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LEASES | 12 Months Ended
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Dec. 31, 2023
LEASES |
LEASES | 17.LEASES Group as a lessee The Group determines whether an arrangement is a lease at inception. The Group has entered into various non-cancellable operating lease agreements for lands, showrooms, ship, offices and tooling used in its operations. The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of or less than 12 months). As most of the leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ​ 17.LEASES (continued) The balances for the operating leases where the Group is the lessee are presented as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31,
​ | ​ | 2022 |  | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | USD
Operating lease |  |  |  |  |  |
Right-of-use assets – Operating lease |  | 4,558,983 |  | 7,074,785 |  | 296,437,819
Total operating lease liabilities |  | 4,025,234 |  | 6,847,762 |  | 286,925,417
In which: |  | ​ |  | ​ |  | ​
Current portion of operating lease liabilities |  | 768,883 |  | 1,520,305 |  | 63,701,710
Non-current operating lease liabilities |  | 3,256,351 |  | 5,327,457 |  | 223,223,707
In which: |  | ​ |  | ​ |  | ​
Lease liabilities from related parties (*) |  | 689,846 |  | 1,098,369 |  | 46,022,333
Lease liabilities from third parties |  | 3,335,388 |  | 5,749,393 |  | 240,903,084
(*) Detail of balance of lease liabilities from related parties are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2022 |  | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | USD
Vinhomes JSC |  | 41,517 |  | 36,133 |  | 1,513,995
VHIZ JSC | ​ | — | ​ | 480,290 | ​ | 20,124,445
Vincom Retail JSC |  | 237,939 |  | 251,927 |  | 10,555,895
Vincom Retail Operation LLC | ​ | 410,390 | ​ | 310,162 | ​ | 12,995,978
Others |  | — |  | 19,857 |  | 832,020
TOTAL |  | 689,846 |  | 1,098,369 |  | 46,022,333
​ The components of lease expense are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2021 | ​ | 2022 |  | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Operating lease expense |  | 336,644 | ​ | 757,710 |  | 1,729,244 |  | 72,456,381
Finance lease expense |  | 12,421 | ​ | — |  | — |  | —
​ Other information related to operating leases where the Group is the lessee is as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
​ |  | 2022 |  | 2023 |
Weighted-average remaining lease term: (months) | ​ | ​ | ​ | ​ | ​
Operating lease |  | 79 |  | 76 | ​
Weighted-average discount rate: |  |  |  |  | ​
Operating leases |  | 9.20 | % | 11.26 | %
​ ​ 17.LEASES (continued) Supplemental cash flow information related to operating leases where the Group is the lessee was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2021 |  | 2022 | ​ | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  | ​ | ​ |  |
Operating cash outflows from operating leases |  | 289,642 |  | 638,235 | ​ | 1,549,627 |  | 64,930,319
​ As of December 31, 2023 and 2022, the maturities of operating lease liabilities (excluding short-term leases) were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2022 |  | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | USD
Less than 1 year |  | 811,630 |  | 1,611,095 |  | 67,505,866
From 1 to 2 years |  | 905,685 |  | 1,829,025 |  | 76,637,266
From 2 to 3 years |  | 904,013 |  | 1,700,901 |  | 71,268,792
From 3 to 4 years |  | 822,308 |  | 1,513,648 |  | 63,422,777
From 4 to 5 years |  | 647,396 |  | 949,310 |  | 39,776,670
Thereafter |  | 2,086,969 |  | 2,711,211 |  | 113,601,399
TOTAL |  | 6,178,001 |  | 10,315,190 |  | 432,212,770
Less: Imputed interest |  | 2,152,767 |  | 3,467,428 |  | 145,287,353
Present value of lease obligations |  | 4,025,234 |  | 6,847,762 |  | 286,925,417
Less: Current portion |  | 768,883 |  | 1,520,305 |  | 63,701,710
Non-current portion of lease obligations |  | 3,256,351 |  | 5,327,457 |  | 223,223,707
​ Group as a lessor Operating Lease and Sales-type Lease Receivables The Group is the lessor of batteries of EV and E-scooter (Note 2(p)). As of December 31, 2023 and 2022, maturities of our operating lease and sales-type lease receivables from customers for each of the next five years and thereafter were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Sale-type lease | ​ | Operating lease
​ | ​ | As of December 31, | ​ | As of December 31,
​ | ​ | 2022 | ​ | 2023 | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2023
​ |  | VND million |  | VND million |  | USD |  | VND million |  | VND million |  | USD
Less than 1 year |  | 18,677 |  | 107,553 |  | 4,506,536 |  | 92,632 |  | 165,767 |  | 6,945,739
From 1 to 2 years |  | 18,677 |  | 107,553 |  | 4,506,536 |  | 92,632 |  | 165,767 |  | 6,945,739
From 2 to 3 years |  | 18,677 |  | 107,553 |  | 4,506,536 |  | 92,632 |  | 165,767 |  | 6,945,739
From 3 to 4 years |  | 18,677 |  | 107,553 |  | 4,506,536 |  | 92,632 |  | 165,767 |  | 6,945,739
From 4 to 5 years |  | 18,677 |  | 107,553 |  | 4,506,536 |  | 92,632 |  | 165,767 |  | 6,945,739
Thereafter |  | 56,031 |  | 322,353 |  | 13,506,789 |  | 367,748 |  | 653,545 |  | 27,383,935
TOTAL |  | 149,416 |  | 860,118 |  | 36,039,469 |  | 830,908 |  | 1,482,380 |  | 62,112,630
​ ​ 17.LEASES (continued) Net investment in sales-type leases Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the consolidated balance sheet as a component of prepaid expenses and other current assets for the current portion and as other assets for the non-current portion. Lease receivables relating to sales-type leases are presented on the consolidated balance sheet as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2022 |  | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | USD
Gross lease receivables |  | 149,417 |  | 904,418 |  | 37,895,667
Received cash |  | (2,649) |  | (53,765) |  | (2,252,786)
Unearned interest income |  | (59,258) |  | (142,436) |  | (5,968,156)
Net investment in sales-type leases |  | 87,510 |  | 708,217 |  | 29,674,725
Reported as: |  | ​ |  | ​ |  | ​
Current net investment in sales-type lease |  | 5,448 |  | 87,552 |  | 3,668,482
Non-current net investment in sales-type lease |  | 82,062 |  | 620,665 |  | 26,006,243
Net investment in sales-type leases |  | 87,510 |  | 708,217 |  | 29,674,725
​ Lease income in operating lease ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2021 |  | 2022 | ​ | 2023 |  | 2023
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Lease income relating to lease payments |  | 11,466 |  | 26,387 | ​ | 233,817 |  | 9,797,059
Lease income relating to variable lease payments not included in the measurement of the lease receivable |  | 7,770 |  | 14,065 | ​ | 67,272 |  | 2,818,722
​

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