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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET  
PROPERTY, PLANT AND EQUIPMENT, NET

9.PROPERTY, PLANT AND EQUIPMENT, NET

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As of December 31, 

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2022

    

2023

    

2023

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VND million

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VND million

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USD

Freehold land

 

1,854,095

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2,014,497

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84,408,657

Buildings and structures

 

18,212,817

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20,730,635

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868,626,288

Machinery and equipment

 

42,641,762

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53,408,565

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2,237,851,546

Leased-out batteries

 

2,383,095

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4,782,818

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200,403,000

Vehicles

 

1,135,902

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2,316,130

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97,047,264

Office equipment

 

861,099

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845,043

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35,407,819

Others

 

92,280

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102,120

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4,278,890

Subtotal

 

67,181,050

 

84,199,808

 

3,528,023,464

Less: Accumulated depreciation

 

(8,938,736)

 

(14,443,576)

 

(605,194,670)

Less: Impairment charges

 

(1,053,647)

 

(2,077,258)

 

(87,038,381)

Total property, plant and equipment, net

 

57,188,667

 

67,678,974

 

2,835,790,413

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The Group recorded depreciation expenses of VND5,849,238 million (USD245.1 million), VND3,924,658 million and VND3,981,389 million for the years ended December 31, 2023, 2022 and 2021 respectively.

In 2023, the Group identified specific impairment indicators associated with individual assets of leased-out batteries due to competitive lease subscription fee provided to customers. The Group impaired these identified assets based on contractual lease payments agreed with customers. Impairment charges of VND1,023,611 million (USD42.9 million) relating to leased-out batteries under the Automotive and E-scooter segments were recognized during the year (2022: VND1,053,647 million).

As of December 31, 2023, a portion of property, plant and equipment was mortgaged with banks to secure the Group’s loans and debts (Note 11).

As of December 31, 2022, certain items of property, plant and equipment were classified as non-current assets held for sale due to the plan to dispose of these assets (Note 23).

During the year, the amount of interest cost that has been capitalized is VND669.4 billion (USD28.0 million) (2022: VND357 billion, 2021: VND323 billion).