| RELATED PARTY TRANSACTIONS |
11.RELATED PARTY TRANSACTIONS The principal related parties with which the Group had significant transactions during the six months ended June 30, 2025 and 2024 presented are as follows: | | | Related parties | | Relationship with the Company | Pham Nhat Vuong | | Managing Director and CEO | Vingroup JSC | | Ultimate Parent | VIG | | Shareholder | Vinbus Ecology Transport Services Limited Liability Company (“Vinbus Ecology LLC”) | | Entity under common control | Vincom Retail JSC | | Associate of the Ultimate Parent Company (Entity under common control until March 30, 2024) | Vincom Retail Operation Company Limited (“Vincom Retail Operation LLC”) | | Associate of the Ultimate Parent Company (Entity under common control until March 30, 2024) | Vincom Retail Landmark 81 Company Limited (“Vincom Retail Landmark 81 LLC”) | | Associate of the Ultimate Parent Company (Entity under common control until March 30, 2024) | Vinhomes Industrial Zone Investment JSC (“VHIZ JSC”) | | Entity under common control | Vinhomes Hai Phong Industrial Zone Investment JSC (“VHIZ Hai Phong JSC”) | | Entity under common control | Vinhomes Ha Tinh Industrial Zone Investment JSC (“VHIZ Ha Tinh 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”) | | Entity under common control | Green and Smart Mobility Joint Stock Company (“GSM JSC”) | | Entity under common control | PT XanhSM Green and Smart Mobility Indonesia (“PT Xanh SM Indo”) | | Entity under common control | Green and Smart Mobility Philippines Inc (“GSM Philippines”) | | Entity under common control | Suoi Hoa Urban Development and Investment Joint Stock Company (“Suoi Hoa JSC”) | | Associate of the Ultimate Parent Company | 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 | V-Green Global Charging Stations Development Joint Stock Company (“V-Green JSC”) | | Entity under common control | Green Future Services and Trading Joint Stock Company (“Green Future JSC”) | | Entity under common control | V-G High-Tech Energy Solutions Co., Ltd (“V-G”) | | Joint Venture |
11.RELATED PARTY TRANSACTIONS (continued) Significant transactions with related parties during the six months ended June 30, 2025 and 2024 were as follows: | | | | | | | | | | | | | For the six months ended June 30, | | | | | 2024 | | 2025 | Related party | | Transactions | | VND million | | VND million | | USD | Vingroup JSC | | Borrowings | | 28,324,319 | | 20,474,262 | | 817,270,557 | | | Borrowings (converted from interest payable) | | — | | 2,292,534 | | 91,511,017 | | | Interest expense | | 3,555,818 | | 5,061,136 | | 202,025,228 | | | Capital contribution by offsetting against borrowings | | — | | 10,000,000 | | 399,169,727 | | | Vingroup guarantee for VinFast’s payment obligations | | (i) | | (i) | | (i) | | | | | | | | | | Pham Nhat Vuong | | Sponsorship contribution - accounted for as deemed contribution | | 3,277,310 | | 23,000,000 | | 918,090,372 | | | | | | | | | | VIG | | Cash received for disposal of ICE assets (including VAT) | | 1,642,444 | | — | | — | | | Sponsorship contribution - accounted for as deemed contribution | | 74,904 | | — | | — | | | | | | | | | | Vinhomes JSC | | Sale of vehicles and others | | 1,629,814 | | 92,791 | | 3,703,936 | | | | | | | | | | Vinsmart JSC | | Purchase of machinery and equipment, tools, materials and goods | | 208,924 | | — | | — | | | Sponsorship contribution - accounted for as deemed contribution | | 12,000,000 | | — | | — | | | | | | | | | | Suoi Hoa Urban JSC | | Borrowings | | 230,000 | | — | | — | | | | | | | | | | VHIZ JSC | | Interest expense | | 896,411 | | — | | — | | | | | | | | | | VHIZ Hai Phong JSC (*) | | Interest expense | | — | | 1,001,528 | | 39,977,966 | | | | | | | | | | VHIZ Ha Tinh JSC | | Initial recognition of finance lease | | — | | 3,422,114 | | 136,600,431 | | | | | | | | | | GSM JSC | | Revenue from sale of vehicles | | 6,079,714 | | 4,920,773 | | 196,422,361 | | | Late payment penalty interest | | 91,898 | | 97,716 | | 3,900,527 | | | | | | | | | | PT Xanh SM Indo | | Revenue from sale of vehicles and spare parts | | — | | 485,986 | | 19,399,090 | | | | | | | | | | GSM Philippines | | Revenue from sale of vehicles | | — | | 193,357 | | 7,718,226 | | | | | | | | | | V-Green JSC | | Revenue from business cooperation contracts | | — | | 112,279 | | 4,481,838 | | | Payment on behalf | | — | | 1,045,519 | | 41,733,953 | | | Charging subsidies | | — | | 590,297 | | 23,562,869 | | | | | | | | | | Green Future JSC | | Revenue from sale of vehicles | | — | | 1,121,135 | | 44,752,315 | | | Late payment penalty interest | | — | | 20,322 | | 811,193 | | | | | | | | | | Vincom Retail Operation JSC | | Borrowing | | 2,130,000 | | — | | — | | | Interest payable | | 91,851 | | — | | — | | | Rental showrooms and charging stations | | 111,239 | | 74,545 | | 2,975,611 | | | | | | | | | | Vinpearl JSC | | Hotel service & airplane tickets expenses | | 76,803 | | 104,447 | | 4,169,208 | | | Loan receivables | | 300,000 | | — | | — | Vincom Retail Landmark 81 Co., Ltd. | | Borrowings | | 140,000 | | — | | — | | | | | | | | | | Vinbus Ecology Transport Services LLC | | Sale of electric buses | | — | | 27,549 | | 1,099,673 | | | Loan receivables | | 9,900,000 | | — | | — | | | Interest receivables | | 144,256 | | — | | — | | | | | | | | | | V-G | | Purchase of materials | | — | | 1,871,110 | | 74,689,047 |
| (i) | There are certain loans and borrowings of VinFast guaranteed by ultimate parent. Details are presented in Note 8. |
| (*) | In November 2024, VHIZ JSC split into VHIZ Hai Phong JSC, VHIZ Ha Tinh JSC and VHIZ JSC. Accordingly, VHIZ JSC transfers all rights and obligations under the factory leasing contract previously signed with the Company to VHIZ Hai Phong JSC. |
In June 2025, VinFast Vietnam signed a long-term contract (69 years) to lease of the factory and auxiliary technical infrastructure of VinFast Manufacturing Complex project in Ha Tinh from VHIZ Ha Tinh JSC for VinFast Vietnam’s production activities. 11.RELATED PARTY TRANSACTIONS (continued) Amounts due to and from related parties as of June 30, 2025 and December 31, 2024: | | | | | | | | | As of December 31, 2024 | | As of June 30, 2025 | | | VND million | | VND million | | USD | Amounts due from related parties | | | | | | | Short-term advance to and receivables (Note 11b) | | 4,272,121 | | 3,207,490 | | 128,033,291 | Long-term receivables | | 3,630 | | 6,404 | | 255,628 | Total | | 4,275,751 | | 3,213,894 | | 128,288,919 | | | | | | | | Amounts due to related parties | | | | | | | Short-term payables to and borrowings from related parties | | 64,251,391 | | 81,894,753 | | 3,268,990,620 | Short-term payables (Note 11b) | | 9,370,301 | | 10,929,519 | | 436,273,312 | Short-term borrowing (Note 11a) | | 54,881,090 | | 70,965,234 | | 2,832,717,308 | Long-term payables to related parties | | 42,095,740 | | 32,586,172 | | 1,300,741,338 | Long-term payables (Note 11b) | | 18,142,459 | | 18,604,438 | | 742,632,844 | Long-term borrowing (Note 11a) | | 23,953,281 | | 13,981,734 | | 558,108,494 | Total | | 106,347,131 | | 114,480,925 | | 4,569,731,958 |
| a) | Details of loans to and borrowings from related parties: |
| | | | | | | | | As of December 31, 2024 | | As of June 30, 2025 | | | VND million | | VND million | | USD | Short-term borrowing from related parties | | | | | | | Vingroup JSC | | 54,840,302 | | 70,910,419 | | 2,830,529,259 | Vinpearl Australia Pty Ltd. | | 40,788 | | 54,815 | | 2,188,049 | Total | | 54,881,090 | | 70,965,234 | | 2,832,717,308 | | | | | | | | Long-term borrowing from related parties | | | | | | | Vingroup JSC | | 23,953,281 | | 13,981,734 | | 558,108,494 | Total | | 23,953,281 | | 13,981,734 | | 558,108,494 |
Details of the short-term and long-term borrowings from related parties of the Group as of June 30, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | Interest rate | | | | | | | | | | | | applicable for the | | | | | | | | | | | | six months ended | | Counterparty | | As of June 30, 2025 | | Maturity | | Collateral | | June 30, 2025 | | | | | | USD | | | | | | | | | | | | (Convenience | | | | | | | | | | VND million | | translation) | | | | | | | | Short-term | | | | | | | | | | | | Vingroup JSC | | 70,910,419 | | 2,830,529,259 | | From August 2025 to June 2026 | | Unsecured | | 4.9%-12.0 | % | Vinpearl Australia Pty Ltd. | | 54,815 | | 2,188,049 | | December 2025 | | Unsecured | | 7.0 | % | TOTAL | | 70,965,234 | | 2,832,717,308 | | | | | | | | Long-term | | | | | | | | | | | | Vingroup JSC | | 13,981,734 | | 558,108,494 | | July 2026 to April 2028 | | Unsecured | | 11.0%-15.0 | % | TOTAL | | 13,981,734 | | 558,108,494 | | | | | | | |
11.RELATED PARTY TRANSACTIONS (continued) | b) | Detail of other balance due from and due to related parties: |
| | | | | | | | | As of December 31, 2024 | | As of June 30, 2025 | | | VND million | | VND million | | USD | Short-term advance to and receivables from related parties | | | | | | | Green Future JSC | | 51,710 | | 1,013,218 | | 40,444,595 | GSM JSC | | 2,343,282 | | 934,008 | | 37,282,772 | V-Green JSC | | 371,046 | | 504,044 | | 20,119,911 | PT Xanh SM Indo | | 1,325,057 | | 328,661 | | 13,119,152 | GSM Philippines | | — | | 222,365 | | 8,876,138 | Others | | 181,026 | | 205,194 | | 8,190,723 | Total | | 4,272,121 | | 3,207,490 | | 128,033,291 |
| | | | | | | | | As of December 31, | | | | | | | 2024 | | As of June 30, 2025 | | | VND million | | VND million | | USD | Short-term payables to related parties | | | | | | | VHIZ JSC | | 131,978 | | 162,388 | | 6,482,037 | VHIZ Hai Phong JSC | | 1,503,791 | | 728,980 | | 29,098,675 | Vingroup JSC | | 5,918,690 | | 8,229,187 | | 328,484,233 | Vinsmart JSC | | 237,371 | | 162,462 | | 6,484,991 | Vinhomes JSC | | 493,589 | | 80,060 | | 3,195,753 | Vinbus Ecology LLC | | 300,525 | | 5,295 | | 211,360 | GSM JSC | | 140,864 | | 100,423 | | 4,008,582 | V-Green JSC | | 145,759 | | 458,332 | | 18,295,226 | Others | | 497,734 | | 1,002,392 | | 40,012,454 | Total | | 9,370,301 | | 10,929,519 | | 436,273,312 |
| | | | | | | | | As of December 31, | | | | | | | 2024 | | As of June 30, 2025 | | | VND million | | VND million | | USD | Long-term payables to related parties | | | | | | | VHIZ Hai Phong JSC | | 17,924,650 | | 18,596,251 | | 742,306,043 | Vingroup JSC | | 217,809 | | 8,187 | | 326,800 | Total | | 18,142,459 | | 18,604,438 | | 742,632,844 |
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