INTEREST-BEARING LOANS AND BORROWINGS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| INTEREST-BEARING LOANS AND BORROWINGS |
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| Schedule of interest-bearing loans and borrowings |
| | | | | | | | | | | | | As of December 31, | | As of June 30, | | | | | 2024 | | 2025 | | | Note | | VND million | | VND million | | USD | Short-term | | | | | | | | | Loans from banks | | 8.1 | | 24,210,045 | | 26,979,122 | | 1,076,924,876 | Current portion of long-term loans | | 8.2 | | 7,279,170 | | 3,649,512 | | 145,677,471 | Current portion of bonds | | | | 7,605,487 | | 619,201 | | 24,716,629 | Loans from others | | | | 29,384 | | — | | — | TOTAL | | | | 39,124,086 | | 31,247,835 | | 1,247,318,977 | | | | | | | | | | Long-term | | | | | | | | | Loans from banks | | 8.2 | | 16,924,140 | | 29,661,455 | | 1,183,995,489 | Domestic bonds | | 8.3 | | 5,938,750 | | 13,779,208 | | 550,024,270 | TOTAL | | | | 22,862,890 | | 43,440,663 | | 1,734,019,759 |
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| Schedule of short-term loans from banks |
| | | | | | | | | Bank | | As of June 30, 2025 | | Maturity | | Collateral | | | | | USD | | | | | | | | | (Convenience | | | | | | | VND million | | translation) | | | | | Bank 1 | | 9,997,450 | | 399,067,939 | | From October 2025 to March 2026 | | Shares and properties of affiliates; guaranteed by the ultimate parent company | Bank 2 | | 6,636,048 | | 264,890,947 | | From July 2025 to April 2026 | | Shares and properties of affiliates; machines and equipment of the Company; guaranteed by the ultimate parent company | Bank 3 | | 1,000,000 | | 39,916,973 | | From December 2025 to May 2026 | | Shares of an affiliate; guaranteed by the ultimate parent company | Bank 4 | | 1,499,989 | | 59,875,020 | | From July 2025 to February 2026 | | Shares, bonds and properties of affiliates; machineries held by the Company and payment guarantee from the ultimate parent company | Bank 5 | | 1,014,561 | | 40,498,204 | | From July 2025 to December 2025 | | Shares, and properties of affiliates; machineries held by the Company and payment guarantee from the ultimate parent company | Bank 6 | | 485,850 | | 19,393,661 | | From July 2025 to December 2025 | | Vehicles under loan contract and payment guarantee from the ultimate parent company | Bank 7 | | 3,982,450 | | 158,967,348 | | From July 2025 to December 2025 | | Shares of an affiliate; guaranteed by the ultimate parent company | Bank 11 | | 625,483 | | 24,967,388 | | October 2025 | | Payments guaranteed by a subsidiary of the Group and Standby Letter of Credit (“SBLC”) from a commercial bank | Bank 12 | | 662,149 | | 26,430,984 | | February 2026 | | Payments guaranteed by SBLC from a commercial bank | Bank 13 | | 1,051,997 | | 41,992,536 | | April 2026 | | Payments guaranteed by the ultimate parent company and SBLC from a commercial bank | Loans from others | | 23,145 | | 923,878 | | From July to October 2025 | | Certain inventories | TOTAL | | 26,979,122 | | 1,076,924,876 | | | | |
| | | | | Loans land borrowings | | Currency | | Interest rate per annum
applicable for the six months
ended June 30, 2025 | Short-term Loans | | VND | | From 8.3% to 15% | Short-term Loans | | USD | | From 6.3% to 9.5% | Short-term Loans | | EUR | | From 4.88% to 5.63% | Short-term Loans | | INR | | 8.95% |
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| Schedule of long-term loans from banks |
| | | | | | | | | Lenders | | As of June 30, 2025 | | Maturity date | | Collateral | | | | | USD | | | | | | | | | (Convenience | | | | | | | VND million | | translation) | | | | | Syndicated loan No.1 | | 12,092,345 | | 482,689,805 | | From September 2025 to September 2030 | | (i) | In which: current portion | | 2,542,103 | | 101,473,056 | | | | | Syndicated loan No.4 | | 1,830,769 | | 73,078,756 | | From December 2025 to December 2026 | | (i) | In which: current portion | | 525,161 | | 20,962,837 | | | | | Syndicated loan No.5 | | 3,139,368 | | 125,314,067 | | From November 2025 to November 2029 | | (i) | In which: current portion | | 434,842 | | 17,357,576 | | | | | Syndicated loan No.7 | | 6,239,177 | | 249,049,058 | | From May 2027 to May 2029 | | (i) | In which: current portion | | — | | — | | | | | Syndicated loan No.8 | | 4,220,897 | | 168,485,430 | | June 2028 | | (i) | In which: current portion | | 25,813 | | 1,030,377 | | | | | Syndicated loan No.9 | | 2,877,203 | | 114,849,234 | | June 2028 | | (i) | In which: current portion | | 21,321 | | 851,070 | | | | | Syndicated loan No.10 | | 2,355,587 | | 94,027,902 | | June 2028 | | (i) | In which: current portion | | 1,622 | | 64,745 | | | | | Loan from a commercial bank | | 456,971 | | 18,240,899 | | From September 2027 to October 2034 | | (ii) | In which: current portion | | — | | — | | | | | Loan from others | | 98,650 | | 3,937,809 | | From November 2025 to June 2026 | | (iii) | In which: current portion | | 98,650 | | 3,937,809 | | | | | TOTAL | | 33,310,967 | | 1,329,672,960 | | | | | In which: | | | | | | | | | Non-current portion | | 29,661,455 | | 1,183,995,489 | | | | | Current portion | | 3,649,512 | | 145,677,471 | | | | |
| (i) | As of June 30, 2025 and December 31, 2024, these long-term loans were secured by: |
| ► | The Debt Service Reserve Account of the Group at the offshore account management bank, the Revenue account at a commercial bank with outstanding balance; |
| ► | Certain shares of an affiliate of the Group held by the ultimate parent company; |
| ► | Payment guarantee from the ultimate parent company and certain commercial banks. The payment guarantees from the commercial banks are secured by certain properties held by affiliates. |
| (ii) | As of June 30, 2025 the long-term loan was secured by: |
| ► | Certain properties of a subsidiary; |
| ► | Certain shares of a subsidiary held by the Company and a shareholder; |
| ► | Payment guarantee from the Company; |
| ► | The Debt Service Reserve Accounts of a subsidiary. |
| (iii) | As of June 30, 2025 and December 31, 2024, these long-term loans were secured by vehicles under loan contract. |
| | | | | Loans and borrowings | | Currency | | Interest rate per annum applicable for
the six months ended June 30, 2025 | Secured loans without swap contract | | USD | | Floating interest rate, from 7.18% to 9.09% per annum | Secured loans with floating interest rate swapped for fixed interest rate (also fixed transaction rate) under swap contracts (Note 13) | | USD | | Fixed interest rate under swap contract from 4.1% to 6.58% per annum | Secured loans | | EUR | | Floating interest rate, from 4.88% to 5.63% per annum |
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| Bonds |
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| INTEREST-BEARING LOANS AND BORROWINGS |
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| Schedule of interest-bearing loans and borrowings |
| | | | | | | | | | | Bonds | | As of June 30, 2025 | | Maturity | | Interest rate | | Collateral | | | | | USD | | | | | | | | | | | (Convenience | | | | | | | | | VND million | | translation) | | | | | | | Bond No.3 | | 619,201 | | 24,716,629 | | September 2025 | | Floating interest rate, annual interest rate of 10.875% | | (i) | In which: current portion | | 619,201 | | 24,716,629 | | | | | | | Bond No.5 | | 1,973,250 | | 78,766,166 | | October 2026 | | Fixed interest rate at 13.5% per annum | | (ii) | Bond No.6 | | 3,957,000 | | 157,951,461 | | October 2029 | | Fixed interest rate at 13.5% per annum | | (ii) | Bond No.7 | | 494,375 | | 19,733,953 | | December 2026 | | Fixed interest rate at 13.5% per annum | | (ii) | Bond No.8 | | 4,927,083 | | 196,674,238 | | May 2028 | | Fixed interest rate at 12.5% per annum | | (iii) | Bond No.9 | | 2,427,500 | | 96,898,451 | | June 2028 | | Fixed interest rate at 12.0% per annum | | (iv) | TOTAL | | 14,398,409 | | 574,740,899 | | | | | | | In which: | | | | | | | | | | | Non-current portion | | 13,779,208 | | 550,024,270 | | | | | | | Current portion | | 619,201 | | 24,716,629 | | | | | | |
| (i) | This bond issuance is secured by shares of the ultimate parent company held by VIG; payment guaranteed by the ultimate parent company. |
| (ii) | This bond issuance is secured by shares and real estates of affiliates under common control of the ultimate parent company; payment guaranteed by the ultimate parent company. |
| (iii) | This bond issuance is secured by shares of an affiliate under common control of the ultimate parent company; payment guaranteed by the ultimate parent company. |
| (iv) | This bond issuance is secured by shares of an affiliate under common control of the ultimate parent company. As of June 30, 2025, the Company’s collateral cover ratio was less than the required ratio specified in the related bond agreements and thus, it is required the Company to top up additional collateral before 30 September 2025. By the date of the unaudited interim condensed consolidated financial statements, the Group completed administrative procedures with the relevant regulatory body to register the additional collaterals within committed timeline. |
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