XML 88 R53.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
TRANSACTIONS WITH RELATED PARTIES |
Schedule of principal related parties with which the Group had significant transactions | The principal related parties with which the Group had significant transactions during the years ended December 31, 2023, 2022 and 2021 presented are as follows:
​ | ​ | ​
Related parties |  | Relationship with the Company
Pham Nhat Vuong |  | General Director
Vingroup JSC |  | Ultimate Parent
VIG |  | Shareholder
Asian Star Trading & Investment Pte. Ltd. (“Asian Star”) |  | Shareholder
VinES Energy Solutions JSC (“VinES JSC”) | ​ | Entity under common control
Vinbus Ecology Transport Services Limited Liability Company (“Vinbus Ecology LLC”) | ​ | Entity under common control
Vincom Retail JSC |  | Entity under common control
Vincom Retail Operation Company Limited (“Vincom Retail Operation LLC”) | ​ | Entity under common control
VIN3S JSC |  | Entity under common control
Vinhomes Industrial Zone Investment JSC (“VHIZ JSC”) | ​ | Entity under common control
Vinhomes JSC |  | Entity under common control
Vinpearl JSC |  | Entity under common control
Vinsmart Research and Manufacture JSC (“Vinsmart JSC”) |  | Entity under common control
VinFast Lithium Battery Pack Limited Liability Company (“VinFast Lithium Battery Pack LLC”) |  | Associate of Parent Company
SADO JSC |  | Entity under common control
Times Trading Investment and Development One Member LLC |  | Entity under common control
Vinbiocare Biotechnology JSC |  | Entity under common control
Thai Son Construction Investment JSC |  | Entity under common control
Green and Smart Mobility Joint Stock Company (“GSM JSC”) | ​ | Entity under common control
Ecology Development and Investment Joint Stock Company (“Ecology JSC”) | ​ | Entity under common control
Suoi Hoa Urban Development and Investment Joint Stock Company (“Suoi Hoa JSC”) | ​ | Entity under common control
VinCSS Internet Security Services Joint Stock Company (“VinCSS JSC”) | ​ | Entity under common control
VinITIS Transmission Infrastructure and Information Technology Solution (“VinITIS JSC”) | ​ | Entity under common control
Vantix Technology Solutions and Services Joint Stock Company | ​ | Entity under common control
VinBigData Joint Stock Company (“VinBigData JSC”) | ​ | Entity under common control
Schedule of significant transactions with related parties | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | For the year ended December 31,
​ | ​ | ​ | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | 2023
Related party | ​ | Transactions | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Vingroup JSC |  | Borrowings |  | 31,938,007 |  | 51,879,878 |  | 73,708,579 | ​ | 3,088,434,551
​ |  | Borrowings (converted from interest payable) |  | — |  | 2,625,845 |  | — | ​ | —
​ |  | Borrowings (converted from the Group’s consideration payable to Vingroup JSC for acquisition of Vingroup Investment) |  | 4,693,380 |  | — |  | — | ​ | —
​ |  | Interest expense |  | 1,229,683 |  | 2,349,133 |  | 3,757,113 | ​ | 157,425,333
​ |  | Capital contribution by offsetting against 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,
​ | ​ | ​ | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | 2023
Related party | ​ | Transactions | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Asian Star | ​ | Borrowings | ​ | — | ​ | 94,920 | ​ | — | ​ | —
​ | ​ | Capital contribution receipt in cash | ​ | — | ​ | 47,569 | ​ | — | ​ | —
​ | ​ | Sponsorship contribution – accounted for as deemed contribution | ​ | — | ​ | — | ​ | 1,667,786 | ​ | 69,881,254
VIG |  | Payable due to the acquisition of VinFast Vietnam by 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,
​ | ​ | ​ | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | 2023
Related party | ​ | Transactions | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
VinES JSC |  | Sale of battery parts and finished batteries |  | — | ​ | 1,355,548 |  | — |  | —
​ |  | Transfer of battery production facilities |  | — | ​ | 5,061,503 |  | 85,799 |  | 3,595,031
​ | ​ | Processing fee | ​ | — | ​ | — | ​ | 892,591 | ​ | 37,400,109
​ |  | Purchase of finished battery packs, tools and service |  | — | ​ | 5,413,397 |  | 1,309,497 |  | 54,868,725
​ |  | Payment on behalf related to batteries purchase |  | — | ​ | 7,448,574 |  | 16,813 |  | 704,475
​ | ​ | Purchase of raw material and spare parts | ​ | — | ​ | — | ​ | 699,999 | ​ | 29,330,386
Vinsmart JSC | ​ | Purchase of fixed assets, tools, materials and goods | ​ | 595,827 | ​ | 3,178,988 | ​ | 25,279 | ​ | 1,059,206
​ |  | Loan receivable |  | 1,227,000 | ​ | — |  | — |  | —
​ |  | Transfer of investments |  | 634,406 | ​ | — |  | — |  | —
​ |  | Purchase of smartphones |  | 930,065 | ​ | — |  | — |  | —
VHIZ JSC |  | Contractual profit sharing under business investment 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
VinCSS JSC | ​ | Information technology service fee | ​ | 8,505 | ​ | 73,421 | ​ | 94,196 | ​ | 3,946,870
VinITIS JSC | ​ | Information technology service fee | ​ | 25,917 | ​ | 28,959 | ​ | 60,020 | ​ | 2,514,875
VinBigData JSC |  | Purchase of assets and tools |  | — | ​ | 43,273 |  | 49,385 |  | 2,069,262
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31
​ |  | 2022 |  | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | USD
Amounts due from related parties |  |  |  |  |  |
Short-term loans, advance to and receivables from related parties. |  | 1,978,097 |  | 3,080,663 |  | 129,081,664
Short-term loans (Note 22a) |  | 545,400 |  | — |  | —
Short-term advance to and receivables (Note 22b) |  | 1,432,697 |  | 3,080,663 |  | 129,081,664
Long-term loans to and receivables |  | 44,533 |  | 47,443 |  | 1,987,891
Long-term receivables |  | 44,533 |  | 47,443 |  | 1,987,891
Total |  | 2,022,630 |  | 3,128,106 |  | 131,069,555
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts due to related parties |  |  |  |  |  |
Short-term payables to and borrowings from related parties |  | 17,325,317 |  | 44,338,043 |  | 1,857,791,125
Short-term payables (Note 22b) |  | 16,605,397 |  | 6,910,748 |  | 289,564,568
Short-term borrowings (Note 22a) |  | 719,920 |  | 37,427,295 |  | 1,568,226,557
Long-term payables to related parties |  | 21,918,710 |  | 18,151,355 |  | 760,552,879
Long-term payables (Note 22b) |  | 14,371,365 |  | 15,765,658 |  | 660,590,715
Long-term borrowings (Note 22a) |  | 7,547,345 |  | 2,385,697 |  | 99,962,164
Total |  | 39,244,027 |  | 62,489,398 |  | 2,618,344,004
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Interest rate |  | ​
Related parties | ​ | VND million | ​ | per annum | ​ | Maturity date
Short-term borrowings from related parties | ​ |  | ​ |  | ​ |
Vingroup JSC |  | 37,410,790 |  | From 5.7% to 12 | % | From February 2024 to December 2024
Vinpearl Australia Pty Ltd. | ​ | 16,505 | ​ | 7 | % | August 2024
Total |  | 37,427,295 |  |  |  |
Long-term borrowings from a related party |  |  |  |  |  |
Vingroup JSC |  | 2,385,697 |  | From 14.5% to 15 | % | August 2025 and September 2026
Total |  | 2,385,697 |  |  |  |
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Interest rate |  | ​
Related parties | ​ | VND million | ​ | per annum | ​ | Maturity date
Short-term loans to a related party | ​ |  | ​ |  | ​ |
Vinpearl JSC | ​ | 545,400 | ​ | 9 | % | September 2023
Total |  | 545,400 |  |  |  |
Short-term borrowings from related parties |  |  |  |  |  |
Vingroup JSC | ​ | 325,000 | ​ | 9 | % | From August 2023 to October 2023
Vinpearl JSC | ​ | 300,000 | ​ | 9 | % | August 2023
Asian Star | ​ | 94,920 | ​ | 7.5 | % | June 2023
Total |  | 719,920 |  |  |  |
Long-term borrowings from a related party |  |  |  |  |  |
Vinpearl JSC |  | 7,547,345 |  | 9 | % | February 2024 and December 2026
Total |  | 7,547,345 |  |  |  |
​
​ | ​ | ​ | ​ | ​
Related parties |  | Transactions |  | VND million
Short-term advance to and receivables from related parties |  |  |  |
GSM JSC | ​ | Receivable from sale of vehicles | ​ | 2,295,142
Ecology JSC | ​ | Receivable from sale of electric buses | ​ | 275,215
VinES JSC | ​ | Receivable from disposal of assets | ​ | 237,184
Vinhomes JSC | ​ | Receivable from sale of smart devices | ​ | 87,735
Vinbus Ecology LLC | ​ | Receivable from sale of electric buses | ​ | 75,010
VHIZ JSC |  | Payment on behalf and others |  | 36,760
Others |  | Other advance and short-term receivables |  | 73,617
Total |  | ​ |  | 3,080,663
Short-term payables to related parties |  |  |  |
VHIZ JSC |  | Payable for leaseback transaction and others |  | 1,165,590
Vingroup JSC |  | Interest payables and others |  | 1,781,633
Vinsmart JSC | ​ | Payable for purchasing of raw materials and assets | ​ | 114,633
Vinhomes JSC |  | Car vouchers which have not been redeemed |  | 888,801
​ |  | Other payables |  | 1,496,378
VinES JSC |  | Payable for purchasing of goods and services |  | 901,233
Vin3S JSC |  | Payable for purchasing of assets and services |  | 58,408
Others |  | Other payables |  | 504,072
Total |  | ​ |  | 6,910,748
Long-term payables to related parties |  |  |  |
VHIZ JSC |  | Payables for leaseback transaction and others |  | 15,296,294
Vingroup JSC |  | Interest payables |  | 469,364
Total |  | ​ |  | 15,765,658
​
​ | ​ | ​ | ​ | ​
Related parties |  | Transactions |  | VND million
Short-term advance to and receivables from related parties |  |  |  |
VinES JSC | ​ | Receivable from disposal of assets | ​ | 1,000,000
VinFast Lithium Battery Pack LLC |  | Receivable from disposal of assets and selling material |  | 46,270
Vinpearl JSC |  | Interest receivables |  | 133,626
​ | ​ | Advance for purchase of vouchers | ​ | 91,944
​ | ​ | Other receivables | ​ | 24,634
Vingroup JSC | ​ | Receivable from providing services and disposal of assets | ​ | 45,676
VHIZ JSC | ​ | Payment on behalf and others | ​ | 38,413
Others |  | Other advance and short-term receivables |  | 52,134
Total |  | ​ |  | 1,432,697
Short-term payables to related parties |  | ​ |  |
VHIZ JSC |  | Payable relating to leaseback transaction and others |  | 919,493
Vingroup JSC | ​ | Car vouchers which have not been redeemed | ​ | 699,390
​ |  | Interest payables and others |  | 113,883
Vinsmart JSC | ​ | Payable for purchasing of raw materials and assets | ​ | 2,038,084
Vinhomes JSC |  | Car vouchers which have not been redeemed |  | 3,520,132
​ | ​ | Other payables | ​ | 84,801
VinES JSC | ​ | Payable relating to purchase of goods and services | ​ | 8,816,483
Vin3S JSC | ​ | Payable relating to purchase of assets and services | ​ | 104,792
Others |  | Other payables |  | 308,339
Total |  | ​ |  | 16,605,397
Long-term payables to related parties |  |  |  |
VHIZ JSC |  | Payables relating to leaseback transaction and others |  | 14,274,362
Vingroup JSC |  | Interest payables |  | 97,003
Total |  | ​ |  | 14,371,365
​

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of principal related parties with which the company had significant transactions during the period. + References No definition available. + Details
Name: | vfs_ScheduleOfPrincipalRelatedPartiesWithWhichCompanyHadSignificantTransactionsTableTextBlock
Namespace Prefix: | vfs_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration