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INTANGIBLE ASSETS, NET AND GOODWILL | 12 Months Ended
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Dec. 31, 2023
INTANGIBLE ASSETS, NET AND GOODWILL |
INTANGIBLE ASSETS, NET AND GOODWILL | 10.INTANGIBLE ASSETS, NET AND GOODWILL ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2022 | ​ | As of December 31, 2023
​ | ​ | ​ | ​ | Accumulated | ​ | Net carrying | ​ | ​ | ​ | Accumulated | ​ | Net carrying | ​ | Net carrying
​ | ​ | Cost | ​ | amortization | ​ | value | ​ | Cost | ​ | amortization | ​ | value | ​ | 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
(i) | Weighted-average remaining useful life of 53 months as of December 31, 2023 (2022: 43 months, 2021: 48 months).
​ 10.INTANGIBLE ASSETS, NET AND GOODWILL (continued) The Group recorded amortization expenses of VND466,454 million (USD19.5 million), VND2,341,850 million and VND897,562 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table identifies the estimated amortization expense of the Group’s intangible assets as of December 31, 2023 for each of the next five years (in VND million):
​ | ​ | ​
2024 |  | 353,048
2025 |  | 356,247
2026 |  | 205,287
2027 |  | 153,558
2028 and thereafter |  | 223,580
​ Impairment testing of goodwill of the Group Allocation of goodwill Goodwill has been allocated to the Group’s reporting units that are expected to benefit from the synergies of the combination. The reporting units are identified according to main product lines as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Reporting unit | ​ | Goodwill allocated
​ | ​ | As of December 31,
​ |  | 2022 |  | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | USD
Automotive |  | 262,252 |  | — |  | —
E-scooter |  | 9,951 |  | — |  | —
Total |  | 272,203 |  | — |  | —
​ The reporting unit of Automotive is one level below the Automobiles operating segment, whereas the E-scooter reporting unit and E-scooter operating segment are at the same level. The Group does not aggregate any reporting units for the purpose of testing goodwill for impairment. Testing impairment for reporting units The Group is required to test its goodwill for impairment annually and more frequently if indicators of impairment exist. There were no accumulated impairment losses as of December 31, 2022. As of December 31, 2023, the Group elected to bypass the qualitative assessment and proceeded directly to perform the quantitative goodwill impairment test for the reporting units. For the purpose of fair value measurement, the current use of the assets is considered as the highest and best use. Accordingly, fair value is calculated using cash flow projections from financial budgets approved by management covering the period from the reporting dates to the end of next five financial years; and extrapolated using a steady growth rate (terminal growth rate) of 3% (in 2022: 3%). The after-tax discount rate applied to cash flow projections is 16% (2022: 15%). As a result of updating the estimates and assumptions after taking into account of actual performance, the estimated fair value of the automotive and e-scooter reporting units were less than their respective carrying values. Therefore, management recorded a full impairment of VND272 billion (USD11.4 million) for goodwill, for the year ended December 31, 2023.

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