EX-99.1 2 tm2512847d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

VinFast Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

 

Quarterly Revenues reached VND16,496.4 billion (US$677.9 million)

 

Quarterly EV Deliveries were 53,139 units

 

Full year Revenues reached VND44,019.0 billion (US$ 1,808.9 million)

 

Full Year EV Deliveries were 97,399 units

 

Singapore, April 24, 2025 – VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

 

Operating Highlights for the Fourth Quarter and Full Year of 2024

 

    FY 2024    4Q2024   3Q2024
EV Deliveries(1)   97,399    53,139    21,912 
E-scooter Deliveries   70,977    31,170    18,894 

 

·EV deliveries were 53,139 in the fourth quarter of 2024, representing an increase of 143% from the third quarter of 2024. For the full year 2024, EV deliveries were 97,399, representing an increase of approximately 192% from 2023. Of these deliveries, 87,890 vehicles were delivered to customers in Vietnam, representing an increase of approximately 171% from 2023.

 

·E-scooter deliveries were 31,170 in the fourth quarter of 2024, representing an increase of 65% from the third quarter of 2024. For the full year 2024, e-scooter deliveries were 70,977, representing an increase of approximately 1% from 2023.

 

·

As of March 31, 2025, the Company had 322 showrooms globally for EVs and, separately, 322 showrooms and service workshops for e-scooters, including VinFast’s showrooms and dealer showrooms.

 

Financial Highlights for the Fourth Quarter of 2024

 

·Vehicle sales were VND15,441.5 billion (US$634.5 million) in the fourth quarter of 2024, representing an increase of 77.8% from the fourth quarter of 2023 and an increase of 37.2% from the third quarter of 2024.

 

·Total revenues were VND16,496.4 billion (US$677.9 million) in the fourth quarter of 2024, representing an increase of 69.8% from the fourth quarter of 2023 and an increase of 33.8% from the third quarter of 2024. Total revenues were primarily comprised of revenue from EV sales.

 

·Gross loss was VND13,054.4 billion (US$536.4 million) in the fourth quarter of 2024, representing an increase of 176.0% from the fourth quarter of 2023 and an increase of 341.3% from the third quarter of 2024.

 

·Gross margin was negative 79.1% in the fourth quarter of 2024, compared to negative 48.7% in the fourth quarter of 2023 and negative 24.0% in the third quarter of 2024.

 

·Loss from operations was VND23,852.1 billion (US$980.2 million) in the fourth quarter of 2024, representing an increase of 98.9% from the fourth quarter of 2023 and an increase of 193.7% from the third quarter of 2024.

 

·Net loss was VND30,594.8 billion (US$1,257.2 million) in the fourth quarter of 2024, representing an increase of 80.7% from the fourth quarter of 2023 and an increase of 130.9% from the third quarter of 2024.

 

Key Financial Results for the Fourth Quarter of 2024

(in VND millions, except for percentages and basis points (“bps”))

 

            2023 Q4          
    2024 Q4     2024 Q3     As adjusted(2)     QoQ     YoY  
Vehicle Sales     15,441,451       11,251,190       8,686,249       37.2 %     77.8 %
Total Revenues     16,496,376       12,326,537       9,715,565       33.8 %     69.8 %
Gross Loss     (13,054,395 )     (2,957,886 )     (4,730,627 )     341.3 %     176.0 %
Gross Margin     (79.1 )%     (24.0 )%     (48.7 )%     (5514 )bps     (3044 )bps
Loss from Operations     (23,852,111 )     (8,121,371 )     (11,990,800 )     193.7 %     98.9 %
Net Loss     (30,594,811 )     (13,251,944 )     (16,931,234 )     130.9 %     80.7 %

 

 

1 Includes VF3, VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus.

2 As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

1 

 

 

Financial Highlights for the Fiscal Year Ended December 31, 2024

 

·Vehicle sales were VND40,145.5 billion (US$1,649.7 million) in 2024, representing an increase of 58.1% from 2023.

 

·Total revenues were VND44,019.6 billion (US$1,808.9 million) in 2024, representing an increase of 57.9% from 2023. Total revenues were primarily comprised of revenue from EV sales.

 

·Gross loss was VND25,277.6 billion (US$1,038.7 million) in 2024, representing an increase of 84.4% from 2023.

 

·Gross margin was negative 57.4% in 2024, compared to negative 49.2% in 2023.

 

·Loss from operations was VND55,399.2 billion (US$2,276.5 million) in 2024, representing an increase of 32.0% from 2023.

 

·Net loss was VND77,354.9 billion (US$3,178.8 million) in 2024, representing an increase of 28.4% from 2023.

 

Key Financial Results for the Fiscal Year Ended December 31, 2024

(in VND millions, except for percentages and basis points (“bps”))

 

   FY2024   FY2023
As adjusted(2)		   YoY 
Vehicle Sales   40,145,556    25,398,136    58.1%
Total Revenues   44,019,015    27,883,821    57.9%
Gross Loss   (25,277,639)   (13,710,911)   84.4%
Gross Margin   (57.4)%   (49.2)%   (825)bps
Loss from Operations   (55,399,158)   (41,970,653)   32.0%
Net Loss   (77,354,949)   (60,250,348)   28.4%

 

Recent Business Updates

 

Launch of the new “Green” series

 

·The “Green” lineup, which are specifically tailored for transportation services, includes four models in four segments: Minio Green (minicar), Herio Green (A-SUV), Nerio Green (C-SUV) and Limo Green (MPV), with starting MSRPs ranging from VND269 million (approx. US$11,100) to VND749 million (approx. US$30,800).

 

·Deliveries are expected to start in Q2 2025 for the Herio Green and Nerio Green, with Minio Green and Limo Green following in August of this year.

 

Phasing out battery-leasing model

 

·A pioneering strategy first implemented three years ago, VinFast’s battery-leasing program successfully reduced total initial payments for consumers when VinFast first began its EV journey. As battery technology has improved and customer familiarity has increased, demand has shifted towards battery-inclusive option. To align with customer preferences, VinFast announced the suspension of the battery leasing option for new electric vehicles and e-scooters purchases starting from March 1, 2025.

 

·Current customers with battery subscriptions can either continue leasing under the existing policy or opt to buy out the battery at a preferential price.

 

Progress on overseas markets

 

·

U.S.: VinFast introduced a dealership model to complement the Company’s direct-to-consumer (“D2C”) approach in international markets, aiming to optimize operations while broadening its distribution network. To further capture these benefits, VinFast intends to transition to a full dealer franchise model by closing all of its existing D2C showrooms in California by the end of June 2025. As of March 31, 2025, VinFast had developed a network of 38 operational and soon-to-be operational independent dealers across 16 states in the U.S., including California.

 

·Europe: Similar to VinFast’s approach for North America, the Company is initiating plans to develop a widespread dealer network across major cities in Europe. The Company has signed a cooperation agreement with Autohaus Hübsch to operate showrooms in Germany. As of March 31, 2025, VinFast had 12 self-operated showrooms and two dealer stores in Europe. In addition, the Company has launched and commenced deliveries of the VF 6, its second model introduced in Europe following the VF 8.

 

·Indonesia: Following initial deliveries of the VF e34, VF 5 in 2024 and VF 3 in early 2025, VinFast continues to penetrate the Indonesian market with its fourth shipment to the country in early March, consisting of nearly 2,500 vehicles including the VF 3, VF 5, VF e34 and Nerio Green. As of March 31, 2025, VinFast had 22 dealer stores in Indonesia.

 

 

2 As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

2 

 

 

·

The Philippines: At the 2025 Manila International Auto Show (MIAS), VinFast launched sales of the VF 6, making it the fifth VinFast model available in the Philippines after the VF 3, VF 5, VF 7 and VF 9. The Company also announced partnerships with six local dealers to establish over 60 dealer stores in the country by the end of 2025. As of March 31, 2025, VinFast had six dealer stores in the Philippines.

 

Shareholder funding disbursements

 

·To support VinFast’s continued growth, Vingroup intends to provide VinFast additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of March 31, 2025, Vingroup has disbursed VND27,469.2 billion (US$1.1 billion) in loans to VinFast.

 

·Pursuant to a grant agreement dated November 12, 2024, VinFast’s Founder and CEO, Mr. Pham Nhat Vuong (“Mr. Pham”) has committed to provide up to VND50,000.0 billion (US$2.1 billion) in free grants to VinFast and its subsidiaries. A total of VND10,000.0 billion (US$410.9 million) had been disbursed pursuant to the grant agreement as of March 31, 2025.

 

Related Party Transactions

 

·Out of 53,139 EVs delivered in the fourth quarter of 2024, 19% were delivered to related parties of the Company.

 

·Out of 31,170 e-scooters delivered in the fourth quarter of 2024, 10% were delivered to related parties of the Company.

 

Management Commentary

 

Madam Thuy Le, Chairwoman of VinFast, said: “VinFast had an outstanding Q4 and full year 2024, reflecting the Company’s ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape.”

 

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “VinFast concluded 2024 with solid momentum, setting the foundation for sustained volume growth in 2025—an important milestone on our path toward profitability. As a young and innovative company, we remain committed to investing in R&D and capital expenditure to build better-quality, better-performing electric vehicles for our customers. These investments will be strategically balanced by continued efficiencies across other areas of the business thanks to top line growth and further cost savings.”

 

Financial Results for the Fourth Quarter of 2024

 

Revenues

 

·Total revenues were VND16,496.4 billion (US$677.9 million) in the fourth quarter of 2024, representing an increase of 69.8% from the fourth quarter of 2023 and an increase of 33.8% from the third quarter of 2024. Total revenues were primarily comprised of revenue from EV sales.

 

·Vehicle sales were VND15,441.5 billion (US$634.5 million) in the fourth quarter of 2024, representing an increase of 77.8% from the fourth quarter of 2023 and an increase of 37.2% from the third quarter of 2024. The revenue growth from the fourth quarter of 2024 was primarily due to an increase in the vehicle sales volume across all markets, particularly Vietnam.

 

Cost of Sales and Gross Margin

 

·Cost of sales was VND29,550.8 billion (US$1,214.3 million) in the fourth quarter of 2024, representing an increase of 104.6% from the fourth quarter of 2023 and an increase of 93.3% from the third quarter of 2024. The increase from the fourth quarter of 2023 and the third quarter of 2024 was primarily attributable to an increase in the cost of vehicles sold as the Company delivered more EVs to customers in the fourth quarter of 2024.

 

·Gross loss was VND13,054.4 billion (US$536.4 million) in the fourth quarter of 2024, representing an increase of 176.0% from the fourth quarter of 2023 and an increase of 341.3% from the third quarter of 2024.

 

·Gross margin was negative 79.1% in the fourth quarter of 2024, compared to negative 48.7% in the fourth quarter of 2023 and negative 24.0% in the third quarter of 2024. The decrease in gross margin from the fourth quarter of 2023 and the third quarter of 2024 was primarily driven by the recognition of a one-time expense of VND5,900 billion (USD$242.5 million) related to VinFast’s free charging program3, which was recorded as a deduction from revenue.

 

 

3 In connection with the free charging program in Vietnam that continues until June 30, 2027 or until December 31, 2027, if customers purchase EVs with batteries before March 1, 2025, Mr. Pham is responsible for paying the costs to implement the program for all applicable sales under the program until December 31, 2024. The estimated amount to be paid directly by Mr. Pham for the entire free charging period is approximately VND5,900 billion (US$242.5 million). This amount is recognized as a revenue deduction and deemed contribution from the owner in VinFast’s consolidated financial statements for fiscal year 2024.

 

3 

 

 

Operating Expenses

 

·Research and development (R&D) costs were VND2,678.4 billion (US$110.1 million) in the fourth quarter of 2024, representing a decrease of 15.4% from the fourth quarter of 2023 and an increase of 28.0% from the third quarter of 2024. The decrease from the fourth quarter of 2023 was primarily due to a reduction in engineering and development costs, as VinFast completed the majority of product development work on its existing models. The increase from the third quarter of 2024 was primarily due to the introduction of the existing vehicle models to foreign markets.

 

·Selling, general and administrative expenses were VND6,532.8 billion (US$268.5 million) in the fourth quarter of 2024, representing an increase of 107.6% from the fourth quarter of 2023 and an increase of 88.7% from the third quarter of 2024. The increase from the fourth quarter of 2023 and the third quarter of 2024 was due to the increase in marketing and headcount expenses for global launch events and sales operations, and impairment charge related to the battery production line resulting from changes in the business plan.

 

·Net other operating expenses were VND1,586.5 billion (US$65.2 million) in the fourth quarter of 2024, representing an increase of 67.6% from net other operating expenses in the fourth quarter of 2023 and a decrease of 507.4% from net operating incomes in the third quarter of 2024. The increase in net expense from the fourth quarter of 2023 and the decrease from net income from the third quarter of 2024 were mainly due to an increase in foreign exchange losses and expenses in connection with a discontinued project as part of VinFast’s ongoing efforts to optimize its operation.

 

Loss from Operations

 

·Loss from operations was VND23,852.1 billion (US$980.2 million) in the fourth quarter of 2024, representing an increase of 98.9% from the fourth quarter of 2023 and an increase of 193.7% from the third quarter of 2024, as a result of the foregoing.

 

Net Loss and Net Loss Per Share

 

·Net loss on financial instruments at fair value through profit or loss was VND1,370.0 billion (US$56.3 million) in the fourth quarter of 2024, representing an increase of 31.8% from net loss in the fourth quarter of 2023 and an increase of 445.6% from net loss in the third quarter of 2024. The increase in net loss from the fourth quarter of 2023 and the third quarter of 2024 was mainly attributable to changes in the fair value of VinFast’s cross-currency interest rate swap contracts and changes in the fair value of the financial liability in respect of Dividend Preferred Shares issued by VinFast Vietnam and VinFast’s warrants.

 

·Net loss was VND30,594.8 billion (US$1,257.2 million) in the fourth quarter of 2024, representing an increase of 80.7% from the fourth quarter of 2023 and an increase of 130.9% from the third quarter of 2024.

 

·Net loss attributable to controlling interest was VND30,575.6 billion (US$1,256.4 million) in the fourth quarter of 2024, representing an increase of 80.7% from the fourth quarter of 2023 and an increase of 131.2% from the third quarter of 2024.

 

·Basic and diluted net loss per ordinary share were both VND13,074 (US$0.54) in the fourth quarter of 2024, compared with VND7,247 (US$0.30) in the fourth quarter of 2023 and VND5,656 (US$0.23) in the third quarter of 2024.

 

Balance Sheet

 

·Cash and cash equivalents were VND3,306.8 billion (US$135.9 million) as of December 31, 2024.

 

Financial Results for the Fiscal Year Ended December 31, 2024

 

Revenues

 

·Total revenues were VND44,019.0 billion (US$1,808.9 million) in 2024, representing an increase of 57.9% from 2023. Total revenues were primarily comprised of revenue from EV sales.

 

·Vehicle sales were VND40,145.6 billion (US$1,649.7 million) in 2024, representing an increase of 58.1% from 2023. The revenue growth in 2024 was primarily due to an increase in the vehicle sales volume across all markets, particularly Vietnam.

 

Cost of Sales and Gross Margin

 

·Cost of sales was VND69,296.7 billion (US$2,847.6 million) in 2024, representing an increase of 66.6% from 2023. The increase from 2023 was primarily attributable to an increase in the delivery of VinFast’s EVs to customers.

 

·Gross loss was VND25,277.6 billion (US$1,038.7 million) in 2024, representing an increase of 84.4% from 2023.

 

·Gross margin was negative 57.4% in 2024, compared to negative 49.2% in 2023. The decrease in gross margin from 2023 was primarily driven by the recognition of a one-time expense of VND5,900 billion (USD$242.5 million) related to VinFast’s free charging program4, which was recorded as a deduction from revenue.

 

 

4 In connection with the free charging program in Vietnam that continues until June 30, 2027 or until December 31, 2027, if customers purchase EVs with batteries before March 1, 2025, Mr. Pham is responsible for paying the costs to implement the program for all applicable sales under the program until December 31, 2024. The estimated amount to be paid directly by Mr. Pham for the entire free charging period is approximately VND5,900 billion (US$242.5 million). This amount is recognized as a revenue deduction and deemed contribution from the owner in VinFast’s consolidated financial statements for fiscal year 2024.

 

4 

 

 

Operating Expenses

 

·Research and development (R&D) costs were VND10,025.3 billion (US$412.0 million) in 2024, representing a decrease of 35.0% from 2023. The decrease from 2023 was primarily due to a reduction in engineering and development costs, as VinFast completed the majority of product development work on its existing models.

 

·Selling, general and administrative expenses were VND16,888.0 billion (US$694.0 million) in 2024, representing an increase of 49.8% from 2023. The increase from 2023 was primarily due to due to the increase in labor costs, rental costs and marketing expenses, which are primarily attributable to VinFast’s efforts to scale its sales operations globally, and impairment charge related to the battery production line as a result of changes in the business plan.

 

·Net other operating expenses were VND3,208.2 billion (US$131.8 million) in 2024, representing an increase of 104.1% from 2023. The increase in net expenses from 2023 was mainly due to an increase in foreign exchange losses and expenses in connection with a discontinued project as part of VinFast’s ongoing efforts to optimize its operation.

 

Loss from Operations

 

·Loss from operations was VND55,399.2 billion (US$2,276.5 million) in 2024 representing an increase of 32.0% from 2023, as a result of the foregoing.

 

Net Loss and Net Loss Per Share

 

·Net loss on financial instruments at fair value through profit or loss was VND3,183.0 billion (US$130.8 million) in 2024, representing a decrease of 34.8% from net loss in 2023. The decrease in net loss from 2023 was mainly attributable to changes in the fair value of VinFast’s cross-currency interest rate swap contracts and changes in the fair value of the financial liability in respect of Dividend Preferred Shares issued by VinFast Vietnam and VinFast’s warrants.

 

·Net loss was VND77,354.9 billion (US$3,178.8 million) in 2024, representing an increase of 28.4% from 2023.

 

·Net loss attributable to controlling interest was VND77,265.4 billion (US$3,175.1 million) in 2024, representing an increase of 28.4% from 2023.

 

·Basic and diluted net loss per ordinary share were both VND33,042 (US$1.36) in 2024, compared with VND26,038 (US$1.07) in 2023.

 

Business Outlook

 

·FY2025 Delivery Target: The Company maintains its target to at least double its global deliveries in 2025, and will continue to monitor the evolving macro-economic situation.

 

·This outlook reflects the Company’s current and preliminary view on the business and existing market conditions, which are subject to change.

 

VinFast’s target markets are Vietnam, Indonesia, the Philippines, India, North America and Europe, and it is regularly evaluating opportunities to enter new countries and regions in Europe, Asia, the Middle East and Africa to grow its global footprint in areas where it identifies high potential for EV demand growth. VinFast may establish or enlarge its presence in existing and new markets through a range of distribution models, directly or with strategic public and private partners or agents. To ensure that VinFast continues to have sufficient production capacity to support its current and future operations, it will from time to time endeavor to add manufacturing, assembly and distribution capacity across its markets through the expansion of existing infrastructure and new brownfield and greenfield projects. While VinFast remains focused on the mini- through E-segments of the electric SUV market, it is also evaluating the full spectrum of vehicle types for future product development. VinFast continuously monitors its global expansion strategy and has the ability to accelerate, moderate or otherwise deviate from its existing distribution, manufacturing, assembly, marketing and other plans for any market at any time.

 

VinFast’s funding sources for its capital requirements to implement its growth strategy may include loans and grants from its major shareholders and affiliates, the public and private debt and equity capital markets, existing and new third-party loans and borrowings and cash from operations. VinFast is prepared to opportunistically access the debt and equity capital markets, subject to market conditions. VinFast also seeks to capture available tax and other incentives and subsidies to reduce its costs of investment and operations.

 

5 

 

 

Conference Call

 

The Company’s management will host its fourth quarter and full year of 2024 earnings conference call at 8:00 AM U.S. Eastern Time on April 24, 2025.

 

Live Webcast: https://edge.media-server.com/mmc/p/czdght4i

 

6 

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Balance Sheets

 

   As of December 31,
2023		   As of December 31,
2024		   As of December 31,
2024		 
   VND million   VND million   USD 
   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited) 
ASSETS            
             
CURRENT ASSETS               
Cash and cash equivalents   4,095,472    3,306,793    135,886,295 
Restricted cash   102,932    2,371,038    97,433,244 
Trade receivables   469,918    5,605,064    230,329,320 
Advances to suppliers   4,753,634    8,694,990    357,303,883 
Inventories, net   30,141,381    27,907,030    1,146,785,700 
Short-term prepayments and other receivables   8,006,103    11,485,118    471,958,825 
Short-term derivative assets   548,010    185,787    7,634,559 
Current net investment in sales-type lease   87,552    134,713    5,535,772 
Short-term investments   4,105    818,975    33,654,202 
Short-term amounts due from related parties   2,374,382    4,272,121    175,554,592 
Total current assets   50,583,489    64,781,629    2,662,076,392 
                
NON-CURRENT ASSETS               
Trade receivables   110,312    615,650    25,298,952 
Property, plant and equipment, net   79,122,703    78,699,515    3,234,005,137 
Intangible assets, net   1,346,324    1,164,635    47,858,434 
Right-of-use assets   7,081,509    5,130,225    210,816,725 
Long-term derivative assets   66,124    -    - 
Long-term prepayments   217,180    680,539    27,965,441 
Non-current net investment in sales-type lease   620,665    1,024,740    42,109,719 
Investment in equity investees   1,214,938    1,166,102    47,918,718 
Other long-term investments   918,040    918,040    37,725,087 
Long-term amounts due from related parties   51,073    3,630    149,168 
Long-term restricted cash   660,363    1,610,439    66,177,892 
Other non-current assets   4,865,001    171,352    7,041,381 
Total non-current assets   96,274,232    91,184,867    3,747,066,653 
TOTAL ASSETS   146,857,721    155,966,496    6,409,143,045 

 

(*)As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

7 

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Balance Sheets (continued)

 

   As of December 31,
2023		   As of December 31,
2024		   As of December 31,
2024		 
   VND million   VND million   USD 
   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited) 
DEFICIT AND LIABILITIES               
                
CURRENT LIABILITIES               
Short-term and current portion of long-term interest-bearing loans and borrowings   42,924,034    39,124,086    1,607,729,032 
Short-term financial liabilities   18,258,063    21,619,612    888,416,355 
Convertible debenture   1,190,475    -    - 
Trade payables   12,146,588    20,791,192    854,374,029 
Deposits and down payment from customers   1,194,112    3,565,463    146,515,841 
Short-term deferred revenue   149,747    123,951    5,093,528 
Short-term accruals   11,431,878    11,060,958    454,528,786 
Other current liabilities   13,875,625    9,473,783    389,306,883 
Current portion of lease liabilities   1,524,356    1,498,472    61,576,824 
Amounts due to related parties   49,341,144    64,251,391    2,640,287,282 
Total current liabilities   152,036,022    171,508,908    7,047,828,560 
                
NON-CURRENT LIABILITIES               
Long-term interest-bearing loans and borrowings   30,170,149    22,862,890    939,506,472 
Long-term financial liability   137,057    36,326    1,492,747 
Other non-current liabilities   2,194,253    6,300,113    258,891,021 
Non-current lease liabilities   5,330,344    4,076,654    167,522,252 
Long-term deferred revenue   1,569,733    2,722,698    111,884,035 
Deferred tax liabilities   1,025,264    938,643    38,571,728 
Long-term accruals   123,867    329,267    13,530,594 
Amounts due to related parties   19,682,747    42,095,740    1,729,843,435 
Total non-current liabilities   60,233,414    79,362,331    3,261,242,285 
                
Commitments and contingencies               
                
DEFICIT               
Ordinary shares, no par value - VinFast Auto Ltd (2,337,788,498 and 2,338,812,496 shares issued and outstanding as of December 31, 2023 and 2024, respectively)   9,847,536    9,867,167    405,472,242 
Accumulated losses   (190,502,556)   (267,792,169)   (11,004,403,904)
Additional paid-in capital   38,258,499    93,673,976    3,849,351,798 
Other comprehensive loss   (385,873)   (460,644)   (18,929,279)
Deficit attributable to equity holders of the parent   (142,782,394)   (164,711,670)   (6,768,509,143)
Non-controlling interests   77,370,679    69,806,927    2,868,581,344 
Total deficit   (65,411,715)   (94,904,743)   (3,899,927,799)
TOTAL DEFICIT AND LIABILITIES   146,857,721    155,966,496    6,409,143,045 

 

(*)As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

8 

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Operations

 

   For the three months ended December 31,   For the year ended December 31, 
   2023   2024   2024   2023   2024   2024 
   VND million   VND million   USD   VND million   VND million   USD 
   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited)   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited) 
Revenues                        
Sales of vehicles   8,686,249    15,441,451    634,536,717    25,398,136    40,145,556    1,649,704,376 
Sales of merchandise   89,875    17,429    716,211    142,800    101,134    4,155,907 
Sales of spare parts and components   294,388    752,175    30,909,184    882,146    1,823,617    74,938,032 
Rendering of services   155,305    110,691    4,548,634    455,351    895,835    36,812,616 
                               
Rental income                              
Revenue from leasing activities   489,748    174,630    7,176,084    1,005,388    1,052,873    43,265,790 
Revenues   9,715,565    16,496,376    677,886,830    27,883,821    44,019,015    1,808,876,721 
Cost of vehicles sold   (13,347,115)   (29,128,110)   (1,196,963,633)   (38,809,282)   (66,117,104)   (2,716,955,167)
Cost of merchandise sold   (102,595)   524    21,533    (155,959)   (104,845)   (4,308,404)
Cost of spare parts and components sold   (242,820)   (159,722)   (6,563,468)   (608,611)   (700,805)   (28,798,233)
Cost of rendering services   (366,682)   (97,663)   (4,013,273)   (1,049,726)   (1,496,040)   (61,476,885)
Cost of leasing activities   (386,980)   (165,800)   (6,813,232)   (971,154)   (877,860)   (36,073,968)
Cost of sales   (14,446,192)   (29,550,771)   (1,214,332,073)   (41,594,732)   (69,296,654)   (2,847,612,657)
                               
Gross loss   (4,730,627)   (13,054,395)   (536,445,243)   (13,710,911)   (25,277,639)   (1,038,735,936)
                               
Operating expenses                              
Research and development costs   (3,167,207)   (2,678,370)   (110,062,461)   (15,414,442)   (10,025,329)   (411,971,605)
Selling and distribution costs   (1,629,974)   (2,709,356)   (111,335,772)   (5,661,737)   (7,995,602)   (328,563,879)
Administrative expenses   (1,516,339)   (3,823,489)   (157,118,923)   (5,611,548)   (8,892,429)   (365,417,259)
Net other operating (expenses)/incomes   (946,653)   (1,586,501)   (65,194,206)   (1,572,015)   (3,208,159)   (131,833,121)
                               
Operating loss   (11,990,800)   (23,852,111)   (980,156,606)   (41,970,653)   (55,399,158)   (2,276,521,800)
Finance income   17,439    51,302    2,108,157    422,746    354,530    14,568,728 
Finance costs   (3,820,848)   (5,437,006)   (223,423,300)   (13,782,105)   (19,108,150)   (785,212,657)
Net loss on financial instruments at fair value through profit or loss   (1,039,328)   (1,369,993)   (56,297,226)   (4,879,833)   (3,183,030)   (130,800,493)
Share of gains/(losses) from equity investees   6,751    (27,170)   (1,116,499)   36,422    (48,836)   (2,006,821)
                               
Loss before income tax expense   (16,826,786)   (30,634,978)   (1,258,885,474)   (60,173,423)   (77,384,644)   (3,179,973,043)
Tax income/(expense)   (104,448)   40,167    1,650,586    (76,925)   29,695    1,220,259 
                               
Net loss for the period   (16,931,234)   (30,594,811)   (1,257,234,888)   (60,250,348)   (77,354,949)   (3,178,752,784)
Net loss attributable to non-controlling interests   (11,903)   (19,228)   (790,138)   (82,222)   (89,585)   (3,681,323)
                               
Net loss attributable to controlling interest   (16,919,331)   (30,575,583)   (1,256,444,750)   (60,168,126)   (77,265,364)   (3,175,071,461)

 

(*)As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

9 

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss

 

   For the three months ended December 31,   For the year ended December 31, 
   2023   2024   2024   2023   2024   2024 
   VND million   VND million   USD   VND million   VND million   USD 
   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited)   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited) 
Net loss for the period   (16,931,234)   (30,594,811)   (1,257,234,888)   (60,250,348)   (77,354,949)   (3,178,752,784)
                               
Other comprehensive (loss)/income                              
Other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods (net of tax):                              
Exchange differences on translation of foreign operations   (284,473)   (207,566)   (8,529,525)   (281,808)   (74,771)   (3,072,570)
                               
Net other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods   (284,473)   (207,566)   (8,529,525)   (281,808)   (74,771)   (3,072,570)
                               
Total comprehensive loss for the period, net of tax   (17,215,707)   (30,802,377)   (1,265,764,413)   (60,532,156)   (77,429,720)   (3,181,825,354)
Net loss attributable to non-controlling interests   (11,903)   (19,228)   (790,138)   (82,222)   (89,585)   (3,681,323)
Comprehensive loss attributable to controlling interest   (17,203,804)   (30,783,149)   (1,264,974,276)   (60,449,934)   (77,340,135)   (3,178,144,031)
                               
Net loss per share attributable to ordinary shareholders   VND    VND    USD    VND    VND    USD 
Basic and diluted   (7,247)   (13,074)   (0.54)   (26,038)   (33,042)   (1.36)
                             Unit: Shares 
Weighted average number of shares used in loss per share computation                              
Basic and diluted   2,334,761,397    2,338,695,829    2,338,695,829    2,310,823,009    2,338,398,252    2,338,398,252 

 

(*)As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

10 

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Cash Flows

 

   For the year ended December 31, 
   2023   2024   2024 
   VND million   VND million   USD 
   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited) 
OPERATING ACTIVITIES               
Net loss for the period   (60,250,348)   (77,354,949)   (3,178,752,784)
Adjustments:               
Depreciation of property, plant and equipment   6,507,912    9,493,586    390,120,649 
Amortization of intangible assets   474,007    382,891    15,734,169 
Impairment of assets and changes in fair value of held for sale assets   1,303,932    3,932,677    161,605,794 
Changes in operating lease right-of-use assets   1,162,222    1,258,911   51,732,525
Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories   8,719,512    15,243,479    626,401,438 
Deferred tax income   (34,502)   (86,621)   (3,559,523)
Unrealized foreign exchange losses   797,331    1,024,887    42,115,759 
Net losses on financial instruments at fair value through profit or loss   4,879,833    3,183,030    130,800,493 
Change in amortized costs of financial instruments measured at amortized cost other than nominal interest   3,189,365    2,893,999    118,923,320 
Share-based compensation expenses   150,103    81,693    3,357,017 
Losses on disposal and write-off of fixed assets   81,165    570,050    23,425,108 
Deemed contribution from owners through donation   -    5,900,755    242,480,173 
Share of (gains)/losses from equity investees   (36,422)   48,836    2,006,821 
Change in working capital:               
Trade receivables and advance to suppliers, net investment in sales-type lease   2,796,713    (7,931,433)   (325,926,978)
Inventories   (13,296,710)   (6,749,753)   (277,368,112)
Trade payables, deferred revenue and other payables   (5,122,209)   19,539,512    802,938,648 
Operating lease liabilities   (911,316)   (832,313)   (34,202,301)
Prepayments, other receivables and other assets   (681,205)   (1,067,698)   (43,874,995)
Net cash flows used in operating activities   (50,270,617)   (30,468,461)   (1,252,042,779)

 

(*)As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

11 

 

 

VinFast Auto Ltd.

 

Unaudited Condensed Consolidated Statements of Cash Flows (continued)

 

   For the year ended December 31, 
   2023   2024   2024 
   VND million   VND million   USD 
   (Unaudited)
(Adjusted) (*)		   (Unaudited)   (Unaudited) 
INVESTING ACTIVITIES               
Purchase of property, plant and equipment, and intangible assets   (24,527,946)   (16,689,295)   (685,814,465)
Proceeds from disposal of property, plant and equipment   80,913    54,832    2,253,216 
Disbursement of bank deposit and loans   (10,480,000)   (3,176,630)   (130,537,497)
Collection of loans   11,157,900    2,337,594    96,058,927 
Payment for acquisition of a subsidiary (net of cash held by entity being acquired)   (6,900)   (10,252)   (421,286)
Net proceeds from the disposal of a subsidiary   -   (20,000)   (821,862)
Payment for investments in equity investees   (1,039,033)   -    - 
Receipt from government grants   393,934    1,477,914    60,732,032 
                
Net cash flows used in investing activities   (24,421,132)   (16,025,837)   (658,550,935)
                
FINANCING ACTIVITIES               
Capital contribution from owners/issuance of ordinary shares   4,759,291    -    - 
Additional amount paid up to convert warrants to capital   1,421,444    -    - 
Deemed contribution from owners   22,410,459    21,994,658    903,828,149 
Proceeds from borrowings   119,814,576    98,880,819    4,063,316,992 
Repayment of borrowings   (72,950,566)   (71,876,906)   (2,953,643,148)
                
Net cash flows from financing activities   75,455,204    48,998,571    2,013,501,993 
                
Net decrease in cash and cash equivalents and restricted cash   763,455    2,504,273    102,908,280 
                
Cash, cash equivalents and restricted cash at beginning of the period   4,361,631    4,858,767    199,661,681 
Net foreign exchange differences   (266,319)   (74,770)   (3,072,529)
                
Cash, cash equivalents and restricted cash at end of the period   4,858,767    7,288,270    299,497,432 
                
Supplement disclosures of non-cash activities               
Debt conversion to equity   1,173,000    20,000,000    821,861,516 
Non-cash property, plant and equipment additions   7,170,805    3,739,758    153,678,159 
Establishment of right-of-use assets and lease liabilities at commencement dates, lease modification and other non-cash changes   3,684,748    (530,856)   (21,814,506)
                
Supplemental Disclosure               
Interest paid, net of capitalized interest   8,822,355    9,474,495    389,336,141 
Income tax paid   103,574    11,636    478,159 

 

(*)As adjusted retrospectively to reflect the historical financial statements of VinES and its subsidiaries acquired on January 19, 2024, deemed as reorganization under common control.

 

12 

 

 

Industry and Market Data

 

This press release contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including but not limited to information regarding the Company’s market position and its performance compared to historical performance of other industry players. VinFast has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent limitations and uncertainties.

 

Forward Looking Statements

 

Forward-looking statements contained herein, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the risk associated with being a growth-stage company in the EV industry; (ii) the unavailability, reduction or elimination of government and economic incentives or government policies that are favorable for EV manufacturers and buyers; (iii) Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries; (iv) the Company’s ability to adequately control the costs associated with its operations; (v) the risks of the Company’s brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity; (vi) competition in the automotive industry; (vii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes from its suppliers;(viii) the demand for, and consumers’ willingness to adopt, EVs; (ix) the availability and accessibility of EV charging stations or related infrastructure; (x) failure to remediate the Company’s material weaknesses and produce timely and accurate financial statements; (xi) the ability of the Company to achieve profitability, positive cash flows from operating activities, and a net working capital surplus; (xii) the Company’s ability to obtain commercially reasonable capital to support its business growth; (xiii) the risk of future restatements to the Company’s Financial Statements; (xiv) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates; (xv) the Company’s reliance on its affiliates for its EV deliveries; (xvi) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company; and (xvii) other risks discussed in our reports filed or furnished to the SEC.

 

All forward-looking statements attributable to us or people acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.

 

13 

 

 

Exchange Rates

 

This announcement contains translations of certain Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Vietnam Dong to U.S. dollars were made at the rate of VND24,335 to US$1.00, representing the central exchange rate quoted by the State Bank of Vietnam Operations Centre as of December 31, 2024. The Company makes no representation that the Vietnam Dong or U.S. dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all.

 

VinFast Investor Relations and Media Contacts

 

For more information, please visit: http://ir.vinfastauto.us.

 

Investor Relations

 

ir@vinfastauto.com

 

About VinFast Auto Ltd.

 

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us

 

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