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FAIR VALUE HIERARCHY (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE HIERARCHY

Schedule of financial assets and liabilities by classes that are carried at fair value

​

​	​	​	​	​	​	​	​	​
​		As of December 31, 2022
​	​	Quoted prices in	​	​	​	Significant	​	​
​	​	active markets for	​	Significant other	​	unobservable	​	​
​	​	identical instruments	​	observable inputs	​	inputs	​	Total
​	​	(Level 1)	​	(Level 2)	​	(Level 3) (*)	​	​
​	​	VND million	​	VND million	​	VND million	​	VND million
Financial assets:	​		​		​		​
Financial assets at fair value through profit or loss	​		​		​		​
- Derivative assets — cross-currency interest rate swaps contracts (i)		—		—		1,229,050		1,229,050
In which:	​	​	​	​	​	​	​	​
Non-current portion	​	—	​	—	​	696,332	​	696,332
Current portion	​	—	​	—	​	532,718	​	532,718
At December 31, 2022		—		—		1,229,050		1,229,050
Financial liabilities:
Financial liabilities at fair value through profit or loss
- Long-term financial liabilities in respect of DPS2 (Note 21)		—		—		15,180,723		15,180,723
At December 31, 2022		—		—		15,180,723		15,180,723

(*) There were no transfers into or out of Level 3 of the fair value hierarchy during the year ended December 31, 2022.

​

​	​	​	​	​	​	​	​	​	​	​
​		As of December 31, 2023
​	​	Quoted prices in	​	​	​	Significant	​	​	​	​
​	​	active markets for	​	Significant other	​	unobservable	​	​	​	​
​	​	identical instruments	​	observable inputs	​	inputs	​	Total	​	Total
​	​	(Level 1)	​	(Level 2)	​	(Level 3) (*)	​	​	​	​
​	​	VND million	​	VND million	​	VND million	​	VND million	​	USD
Financial assets:	​		​		​		​		​
Financial assets at fair value through profit or loss	​		​		​		​		​
- Derivative assets — cross-currency interest rate swaps contracts (i)		—		—		614,134		614,134		25,732,590
In which:
Non-current portion		—		—		66,124		66,124		2,770,636
Current portion		—		—		548,010		548,010		22,961,954
At December 31, 2023		—		—		614,134		614,134		25,732,590
Financial liabilities:
Financial liabilities at fair value through profit or loss
- Financial liabilities in respect of DPS2 (Note 21)		—		—		18,258,063		18,258,063		765,024,009
- Warrant liability (Note 21)	​	137,057	​	—	​	—	​	137,057	​	5,742,772
In which:	​	​	​	​	​	​	​	​	​	​
Non-current portion	​	137,057	​	—	​	—	​	137,057	​	5,742,772
Current portion	​	—	​	—	​	18,258,063	​	18,258,063	​	765,024,009
At December 31, 2023		137,057		—		18,258,063		18,395,120		770,766,781

(*) There were no transfers into or out of Level 3 of the fair value hierarchy during the year ended December 31, 2023.

Schedule of reconciliations of significant assets and liabilities categorized within Level 3 under the fair value hierarchy

​

​	​	​	​	​	​	​	​	​
​		​	​	​		Net change in unrealized		​
​	​	As of	​	Initial recognition	​	fair value recognized in	​	As of
​	​	January 1,	​	during	​	consolidated statements	​	December 31,
​	​	2022	​	the year	​	of operations	​	2022
​	​	VND million	​	VND million	​	VND million	​	VND million
Financial assets:	​		​	​	​		​
Financial assets at fair value through profit or loss	​		​	​	​		​
- Derivative asset — cross-currency interest rate swaps contract (i)	​	5,291	​	—	​	1,223,759	​	1,229,050
In which:	​	​	​	​	​	​	​	​
Non-current portion	​	5,291	​	—	​	691,041	​	696,332
Current portion	​	—	​	—	​	532,718	​	532,718
Financial liabilities:			​	​
Financial liability at fair value through profit or loss			​	​
- Financial liabilities in respect of DPS2 (Note 21)	​	—	​	13,995,359	​	1,185,364	​	15,180,723
- Derivative liabilities — cross-currency interest rate swaps contracts(i)		2,003,184	​	—		(2,003,184)		—
In which:		​	​	​
Non-current portion		891,711	​	13,995,359		293,653		15,180,723
Current portion		1,111,473	​	—		(1,111,473)		—

​

​	​	​	​	​	​	​	​	​	​	​
​	​	As of	​	Net change in	​	​	​	As of	​	As of
​	​	January 1,	​	fair value	​	​	​	December 31,	​	December 31,
​	​	2023	​	during the year	​	Reclassification	​	2023	​	2023
​	​	VND million	​	VND million	​	VND million	​	VND million	​	USD
Financial assets:	​		​		​		​		​
Financial assets at fair value through profit or loss	​		​		​		​		​
- Derivative asset — cross-currency interest rate swaps contract (i)	​	1,229,050	​	(614,916)	​	—	​	614,134	​	25,732,590
In which:
Non-current portion		696,332		(630,208)		—		66,124		2,770,636
Current portion		532,718		15,292		—		548,010		22,961,954
Financial liabilities:
Financial liability at fair value through profit or loss
- Financial liabilities in respect of DPS2 (Note 21)		15,180,723		3,077,340		—		18,258,063		765,024,009
In which:
Non-current portion		15,180,723		3,077,340		(18,258,063)		—		—
Current portion		—		—		18,258,063		18,258,063		765,024,009

(i)The Group entered into non-transferable cross-currency interest rate swap (“CCIRS”) contracts with financial institutions for syndicated loans No.1, No.2, and No.3. Under the terms of the CCIRS contracts, the Group will receive floating interests based on outstanding USD notional amount every interest payment date, and in turn will pay fixed interest for such loans based on the outstanding VND notional amount. In addition, at each principal repayment date, the Group will pay a fixed amount in VND based on the USD-VND exchange rate for such loans at inception of the CCIRS for receiving a notional amount in USD with the financial institutions. The CCIRS contract of the loan No.3 was expired in April 2023. The outstanding notional amounts of the Group’s derivative instruments were maximum equal to the carrying value of syndicated loans No. 1 and No. 2 as disclosed in Note 11.2.

Schedule of valuation methods and assumptions

​

​	​	​	​	​	​	​	​	​
​		Valuation		​		Significant unobservable		Rate
Item	​	technique	​	Valuation date	​	inputs	​	(%/annum)
CCIRS contract of the loan No.1	​	Discounted Cash Flow (“DCF”)	​	December 31, 2022	​	Interpolated LIBOR for subsequent years	​	4.41-4.96
​	​	​		December 31, 2023		Interpolated SOFR for subsequent years	​	4.70-5.54
CCIRS contract of the loan No.2	​	DCF		December 31, 2022		Interpolated LIBOR for subsequent years		4.54-4.97
​	​	​		December 31, 2023		Interpolated SOFR for subsequent years	​	4.98-5.57
CCIRS contract of the loan No.3	​	DCF		December 31, 2022		Interpolated LIBOR for subsequent years		4.86-4.89
​	​	​		December 31, 2023		Interpolated SOFR for subsequent years	​	Expired in April 2023
Financial liabilities in respect of DPS2	​	Binomial option pricing model – Lattice model and DCF		December 31, 2022		Credit spread of the Company (ii)		12.46
​	​	​		​	​	Probability of expected events & expected exercise date Fair value of the ordinary shares ($) (i)	​	3.31
​	​	​		​	​	Dividend yield ($) (ii)	​	0
​	​	​	​	​	​	Volatility (ii)	​	85%-88%
​	​	Binomial option pricing model – Lattice model and Available Market Price (AMP)	​	December 31, 2023	​	Credit spread of the Company (ii)	​	12.46
​	​	​	​	​	​	Probability of expected events & expected exercise date	​	​
​	​	​	​	​	​	Dividend yield ($) (ii)	​	0
​	​	​	​	​	​	Volatility (ii)	​	66.6%

(i) The fair value of ordinary shares as of December 31, 2022 was estimated based on the DCF method. Because there has been no public market for ordinary shares, the Company with the assistance of an independent third-party valuer has determined the fair value of ordinary shares by considering a number of objective and subjective factors, including, amongst others, operating and financial performance and trends in industry.

​

20.FAIR VALUE HIERARCHY (continued)

The fair value of the ordinary shares as of December 31, 2023 of $8.37 is determined as the market price of AMP ordinary shares as at the valuation date with the assistance of an independent third party valuer. An increase/decrease in the estimated fair value of ordinary shares would result in an increase/decrease in fair value of the Financial liabilities in respect of DPS2.

(ii) The risk-free rates are estimated based on the curve of USD SOFR rates, swap rates, future rates as at the valuation date. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. The expected volatility at valuation date is estimated based on historical volatilities of comparable companies mirroring the remaining time to respective conversion or maturity date of the EB.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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