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INVENTORIES, NET

12 Months Ended

Dec. 31, 2023

INVENTORIES, NET

INVENTORIES, NET

7.INVENTORIES, NET

The classification of inventory balance as of December 31, 2023 and 2022 is as follows:


		At lower of cost and net realizable value
		As of December 31,
		2022		2023		2023
		VND million		VND million		USD
Raw materials		12,096,176		14,557,976		609,988,100
Finished goods, including service parts		3,733,281		8,577,754		359,413,140
Good in transit		2,479,342		1,862,582		78,043,325
Work in progress		2,976,984		3,420,292		143,312,327
Merchandises		124,375		25,343		1,061,887
Tools and spare parts		197,119		222,048		9,303,948
TOTAL		21,607,277		28,665,995		1,201,122,727

As of December 31, 2023, inventories with the carrying value of VND936.3 billion (USD39.2 million) (2022: VND500 billion) are used as collateral for borrowings of the Group as presented in Note 11.

Finished goods include vehicles, e-scooters and service parts.

Battery leases accounted for as operating leases (Note 2(q)) are transferred to Property, Plant and Equipment once the lease commences (concurrently with the sales of vehicles).

Out of the total amount recognized for inventories on December 31, 2023, inventories measured at cost amounted to VND36,572.7 billion (USD1,532.4 million) (2022: VND27,854.2 billion, 2021:VND9,208,796 million). Inventory write-downs recognized in cost of sales for the year ended 2023 were VND5,483.1 billion (USD229.7 million) (2022: VND5,143.9 billion, 2021: VND2,385,334 million).