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LEASES | 12 Months Ended
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Dec. 31, 2024
LEASES |
LEASES | 18.LEASES Group as a lessee The Group determines whether an arrangement is a lease at inception. The Group has entered into various non-cancellable operating lease and finance lease agreements for lands, showrooms, ship, offices and tooling used in its operations. The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of or less than 12 months). As most of the leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. As of December 31, 2024, the Group’s consolidated balance of finance lease assets and finance lease liabilities was VND87.9 billion (USD3.6 million) and VND89.3 billion (USD3.7 million) respectively. ​ 18.LEASES (continued) Group as a lessee (continued) The balances for the operating leases where the Group is the lessee are presented as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31,
​ | ​ | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | USD
Operating lease |  |  |  |  |  |
Right-of-use assets – Operating lease |  | 7,081,509 |  | 5,042,347 |  | 207,205,548
Total operating lease liabilities |  | 6,854,700 |  | 5,485,846 |  | 225,430,286
In which: |  | ​ |  | ​ |  | ​
Current portion of operating lease liabilities |  | 1,524,356 |  | 1,486,822 |  | 61,098,090
Non-current operating lease liabilities |  | 5,330,344 |  | 3,999,024 |  | 164,332,196
In which: |  | ​ |  | ​ |  | ​
Lease liabilities from related parties (*) |  | 1,098,369 |  | 524,032 |  | 21,534,087
Lease liabilities from third parties |  | 5,756,331 |  | 4,961,814 |  | 203,896,199
(*) | Detail of balance of lease liabilities from related parties are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | USD
Vinhomes JSC |  | 36,133 |  | 48,750 |  | 2,003,287
VHIZ JSC | ​ | 480,290 | ​ | — | ​ | —
VHIZ Hai Phong JSC | ​ | — | ​ | 399,513 | ​ | 16,417,219
Vincom Retail JSC |  | 251,927 |  | 10,762 |  | 442,244
Vincom Retail Operation LLC | ​ | 310,162 | ​ | 21,297 | ​ | 875,159
Others |  | 19,857 |  | 43,710 |  | 1,796,178
TOTAL |  | 1,098,369 |  | 524,032 |  | 21,534,087
​ The components of lease expense are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2022 | ​ | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Operating lease expense |  | 757,710 | ​ | 1,729,244 |  | 1,905,922 |  | 78,320,197
​ Other information related to operating leases where the Group is the lessee is as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
​ |  | 2023 |  | 2024 |
Weighted-average remaining lease term: (months) | ​ | ​ | ​ | ​ | ​
Operating lease |  | 76 |  | 66 | ​
Weighted-average discount rate: |  |  |  |  | ​
Operating leases |  | 11.26 | % | 10.71 | %
​ 18.LEASES (continued) Group as a lessee (continued) Supplemental cash flow information related to operating leases where the Group is the lessee was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  | ​ | ​ |  |
Operating cash outflows from operating leases |  | 638,235 |  | 1,549,627 | ​ | 1,385,185 |  | 56,921,512
​ As of December 31, 2024 and 2023, the maturities of operating lease liabilities (excluding short-term leases) were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | USD
Less than 1 year |  | 1,611,095 |  | 1,639,537 |  | 67,373,618
From 1 to 2 years |  | 1,829,025 |  | 1,513,802 |  | 62,206,780
From 2 to 3 years |  | 1,700,901 |  | 1,385,638 |  | 56,940,127
From 3 to 4 years |  | 1,513,648 |  | 819,732 |  | 33,685,309
From 4 to 5 years |  | 949,310 |  | 514,174 |  | 21,128,991
Thereafter |  | 2,711,213 |  | 1,782,592 |  | 73,252,188
TOTAL |  | 10,315,192 |  | 7,655,475 |  | 314,587,013
Less: Imputed interest |  | 3,460,492 |  | 2,169,629 |  | 89,156,727
Present value of lease obligations |  | 6,854,700 |  | 5,485,846 |  | 225,430,286
Less: Current portion |  | 1,524,356 |  | 1,486,822 |  | 61,098,090
Non-current portion of lease obligations |  | 5,330,344 |  | 3,999,024 |  | 164,332,196
​ Group as a lessor Operating Lease and Sales-type Lease Receivables The Group is the lessor of batteries of EV and E-scooter (Note 2(n)). As of December 31, 2024 and 2023, maturities of our operating lease and sales-type lease receivables from customers for each of the next five years and thereafter were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Sale-type lease | ​ | Operating lease
​ | ​ | As of December 31, | ​ | As of December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2024
​ |  | VND million |  | VND million |  | USD |  | VND million |  | VND million |  | USD
Less than 1 year |  | 107,553 |  | 199,350 |  | 8,191,905 |  | 165,767 |  | 512,432 |  | 21,057,407
From 1 to 2 years |  | 107,553 |  | 199,350 |  | 8,191,905 |  | 165,767 |  | 507,346 |  | 20,848,408
From 2 to 3 years |  | 107,553 |  | 199,350 |  | 8,191,905 |  | 165,767 |  | 492,241 |  | 20,227,697
From 3 to 4 years |  | 107,553 |  | 199,350 |  | 8,191,905 |  | 165,767 |  | 469,014 |  | 19,273,228
From 4 to 5 years |  | 107,553 |  | 199,350 |  | 8,191,905 |  | 165,767 |  | 453,054 |  | 18,617,382
Thereafter |  | 322,353 |  | 442,176 |  | 18,170,372 |  | 653,545 |  | 1,270,215 |  | 52,197,041
TOTAL |  | 860,118 |  | 1,438,926 |  | 59,129,897 |  | 1,482,380 |  | 3,704,302 |  | 152,221,163
​ ​ 18.LEASES (continued) Group as a lessor (continued) Net investment in sales-type leases Net investment in sales-type leases (battery lease transactions) is the sum of the present value of the lease receivable (a lessor’s right to receive lease payments arising from a sales-type lease). Net investment in sales-type leases is presented on the consolidated balance sheet as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | USD
Gross lease receivables |  | 904,418 |  | 1,642,125 |  | 67,479,967
Received cash |  | (53,765) |  | (203,199) |  | (8,350,072)
Unearned interest income |  | (142,436) |  | (279,473) |  | (11,484,405)
Net investment in sales-type leases |  | 708,217 |  | 1,159,453 |  | 47,645,490
Reported as: |  | ​ |  | ​ |  | ​
Current net investment in sales-type lease |  | 87,552 |  | 134,713 |  | 5,535,772
Non-current net investment in sales-type lease |  | 620,665 |  | 1,024,740 |  | 42,109,719
Net investment in sales-type leases |  | 708,217 |  | 1,159,453 |  | 47,645,490
​ Lease income in operating lease ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Lease income relating to lease payments |  | 26,387 |  | 233,817 | ​ | 341,296 |  | 14,024,902
Lease income relating to variable lease payments not included in the measurement of the lease receivable |  | 14,065 |  | 67,272 | ​ | 41,617 |  | 1,710,171
​

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