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CORPORATE INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

CORPORATE INCOME TAX

Summary of major components of tax expense

​

​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022	​	2023		2023
​	​	VND million	​	VND million	​	VND million	​	USD
Income taxes					​	​
Current income tax expense		58,701		—	​	111,426		4,668,859
Deferred income tax expense/(income)		150,536		946,738	​	(22,294)		(934,174)
Income tax expense reported in the consolidated statement of operations		209,237		946,738	​	89,132		3,734,685

Summary of reconciliation of tax computed by applying the Vietnam's statutory tax rate of 20% to the Group's income tax expense

​

​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022	​	2023		2023
​	​	VND million	​	VND million	​	VND million	​	USD
Loss before tax expense		(32,009,724)		(48,902,132)	​	(57,382,539)		(2,404,363,492)
Income tax benefit computed at the Vietnam statutory tax rate of 20%		(6,401,985)		(9,780,426)	​	(11,476,508)		(480,872,691)
Effect of preferential tax rates		3,086,200		4,397,659	​	5,189,246		217,432,638
Foreign tax rates differential		(128,853)		(232,379)	​	(341,129)		(14,293,538)
Non-deductible expenses		181,983		684,104	​	2,411,043		101,024,110
Change in valuation allowance		3,471,892		5,877,780	​	4,306,480		180,444,166
Estimated income tax expense		209,237		946,738	​	89,132		3,734,685

Summary of deferred tax assets and deferred tax liabilities

​

​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022	​	2023		2023
​	​	VND million	​	VND million	​	VND million	​	USD
Deferred tax assets					​	​
Unrecognised tax loss carried forward		1,745,182		3,238,531	​	5,051,815		211,674,139
Deferred tax assets from lease back transaction		—		2,806,243	​	3,159,925		132,402,791
Written-off R&D expenses		118,549		877,778	​	2,136,302		89,512,361
Lease liabilities		384,044		904,451	​	1,063,152		44,546,719
Exceeding-deductible-cap interest expense carried forward		430,351		728,237	​	1,119,351		46,901,492
Start-up costs		—		704,720	​	794,479		33,289,156
Provision for net realizable value of inventory		11,281		192,142	​	443,048		18,563,982
Impairment of lease assets		—		122,954	​	44,663		1,871,407
Others		534,947		173,872	​	732,297		30,683,692
Total deferred tax assets		3,224,354		9,748,928	​	14,545,032		609,445,739
Less valuation allowance		(2,840,310)		(7,570,934)	​	(12,046,066)		(504,737,535)
Total deferred tax assets, net amount		384,044		2,177,994	​	2,498,966		104,708,204
Deferred tax liabilities					​	​
Deferred tax liabilities from lease back transaction		—		(2,115,120)	​	(2,202,528)		(92,287,271)
Right-of-use assets		(384,044)		(904,451)	​	(1,063,152)		(44,546,719)
Others		(1,243)		(106,404)	​	(158,973)		(6,661,066)
Total deferred tax liabilities		(385,287)		(3,125,975)	​	(3,424,653)		(143,495,056)
Net deferred tax liabilities		(1,243)		(947,981)	​	(925,687)		(38,786,852)
Reflected in the consolidated balance sheet as follows:					​	​
Deferred tax assets		50,219		—	​	—		—
Deferred tax liabilities		(51,462)		(947,981)	​	(925,687)		(38,786,852)
Deferred tax liabilities, net		(1,243)		(947,981)	​	(925,687)		(38,786,852)

Summary of movement of valuation allowance

​

​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2022	​	2023		2023
​	​	VND million	​	VND million	​	VND million	​	USD
Balance at beginning of the year		1,721,902		2,840,310	​	7,570,934		317,226,766
Additions		1,118,408		4,730,624	​	4,475,132		187,510,769
Balance at end of the year		2,840,310		7,570,934	​	12,046,066		504,737,535

Summary of tax losses mainly arising in Vietnam that will expire in several years for deduction against future taxable profit

​

​	​	​	​	​	​	​	​	​
​		​	​	​	​	​		Tax losses amount
​	​	​	​	Tax losses amount	​	Forfeited amount	​	after fortfeit
Originating year	​	Can be utilized up to	​	VND million	​	VND million	​	VND million
2018	​	2023	​	38,141	​	(38,141)	​	—
2019		2024	​	3,159,750	​	—		3,159,750
2020		2025	​	10,146,449	​	—		10,146,449
2021		2026	​	16,833,932	​	—		16,833,932
2022		2027	​	26,647,819	​	—		26,647,819
2023	​	2028	​	4,975,403	​	—	​	4,975,403
TOTAL		​	​	61,801,494	​	(38,141)		61,763,353

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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