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FAIR VALUE HIERARCHY | 12 Months Ended
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Dec. 31, 2024
FAIR VALUE HIERARCHY |
FAIR VALUE HIERARCHY | 21.FAIR VALUE HIERARCHY A.Fair value of financial instruments that are carried at fair value The fair value of financial assets and liabilities by classes that are carried at fair value are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2023
​ | ​ | 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) |  | — |  | — |  | 614,134 |  | 614,134
- Other investments (ii) | ​ | — | ​ | — | ​ | 918,040 | ​ | 918,040
In which: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current portion | ​ | — | ​ | — | ​ | 984,164 | ​ | 984,164
Current portion | ​ | — | ​ | — | ​ | 548,010 | ​ | 548,010
At December 31, 2023 |  | — |  | — |  | 1,532,174 |  | 1,532,174
Financial liabilities: |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |
- Financial liabilities in respect of DPS2 (Note 22) | ​ | — |  | — |  | 18,258,063 |  | 18,258,063
- Convertible debenture | ​ | — | ​ | — | ​ | 1,190,475 | ​ | 1,190,475
- Warrant liability | ​ | 137,057 | ​ | — | ​ | — | ​ | 137,057
In which: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current portion | ​ | 137,057 | ​ | — | ​ | — | ​ | 137,057
Current portion | ​ | — | ​ | — | ​ | 19,448,538 | ​ | 19,448,538
At December 31, 2023 |  | 137,057 |  | — |  | 19,448,538 |  | 19,585,595
(*) | There were no transfers into or out of Level 3 of the fair value hierarchy during the year ended December 31, 2023.
​ 21.FAIR VALUE HIERARCHY (continued) A.Fair value of financial instruments that are carried at fair value (continued) The fair value of financial assets and liabilities by classes that are carried at fair value are as follows (continued): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2024
​ | ​ | 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) |  | — |  | — |  | 185,787 |  | 185,787 |  | 7,634,559
- Other investments (ii) | ​ | — | ​ | — | ​ | 918,040 | ​ | 918,040 | ​ | 37,725,087
In which: |  |  |  |  |  |  |  |  |  |
Non-current portion |  | — |  | — |  | 918,040 |  | 918,040 |  | 37,725,087
Current portion |  | — |  | — |  | 185,787 |  | 185,787 |  | 7,634,559
At December 31, 2024 |  | — |  | — |  | 1,103,827 |  | 1,103,827 |  | 45,359,646
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |
- Financial liabilities in respect of DPS2 (Note 22) |  | — |  | — |  | 21,619,612 |  | 21,619,612 |  | 888,416,355
- Warrant liability | ​ | 36,326 | ​ | — | ​ | — | ​ | 36,326 | ​ | 1,492,747
In which: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current portion | ​ | 36,326 | ​ | — | ​ | — | ​ | 36,326 | ​ | 1,492,747
Current portion | ​ | — | ​ | — | ​ | 21,619,612 | ​ | 21,619,612 | ​ | 888,416,355
At December 31, 2024 |  | 36,326 |  | — |  | 21,619,612 |  | 21,655,938 |  | 889,909,102
(*) | There were no transfers into or out of Level 3 of the fair value hierarchy during the year ended December 31, 2024.
21.FAIR VALUE HIERARCHY (continued) A.Fair value of financial instruments that are carried at fair value (continued) Reconciliations of significant assets and liabilities categorized within Level 3 under the fair value hierarchy are as follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | Initial recognition | ​ | Net change in | ​ | ​ | ​ | As of
​ | ​ | January 1, | ​ | during | ​ | fair value | ​ | ​ | ​ | December 31,
​ |  | 2023 |  | the year |  | during the year |  | Reclassification |  | 2023
​ | ​ | 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) | ​ | 1,229,050 | ​ | — | ​ | (614,916) | ​ | — | ​ | 614,134
- Other investments (ii) | ​ | 918,040 | ​ | — | ​ | — | ​ | — | ​ | 918,040
In which: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current portion | ​ | 1,581,770 | ​ | — | ​ | (630,208) | ​ | 32,602 | ​ | 984,164
Current portion | ​ | 565,320 | ​ | — | ​ | 15,292 | ​ | (32,602) | ​ | 548,010
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: |  |  | ​ | ​ |  |  | ​ | ​ |  |
Financial liability at fair value through profit or loss |  |  | ​ | ​ |  |  | ​ | ​ |  |
- Financial liabilities in respect of DPS2 (Note 22) | ​ | 15,180,723 | ​ | — | ​ | 3,077,340 | ​ | — | ​ | 18,258,063
- Convertible debenture |  | — | ​ | 1,190,475 |  | — | ​ | — |  | 1,190,475
In which: |  | ​ | ​ | ​ |  |  | ​ | ​ |  |
Non-current portion |  | 15,180,723 | ​ | — |  | 3,077,340 | ​ | (18,258,063) |  | —
Current portion |  | — | ​ | 1,190,475 |  | — | ​ | 18,258,063 |  | 19,448,538
​ ​ 21.FAIR VALUE HIERARCHY (continued) A.Fair value of financial instruments that are carried at fair value (continued) Reconciliations of significant assets and liabilities categorized within Level 3 under the fair value hierarchy are as follow (continued): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | Net change in | ​ | ​ | ​ | As of | ​ | As of
​ | ​ | January 1, | ​ | fair value | ​ | Payment made | ​ | December 31, | ​ | December 31,
​ |  | 2024 |  | during the year |  | during the year |  | 2024 |  | 2024
​ | ​ | 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) | ​ | 614,134 | ​ | (428,347) | ​ | — | ​ | 185,787 | ​ | 7,634,559
- Other investments (ii) | ​ | 918,040 | ​ | — | ​ | — | ​ | 918,040 | ​ | 37,725,087
In which: |  |  |  |  |  |  |  |  |  |
Non-current portion |  | 984,164 |  | (66,124) |  | — |  | 918,040 |  | 37,725,087
Current portion |  | 548,010 |  | (362,223) |  | — |  | 185,787 |  | 7,634,559
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Financial liability at fair value through profit or loss |  |  |  |  |  |  |  |  |  |
- Financial liabilities in respect of DPS2 (Note 22) |  | 18,258,063 |  | 3,361,549 |  | — |  | 21,619,612 |  | 888,416,355
- Convertible debenture |  | 1,190,475 |  | — |  | (1,190,475) |  | — |  | —
In which: |  |  |  |  |  |  |  |  |  |
Non-current portion |  | — |  | — |  | — |  | — |  | —
Current portion |  | 19,448,538 |  | 3,361,549 |  | (1,190,475) |  | 21,619,612 |  | 888,416,355
(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 and No.2 was expired in April 2023 and November 2024, respectively. The outstanding notional amounts of the Group’s derivative instruments were maximum equal to the carrying value of syndicated loans No. 1 as disclosed in Note 13.2.
As of December 31, 2024, the total net amount of fair value of the CCIRS derivative assets were VND185.8 billion (USD7.6 million) (2023: VND614.1 billion). The Group opted not to designate the CCIRS under hedge accounting therefore, the whole fair value change was charged to the consolidated statement of operations. Net change in fair value of CCIRS derivative instruments for 2024 was recorded as net gain on financial instruments at fair value through profit or loss in the consolidated statement of operations. In the second quarter of 2023, certain CCIRS contracts were modified to replace the LIBOR rate with the Term Secured Overnight Financing Rate (“Term SOFR”). The Company elected to apply the optional expedient (with the required criteria met) to the modification of CCIRS contracts and accordingly, did not remeasure at the modification date.
(ii) | As of December 31, 2024, the Group has 3.75% voting shares in Storedot Ltd., equivalent to 2,219,970 series D preference shares of this company which was invested in December 2021.
​ 21.FAIR VALUE HIERARCHY (continued) BValuation processes Valuation methods and assumptions The following methods and assumptions were used for the estimation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy:
| ● | The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy as of December 31, 2024 and as of December 31, 2023 are shown below:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Valuation |  | ​ |  | Significant unobservable |  | Rate
Item | ​ | technique | ​ | Valuation date | ​ | inputs | ​ | (%/annum)
CCIRS contract of the loan No.1 | ​ | Discounted Cash Flow (“DCF”) | ​ | December 31, 2023 | ​ | Interpolated SOFR for subsequent years | ​ | 4.70 - 5.54
​ | ​ | ​ |  | December 31, 2024 |  | Interpolated SOFR for subsequent years | ​ | 4.45
CCIRS contract of the loan No.2 | ​ | DCF |  | December 31, 2023 |  | Interpolated SOFR for subsequent years |  | 4.98 - 5.57
​ | ​ | ​ |  | December 31, 2024 |  | Interpolated SOFR for subsequent years | ​ | Expired in November 2024
Financial liabilities in respect of DPS2 (*) | ​ | Binomial option pricing model – Lattice model and Available Market Price (AMP) |  | December 31, 2023 |  | Credit spread of the Company |  | 12.46
​ | ​ | ​ |  | ​ | ​ | Probability of expected events & expected exercise date | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Volatility | ​ | 66.6%
​ | ​ | Binomial option pricing model – Lattice model and Available Market Price (AMP) | ​ | December 31, 2024 | ​ | Credit spread of the Company | ​ | 13.6
​ | ​ | ​ | ​ | ​ | ​ | Probability of expected events & expected exercise date | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Volatility | ​ | 62.6%
Other investments | ​ | Combination of calibration method and market comparable Option Pricing Model | ​ | December 31, 2023 | ​ | Volatility | ​ | 61.3% - 92.9%
​ | ​ | ​ | ​ | ​ | ​ | Risk free rate | ​ | 2.1%
​ | ​ | ​ | ​ | December 31, 2024 | ​ | Volatility | ​ | 53.8% - 90.8%
​ | ​ | ​ | ​ | ​ | ​ | Risk free rate | ​ | 2.5%
(*) | The Group has never declared or paid any cash dividends on its ordinary shares, 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.
An increase/decrease in the credit spread of the Company would result in a decrease/increase in fair value of the financial liabilities in respect of DPS2. The Company remeasured DPS1 and DPS4 at fair value as of the date the terms and conditions of these DPSs were amended (i.e., 31 December 2024) in accordance with Share Exchange Agreements (Note 22). The following methods and assumptions were used for the non-recurring fair value measurements categorized within Level 3 of the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Valuation |  | ​ |  | Significant unobservable |  | Rate
Item | ​ | technique | ​ | Valuation date | ​ | inputs | ​ | (%/annum)
Equity instrument in respect of DPS1 and DPS4 | ​ | Binomial option pricing model – Lattice model |  | December 31, 2024 |  | Credit spread of the Company |  | 13.6
​ | ​ | ​ |  | ​ |  | Volatility | ​ | 62.6%
​ | ​ | ​ | ​ | ​ | ​ | Risk free rate | ​ | 3.934 – 4.119
​

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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