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PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2024
PROPERTY, PLANT AND EQUIPMENT, NET |
PROPERTY, PLANT AND EQUIPMENT, NET | 10.PROPERTY, PLANT AND EQUIPMENT, NET ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | USD
Freehold land |  | 1,952,618 | ​ | 2,048,104 | ​ | 84,162,893
Buildings and structures |  | 23,466,382 | ​ | 26,303,728 | ​ | 1,080,901,089
Machinery and equipment |  | 63,421,857 | ​ | 70,764,858 | ​ | 2,907,945,675
Leased-out batteries |  | 4,242,908 | ​ | 5,895,670 | ​ | 242,271,214
Vehicles |  | 2,328,694 | ​ | 2,537,029 | ​ | 104,254,325
Office equipment |  | 909,400 | ​ | 829,408 | ​ | 34,082,926
Others |  | 100,318 | ​ | 75,847 | ​ | 3,116,787
Subtotal |  | 96,422,177 |  | 108,454,644 |  | 4,456,734,909
Less: Accumulated depreciation |  | (15,222,216) |  | (23,914,727) |  | (982,729,690)
Less: Impairment charges |  | (2,077,258) |  | (5,840,402) |  | (240,000,082)
Total property, plant and equipment, net |  | 79,122,703 |  | 78,699,515 |  | 3,234,005,137
​ The Group recorded depreciation expenses of VND9,493.6 billion (USD390.1 million), VND6,507.9 billion and VND4,044.6 billion for the years ended December 31, 2024, 2023 and 2022 respectively. As of December 31, 2024, a portion of property, plant and equipment was mortgaged with banks to secure the Group’s loans and debts (Note 13.2). During the year, the amount of interest cost that has been capitalized is VND409.4 billion (USD16.8 million) (2023: VND669.4 billion, 2022: VND357 billion). In 2024, the Group identified specific impairment indicators associated with individual assets, which include:
| ● | Impairment of leased-out batteries of VND 907,2 billion (USD 37.3 million) under the Car and E-scooter segments was recognized during the year (2023: VND 1,023.6 billion, 2022: VND 1,053.6 billion) due to competitive lease subscription fee provided to customers. The Group impaired identified asset based on its fair value.
| ● | Impairment of battery production line facilities under the Car segment was recognized during the year of VND 2,665.3 billion (USD 109.5 million) due to idle operations. The Group impaired identified asset based on its fair value.
| ● | Impairment of showroom assets under the Car segment was recognized during the year of VND 190.7 billion (USD 7.8 million) due to the change in plan of these showrooms. The Group impaired identified asset based on its disposal cashflows.
The impairment losses were recognised in the administrative expenses. The following methods and significant unobservable inputs were used for the estimation of fair value measurements categorized within Level 3 of the fair value hierarchy: ​
Item |  | Valuation technique |  | Valuation date |  | Significant unobservable inputs |  | Amount
Fair value of leased-out batteries | ​ | Discounted Cash Flow | ​ | December 31, 2024 | ​ | Discounted rate | ​ | 8.67 – 10.22 (%/annum)
Fair value of battery production line facilities | ​ | Replacement Cost | ​ | December 31, 2024 | ​ | Economic obsolescence | ​ | 29.4%
​ ​

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