | | (32,009.7) | | | | | | (48,902.1) | | | | | | (57,382.5) | | | | | | (2,404.4) | | |
Tax expense
|
| | | | (209.2) | | | | | | (946.7) | | | | | | (89.1) | | | | | | (3.7) | | |
Net loss for the year
|
| | | | (32,219.0) | | | | | | (49,848.9) | | | | | | (57,471.7) | | | | | | (2,408.1) | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
VND
(in billions) |
| |
VND
(in billions) |
| |
VND
(in billions) |
| |
USD
(in millions) |
| ||||||||||||
Net cash flows used in operating activities
|
| | | | (28,969.1) | | | | | | (35,628.4) | | | | | | (53,649.4) | | | | | | (2,247.9) | | |
Net cash flows (used in)/from investing activities
|
| | | | 2,420.1 | | | | | | (16,038.9) | | | | | | (23,017.3) | | | | | | (964.4) | | |
Net cash flows from financing activities
|
| | | | 28,855.2 | | | | | | 52,945.1 | | | | | | 77,420.7 | | | | | | 3,244.0 | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 2,306.2 | | | | | | 1,277.7 | | | | | | 754.0 | | | | | | 31.6 | | |
Cash, cash equivalents and restricted cash at the end of the
year |
| | | | 3,024.9 | | | | | | 4,271.4 | | | | | | 4,759.1 | | | | | | 199.4 | | |
| | |
As of December 31, 2023
|
| |||||||||
| | |
Actual
|
| |||||||||
| | |
VND
(in billions) |
| |
USD(1)
(in millions) |
| ||||||
Cash and cash equivalents
|
| | | | 4,002.3 | | | | | | 167.7 | | |
Deficit: | | | | | | | | | | | | | |
Ordinary shares, no par value – VinFast Auto (2,337,788,498 shares issued and outstanding as of December 31, 2023)
|
| | | | 9,847.5 | | | | | | 412.6 | | |
Accumulated losses
|
| | | | (184,588.1) | | | | | | (7,734.4) | | |
Additional paid-in capital
|
| | | | 31,748.4 | | | | | | 1,330.3 | | |
Other comprehensive loss
|
| | | | (385.9) | | | | | | (16.2) | | |
Deficit attributable to equity holders of the parent
|
| | | | (143,378.0) | | | | | | (6,007.6) | | |
Non-controlling interests(2)
|
| | | | 77,367.3 | | | | | | 3,241.7 | | |
Total deficit (A)
|
| | |
|
(66,010.7)
|
| | | |
|
(2,765.9)
|
| |
Long-term debt: | | | | | | | | | | | | | |
Long-term interest-bearing loans and borrowings
|
| | | | 30,170.1 | | | | | | 1,264.1 | | |
Long-term derivative and financial liabilities
|
| | | | 137.1 | | | | | | 5.7 | | |
Total-long term debt (B)
|
| | |
|
30,307.2
|
| | | |
|
1,269.9
|
| |
Long-term amount due to related parties: | | | | | | | | | | | | | |
Long-term amounts due to related parties
|
| | | | 18,151.4 | | | | | | 760.6 | | |
Total capitalization (A) + (B)(3)
|
| | | | (35,703.5) | | | | | | (1,496.0) | | |
| | |
As of December 31,
|
| | |||||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| | |||||||||||||||||
| | |
VND
(in billions) |
| |
VND
(in billions) |
| |
VND
(in billions) |
| |
USD
(in millions) |
| | ||||||||||||||
Cash and cash equivalents
|
| | | | 3,024.9 | | | | | | 4,271.4 | | | | | | 4,002.3 | | | | | | 167.7 | | | | ||
Inventories, net
|
| | | | 6,683.7 | | | | | | 21,607.3 | | | | | | 28,666.0 | | | | | | 1,201.1 | | | | ||
Short-term amounts due from related parties
|
| | | | 1,997.2 | | | | | | 1,978.1 | | | | | | 3,080.7 | | | | | | 129.1 | | | | ||
Total current assets
|
| | | | 26,692.5 | | | | | | 44,838.6 | | | | | | 48,727.2 | | | | | | 2,041.7 | | | | ||
Property, plant and equipment, net
|
| | | | 51,788.3 | | | | | | 57,188.7 | | | | | | 67,679.0 | | | | | | 2,835.8 | | | | ||
Total assets
|
| | | | 85,321.5 | | | | | | 113,605.3 | | | | | | 131,336.6 | | | | | | 5,503.1 | | | | ||
Amounts due to related parties
|
| | | | 56,035.3 | | | | | | 17,325.3 | | | | | | 44,338.0 | | | | | | 1,857.8 | | | | ||
Total current liabilities
|
| | | | 87,305.3 | | | | | | 66,225.2 | | | | | | 138,481.3 | | | | | | 5,802.5 | | | | ||
Long-term interest-bearing loans and borrowings
|
| | | | 31,343.1 | | | | | | 41,625.0 | | | | | | 30,170.1 | | | | | | 1,264.1 | | | | ||
Total non-current liabilities
|
| | | | 74,957.4 | | | | | | 84,050.6 | | | | | | 58,866.0 | | | | | | 2,466.5 | | | | ||
Ordinary shares, no par value – VinFast Auto (2,299,999,998 and 2,337,788,498 shares issued and outstanding as of December 31, 2022 and 2023 respectively)(1)
|
| | | | 553.9 | | | | | | 871.0 | | | | | | 9,847.5 | | | | | | 412.6 | | | | ||
Accumulated losses
|
| | | | (77,416.9) | | | | | | (127,188.5) | | | | | | (184,588.1) | | | | | | (7,734.4) | | | | ||
Deficit attributable to equity holders of the parent
|
| | | | (76,926.5) | | | | | | (114,109.8) | | | | | | (143,378.0) | | | | | | (6,007.6) | | | | ||
Non-controlling interests(2)
|
| | | | (14.7) | | | | | | 77,439.4 | | | | | | 77,367.3 | | | | | | 3,241.7 | | | | | |
Total deficit
|
| | | | (76,941.2) | | | | | | (36,670.5) | | | | | | (66,010.7) | | | | | | (2,765.9) | | | | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
VND
(in billions) |
| |
VND
(in billions) |
| |
VND
(in billions) |
| |
USD
(in millions) |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of vehicles
|
| | | | 13,898.6 | | | | | | 12,391.5 | | | | | | 26,226.4 | | | | | | 1,098.9 | | |
Sales of merchandise
|
| | | | 1,405.4 | | | | | | 112.2 | | | | | | 142.8 | | | | | | 6.0 | | |
Sales of spare parts and components
|
| | | | 538.2 | | | | | | 2,072.6 | | | | | | 882.1 | | | | | | 37.0 | | |
Rendering of services
|
| | | | 96.6 | | | | | | 222.7 | | | | | | 455.4 | | | | | | 19.1 | | |
Rental income | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from leasing activities
|
| | | | 89.4 | | | | | | 166.5 | | | | | | 1,005.4 | | | | | | 42.1 | | |
Revenues (*)
|
| | | | 16,028.2 | | | | | | 14,965.6 | | | | | | 28,712.1 | | | | | | 1,203.1 | | |
Cost of vehicles sold
|
| | | | (23,327.0) | | | | | | (24,660.1) | | | | | | (39,153.4) | | | | | | (1,640.6) | | |
Cost of merchandise sold
|
| | | | (1,398.3) | | | | | | (151.4) | | | | | | (156.0) | | | | | | (6.5) | | |
Cost of spare parts and components sold
|
| | | | (437.2) | | | | | | (1,869.1) | | | | | | (608.6) | | | | | | (25.5) | | |
Cost of rendering services
|
| | | | (65.4) | | | | | | (389.6) | | | | | | (1,049.7) | | | | | | (44.0) | | |
Cost of leasing activities
|
| | | | (56.1) | | | | | | (162.3) | | | | | | (971.2) | | | | | | (40.7) | | |
Cost of sales
|
| | | | (25,284.0) | | | | | | (27,232.5) | | | | | | (41,938.8) | | | | | | (1,757.3) | | |
Gross loss
|
| | | | (9,255.8) | | | | | | (12,266.9) | | | | | | (13,226.8) | | | | | | (554.2) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development costs
|
| | | | (9,255.4) | | | | | | (19,939.9) | | | | | | (14,517.0) | | | | | | (608.3) | | |
Selling and distribution costs
|
| | | | (2,203.8) | | | | | | (5,213.7) | | | | | | (5,806.6) | | | | | | (243.3) | | |
Administrative expenses
|
| | | | (2,424.6) | | | | | | (4,010.0) | | | | | | (5,269.8) | | | | | | (220.8) | | |
Compensation expenses
|
| | | | (4,340.3) | | | | | | (109.4) | | | | | | (1,111.3) | | | | | | (46.6) | | |
Net other operating income/(expenses)
|
| | | | 412.5 | | | | | | (716.4) | | | | | | (521.8) | | | | | | (21.9) | | |
Operating loss
|
| | | | (27,067.4) | | | | | | (42,256.4) | | | | | | (40,453.2) | | | | | | (1,695.0) | | |
Finance income
|
| | | | 446.1 | | | | | | 88.1 | | | | | | 83.9 | | | | | | 3.5 | | |
Finance costs
|
| | | | (4,598.2) | | | | | | (7,959.8) | | | | | | (12,133.4) | | | | | | (508.4) | | |
Net (loss)/gain on financial instruments at fair value through profit or loss
|
| | | | (1,710.0) | | | | | | 1,226.0 | | | | | | (4,879.8) | | | | | | (204.5) | | |
Investment gain
|
| | | | 956.6 | | | | | | — | | | | | | — | | | | | | — | | |
Share of losses from equity investees
|
| | | | (36.8) | | | | | | — | | | | | | — | | | | | | — | | |
Loss before income tax expense
|
| | | | (32,009.7) | | | | | | (48,902.1) | | | | | | (57,382.5) | | | | | | (2,404.4) | | |
Tax expense
|
| | | | (209.2) | | | | | | (946.7) | | | | | | (89.1) | | | | | | (3.7) | | |
Net loss for the year
|
| | | | (32,219.0) | | | | | | (49,848.9) | | | | | | (57,471.7) | | | | | | (2,408.1) | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
VND
(in billions) |
| |
VND
(in billions) |
| |
VND
(in billions) |
| |
USD
(in millions) |
| ||||||||||||
Net cash flows used in operating activities
|
| | | | (28,969.1) | | | | | | (35,628.4) | | | | | | (53,649.4) | | | | | | (2,247.9) | | |
Net cash flows (used in)/from investing activities
|
| | | | 2,420.1 | | | | | | (16,038.9) | | | | | | (23,017.3) | | | | | | (964.4) | | |
Net cash flows from financing activities
|
| | | | 28,855.2 | | | | | | 52,945.1 | | | | | | 77,420.7 | | | | | | 3,244.0 | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 2,306.2 | | | | | | 1,277.7 | | | | | | 754.0 | | | | | | 31.6 | | |
Cash, cash equivalents and restricted cash at the end of the
year |
| | | | 3,024.9 | | | | | | 4,271.4 | | | | | | 4,759.1 | | | | | | 199.4 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||
| | |
(VND in
billions) |
| |
%
|
| |
(VND in
billions) |
| |
%
|
| |
(VND in
billions) |
| |
(USD in
millions) |
| |
%
|
| |||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of vehicles
|
| | | | 13,898.6 | | | | | | 86.7 | | | | | | 12,391.5 | | | | | | 82.8 | | | | | | 26,226.4 | | | | | | 1,098.9 | | | | | | 91.3 | | |
Sales of merchandise
|
| | | | 1,405.4 | | | | | | 8.8 | | | | | | 112.2 | | | | | | 0.7 | | | | | | 142.8 | | | | | | 6.0 | | | | | | 0.5 | | |
Sales of spare parts and components
|
| | | | 538.2 | | | | | | 3.4 | | | | | | 2,072.6 | | | | | | 13.8 | | | | | | 882.1 | | | | | | 37.0 | | | | | | 3.1 | | |
Rendering of services
|
| | | | 96.6 | | | | | | 0.6 | | | | | | 222.7 | | | | | | 1.5 | | | | | | 455.4 | | | | | | 19.1 | | | | | | 1.6 | | |
Rental income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from leasing activities
|
| | | | 89.4 | | | | | | 0.5 | | | | | | 166.5 | | | | | | 1.1 | | | | | | 1,005.4 | | | | | | 42.1 | | | | | | 3.5 | | |
Revenues | | | | | 16,028.2 | | | | | | 100.0 | | | | | | 14,965.6 | | | | | | 100.0 | | | | | | 28,712.1 | | | | | | 1,203.1 | | | | | | 100.0 | | |
Cost of vehicles sold
|
| | | | (23,327.0) | | | | | | (145.5) | | | | | | (24,660.1) | | | | | | (164.8) | | | | | | (39,153.4) | | | | | | (1,640.6) | | | | | | (136.4) | | |
Cost of merchandise sold
|
| | | | (1,398.3) | | | | | | (8.7) | | | | | | (151.4) | | | | | | (1.0) | | | | | | (156.0) | | | | | | (6.5) | | | | | | (0.5) | | |
Cost of spare parts and components sold
|
| | | | (437.2) | | | | | | (2.7) | | | | | | (1,869.1) | | | | | | (12.5) | | | | | | (608.6) | | | | | | (25.5) | | | | | | (2.1) | | |
Cost of rendering services
|
| | | | (65.4) | | | | | | (0.4) | | | | | | (389.6) | | | | | | (2.6) | | | | | | (1,049.7) | | | | | | (44.0) | | | | | | (3.7) | | |
Cost of leasing activities
|
| | | | (56.1) | | | | | | (0.4) | | | | | | (162.3) | | | | | | (1.1) | | | | | | (971.2) | | | | | | (40.7) | | | | | | (3.4) | | |
Cost of sales
|
| | | | (25,284.0) | | | | | | (157.7) | | | | | | (27,232.5) | | | | | | (182.0) | | | | | | (41,938.8) | | | | | | (1,757.3) | | | | | | (146.1) | | |
Gross loss
|
| | | | (9,255.8) | | | | | | (57.7) | | | | | | (12,266.9) | | | | | | (82.0) | | | | | | (13,226.8) | | | | | | (554.2) | | | | | | (46.1) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development costs
|
| | | | (9,255.4) | | | | | | (57.7) | | | | | | (19,939.9) | | | | | | (133.2) | | | | | | (14,517.0) | | | | | | (608.3) | | | | | | (50.6) | | |
Selling and distribution costs
|
| | | | (2,203.8) | | | | | | (13.7) | | | | | | (5,213.7) | | | | | | (34.8) | | | | | | (5,806.6) | | | | | | (243.3) | | | | | | (20.2) | | |
Administrative expenses
|
| | | | (2,424.6) | | | | | | (15.1) | | | | | | (4,010.0) | | | | | | (26.8) | | | | | | (5,269.8) | | | | | | (220.8) | | | | | | (18.4) | | |
Compensation expenses
|
| | | | (4,340.3) | | | | | | (27.1) | | | | | | (109.4) | | | | | | (0.7) | | | | | | (1,111.3) | | | | | | (46.6) | | | | | | (3.9) | | |
Net other operating income/(expenses)
|
| | | | 412.5 | | | | | | 2.6 | | | | | | (716.4) | | | | | | (4.8) | | | | | | (521.8) | | | | | | (21.9) | | | | | | (1.8) | | |
Operating loss
|
| | | | (27,067.4) | | | | | | (168.9) | | | | | | (42,256.4) | | | | | | (282.4) | | | | | | (40,453.2) | | | | | | (1,695.0) | | | | | | (140.9) | | |
Finance income
|
| | | | 446.1 | | | | | | 2.8 | | | | | | 88.1 | | | | | | 0.6 | | | | | | 83.9 | | | | | | 3.5 | | | | | | 0.3 | | |
Finance costs
|
| | | | (4,598.2) | | | | | | (28.7) | | | | | | (7,959.8) | | | | | | (53.2) | | | | | | (12,133.4) | | | | | | (508.4) | | | | | | (42.3) | | |
Net (loss)/gain on financial instruments at fair value through profit or loss
|
| | | | (1,710.0) | | | | | | (10.7) | | | | | | 1,226.0 | | | | | | 8.2 | | | | | | (4,879.8) | | | | | | (204.5) | | | | | | (17.0) | | |
Investment gain
|
| | | | 956.6 | | | | | | 6.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Share of losses from equity investees
|
| | | | (36.8) | | | | | | (0.2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss before income tax expense
|
| | | | (32,009.7) | | | | | | (199.7) | | | | | | (48,902.1) | | | | | | (326.8) | | | | | | (57,382.5) | | | | | | (2,404.4) | | | | | | (199.9) | | |
Tax expense
|
| | | | (209.2) | | | | | | (1.3) | | | | | | (946.7) | | | | | | (6.3) | | | | | | (89.1) | | | | | | (3.7) | | | | | | (0.3) | | |
Net loss for the year
|
| | | | (32,219.0) | | | | | | (201.0) | | | | | | (49,848.9) | | | | | | (333.1) | | | | | | (57,471.7) | | | | | | (2,408.1) | | | | | | (200.2) | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
| | |
VND
(in billions) |
| |
VND
(in billions) |
| |
VND
(in billions) |
| |
USD
(in millions) |
| ||||||||||||
Net cash flows used in operating activities
|
| | | | (28,969.1) | | | | | | (35,628.4) | | | | | | (53,649.4) | | | | | | (2,247.9) | | |
Net cash flows (used in)/from investing activities
|
| | | | 2,420.1 | | | | | | (16,038.9) | | | | | | (23,017.3) | | | | | | (964.4) | | |
Net cash flows from financing activities
|
| | | | 28,855.2 | | | | | | 52,945.1 | | | | | | 77,420.7 | | | | | | 3,244.0 | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 2,306.2 | | | | | | 1,277.7 | | | | | | 754.0 | | | | | | 31.6 | | |
Cash, cash equivalents and restricted cash at the end of the
year |
| | | | 3,024.9 | | | | | | 4,271.4 | | | | | | 4,759.1 | | | | | | 199.4 | | |
| Buildings and structures(*) | | | 3 – 49 years | |
| Machinery and equipment | | | 3 – 25 years | |
| Leased-out EV batteries | | | 10 years | |
| Leased-out e-scooter batteries | | | 3 – 8 years | |
| Vehicles | | | 5 – 12 years | |
| Office equipment | | | 3 – 10 years | |
| License | | | 3 years and 2 months – 3 years and 4 months | |
| Software | | | 3 – 8 years | |
| Others | | | 3 – 15 years | |
Function
|
| |
Number of
Employees |
| |
Percentage
|
| ||||||
Research and Development
|
| | | | 1,165 | | | | | | 8.35% | | |
Sales and Marketing
|
| | | | 2,822 | | | | | | 20.23% | | |
Manufacturing
|
| | | | 8,932 | | | | | | 64.01% | | |
General and Administration
|
| | | | 787 | | | | | | 5.64% | | |
Operations
|
| | | | 247 | | | | | | 1.77% | | |
Total | | | | | 13,953 | | | | | | 100.0% | | |
State
|
| |
per kWh of
battery capacity |
| |
Max subsidy
|
| |
Road tax
exemption |
| |||
Maharashtra
|
| |
Rs 5,000
|
| |
Rs 2,50,000*
|
| | | | 100% | | |
Delhi#
|
| |
Rs 10,000
|
| |
Rs 1,50,000
|
| | | | 100% | | |
Gujarat
|
| |
Rs 10,000
|
| |
Rs 1,50,000
|
| | | | 50% | | |
Assam
|
| |
Rs 10,000
|
| |
Rs 1,50,000
|
| | | | 100% | | |
Bihar^
|
| |
Rs 10,000
|
| |
Rs 1,50,000
|
| | | | 100% | | |
West Bengal
|
| |
Rs 10,000
|
| |
Rs 1,50,000
|
| | | | 100% | | |
Odisha
|
| |
NA
|
| |
Rs 1,00,000
|
| | | | 100% | | |
Meghalaya
|
| |
Rs 4,000
|
| |
Rs 60,000
|
| | | | 100% | | |
Rajasthan
|
| |
No
|
| |
No
|
| | | | NA | | |
Uttar Pradesh
|
| |
No
|
| |
No
|
| | | | 75% | | |
Kerala
|
| |
No
|
| |
No
|
| | | | 50% | | |
Karnataka
|
| |
No
|
| |
No
|
| | | | 100% | | |
Tamil Nadu
|
| |
No
|
| |
No
|
| | | | 100% | | |
Telangana
|
| |
No
|
| |
No
|
| | | | 100% | | |
Madhya Pradesh
|
| |
No
|
| |
No
|
| | | | 99% | | |
Andhra Pradesh
|
| |
No
|
| |
No
|
| | | | 100% | | |
Punjab^
|
| |
No
|
| |
No
|
| | | | 100% | | |
Sl. No.
|
| |
Total Approximate Incentives
|
| |
Approximate Size of Battery
|
|
1. | | | 2-Wheeler: Rs. 15000 per kwh up to 40% of the cost of vehicles. | | | 2-Wheeler: 2 kwh | |
2. | | | 3-Wheeler: Rs. 10000 per kwh | | | 3-Wheeler: 5 kwh | |
3. | | | 4-Wheeler: Rs. 10000 per kwh | | | 4-Wheeler: 15 kwh | |
4. | | | E Buses: Rs. 20000 per kwh | | | E Buses: 250 kwh | |
5. | | | E Trucks: Rs. 20000 per kwh | | | — | |
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Pham Nhat Vuong | | |
56
|
| | Managing Director and CEO | |
Le Thi Thu Thuy | | |
50
|
| | Chairwoman and Director | |
Ngan Wan Sing Winston | | |
64
|
| | Independent Director | |
Ling Chung Yee, Roy | | |
47
|
| | Independent Director | |
Pham Nguyen Anh Thu | | |
43
|
| | Director | |
Nguyen Thi Van Trinh | | |
50
|
| | Director | |
Nguyen Thi Lan Anh | | |
38
|
| | Chief Financial Officer (“CFO”) | |
| | |
Ordinary Shares Beneficially
Owned |
| |||||||||
| | |
Number
|
| |
%
|
| ||||||
5% shareholders: | | | | | | | | | | | | | |
Vingroup(1) | | | | | 1,185,010,424 | | | | | | 50.7 | | |
VIG(2) | | | | | 769,584,044 | | | | | | 32.9 | | |
Asian Star(3)
|
| | | | 334,041,555 | | | | | | 14.3 | | |
Directors and executive officers: | | | | | | | | | | | | | |
Pham Nhat Vuong(4)
|
| | | | 2,288,636,023 | | | | | | 97.9 | | |
Le Thi Thu Thuy
|
| | | | — | | | | | | — | | |
Ngan Wan Sing Winston
|
| | | | — | | | | | | — | | |
Ling Chung Yee, Roy
|
| | | | — | | | | | | — | | |
Pham Nguyen Anh Thu
|
| | | | — | | | | | | — | | |
Nguyen Thi Van Trinh
|
| | | | — | | | | | | — | | |
Nguyen Thi Lan Anh
|
| | | | — | | | | | | — | | |
All directors and executive officers as a group
|
| | |
|
2,288,636,023
|
| | | | | 97.9 | | |
| | |
Securities Owned
Before the Offering |
| |
Maximum
Number of Securities Being Offered |
| |
Securities Owned
After the Offering |
| |||||||||||||||||||||
Name of Selling Securityholder
|
| |
Ordinary
Shares(1) |
| |
%(2)
|
| |
Ordinary
Shares |
| |
Ordinary
Shares |
| |
%(2)
|
| |||||||||||||||
Yorkville(3) | | | | | 7,210,000 | | | | | | * | | | | | | 5,100,000 | | | | | | 2,110,000 | | | | | | * | | |
|
Delaware
|
| |
Singapore
|
|
|
Board of Directors
|
| |||
| A typical certificate of incorporation and bylaws would provide that the number of directors on the board of directors will be fixed from time to time by a vote of the majority of the authorized directors. Under Delaware law, a board of directors can be divided into classes and cumulative voting in the election of directors is only permitted if expressly authorized in a corporation’s certificate of incorporation. | | | The constitution of a company will typically state the minimum number of directors as well as provide that directors may be appointed or removed by shareholders via ordinary resolution passed at a general meeting, provided that the number of directors following such appointment or removal is within the minimum number of directors provided in the constitution and the Singapore Companies Act. Our constitution provides that, subject to the Singapore Companies Act and, where applicable, | |
|
Delaware
|
| |
Singapore
|
|
| | | | the rules and regulations of Nasdaq or the principal stock exchange or securities market on which our shares are then listed or quoted or dealt in, the minimum number of directors will be two directors. | |
|
Limitation on Personal Liability of Directors
|
| |||
| A typical certificate of incorporation provides for the elimination of personal monetary liability of directors for breach of fiduciary duties as directors to the fullest extent permissible under the laws of Delaware, except for liability (i) for any breach of a director’s loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law (relating to the liability of directors for unlawful payment of a dividend or an unlawful stock purchase or redemption) or (iv) for any transaction from which the director derived an improper personal benefit. A typical certificate of incorporation would also provide that if the Delaware General Corporation Law is amended so as to allow further elimination of, or limitations on, director liability, then the liability of directors will be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law as so amended. | | |
Under Section 172 of the Singapore Companies Act, any provision (whether in the constitution, contract with the company or otherwise) which purports to exempt or provides an indemnity for exempting or indemnifying a director against any liability which by law would otherwise attach to them in connection with any negligence, default, breach of duty or breach of trust in relation to a company will be void. However, a company is not prohibited from: (a) as provided in Section 172A of the Singapore Companies Act, purchasing and maintaining for any director insurance against any such liability incurred by him or her in connection with any negligence, default, breach of duty or breach of trust in relation to the company; or (b) as provided in Section 172B of the Singapore Companies Act, indemnifying a director against liability incurred by him or her to a person other than the Company, except when the indemnity is against (i) any liability of the director to pay a fine in criminal proceedings or a sum payable to a regulatory authority by way of a penalty in respect of non-compliance of any requirement of a regulatory nature (howsoever arising), or (ii) any liability incurred by the officer (A) in defending criminal proceedings in which he or she is convicted; (B) in defending civil proceedings brought by the company or a related company in which judgment is given against him or her; or (C) in connection with an application for relief under Section 76A(13) or Section 391 of the Singapore Companies Act in which the Singapore courts refuses to grant him or her relief.
Our constitution provides that, subject to the provisions of and to the extent permitted by the Singapore Companies Act and every other legislation for the time being in force concerning companies and affecting our company, every director or other officer of our company shall be entitled to be indemnified by our company against all costs, charges, losses, expenses and liabilities incurred or to be incurred by him in the execution and discharge of his duties or in relation thereto. Without prejudice to the generality of the foregoing, no director or other officer of our company shall be liable for the acts, receipts, neglects or defaults of any other director or officer, or for joining in any
|
|
|
Delaware
|
| |
Singapore
|
|
| | | |
receipt or other act for conformity, or for any loss or expense happening to our company through the insufficiency or deficiency of title to any property acquired by order of the directors for or on behalf of our company or for the insufficiency or deficiency of any security in or upon which any of the moneys of our company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any moneys, securities or effects shall be deposited or left or for any other loss, damage or misfortune whatsoever which shall happen in the execution of the duties of his or her office or in relation thereto unless the same shall happen through his or her own negligence, willful default, breach of duty or breach of trust.
Under the Singapore Companies Act, an “officer” in relation to a corporation includes (a) any director or secretary of the corporation or a person employed in an executive capacity by the corporation, (b) a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument, and (c) any liquidator of a company appointed in a voluntary winding-up, but does not include any receiver who is not also a manager, any receiver and manager appointed by the Singapore Court, any liquidator appointed by the Singapore Court or by the creditors, or a judicial manager appointed under Part 7 of the Singapore Insolvency, Restructuring and Dissolution Act 2018.
|
|
|
Interested Shareholders
|
| |||
| Section 203 of the Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in specified corporate transactions (such as mergers, stock and asset sales, and loans) with an “interested stockholder” for three years following the time that the stockholder becomes an interested stockholder. Subject to specified exceptions, an “interested stockholder” is a person or group that owns 15% or more of the corporation’s outstanding voting stock (including any rights to acquire stock pursuant to an option, warrant, agreement, arrangement or understanding, or upon the exercise of conversion or exchange rights, and stock with respect to which the person has voting rights only), or is an affiliate or associate of the corporation and was the owner of 15% or more of the voting stock at any time within the previous three years. | | | There are no comparable provisions in Singapore with respect to public companies which are not listed on the Singapore Exchange Securities Trading Limited. | |
|
Delaware
|
| |
Singapore
|
|
| A Delaware corporation may elect to “opt out” of, and not be governed by, Section 203 through a provision in either its original certificate of incorporation, or an amendment to its original certificate or bylaws that was approved by majority stockholder vote. With a limited exception, this amendment would not become effective until 12 months following its adoption. | | | | |
|
Removal of Directors
|
| |||
| A typical certificate of incorporation and bylaws provide that, subject to the rights of holders of any preferred stock, directors may be removed at any time by the affirmative vote of the holders of at least a majority, or in some instances a supermajority, of the voting power of all of the then outstanding shares entitled to vote generally in the election of directors, voting together as a single class. A certificate of incorporation could also provide that such a right is only exercisable when a director is being removed for cause (removal of a director only for cause is the default rule in the case of a classified board). | | |
According to the Singapore Companies Act, directors of a public company may be removed before expiration of their term of office, notwithstanding anything in its constitution or in any agreement between the public company and such directors, by ordinary resolution (i.e., a resolution which is passed by a simple majority of those shareholders present and voting in person or by proxy). Notice of the intention to move such a resolution has to be given to the company not less than 28 days before the meeting at which it is moved. The company shall then give notice of such resolution to its shareholders at the same time and in the same manner as it gives notice of the meeting, or if that is not practicable, not less than 14 days before the meeting. Where any director removed in this manner was appointed to represent the interests of any particular class of shareholders or debenture holders, the resolution to remove such director will not take effect until such director’s successor has been appointed.
Our constitution similarly provides that, subject to its provisions and any requirements of the Singapore Companies Act, our company may, by ordinary resolution whereby special notice has been given, remove any director before the expiration of the said director’s term and appoint a replacement.
|
|
|
Filling Vacancies on the Board of Directors
|
| |||
| A typical certificate of incorporation and bylaws provide that, subject to the rights of the holders of any preferred stock, any vacancy, whether arising through death, resignation, retirement, disqualification, removal, an increase in the number of directors or any other reason, may be filled by a majority vote of the remaining directors, even if such directors remaining in office constitute less than a quorum, or by the sole remaining director. Any newly elected director usually holds office for the remainder of the full term expiring at the annual meeting of stockholders at which the term of the class of directors to which the newly elected director has been elected expires. | | |
Our constitution provides that our shareholders, by ordinary resolution at a general meeting, or our Board, at any time and from time to time, have the power to appoint any person to be a director either to fill a casual vacancy or as an addition to the existing directors, provided that the total number of directors shall not at any time exceed the maximum number (if any) fixed by or in accordance with our constitution, as the case may be.
In the case of a public company, generally, the Singapore Companies Act provides that the directors must be appointed individually at a general meeting of shareholders. Subject to any provision in
|
|
|
Delaware
|
| |
Singapore
|
|
| | | | the Singapore Companies Act to the contrary, a motion for the appointment of two or more persons as directors by a single resolution shall not be made unless a resolution that it shall so be made has first been agreed to by the meeting without any vote being given against it, and a resolution passed in contravention of such requirement shall be void regardless of any objections raised by the directors. | |
|
Amendment of Governing Documents
|
| |||
|
Under the Delaware General Corporation Law, amendments to a corporation’s certificate of incorporation require the approval of stockholders holding a majority of the outstanding shares entitled to vote on the amendment.
If a class vote on the amendment is required by the Delaware General Corporation Law, a majority of the outstanding stock of the class is required, unless a greater proportion is specified in the certificate of incorporation or by other provisions of the Delaware General Corporation Law. Under the Delaware General Corporation Law, the board of directors may amend bylaws if so authorized in the certificate of incorporation. The stockholders of a Delaware corporation also have the power to amend bylaws.
|
| |
Our constitution may be altered by special resolution (i.e., a resolution passed by at least a three-fourths majority of the shareholders entitled to vote, present in person or by proxy at a meeting for which not less than 21 days written notice is given).
Under the Singapore Companies Act, an entrenching provision may be included in the constitution with which a company is formed and may at any time be inserted into the constitution only if unanimously agreed upon by the shareholders of the company. An entrenching provision prevents certain specified provisions of the constitution from being altered in the manner provided by the Singapore Companies Act or except by (a) a resolution passed by a specified majority greater than 75% (the minimum majority required by the Singapore Companies Act for a special resolution) or (b) satisfaction of certain specified conditions. The Singapore Companies Act provides that such entrenching provision may be removed or altered only if unanimously agreed upon by the shareholders of the company.
|
|
|
Meetings of Shareholders
|
| |||
|
Annual and Special Meetings
Typical bylaws provide that annual meetings of stockholders are to be held on a date and at a time fixed by the board of directors.
Under the Delaware General Corporation Law, a special meeting of stockholders may be called by the board of directors or by any other person authorized to do so in the certificate of incorporation or the bylaws.
|
| |
Annual General Meetings
Subject to the Singapore Companies Act, we are required to hold an annual general meeting of shareholders within six months from the end of our fiscal year (unless the Accounting and Corporate Regulatory Authority of Singapore authorizes an extension of time to hold such general meeting or as otherwise permitted by the Singapore Companies Act).
Extraordinary General Meetings
Any general meeting other than the annual general meeting is called an “extraordinary general meeting.” Two or more shareholders holding not less than 10% of the total number of issued shares (excluding treasury shares) may call an extraordinary general meeting. In addition, the
|
|
|
Delaware
|
| |
Singapore
|
|
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constitution usually also provides that general meetings may be convened in accordance with the Singapore Companies Act by the directors.
Notwithstanding anything in the constitution, the directors are required to convene a general meeting if required to do so by requisition (i.e., written notice to directors requiring that a meeting be called, signed by the requisitionists and deposited at the registered office of the company) by shareholders holding not less than 10% of the total number of paid-up shares as at the date of the deposit of the requisition carrying the right of voting at general meetings of the company. Such extraordinary general meeting of the company is to be held as soon as practicable but, in any case, not later than 2 months after the receipt by the company of the requisition. In addition, our constitution provides that the directors may, whenever they think fit, convene an extraordinary general meeting.
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Quorum Requirements
Under the Delaware General Corporation Law, a corporation’s certificate of incorporation or bylaws can specify the number of shares which constitute the quorum required to conduct business at a meeting, provided that in no event shall a quorum consist of less than one-third of the shares entitled to vote at a meeting.
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Our constitution provides that the quorum at any general meeting shall be two members present in person or by proxy. If within half an hour from the time appointed for the general meeting (or such longer interval as the chairman of the meeting may think fit to allow) a quorum is not present, the general meeting if convened on requisition of the shareholders shall be dissolved. In any other case, it shall stand adjourned to the same day in the next week (or if that day is a public holiday, then the next business day following that public holiday) at the same time and place or to such other day, time or place as the Directors may determine. If at the adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the meeting shall be dissolved.
Unless excluded under the Singapore Companies Act, an annual general meeting of a company, an extraordinary general meeting of a company, a statutory general meeting of a company, a general meeting of an amalgamating company mentioned in section 215C or 215D of the Singapore Companies Act, a meeting of a class of members of a company, a meeting order by the Singapore Court under section 182 of the Singapore Companies Act and a meeting of creditors, members of a company, holders of units of shares of a company, or a class of such persons, ordered by the Singapore Court under section 210 of the Singapore Companies Act may be held (i) at a physical place; (ii) at a physical place and using virtual meeting technology; or (iii) using virtual meeting technology only. Under the Singapore Companies Act, “virtual meeting
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| | | | technology” means any technology that allows a person to participate in a meeting without being physically present at the place of meeting. | |
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Indemnification of Officers, Directors and Employees
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Under the Delaware General Corporation Law, subject to specified limitations in the case of derivative suits brought by a corporation’s stockholders in its name, a corporation may indemnify any person who is made a party to any third-party action, suit or proceeding on account of being a director, officer, employee or agent of the corporation (or was serving at the request of the corporation in such capacity for another corporation, partnership, joint venture, trust or other enterprise) against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with the action, suit or proceeding through, among other things, a majority vote of a quorum consisting of directors who were not parties to the suit or proceeding, if the person:
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acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation or, in some circumstances, at least not opposed to its best interests; and
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in a criminal proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Delaware corporate law permits indemnification by a corporation under similar circumstances for expenses (including attorneys’ fees) actually and reasonably incurred by such persons in connection with the defense or settlement of a derivative action or suit, except that no indemnification may be made in respect of any claim, issue or matter as to which the person is adjudged to be liable to the corporation unless the Delaware Court of Chancery or the court in which the action or suit was brought determines upon application that the person is fairly and reasonably entitled to indemnity for the expenses which the court deems to be proper.
To the extent a director, officer, employee or agent is successful in the defense of such an action, suit or proceeding, the corporation is required by Delaware corporate law to indemnify such person for reasonable expenses incurred thereby. Expenses (including attorneys’ fees) incurred by such persons in defending any action, suit or proceeding may be paid in advance of the final disposition of such
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Under Section 172 of the Singapore Companies Act, any provision (whether in constitution, contract with company or otherwise) which purports to exempt or provides an indemnity for exempting or indemnifying an officer of a company (including a director) against any liability for negligence, default, breach of duty or breach of trust in relation to a company will be void. However, a company is not prohibited from: (a) as provided in Section 172A of the Singapore Companies Act, purchasing and maintaining for any director and officer insurance against any such liability which by law would otherwise attach to such officer in connection with any negligence, default, breach of duty or breach of trust in relation to the company; or (b) as provided in Section 172B of the Singapore Companies Act, indemnifying a director against liability incurred by him or her to a person other than the company except when the indemnity is against any liability (i) of the director to pay a fine in criminal proceedings, (ii) of the director to pay a penalty to a regulatory authority in respect of non-compliance with any requirements of a regulatory nature (howsoever arising), (iii) incurred by the director in defending criminal proceedings in which he or she is convicted, (iv) incurred by the director in defending civil proceedings brought by the company or a related company in which judgment is given against him or her or (v) incurred by the director in connection with an application for relief under Section 76A(13) or Section 391 of the Singapore Companies Act in which the court refuses to grant him or her relief.
In cases where an officer is sued by the company, the Singapore Companies Act gives the court the power to relieve officers either wholly or partially from the consequences of their negligence, default, breach of duty or breach of trust. In order for relief to be obtained, it must be shown that (i) the officer acted reasonably and honestly; and (ii) it is fair, having regard to all the circumstances of the case including those connected with such officer’s appointment, to excuse the officer.
However, Singapore case law has indicated that such relief will not be granted to an officer who has benefited as a result of his or her breach of trust.
Our constitution provides that, subject to the
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| action, suit or proceeding upon receipt of an undertaking by or on behalf of that person to repay the amount if it is ultimately determined that person is not entitled to be so indemnified. | | | provisions of and so far as may be permitted by the Singapore Companies Act and every other legislation for the time being in force concerning companies and affecting our company, every director or other officer of our company shall be entitled to be indemnified by our company against all costs, charges, losses, expenses and liabilities incurred or to be incurred by him in the execution and discharge of his duties or in relation thereto. In particular, and without prejudice to the generality of the foregoing, no director or other officer of our company shall be liable for the acts, receipts, neglects or defaults of any other director or officer, or for joining in any receipt or other act for conformity, or for any loss or expense happening to our company through the insufficiency or deficiency of title to any property acquired by order of the directors for or on behalf of our company or for the insufficiency or deficiency of any security in or upon which any of the moneys of our company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any moneys, securities or effects shall be deposited or left or for any other loss, damage or misfortune whatsoever which shall happen in the execution of the duties of his office or in relation thereto unless the same shall happen through his own negligence, willful default, breach of duty or breach of trust. | |
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Shareholder Approval of Issuance of Shares
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Under Delaware law, the board of directors has the authority to issue, from time to time, capital stock in its sole discretion, as long as the number of shares to be issued, together with those shares that are already issued and outstanding and those shares reserved to be issued, do not exceed the authorized capital for the corporation as previously approved by the stockholders and set forth in the corporation’s certificate of incorporation. Under the foregoing circumstances, no additional stockholder approval is required for the issuance of capital stock. Under Delaware law, stockholder approval is required for (i) any amendment to the corporation’s certificate of incorporation to increase the authorized capital and (ii) the issuance of stock in a direct merger transaction where the number of shares exceeds 20% of the corporation’s shares outstanding prior to the transaction, regardless of whether there is sufficient authorized capital.
In addition, a corporation may issue one or more classes of stock or one or more series of stock within any class as shall be stated and expressed in
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| | Section 161 of the Singapore Companies Act provides that notwithstanding anything in the company’s constitution, the directors shall not exercise any power to issue shares without prior approval of the shareholders in a general meeting. Such authorization may be obtained by ordinary resolution (i.e., a resolution requiring the affirmative vote of a simple majority of those shareholders present and voting in person or by proxy and entitled to vote on the resolution). Once this shareholders’ approval is obtained, unless previously revoked or varied by the company in a general meeting, it continues in force until the conclusion of the next annual general meeting or the expiration of the period within which the next annual general meeting after that date is required by law to be held, whichever is earlier; but any approval may be revoked or varied by the company in a general meeting. | |
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the certificate of incorporation or of any amendment thereto, or in the resolution or resolutions providing for the issue of such stock adopted by the board of directors pursuant to authority expressly vested in it by the provisions of its certificate of incorporation.
Any stock of any class or of any series thereof may be made convertible into, or exchangeable for, at the option of either the holder or the corporation or upon the happening of a specified event, shares of any other class or classes or any other series of the same or any other class or classes of stock of the corporation, at such price or prices or at such rate or rates of exchange and with such adjustments as shall be stated in the certificate of incorporation or in the resolution or resolutions providing for the issue of such stock adopted by the board of directors.
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Shareholder Approval of Business Combinations
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Generally, under the Delaware General Corporation Law, completion of a merger, consolidation, or the sale, lease or exchange of substantially all of a corporation’s assets or dissolution requires approval by the board of directors and by a majority (unless the certificate of incorporation requires a higher percentage) of outstanding stock of the corporation entitled to vote.
The Delaware General Corporation Law also requires a special vote of stockholders in connection with a business combination with an “interested stockholder” as defined in section 203 of the Delaware General Corporation Law. See “— Interested Shareholders” above.
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The Singapore Companies Act mandates that specified corporate actions require approval by the shareholders in a general meeting, notably:
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notwithstanding anything in the company’s constitution, directors are not permitted to carry into effect any proposals for disposing of the whole or substantially the whole of the company’s undertaking or property unless those proposals have been approved by shareholders in a general meeting;
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the company may by special resolution resolve that it be wound up voluntarily;
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subject to the constitution of each amalgamating company, an amalgamation proposal in accordance with the full amalgamation procedures under the Singapore Companies Act that do not require a court order must be approved by the shareholders of each amalgamating company via special resolution at a general meeting;
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a compromise or arrangement proposed between a company and its shareholders, or any class of shareholders, must, among other things, be approved by a majority representing three-fourths in value of the shareholders or class of shareholders present and voting either in person or by proxy at the meeting ordered by the court; and
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notwithstanding anything in the company’s constitution, the directors may not, without the
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prior approval of shareholders, issue shares, including shares being issued in connection with corporate actions.
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Shareholder Action Without A Meeting
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| Under the Delaware General Corporation Law, unless otherwise provided in a corporation’s certificate of incorporation, any action that may be taken at a meeting of stockholders may be taken without a meeting, without prior notice and without a vote if the holders of outstanding stock, having not less than the minimum number of votes that would be necessary to authorize such action, consent in writing. It is not uncommon for a corporation’s certificate of incorporation to prohibit such action. | | | Subject to the Singapore Companies Act and every other Singapore statute for the time being in force affecting our company, under our constitution, whenever our company’s share capital is divided into different classes of shares, the special rights attached to any class may be varied or abrogated either with the consent in writing of the holders of three-quarters of the issued shares of the class or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class (but not otherwise) and may be so varied or abrogated either whilst our company is a going concern or during or in contemplation of a winding-up. To every such separate general meeting, (a) the necessary quorum shall be two persons (unless all the shares of the class are held by one person whereupon no quorum is applicable) at least holding or representing by proxy or attorney at least one-third of the issued shares of the class and that any holder of shares of the class present in person or by proxy or by attorney may demand a poll (and on a poll shall, have one vote for every share of the class held by him entitled to vote at such meeting), but where the necessary majority for such a special resolution is not obtained at such general meeting, consent in writing if obtained from the holders of three-fourths of the issued shares of the class concerned within two months of such general meeting shall be as valid and effectual as a special resolution carried at such general meeting; and (b) where all issued shares of the class are held by one person, the necessary quorum shall be one person and such holder of shares of the class present in person or by proxy or by attorney may demand a poll. Save for the foregoing, our constitution does not provide for shareholders to approve resolutions by written means. | |
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Shareholder Suits
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| Under the Delaware General Corporation Law, a stockholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation. An individual also may commence a class action suit on behalf of himself or herself and other similarly situated stockholders where the requirements for maintaining a class action under the Delaware General Corporation Law have been met. A person may institute and maintain such a | | |
Standing
Only registered shareholders of our company reflected in our register of members are recognized under Singapore law as shareholders of our company. As a result, only registered shareholders have legal standing to institute shareholder actions against our company or otherwise seek to enforce their rights as shareholders. Holders of book-entry interests in our shares will be required to exchange
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| suit only if such person was a stockholder at the time of the transaction which is the subject of the suit or his or her shares thereafter devolved upon him or her by operation of law. Additionally, under Delaware case law, the plaintiff generally must be a stockholder not only at the time of the transaction, which is the subject of the suit, but also through the duration of the derivative suit. The Delaware General Corporation Law also requires that the derivative plaintiff make a demand on the directors of the corporation to assert the corporate claim before the suit may be prosecuted by the derivative plaintiff, unless such demand would be futile. | | |
their book-entry interests for certified shares and to be registered as shareholders in our company’s register of members in order to institute or enforce any legal proceedings or claims against our company, our directors or executive officers relating to shareholder rights.
Personal Remedies in Cases of Oppression or Injustice
A shareholder may apply to the court for an order under Section 216 of the Singapore Companies Act to remedy situations where (a) the company’s affairs are being conducted or the powers of the company’s directors are being exercised in a manner oppressive to, or in disregard of the interests of one of more of the shareholders or holders of debentures of the company, including the applicant; or (b) the company has done an act, or threatens to do an act, or the shareholders or holders of debentures have passed some resolution, which unfairly discriminates against, or is otherwise prejudicial to, one or more of the company’s shareholders or holders of debentures, including the applicant.
Singapore courts have wide discretion as to the relief they may grant under such application, including, inter alia, directing or prohibiting any act or cancelling or varying any transaction or resolution, providing that the company be wound up or authorizing civil proceedings to be brought in the name of or on behalf of the company by such person or persons and on such terms as the Singapore court directs.
Derivative Actions and Arbitrations
The Singapore Companies Act has a provision which provides a mechanism enabling shareholders to apply to the court for leave to bring a derivative action or commence an arbitration on behalf of the company.
Applications are generally made by shareholders of the company, but courts are given the discretion to allow such persons as they deem proper to apply (e.g., beneficial owner of shares) in the appropriate circumstances.
It should be noted that this provision of the Singapore Companies Act is primarily used by minority shareholders to bring an action or arbitration in the name and on behalf of the company or intervene in an action or arbitration to which the company is a party for the purpose of prosecuting, defending or discontinuing the action on behalf of the company. Prior to commencing a
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derivative action or arbitration, the court must be satisfied that (i) 14 days’ notice has been given to the directors of the company of the party’s intention to commence such derivative action or arbitration if the directors of the company do not bring, diligently prosecute or defend or discontinue the action or arbitration, (ii) the party is acting in good faith and (iii) it appears to be prima facie in the interests of the company that the action be brought, prosecuted, defended or discontinued.
Class Actions
The concept of class action suits in the U.S., which allows individual shareholders to bring an action seeking to represent a class or classes of shareholders, does not exist in Singapore. However, it is possible as a matter of procedure for a number of shareholders to lead an action and establish liability on behalf of themselves and other shareholders who join in or who are made parties to the action. These shareholders are commonly known as “representative plaintiffs.”
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Distributions and Dividends; Repurchases and Redemptions
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The Delaware General Corporation Law permits a corporation to declare and pay dividends out of statutory surplus or, if there is no surplus, out of net profits for the fiscal year in which the dividend is declared and/or for the preceding fiscal year as long as the amount of capital of the corporation following the declaration and payment of the dividend is not less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets.
Under the Delaware General Corporation Law, any corporation may purchase or redeem its own shares, except that generally it may not purchase or redeem these shares if the capital of the corporation is impaired at the time or would become impaired as a result of the redemption. A corporation may, however, purchase or redeem out of capital shares that are entitled upon any distribution of its assets to a preference over another class or series of its shares if the shares are to be retired and the capital reduced.
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The Singapore Companies Act provides that no dividends can be paid to shareholders except out of profits of the company (except as expressly authorized by the Singapore Companies Act and every other legislation for the time being in force concerning companies and affecting our company).
The Singapore Companies Act does not provide a definition on when profits are deemed to be available for the purpose of paying dividends and this is accordingly governed by case law.
Our constitution provides that no dividend can be paid otherwise than out of profits.
Acquisition of a Company’s Own Shares
The Singapore Companies Act generally prohibits a company from acquiring or purporting to acquire its own shares, the shares of its holding company or the shares of its ultimate holding company, whether directly or indirectly, in any way, subject to certain exceptions. Any contract or transaction made or entered into in contravention of the aforementioned prohibition by which a company acquires or purports to acquire its own shares or shares in its holding company or ultimate holding company is void subject to the exception below. However, provided that it is expressly permitted to do so by its constitution and subject to the special conditions of each permitted acquisition contained in the
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Singapore Companies Act, a company may:
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redeem redeemable preference shares on such terms and in such manner as is provided by its constitution. Preference shares may be redeemed out of capital if all the directors make a solvency statement in relation to such redemption in accordance with the Singapore Companies Act, and the company lodges a copy of the statement with the Accounting and Corporate Regulatory Authority of Singapore;
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whether or not it is listed on an approved exchange in Singapore or any securities exchange outside Singapore, make an off-market purchase of its own shares in accordance with an equal access scheme authorized in advance at a general meeting;
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make a selective off-market purchase of its own shares in accordance with an agreement authorized in advance at a general meeting by a special resolution where persons whose shares are to be acquired and their associated persons have abstained from voting;
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whether or not it is listed on an approved exchange in Singapore or any securities exchange outside Singapore, make an acquisition of its own shares under a contingent purchase contract which has been authorized in advance at a general meeting by a special resolution; and
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where it is listed on a securities exchange, make an acquisition of its own shares on the securities exchange, in accordance with terms and limits authorized in advance at a general meeting by a special resolution.
A company may also purchase its own shares by an order of a Singapore court.
The total number of ordinary shares that may be acquired by a company during a relevant period may not exceed 20% (or such other prescribed percentage) of the total number of ordinary shares, stock in any class or non-redeemable preference shares (as the case may be) as of the date of the resolution passed to authorize the acquisition of the shares. Where, however, a company has reduced its share capital by a special resolution of the general meeting or a Singapore court has made an order to such effect, the total number of ordinary shares, stocks in any class or non-redeemable preference shares (as the case may be) shall be taken to be the total number of ordinary
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shares, stocks in any class or non-redeemable preference shares (as the case may be) as altered by the special resolution or the order of the Singapore court. Payment, including any expenses (including brokerage or commission) incurred directly in the acquisition by the company of its own shares, may be made out of the company’s distributable profits or capital, provided that the company is solvent.
Our constitution provides that subject to the provisions of the Singapore Companies Act, (where applicable) the rules and regulations of Nasdaq or the principal stock exchange or securities market on which our shares are then listed or quoted or dealt in and any applicable legislation or regulation, we may purchase or otherwise acquire our issued shares on such terms and in such manner as we may think fit and in the manner prescribed by the Singapore Companies Act. These shares may be held as treasury shares or cancelled as provided in the Singapore Companies Act or dealt with in such manner as may be permitted by the Singapore Companies Act. On cancellation of the shares, the number of issued shares of the company shall be diminished by the number of shares so cancelled, and where any such cancelled shares were purchased or acquired out of the capital of the company, the amount of the share capital of the company shall be reduced accordingly.
Financial Assistance for the Acquisition of Shares
A public company or a company whose holding company or ultimate holding company is a public company shall not give financial assistance to any person whether directly or indirectly for the purpose of or in connection with:
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the acquisition or proposed acquisition of shares in the company or units of such shares; or
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the acquisition or proposed acquisition of shares in its holding company or ultimate holding company, or units of such shares.
Financial assistance may take the form of a loan, the giving of a guarantee, the provision of security, the release of an obligation, the release of a debt or otherwise.
However, it should be noted that a company may provide financial assistance for the acquisition of its shares or shares in its holding company or ultimate holding company if it complies with the requirements (including approval by special resolution) set out in the Singapore Companies Act.
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Transactions with Officers or Directors
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| Under the Delaware General Corporation Law, some contracts or transactions in which one or more of a corporation’s directors has an interest are not void or voidable because of such interest provided that some conditions, such as obtaining the required approval and fulfilling the requirements of good faith and full disclosure, are met. Under the Delaware General Corporation Law, either (a) the stockholders or the board of directors must approve in good faith any such contract or transaction after full disclosure of the material facts or (b) the contract or transaction must have been “fair” as to the corporation at the time it was approved. If board approval is sought, the contract or transaction must be approved in good faith by a majority of disinterested directors after full disclosure of material facts, even though less than a majority of a quorum. | | |
Under the Singapore Companies Act, save in respect of certain restricted transactions as described below, directors and chief executive officers are not prohibited from dealing with the company, but where they have an interest in a transaction with the company, that interest must be disclosed to the board of directors. In particular, every director or chief executive officer who is in any way, whether directly or indirectly, interested in a transaction or proposed transaction with the company must, as soon as is practicable after the relevant facts have come to such director’s or, as the case may be, chief executive officer’s knowledge, declare the nature of such interest at a meeting of the directors or send a written notice to the company detailing the fact and the nature, character and extent of the interest in the transaction or proposed transaction with the company.
In addition, a director or chief executive officer who holds any office or possesses any property which directly or indirectly might create interests in conflict with such director’s or, as the case may be, chief executive officer’s duties as director or chief executive officer is required to declare the fact and the nature, character and extent of the conflict at a meeting of the directors or send a written notice to the company detailing the nature, character and extent of the conflict.
The Singapore Companies Act extends the scope of this statutory duty of a director and chief executive officer to disclose any interests by pronouncing that an interest of a member of a director’s or, as the case may be, chief executive officer’s family (including spouse, son, adopted son, step-son, daughter, adopted daughter and step-daughter) will be treated as an interest of the director or chief executive officer (as the case may be).
There is however no requirement for disclosure where the interest of the director or chief executive officer (as the case may be) consists only of being a member or creditor of a corporation which is interested in the transaction or proposed transaction with the company if the interest may properly be regarded as not being a material interest. Where the transaction or the proposed transaction relates to any loan to the company, a director or chief executive officer shall not be deemed to be interested or to have been at any time interested in the transaction or proposed transaction where the director or chief executive
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officer (as the case may be) has only guaranteed or joined in guaranteeing the repayment of such loan, unless the constitution provides otherwise.
Further, where the transaction or the proposed transaction has been or will be made with or for the benefit of a related corporation (i.e. the holding company, subsidiary or subsidiary of a common holding company), a director or chief executive officer shall not be deemed to be interested or to have been at any time interested in the transaction or proposed transaction where he is a director or chief executive officer (as the case may be) of that corporation, unless the constitution provides otherwise.
Subject to specified exceptions, the Singapore Companies Act prohibits a company (other than an exempt private company) from, among other things, (i) making a loan or quasi-loan to its directors or to directors of a related corporation (a “relevant director”), (ii) entering into a guarantee or providing any security in connection with a loan or quasi-loan made to a relevant director, (iii) entering into a credit transaction as creditor for the benefit of a relevant director, (iv) entering into any guarantee or providing any security in connection with a credit transaction entered into by any person for the benefit of a relevant director, (v) taking part in an arrangement under which another person enters into a transaction which, if entered into by the company, would have been a restricted transaction under (i) to (iv) above or (vi) below and such person obtains a benefit from the company or its related corporation pursuant thereto, or (vi) arranging the assignment to the company, or assumption by the company, of any rights, obligations or liabilities under a transaction that, if it had been entered into by the company, would have been a restricted transaction under (i) to (v) above.
Companies are also prohibited from making loans or quasi-loans to its directors’ spouse or children (whether adopted or natural or step-children), or giving a guarantee or security in connection with such a loan or quasi-loan.
Subject to specified exceptions, the Singapore Companies Act also prohibits a company (other than an exempt private company) from making a loan or a quasi-loan to another company or a limited liability partnership or a variable capital company or entering into any guarantee or providing any security in connection with a loan or a quasi-loan made to another company, a limited
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liability partnership or a variable capital company by a person other than the first-mentioned company, entering into a credit transaction as a creditor for the benefit of another company, a limited liability partnership or a variable capital company, or entering into any guarantee or provide any security in connection with a credit transaction entered into by any person for the benefit of another company, a limited liability partnership or a variable capital company if a director or directors of the first-mentioned company is or together are interested in 20% or more of the total voting power in the other company or the limited liability partnership or the variable capital company (as the case may be), unless there is prior approval by the company in general meeting for the making of, provision for or entering into the loan, quasi-loan, credit transaction, guarantee or security (as the case may be) at which the interested director or directors, and his, her or their family members, abstained from voting.
Such prohibition shall extend to apply to a loan, quasi-loan, credit transaction made by a company, a credit transaction made by a company (other than an exempt private company) for the benefit of another company or limited liability partnership and a guarantee or security provided by a company (other than an exempt private company) in connection with a loan or quasi-loan made by a person other than the first-mentioned company to another company, limited liability partnership or a variable capital company where such other company or limited liability partnership or variable capital company is incorporated or formed (as the case may be) outside Singapore, if a director or directors of the first-mentioned company (a) is or together are interested in 20% or more of the total voting power in the other company, limited liability partnership or variable capital company or (b) in a case where the other company does not have a share capital, exercises or together exercise control over the other company whether by reason of having the power to appoint directors or otherwise.
The Singapore Companies Act also provides that an interest of a member of a director’s family (including spouse, son, adopted son, step-son, daughter, adopted daughter and step-daughter) will be treated as an interest of the director.
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Dissenters’ Rights
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| Under the Delaware General Corporation Law, a stockholder of a corporation participating in some | | | There are no equivalent provisions in Singapore under the Singapore Companies Act. | |
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| types of major corporate transactions may, under varying circumstances, be entitled to appraisal rights pursuant to which the stockholder may receive cash in the amount of the fair market value of his or her shares in lieu of the consideration he or she would otherwise receive in the transaction. | | | | |
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Cumulative Voting
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| Under the Delaware General Corporation Law, a corporation may adopt in its bylaws that its directors shall be elected by cumulative voting. When directors are elected by cumulative voting, a stockholder has the number of votes equal to the number of shares held by such stockholder times the number of directors nominated for election. The stockholder may cast all of such votes for one director or among the directors in any proportion. | | | There is no equivalent provision under the Singapore Companies Act in respect of companies incorporated in Singapore. | |
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Anti-Takeover Measures
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Under the Delaware General Corporation Law, the certificate of incorporation of a corporation may give the board the right to issue new classes of preferred stock with voting, conversion, dividend distribution, and other rights to be determined by the board at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares.
In addition, Delaware law does not prohibit a corporation from adopting a stockholder rights plan, or “poison pill,” which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.
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Our constitution provides that, subject to the Singapore Companies Act, every other legislation for the time being in force concerning companies and affecting the company and our constitution, the directors may, subject to prior approval of the company in general meeting, allot and issue shares or grant options over or otherwise deal with or dispose of the same to such persons on such terms and conditions and for such consideration (if any) and at such time and subject or not to the payment of any part of the amount (if any) thereof in cash as the directors may think fit. Any such shares may be issued with such preferential, deferred, qualified or special rights, privileges or conditions as the directors may think fit. Preference shares may be issued which are or at the option of our company are liable to be redeemed, the terms and manner of redemption being determined by our directors.
Under the Singapore Take-over Code, if, in the course of an offer, or even before the date of the announcement of the offer, the board of the offeree company has reason to believe that a bona fide offer is imminent, the board must not, except pursuant to a contract entered into earlier, take any action, without the approval of shareholders at a general meeting, on the affairs of the offeree company that could effectively result in any bona fide offer being frustrated or the shareholders being denied an opportunity to decide on its merits.
On August 2, 2023, the Securities Industry Council of Singapore waived application of the Singapore Take-over Code in respect of our company, subject to certain exceptions. Pursuant to the waiver, our
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Delaware
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Singapore
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| | | | company is exempted from application of the provisions of the Singapore Take-over Code, except in the case of a “tender offer” (within the meaning of U.S. securities laws) where the Tier 1 exemption set forth in Rule 14d-1(c) of the Exchange Act, is available and the offeror relies on such exemption to avoid full compliance with applicable rules and regulations regarding tender offers in the U.S. In connection with the application for the waiver, our Board had submitted to the SIC a written confirmation to the effect that the application of the U.S. regulatory regime (without concurrent regulation by the Singapore Take-Over Code) would be appropriate and that it is the unanimous view of our Board that obtaining the waiver is in the interest of our company. | |
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SEC Registration Fee
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FINRA Fee
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Printing and Engraving Expenses
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Legal Fees and Expenses
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Accounting Fees and Expenses
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Miscellaneous Expenses
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| Total | | | | $ | | | |
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Page
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Consolidated Financial Statements of VinFast Auto Ltd. | | | | |
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Consolidated Statement of Operations for the Years Ended December 31, 2021 and 2022 | | | | |
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As of December 31,
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Notes
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2022
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2023
|
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2023
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| | | | | |
VND million
|
| |
VND million
|
| |
USD
|
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ASSETS | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| |
4
|
| | | | 4,271,442 | | | | | | 4,002,272 | | | | | | 167,697,645 | | |
Trade receivables
|
| |
5
|
| | | | 652,922 | | | | | | 464,526 | | | | | | 19,463,924 | | |
Advances to suppliers
|
| |
6
|
| | | | 8,968,752 | | | | | | 4,644,575 | | | | | | 194,610,534 | | |
Inventories, net
|
| |
7
|
| | | | 21,607,277 | | | | | | 28,665,995 | | | | | | 1,201,122,727 | | |
Short-term prepayments and other receivables
|
| |
8
|
| | | | 6,457,169 | | | | | | 7,229,475 | | | | | | 302,919,425 | | |
Short-term derivative assets
|
| |
20
|
| | | | 532,718 | | | | | | 548,010 | | | | | | 22,961,954 | | |
Current net investment in sales-type lease
|
| |
17
|
| | | | 5,448 | | | | | | 87,552 | | | | | | 3,668,482 | | |
Short-term investments
|
| | | | | | | 3,902 | | | | | | 4,105 | | | | | | 172,002 | | |
Short-term amounts due from related parties
|
| |
22
|
| | | | 1,978,097 | | | | | | 3,080,663 | | | | | | 129,081,664 | | |
Assets classified as held for sale
|
| |
23
|
| | | | 360,893 | | | | | | — | | | | | | — | | |
Total current assets
|
| | | | | | | 44,838,620 | | | | | | 48,727,173 | | | | | | 2,041,698,357 | | |
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | — | | | | | | 110,312 | | | | | | 4,622,142 | | |
Property, plant and equipment, net
|
| |
9
|
| | | | 57,188,667 | | | | | | 67,678,974 | | | | | | 2,835,790,413 | | |
Intangible assets, net
|
| |
10
|
| | | | 1,461,071 | | | | | | 1,291,720 | | | | | | 54,123,858 | | |
Goodwill
|
| |
10
|
| | | | 272,203 | | | | | | — | | | | | | — | | |
Operating lease right-of-use assets
|
| |
17
|
| | | | 4,558,983 | | | | | | 7,074,785 | | | | | | 296,437,819 | | |
Long-term derivative assets
|
| |
20
|
| | | | 696,332 | | | | | | 66,124 | | | | | | 2,770,636 | | |
Long-term advances to suppliers
|
| |
6
|
| | | | 29,082 | | | | | | — | | | | | | — | | |
Long-term prepayments
|
| | | | | | | 7,611 | | | | | | 194,020 | | | | | | 8,129,557 | | |
Non-current net investment in sales-type lease
|
| |
17
|
| | | | 82,062 | | | | | | 620,665 | | | | | | 26,006,243 | | |
Long-term amounts due from related parties
|
| |
22
|
| | | | 44,533 | | | | | | 47,443 | | | | | | 1,987,891 | | |
Other non-current assets
|
| | | | | | | 4,426,135 | | | | | | 5,525,364 | | | | | | 231,516,132 | | |
Total non-current assets
|
| | | | | | | 68,766,679 | | | | | | 82,609,407 | | | | | | 3,461,384,691 | | |
TOTAL ASSETS
|
| | | | | | | 113,605,299 | | | | | | 131,336,580 | | | | | | 5,503,083,048 | | |
EQUITY AND LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Short-term and current portion of long-term interest-bearing loans and borrowings
|
| |
11
|
| | | | 14,579,553 | | | | | | 39,894,782 | | | | | | 1,671,615,771 | | |
Convertible debenture
|
| |
12
|
| | | | — | | | | | | 1,190,475 | | | | | | 49,881,631 | | |
Short-term financial liabilities
|
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20
|
| | | | — | | | | | | 18,258,063 | | | | | | 765,024,009 | | |
Trade payables
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| | | | | | | 16,636,820 | | | | | | 11,063,663 | | | | | | 463,574,248 | | |
Deposits and down-payment from customers
|
| |
13
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| | | | 1,572,537 | | | | | | 864,416 | | | | | | 36,219,559 | | |
Short-term deferred revenue
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| |
14
|
| | | | 107,448 | | | | | | 173,582 | | | | | | 7,273,192 | | |
Short-term accruals
|
| |
15
|
| | | | 11,056,666 | | | | | | 11,150,656 | | | | | | 467,219,308 | | |
Other current liabilities
|
| |
16
|
| | | | 4,177,978 | | | | | | 10,027,293 | | | | | | 420,149,711 | | |
Current portion of operating lease liabilities
|
| |
17
|
| | | | 768,883 | | | | | | 1,520,305 | | | | | | 63,701,710 | | |
Amounts due to related parties
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22
|
| | | | 17,325,317 | | | | | | 44,338,043 | | | | | | 1,857,791,125 | | |
Total current liabilities
|
| | | | | | | 66,225,202 | | | | | | 138,481,278 | | | | | | 5,802,450,264 | | |
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Long-term interest-bearing loans and borrowings
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| |
11
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| | | | 41,624,960 | | | | | | 30,170,149 | | | | | | 1,264,147,700 | | |
Long-term derivative and financial liabilities
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| |
20, 21
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| | | | 15,180,723 | | | | | | 137,057 | | | | | | 5,742,772 | | |
Other non-current liabilities
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16
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| | | | 606,429 | | | | | | 2,220,295 | | | | | | 93,031,719 | | |
Non-current operating lease liabilities
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| |
17
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| | | | 3,256,351 | | | | | | 5,327,457 | | | | | | 223,223,707 | | |
Long-term deferred revenue
|
| |
14
|
| | | | 499,395 | | | | | | 1,810,098 | | | | | | 75,844,214 | | |
Deferred tax liabilities
|
| |
18
|
| | | | 947,981 | | | | | | 925,687 | | | | | | 38,786,852 | | |
Long-term accruals
|
| | | | | | | 16,007 | | | | | | 123,867 | | | | | | 5,190,103 | | |
Amounts due to related parties
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22
|
| | | | 21,918,710 | | | | | | 18,151,355 | | | | | | 760,552,879 | | |
Total non-current liabilities
|
| | | | | | | 84,050,556 | | | | | | 58,865,965 | | | | | | 2,466,519,946 | | |
Commitments and contingencies
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25
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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)
|
| | | | | | | 871,021 | | | | | | 9,847,536 | | | | | | 412,617,783 | | |
Accumulated losses
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| | | | | | | (127,188,455) | | | | | | (184,588,076) | | | | | | (7,734,353,306) | | |
Additional paid-in capital
|
| | | | | | | 12,311,667 | | | | | | 31,748,427 | | | | | | 1,330,278,513 | | |
Other comprehensive loss
|
| | | | | | | (104,065) | | | | | | (385,873) | | | | | | (16,168,315) | | |
Deficit attributable to equity holders of the parent
|
| | | | | | | (114,109,832) | | | | | | (143,377,986) | | | | | | (6,007,625,325) | | |
Non-controlling interests
|
| | | | | | | 77,439,373 | | | | | | 77,367,323 | | | | | | 3,241,738,163 | | |
Total deficit
|
| | | | | | | (36,670,459) | | | | | | (66,010,663) | | | | | | (2,765,887,162) | | |
TOTAL DEFICIT AND LIABILITIES
|
| | | | | | | 113,605,299 | | | | | | 131,336,580 | | | | | | 5,503,083,048 | | |
| | | | | |
For the year ended December 31,
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Notes
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2021
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2022
|
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2023
|
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2023
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VND million
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| |
VND million
|
| |
VND million
|
| |
USD
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of vehicles
|
| | | | | | | 13,898,621 | | | | | | 12,391,500 | | | | | | 26,226,366 | | | | | | 1,098,900,779 | | |
Sales of merchandise
|
| | | | | | | 1,405,368 | | | | | | 112,206 | | | | | | 142,800 | | | | | | 5,983,407 | | |
Sales of spare parts and components
|
| | | | | | | 538,216 | | | | | | 2,072,628 | | | | | | 882,146 | | | | | | 36,962,457 | | |
Rendering of services
|
| | | | | | | 96,577 | | | | | | 222,732 | | | | | | 455,351 | | | | | | 19,079,485 | | |
Rental income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from leasing activities
|
| | | | | | | 89,400 | | | | | | 166,525 | | | | | | 1,005,388 | | | | | | 42,126,372 | | |
Revenues(*) | | | | | | | | 16,028,182 | | | | | | 14,965,591 | | | | | | 28,712,051 | | | | | | 1,203,052,500 | | |
Cost of vehicles sold
|
| | | | | | | (23,326,953) | | | | | | (24,660,149) | | | | | | (39,153,375) | | | | | | (1,640,550,365) | | |
Cost of merchandise sold
|
| | | | | | | (1,398,339) | | | | | | (151,353) | | | | | | (155,959) | | | | | | (6,534,778) | | |
Cost of spare parts and components sold
|
| | | | | | | (437,195) | | | | | | (1,869,084) | | | | | | (608,611) | | | | | | (25,501,173) | | |
Cost of rendering services
|
| | | | | | | (65,376) | | | | | | (389,635) | | | | | | (1,049,726) | | | | | | (43,984,162) | | |
Cost of leasing activities
|
| | | | | | | (56,095) | | | | | | (162,275) | | | | | | (971,154) | | | | | | (40,691,947) | | |
Cost of sales
|
| | | | | | | (25,283,958) | | | | | | (27,232,496) | | | | | | (41,938,825) | | | | | | (1,757,262,425) | | |
Gross loss
|
| | | | | | | (9,255,776) | | | | | | (12,266,905) | | | | | | (13,226,774) | | | | | | (554,209,925) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development costs
|
| | | | | | | (9,255,376) | | | | | | (19,939,898) | | | | | | (14,516,962) | | | | | | (608,269,589) | | |
Selling and distribution costs
|
| | | | | | | (2,203,839) | | | | | | (5,213,739) | | | | | | (5,806,552) | | | | | | (243,298,081) | | |
Administrative expenses
|
| | | | | | | (2,424,560) | | | | | | (4,010,012) | | | | | | (5,269,780) | | | | | | (220,807,006) | | |
Compensation expenses
|
| |
16
|
| | | | (4,340,322) | | | | | | (109,431) | | | | | | (1,111,317) | | | | | | (46,564,862) | | |
Net other operating income/(expenses)
|
| |
19
|
| | | | 412,472 | | | | | | (716,379) | | | | | | (521,774) | | | | | | (21,862,650) | | |
Operating loss
|
| | | | | | | (27,067,401) | | | | | | (42,256,364) | | | | | | (40,453,159) | | | | | | (1,695,012,113) | | |
Finance income
|
| |
19
|
| | | | 446,139 | | | | | | 88,060 | | | | | | 83,853 | | | | | | 3,513,492 | | |
Finance costs
|
| |
19
|
| | | | (4,598,235) | | | | | | (7,959,840) | | | | | | (12,133,400) | | | | | | (508,396,883) | | |
Net gain/(loss) on financial instruments at fair
value through profit or loss |
| | | | | | | (1,710,029) | | | | | | 1,226,012 | | | | | | (4,879,833) | | | | | | (204,467,988) | | |
Investment gain
|
| | | | | | | 956,588 | | | | | | — | | | | | | — | | | | | | — | | |
Share of losses from equity investees
|
| | | | | | | (36,786) | | | | | | — | | | | | | — | | | | | | — | | |
Loss before income tax expense
|
| | | | | | | (32,009,724) | | | | | | (48,902,132) | | | | | | (57,382,539) | | | | | | (2,404,363,492) | | |
Tax expense
|
| |
18
|
| | | | (209,237) | | | | | | (946,738) | | | | | | (89,132) | | | | | | (3,734,685) | | |
Net loss for the year
|
| | | | | | | (32,218,961) | | | | | | (49,848,870) | | | | | | (57,471,671) | | | | | | (2,408,098,177) | | |
Net loss attributable to non-controlling interests
|
| | | | | | | (35,234) | | | | | | (65,075) | | | | | | (74,807) | | | | | | (3,134,459) | | |
Net loss attributable to controlling interest
|
| | | | | | | (32,183,727) | | | | | | (49,783,795) | | | | | | (57,396,864) | | | | | | (2,404,963,718) | | |
| | | | | |
For the year ended December 31,
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| | |
Notes
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
VND million
|
| |
VND million
|
| |
VND million
|
| |
USD
|
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Net loss for the year
|
| | | | | | | (32,218,961) | | | | | | (49,848,870) | | | | | | (57,471,671) | | | | | | (2,408,098,177) | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss that will be reclassified to profit or loss in subsequent periods (net of tax):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (102,084) | | | | | | (40,571) | | | | | | (281,808) | | | | | | (11,807,928) | | |
Net other comprehensive loss that will be
reclassified to profit or loss in subsequent periods |
| | | | | | | (102,084) | | | | | | (40,571) | | | | | | (281,808) | | | | | | (11,807,928) | | |
Total comprehensive loss for the year, net
of tax |
| | | | | | | (32,321,045) | | | | | | (49,889,441) | | | | | | (57,753,479) | | | | | | (2,419,906,105) | | |
Net loss attributable to non-controlling
interests |
| | | | | | | (35,234) | | | | | | (65,075) | | | | | | (74,807) | | | | | | (3,134,459) | | |
Comprehensive loss attributable to controlling interest
|
| | | | | | | (32,285,811) | | | | | | (49,824,366) | | | | | | (57,678,672) | | | | | | (2,416,771,646) | | |
| | | | | | | | VND | | | | | | VND | | | | | | VND | | | | | | USD | | |
Net loss per share attributable to ordinary shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| |
19
|
| | | | (20,386) | | | | | | (21,654) | | | | | | (24,838) | | | | | | (1.04) | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Unit: Shares
|
| |||
Weighted average number of shares used
in loss per share computation |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | | | | 1,578,726,324 | | | | | | 2,299,008,659 | | | | | | 2,310,823,009 | | | | | | 2,310,823,009 | | |
| | |
Number of
shares of VinFast Auto |
| |
Ordinary
shares — VinFast Auto |
| |
Additional paid-
in capital — VinFast Auto |
| |
Contributed
charter capital — VinFast Vietnam |
| |
Accumulated
losses |
| |
Capital reserve —
VinFast Vietnam |
| |
Other comprehensive
income/(loss) |
| |
Non-controlling
interests |
| |
Total
equity/(deficit) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |||||||||||||||||||||||||||
As of January 1, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | 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) | | |
Total comprehensive income/(loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 38,707,336 | | | | | | (76,539,969) | | | | | | 11,753,160 | | | | | | (56,214) | | | | | | (5,266) | | | | | | (26,140,953) | | |
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 |
| | | | 2,298,963,211 | | | | | | 553,892 | | | | | | 39,373 | | | | | | (42,496,998) | | | | | | 234 | | | | | | — | | | | | | (7,280) | | | | | | 5,168 | | | | | | (41,905,611) | | |
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 movements
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,142) | | | | | | 6,142 | | | | | | — | | | | | | — | | | | | | — | | |
As of December 31, 2021
|
| | | | 2,298,963,211 | | | | | | 553,892 | | | | | | — | | | | | | — | | | | | | (77,416,918) | | | | | | — | | | | | | (63,494) | | | | | | (14,678) | | | | | | (76,941,198) | | |
| | |
Number of shares
of VinFast Auto |
| |
Ordinary shares —
VinFast Auto |
| |
Additional paid-in
capital VinFast Auto |
| |
Accumulated
losses |
| |
Other
comprehensive loss |
| |
Non-controlling
interests |
| |
Total
Shareholders’ equity (deficit) |
| |||||||||||||||||||||
| | |
Shares
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |
VND million
|
| |||||||||||||||||||||
Balance as of January 1, 2022
|
| | | | 2,298,963,211 | | | | | | 553,892 | | | | | | — | | | | | | (77,416,918) | | | | | | (63,494) | | | | | | (14,678) | | | | | | (76,941,198) | | |
Net loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | (49,783,795) | | | | | | — | | | | | | (65,075) | | | | | | (49,848,870) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (40,571) | | | | | | — | | | | | | (40,571) | | |
Total comprehensive income/(loss)
|
| | | | 2,298,963,211 | | | | | | 553,892 | | | | | | — | | | | | | (127,200,713) | | | | | | (104,065) | | | | | | (79,753) | | | | | | (126,830,639) | | |
Additional capital contribution to VinFast Auto
|
| | | | 1,036,787 | | | | | | 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 | | |
Balance as of December 31, 2022
|
| | | | 2,299,999,998 | | | | | | 871,021 | | | | | | 12,311,667 | | | | | | (127,188,455) | | | | | | (104,065) | | | | | | 77,439,373 | | | | | | (36,670,459) | | |
Balance as of January 1, 2023
|
| | | | 2,299,999,998 | | | | | | 871,021 | | | | | | 12,311,667 | | | | | | (127,188,455) | | | | | | (104,065) | | | | | | 77,439,373 | | | | | | (36,670,459) | | |
Net loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | (57,396,864) | | | | | | — | | | | | | (74,807) | | | | | | (57,471,671) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (281,808) | | | | | | — | | | | | | (281,808) | | |
Total comprehensive income/(loss)
|
| | | | 2,299,999,998 | | | | | | 871,021 | | | | | | 12,311,667 | | | | | | (184,585,319) | | | | | | (385,873) | | | | | | 77,364,566 | | | | | | (94,423,938) | | |
Issuance of ordinary shares
|
| | | | 26,897,366 | | | | | | 6,076,150 | | | | | | (1,470,984) | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,605,166 | | |
Share based compensation to service providers
|
| | | | 32,463 | | | | | | 6,020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,020 | | |
Commitment shares issued under Standby Equity Subscription Agreement
|
| | | | 800,000 | | | | | | 118,828 | | | | | | (6,528) | | | | | | — | | | | | | — | | | | | | — | | | | | | 112,300 | | |
Warrants exercised and additional paid to convert into capital
|
| | | | 10,058,671 | | | | | | 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 through donation(*)
|
| | | | — | | | | | | — | | | | | | 20,647,786 | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,647,786 | | |
Balance as of December 31, 2023
|
| | | | 2,337,788,498 | | | | | | 9,847,536 | | | | | | 31,748,427 | | | | | | (184,588,076) | | | | | | (385,873) | | | | | | 77,367,323 | | | | | | (66,010,663) | | |
USD | | | | | | | | | | | 412,617,783 | | | | | | 1,330,278,513 | | | | | | (7,734,353,306) | | | | | | (16,168,315) | | | | | | 3,241,738,163 | | | | | | (2,765,887,162) | | |
| | | | | | | | | | | |
For the year ended December 31,
|
| |||||||||||||||
| | |
Notes
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
VND million
|
| |
VND million
|
| |
VND million
|
| |
USD
|
| ||||||||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss for the year
|
| | | | | | | (32,218,961) | | | | | | (49,848,870) | | | | | | (57,471,671) | | | | | | (2,408,098,177) | | |
Adjustments to reconcile net loss to net cash flows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation of property, plant and equipment
|
| |
9
|
| | | | 3,981,389 | | | | | | 3,924,658 | | | | | | 5,849,238 | | | | | | 245,086,650 | | |
Amortization of intangible assets
|
| |
10
|
| | | | 897,562 | | | | | | 2,341,850 | | | | | | 466,454 | | | | | | 19,544,708 | | |
Impairment of goodwill, assets and changes in fair value of held for sale assets
|
| | | | | | | 164,978 | | | | | | 1,133,743 | | | | | | 1,303,932 | | | | | | 54,635,548 | | |
Amortization of finance lease right-of-use assets
|
| | | | | | | 12,421 | | | | | | — | | | | | | — | | | | | | — | | |
Changes in operating lease right-of-use assets
|
| | | | | | | 273,270 | | | | | | 448,651 | | | | | | 1,162,222 | | | | | | 48,697,813 | | |
Provision related to compensation expenses,
assurance-type warranties and net realizable value of inventories |
| | | | | | | 6,513,514 | | | | | | 5,988,521 | | | | | | 8,692,883 | | | | | | 364,237,116 | | |
Allowance against receivables
|
| | | | | | | 206,325 | | | | | | 172,571 | | | | | | — | | | | | | — | | |
Deferred income tax expenses
|
| |
18
|
| | | | 150,536 | | | | | | 946,738 | | | | | | (22,294) | | | | | | (934,174) | | |
Unrealized foreign exchange (gain)/losses
|
| | | | | | | (448,262) | | | | | | 744,989 | | | | | | 773,198 | | | | | | 32,397,469 | | |
Investment (gain)/loss
|
| | | | | | | (956,588) | | | | | | 18,962 | | | | | | — | | | | | | — | | |
Net loss/(gain) on financial instruments at fair value
through profit or loss |
| | | | | | | 1,710,029 | | | | | | (1,226,012) | | | | | | 4,879,833 | | | | | | 204,467,988 | | |
Change in amortized costs of financial instruments measured at amortized cost
|
| |
19
|
| | | | 1,156,118 | | | | | | 1,999,914 | | | | | | 2,833,459 | | | | | | 118,723,665 | | |
Share-based compensation expenses
|
| | | | | | | — | | | | | | — | | | | | | 150,103 | | | | | | 6,289,408 | | |
Loss on disposal of fixed assets
|
| | | | | | | 113,395 | | | | | | — | | | | | | 81,165 | | | | | | 3,400,863 | | |
Share of losses from equity investees
|
| | | | | | | 36,786 | | | | | | — | | | | | | — | | | | | | — | | |
Change in working capital: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables, advance to suppliers, net investment in sales-type lease
|
| | | | | | | (7,406,143) | | | | | | 622,707 | | | | | | 1,313,596 | | | | | | 55,040,476 | | |
Inventories
|
| | | | | | | (3,857,721) | | | | | | (20,241,698) | | | | | | (12,541,863) | | | | | | (525,511,732) | | |
Trade payables, deferred revenues, and other
payables |
| | | | | | | 760,098 | | | | | | 17,792,820 | | | | | | (9,660,611) | | | | | | (404,785,465) | | |
Operating lease liabilities
|
| | | | | | | (224,085) | | | | | | (420,877) | | | | | | (911,530) | | | | | | (38,193,665) | | |
Prepayments, other receivables and other assets
|
| | | | | | | 166,251 | | | | | | (27,080) | | | | | | (547,480) | | | | | | (22,939,747) | | |
Net cash flows used in operating activities
|
| | | | | | | (28,969,088) | | | | | | (35,628,413) | | | | | | (53,649,366) | | | | | | (2,247,941,256) | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)
|
| | | | | | | (6,007,925) | | | | | | (17,681,672) | | | | | | (24,953,280) | | | | | | (1,045,557,697) | | |
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 |
| | | | | | | 48,798 | | | | | | 1,412,976 | | | | | | 1,003,506 | | | | | | 42,047,515 | | |
Disbursement of bank deposit
|
| | | | | | | (3,219,449) | | | | | | (3,902) | | | | | | — | | | | | | — | | |
Collection of loans
|
| | | | | | | 11,054,900 | | | | | | 1,034,648 | | | | | | 545,400 | | | | | | 22,852,594 | | |
| | | | | | | | | | | |
For the year ended December 31,
|
| | |||||||||||||||||
| | |
Notes
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| | ||||||||||||||
| | | | | |
VND million
|
| |
VND million
|
| |
VND million
|
| |
USD
|
| | ||||||||||||||
Payment for acquisition of a subsidiary (net of cash
held by entity being acquired) |
| | | | | | | (77,099) | | | | | | — | | | | | | (6,900) | | | | | | (289,114) | | | | ||
Proceeds from disposal of equity investment (net of cash held by entity being disposed)
|
| | | | | | | 196,407 | | | | | | (2,240) | | | | | | — | | | | | | — | | | | ||
Proceed from disposal of net assets under common control
|
| | | | | | | 424,418 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Net cash flows from/(used in) investing activities
|
| | | | | | | 2,420,050 | | | | | | (16,038,946) | | | | | | (23,017,340) | | | | | | (964,440,626) | | | | ||
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Capital contribution from owners/issuance of ordinary shares
|
| | | | | | | 9,988,508 | | | | | | 6,317,129 | | | | | | 4,759,291 | | | | | | 199,417,204 | | | | ||
Additional amount paid up to convert warrants to capital
|
| | | | | | | — | | | | | | — | | | | | | 1,421,444 | | | | | | 59,559,373 | | | | ||
Deemed contribution from owners
|
| | | | | | | — | | | | | | 646,655 | | | | | | 20,647,786 | | | | | | 865,154,865 | | | | ||
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
|
| | | | | | | 38,042,837 | | | | | | 87,660,103 | | | | | | 101,315,083 | | | | | | 4,245,163,957 | | | | ||
Repayment of borrowings
|
| | | | | | | (18,677,191) | | | | | | (41,637,135) | | | | | | (50,722,940) | | | | | | (2,125,322,216) | | | | ||
Net cash flows from financing activities
|
| | | | | | | 28,855,195 | | | | | | 52,945,103 | | | | | | 77,420,664 | | | | | | 3,243,973,183 | | | | ||
Net increase in cash, cash equivalents and restricted
cash |
| | | | | | | 2,306,157 | | | | | | 1,277,744 | | | | | | 753,958 | | | | | | 31,591,301 | | | | ||
Cash, cash equivalents and restricted cash at
January 1 |
| | | | | | | 827,742 | | | | | | 3,024,916 | | | | | | 4,271,442 | | | | | | 178,976,033 | | | | ||
Net foreign exchange differences
|
| | | | | | | (108,983) | | | | | | (31,218) | | | | | | (266,319) | | | | | | (11,158,929) | | | | ||
Cash, cash equivalents and restricted cash at December 31
|
| |
4
|
| | | | 3,024,916 | | | | | | 4,271,442 | | | | | | 4,759,081 | | | | | | 199,408,405 | | | | ||
Supplement disclosures of non-cash activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Debt conversion to equity
|
| | | | | | | 4,121,775 | | | | | | 71,515,874 | | | | | | — | | | | | | — | | | | | |
Non-cash property, plant and equipment additions
|
| | | | | | | 2,274,048 | | | | | | 13,349,412 | | | | | | 7,313,950 | | | | | | 306,458,979 | | | | ||
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 |
| | | | | | | 1,318,222 | | | | | | 2,772,465 | | | | | | 3,678,024 | | | | | | 154,111,456 | | | | ||
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
|
| | | | | | | 2,873,846 | | | | | | 4,378,839 | | | | | | 7,487,827 | | | | | | 313,744,532 | | | | ||
Income tax paid
|
| | | | | | | 51,409 | | | | | | 22,618 | | | | | | 99,791 | | | | | | 4,181,304 | | | |
| | | | | | | | | |
As of December 31,
2022 |
| |
As of December 31,
2023 |
| | | | | | | ||||||
|
No.
|
| |
Name
|
| |
Short name
|
| |
Voting
right (%) |
| |
Equity
interest (%) |
| |
Voting
right (%) |
| |
Equity
interest (%) |
| |
Registered office’s address
|
| |
Principal activities
|
|
|
1
|
| | VinFast Auto Ltd. | | | VinFast Auto | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| | 61 Robinson Road #06-01 (Suite 608), 61 Robinson, Singapore 068893 | | | Investment holding | |
|
2
|
| | VinFast Trading and Production JSC | | |
VinFast Vietnam
|
| |
99.9
|
| |
99.9
|
| |
99.9
|
| |
99.9
|
| |
Dinh Vu – Cat Hai Economic Zone, Cat Hai Island, Cat Hai Town, Cat Hai District, Hai Phong City, Vietnam
|
| |
Manufacturing cars, motor vehicles, render leasing activities and related businesses
|
|
|
3
|
| | VinFast Commercial and Services Trading LLC | | |
VinFast Trading
|
| |
99.5
|
| |
99.4
|
| |
99.5
|
| |
98.7
|
| |
No. 7, Bang Lang 1 Street, Vinhomes Riverside Eco-Urban Area, Viet Hung Ward, Long Bien District, Hanoi, Vietnam
|
| | Vehicles retail and distribution | |
|
4
|
| | VinFast Germany GmbH | | |
VinFast Germany
|
| |
100.0
|
| |
99.9
|
| |
100.0
|
| |
99.9
|
| | Kornmarktarkaden, Bethmannstraße 8/Berliner Straße 51 – 60311 Frankfurt am Main, Germany | | |
Trading, importing and exporting equipment, components and spare parts for automobiles, e-scooters and related goods
|
|
|
5
|
| |
VinFast Engineering Australia Pty Ltd
|
| |
VinFast Australia
|
| |
100.0
|
| |
99.9
|
| |
100.0
|
| |
99.9
|
| |
234 Balaclava Road, Caulfield North, VIC 3161, Australia
|
| |
Automobile designing, collaborating in technological research, importing and distributing goods
|
|
|
6
|
| | Vingroup Investment Vietnam JSC | | |
Vingroup
Investment |
| |
99.3
|
| |
99.2
|
| |
99.3
|
| |
99.2
|
| |
No. 7, Bang Lang 1 Street, Vinhomes Riverside Eco-Urban Area, Viet Hung Ward, Long Bien District, Hanoi, Vietnam
|
| | Consultancy and investment activities | |
|
7
|
| | Vingroup USA, LLC | | | Vingroup USA | | |
100.0
|
| |
99.2
|
| |
100.0
|
| |
100.0
|
| | 333 W. San Carlos St., Suite 600, San Jose, CA 95110, USA | | | Importing and distributing electronic and telecommunication equipment | |
|
8
|
| | VinFast USA Distribution, LLC | | |
VinFast USA
Distribution |
| |
100.0
|
| |
99.2
|
| |
100.0
|
| |
100.0
|
| |
12777 West Jefferson Blvd, Suite A-101, Los Angeles, CA 90066, USA
|
| | Distribution of automotive vehicles | |
| | | | | | | | | |
As of December 31,
2022 |
| |
As of December 31,
2023 |
| | | | | | | ||||||
|
No.
|
| |
Name
|
| |
Short name
|
| |
Voting
right (%) |
| |
Equity
interest (%) |
| |
Voting
right (%) |
| |
Equity
interest (%) |
| |
Registered office’s address
|
| |
Principal activities
|
|
|
9
|
| | VinFast Auto, LLC | | |
VinFast Auto,
LLC |
| |
100.0
|
| |
99.2
|
| |
100.0
|
| |
100.0
|
| | 790 N. San Mateo Drive, San Mateo, CA 94401, USA | | | Distribution of automotive vehicles | |
|
10
|
| | VinFast Auto Canada Inc. | | |
VinFast Auto
Canada |
| |
100.0
|
| |
99.2
|
| |
100.0
|
| |
99.2
|
| |
Suite 2600, Three Bentall Centre 595 Burrard Street, P.O. Box 49314, Vancouver Bc V7X 1L3, Canada
|
| | Distribution of automotive vehicles | |
|
11
|
| | VinFast France | | | VinFast France | | |
100.0
|
| |
99.2
|
| |
100.0
|
| |
99.2
|
| |
72 rue du Faubourg Saint Honoré, Paris, 75008 France
|
| |
Distribution of automotive vehicles
|
|
|
12
|
| | VinFast Netherlands B.V | | |
VinFast
Netherlands |
| |
100.0
|
| |
99.2
|
| |
100.0
|
| |
99.2
|
| |
Vijzelstraat 68, 1017HL Amsterdam, Netherlands
|
| |
Distribution of automotive vehicles
|
|
|
13
|
| |
VinFast OEM US Holding, Inc.(*)
|
| | VinFast OEM | | |
100.0
|
| |
100.0
|
| |
—
|
| |
—
|
| |
850 New Burton Road, Suite 201, Dover, Delaware 19904, Kent County, USA
|
| |
Investment holding, research and development of market.
|
|
|
14
|
| | VinFast Manufacturing US, LLC | | |
VinFast
Manufacturing |
| |
100.0
|
| |
100.0
|
| |
100.0
|
| |
100.0
|
| | 160 Mine Lake Court, Ste 200, Raleigh, North Carolina 27615, USA | | | Vehicles manufacturing. | |
|
15
|
| | PT VinFast Automobile Indonnesia | | | VinFast Indo | | |
—
|
| |
—
|
| |
99.9
|
| |
99.9
|
| |
Axa Tower, 45th Floor, JL. Prof. Dr. Satrio Kav 18., Karet Kuningan Village/Subdistrict, District. Setiabudi, City Adm. Jakarta South, DKI Jakarta Province.
|
| | Distribution of automotive vehicles | |
|
16
|
| |
VinFast Auto (Thailand) Co., Ltd.
|
| |
VinFast Thailand
|
| |
—
|
| |
—
|
| |
99.9
|
| |
99.9
|
| | Bangkok, Thailand | | |
Distribution of automotive vehicles
|
|
|
17
|
| |
VinFast India Ltd. (Formerly known as Varchaunam Consultancy Private Limited)
|
| | VinFast India | | |
—
|
| |
—
|
| |
99.9
|
| |
99.9
|
| |
Flat No.164, Ground Floor, Suryodaya Apartment, Pocket-8, Sector 12, Dwarka, New Delhi-110078, India
|
| |
Vehicles manufacturing and related businesses.
|
|
|
18
|
| | VinFast UK Ltd. | | | VinFast UK | | |
—
|
| |
—
|
| |
100.0
|
| |
100.0
|
| | 21 Holborn Viaduct, London, United Kingdom, EC1A 2DY | | | Distribution of automotive vehicles | |
|
19
|
| | VinFast Middle East Ltd. | | |
VinFast
Middle East |
| |
—
|
| |
—
|
| |
100.0
|
| |
100.0
|
| | Jebel Ali Free Zone, Dubai, UAE | | | Distribution of automotive vehicles | |
|
20
|
| | SpecCo Ltd(**) | | | SpecCo | | |
—
|
| |
—
|
| |
100.0
|
| |
100.0
|
| |
Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, Grand Cayman, Cayman Islands, KY1-1106
|
| | Merging and acquisition activities | |
| 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.
|
|
| Buildings and structures(*) | | |
3 – 49 years
|
|
| Machinery and equipment | | |
3 – 25 years
|
|
| Leased-out EV batteries | | |
9 – 10 years
|
|
| Leased-out escooter batteries | | |
3 – 8 years
|
|
| Vehicles | | |
5 – 12 years
|
|
| Office equipment | | |
3 – 10 years
|
|
| License | | |
3 years 2 months – 3 years 4 months
|
|
| Software | | |
3 – 8 years
|
|
| Others | | |
3 – 15 years
|
|
| | | | | | | | |
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 | | |
| | |
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 | | |
| | |
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,
|
| |||||||||||||||
| | |
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 | | |
| | |
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 | | |
| | |
As of December 31, 2022
|
| |
As of December 31, 2023
|
| ||||||||||||||||||||||||||||||||||||
| | |
Cost
|
| |
Accumulated
amortization |
| |
Net carrying
value |
| |
Cost
|
| |
Accumulated
amortization |
| |
Net carrying
value |
| |
Net carrying
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 | | |
|
2024
|
| | | | 353,048 | | |
|
2025
|
| | | | 356,247 | | |
|
2026
|
| | | | 205,287 | | |
|
2027
|
| | | | 153,558 | | |
|
2028 and thereafter
|
| | | | 223,580 | | |
| | |
Goodwill allocated
|
| |||||||||||||||
| | |
As of December 31,
|
| |||||||||||||||
Reporting unit
|
| |
2022
|
| |
2023
|
| |
2023
|
| |||||||||
| | |
VND million
|
| |
VND million
|
| |
USD
|
| |||||||||
Automotive
|
| | | | 262,252 | | | | | | — | | | | | | — | | |
E-scooter
|
| | | | 9,951 | | | | | | — | | | | | | — | | |
Total | | | | | 272,203 | | | | | | — | | | | | | — | | |
| | | | | | | | |
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 | | |
| | | | | | | | |
As of December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2022
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | | | | |
VND million
|
| |
VND million
|
| |
USD
|
| |||||||||
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 | | |
|
Bank
|
| |
As of December 31, 2023
|
| |
Maturity
|
| |
Collateral
|
| |||||||||
| | |
VND million
|
| |
USD
(Convenience translation) |
| | | ||||||||||
Vietnam Prosperity Joint Stock Commercial Bank | | | | | 8,357,347 | | | | | | 350,177,952 | | | |
From January 2024 to
June 2024 |
| |
Sharing collateral with
a group of companies guaranteed the ultimate parent company |
|
Vietnam Technological and
Commercial Joint Stock Bank |
| | | | 4,336,556 | | | | | | 181,704,349 | | | | From January to November 2024 | | |
Sharing collateral with
a group of companies guaranteed the ultimate parent company |
|
Saigon – Hanoi Commercial Joint Stock Bank | | | | | 1,999,554 | | | | | | 83,782,536 | | | | From February 2024 to December 2024 | | |
Sharing collateral with
a group of companies guaranteed by certain shares of the ultimate parent company |
|
Joint stock Commercial Bank for Investment and Development of Viet Nam – Ha Thanh Branch | | | | | 1,495,421 | | | | | | 62,659,055 | | | | From March 2024 to June 2024 | | |
Certain shares of an
affiliate of the Group held by the ultimate parent company |
|
Joint stock Commercial Bank for Investment and Development of Viet Nam – Quang Trung Branch | | | | | 1,300,000 | | | | | | 54,470,795 | | | | From April 2024 to June 2024 | | |
Certain shares of an
affiliate of the Group held by the ultimate parent company |
|
Bank
|
| |
As of December 31, 2023
|
| |
Maturity
|
| |
Collateral
|
| |||||||||
| | |
VND million
|
| |
USD
(Convenience translation) |
| | | ||||||||||
Westlake Flooring
Company, LLC |
| | | | 824,671 | | | | | | 34,554,219 | | | | May 2024 | | | Vehicles under loan contract | |
Ho Chi Minh City Development Joint Stock Commercial Bank | | | | | 2,994,392 | | | | | | 125,466,857 | | | |
From January 2024 to
June 2024 |
| |
Certain shares of an
affiliate of the Group held by the ultimate parent 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%
|
|
Lenders
|
| |
As of December 31, 2023
|
| |
Maturity date
|
| |
Collateral
|
| |||||||||
| | |
VND million
|
| |
USD
(Convenience 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 | | | | | | | | |
Lenders
|
| |
As of December 31, 2023
|
| |
Maturity date
|
| |
Collateral
|
| |||||||||
| | |
VND million
|
| |
USD
(Convenience translation) |
| | | ||||||||||
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
|
| |||||||||
| | |
VND million
|
| |
USD
(Convenience 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 | | | | | | | | |
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 | |
| | |
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 | | |
| | |
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 | | |
| | |
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 | | |
| | |
Provision for
contract penalty and compensation |
| |
Provision related
to purchase commitment |
| |
Assurance-type
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 | | |
| | |
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 | | |
| | |
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 | | |
| | |
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 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
Weighted-average remaining lease term: (months) | | | | | | | | | | | | | |
Operating lease
|
| | | | 79 | | | | | | 76 | | |
Weighted-average discount rate: | | | | | | | | | | | | | |
Operating leases
|
| | | | 9.20% | | | | | | 11.26% | | |
| | |
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,
|
| |||||||||||||||
| | |
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 | | |
| | |
Sale-type lease
As of December 31, |
| |
Operating lease
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 | | |
| | |
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 | | |
| | |
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 | | |
| | |
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 | | |
| | |
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 | | |
| | |
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) | | |
| | |
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 amount
|
| |
Forfeited amount
|
| |
Tax losses 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 | | |
| | |
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) | | |
| | |
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 | | |
| | |
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 | | |
| | |
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) | | |
| | |
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 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | |
Quoted prices in
active markets for identical instruments |
| |
Significant other
observable inputs |
| |
Significant
unobservable 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 | | |
| | |
As of December 31, 2023
|
| |||||||||||||||||||||||||||
| | |
Quoted prices in
active markets for identical instruments |
| |
Significant other
observable inputs |
| |
Significant
unobservable 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 | | |
| | |
As of
January 1, 2022 |
| |
Initial recognition
during the year |
| |
Net change in unrealized
fair value recognized in consolidated statements of operations |
| |
As of
December 31, 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 contract(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 January 1,
2023 |
| |
Net change in
fair value during the year |
| |
Reclassification
|
| |
As of December 31,
2023 |
| |
As of December 31,
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 | | |
Item
|
| |
Valuation technique
|
| |
Valuation date
|
| |
Significant unobservable
inputs |
| |
Rate (%/annum)
|
|
CCIRS contract of the loan No.1 | | | Discounted Cash Flow (“DCF”) | | |
December 31, 2022
|
| | Interpolated LIBOR for subsequent years | | | 4.41 – 4.96 | |
| | | | | |
December 31, 2023
|
| | Interpolated SOFR for subsequent years | | | 4.70 – 5.54 | |
CCIRS contract of the loan No.2 | | | DCF | | |
December 31, 2022
|
| | Interpolated LIBOR for subsequent years | | | 4.54 – 4.97 | |
| | | | | |
December 31, 2023
|
| | Interpolated SOFR for subsequent years | | | 4.98 – 5.57 | |
CCIRS contract of the loan No.3 | | | DCF | | |
December 31, 2022
|
| | Interpolated LIBOR for subsequent years | | | 4.86 – 4.89 | |
| | | | | |
December 31, 2023
|
| | Interpolated SOFR for subsequent years | | | Expired in April 2023 | |
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 & expected exercise date | | | | |
| | | | | | | | | Fair value of the ordinary shares ($) (i) | | | 3.31 | |
| | | | | | | | | Dividend yield ($) (ii) | | | 0 | |
| | | | | | | | | Volatility (ii) | | | 85% – 88% | |
Item
|
| |
Valuation technique
|
| |
Valuation date
|
| |
Significant unobservable
inputs |
| |
Rate (%/annum)
|
|
| | | 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 & expected exercise date | | | | |
| | | | | | | | | Dividend yield ($) (ii) | | | 0 | |
| | | | | | | | | Volatility (ii) | | | 66.6% | |
Exercised date
|
| |
Number of
warrants exercised |
| |
Exercised warrant’s
fair value (USD) |
| |
Value of warrants
exercised (VND 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 | | |
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 | |
Related parties
|
| |
Relationship with the Company
|
|
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 | |
| | |
For the year ended December 31,
|
| ||||||||||||||||||||||||
Related party
|
| |
Transactions
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
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 borrowings |
| | | | 4,121,775 | | | | | | 45,733,714 | | | | | | — | | | | | | — | | |
| | | Capital contribution receipt in cash | | | | | 2,515,000 | | | | | | 6,000,000 | | | | | | — | | | | | | — | | |
| | |
Capital contribution by offsetting
against P-notes |
| | | | — | | | | | | 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 Vietnam by VinFast Auto |
| | | | 25,782,160 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Advance to acquire shares of VinFast
Vietnam |
| | | | 235,000 | | | | | | — | | | | | | — | | | | | | — | | |
| | | Information technology service fee | | | | | 9,238 | | | | | | 18,348 | | | | | | 23,400 | | | | | | 980,474 | | |
| | |
For the year ended December 31,
|
| ||||||||||||||||||||||||
Related party
|
| |
Transactions
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
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 VinFast Auto |
| | | | 24,208,340 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Consideration receivable from disposal
of ICE assets which was used to offset against P-notes |
| | | | — | | | | | | 24,208,340 | | | | | | — | | | | | | — | | |
| | |
Consideration receivable from disposal
of ICE assets which was used to offset against debts related to lease back ICE assets |
| | | | — | | | | | | 1,148,215 | | | | | | — | | | | | | — | | |
| | |
Cash received for disposal of ICE assets
(inclusive of VAT receivable) |
| | | | — | | | | | | 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 contribution |
| | | | — | | | | | | 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,
|
| ||||||||||||||||||||||||
Related party
|
| |
Transactions
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
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 and cooperation contract |
| | | | 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 | | |
| | |
For the year ended December 31,
|
| ||||||||||||||||||||||||
Related party
|
| |
Transactions
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
VND million
|
| |
VND million
|
| |
VND million
|
| |
USD
|
| ||||||||||||
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 | | |
Related parties
|
| |
VND million
|
| |
Interest rate
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 | | | | | | | | |
Related parties
|
| |
VND million
|
| |
Interest rate
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 | | |
| | |
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 | | | | | | — | | | | | | — | | |
| | |
Automobiles
|
| |
E-scooter
|
| |
Spare parts and
aftermarket 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) | | |
| | |
Automobiles
|
| |
E-scooter
|
| |
Spare parts and
aftermarket 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) | | |
| | |
Automobiles
|
| |
E-scooter
|
| |
Spare parts and
aftermarket 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) | | |
| | |
Automobiles
|
| |
E-scooter
|
| |
Spare parts and
aftermarket services |
| |
All other
|
| |
Unallocated(*)
|
| |
Total
|
| ||||||||||||||||||
Revenues
|
| | | | 1,045,139,697 | | | | | | 109,747,763 | | | | | | 44,803,779 | | | | | | 3,361,261 | | | | | | — | | | | | | 1,203,052,501 | | |
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) | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
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 | | | | | | 1,203,052,501 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
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 | | |
Securities/Purchaser/Subscriber
|
| |
Date of
Issuance |
| |
Number of
Securities |
| |
Consideration
|
| |||
Ordinary Shares | | | | | | | | | | | | | |
YA II PN, Ltd.
|
| |
Various dates
between November 6, 2023 to December 5, 2023 |
| | | | 4,726,669 | | | | $31,734,670 | |
ESG Advisory Group LLC
|
| | January 16, 2024 | | | | | 8,333 | | | |
Advisory services rendered to us
|
|
FON Consulting, LLC
|
| | January 8, 2024 | | | | | 60,000 | | | |
Advisory services rendered to us
|
|
ESG Advisory Group LLC
|
| | January 5, 2024 | | | | | 8,333 | | | |
Advisory services rendered to us
|
|
Acorn Management Partners,
L.L.C. |
| | December 15, 2023 | | | | | 32,463 | | | |
Advisory services rendered to us
|
|
YA II PN, Ltd.
|
| | November 3, 2023 | | | | | 800,000 | | | |
Commitment Shares
issued to Yorkville pursuant to the Yorkville Subscription Agreement |
|
Gotion Inc.
|
| | September 20, 2023 | | | | | 7,000,000 | | | | $70,000,000 | |
Gotion Inc.
|
| | September 14, 2023 | | | | | 8,000,000 | | | | $80,000,000 | |
Lucky Life Limited
|
| | August 14, 2023 | | | | | 1,636,797 | | | | $16,367,970 | |
Vingroup Joint Stock Company
|
| | December 16, 2022 | | | | | 560,385 | | | | $6,970,650 | |
Vietnam Investment Group Joint Stock Company
|
| | December 16, 2022 | | | | | 364,124 | | | | $4,529,350 | |
Asian Star Trading & Investment Pte. Ltd.
|
| | December 16, 2022 | | | | | 163,149 | | | | $2,029,413 | |
Asian Star Trading & Investment Pte. Ltd.
|
| | December 6, 2021 | | | | | 3,617,648 | | | | $3,617,648 | |
Convertible Debenture | | | | | | | | | | | | | |
YA II PN, Ltd.
|
| | December 29, 2023 | | |
$50.0 million
|
| | $48,750,000 | |
|
Exhibit
Number |
| |
Description
|
|
| 10.10‡ | | | | |
| 10.11‡ | | | | |
| 10.12‡ | | | | |
| 10.13‡ | | | | |
| 10.14‡ | | | | |
| 10.15‡† | | | | |
| 10.16‡ | | | | |
| 10.17‡ | | | | |
| 10.18 | | | Financial Support Letter, dated March 14, 2024, by and between Vingroup and VinFast (incorporated by reference to Exhibit 10.18 to the Registration Statement on Form F-1, as amended (333-274475) filed with the SEC on March 20, 2024). | |
| 10.19‡† | | | | |
| 10.20‡† | | | | |
| 10.21‡† | | | | |
| 10.22 | | | Site Development Agreement, dated July 1, 2022, by and between the North Carolina Department of Commerce, VinFast Manufacturing US, LLC and Vingroup (incorporated by reference to Exhibit 10.25 to the Registration Statement on Form F-4, as amended (File No. 333-272663) initially filed with the SEC on June 15, 2023). | |
|
Signature
|
| |
Title
|
|
|
/s/ Pham Nhat Vuong
Name: Pham Nhat Vuong
|
| |
Managing Director and CEO (principal executive officer)
|
|
|
/s/ Le Thi Thu Thuy
Name: Le Thi Thu Thuy
|
| |
Chairwoman and Director
|
|
|
/s/ Nguyen Thi Lan Anh
Name: Nguyen Thi Lan Anh
|
| |
Chief Financial Officer (principal financial officer and principal accounting officer)
|
|
|
/s/ Ngan Wan Sing Winston
Name: Ngan Wan Sing Winston
|
| |
Director
|
|
|
/s/ Ling Chung Yee, Roy
Name: Ling Chung Yee, Roy
|
| |
Director
|
|
|
/s/ Pham Nguyen Anh Thu
Name: Pham Nguyen Anh Thu
|
| |
Director
|
|
|
/s/ Nguyen Thi Van Trinh
Name: Nguyen Thi Van Trinh
|
| |
Director
|
|