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CORPORATE INCOME TAX (Tables) | 12 Months Ended
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Dec. 31, 2024
CORPORATE INCOME TAX |
Summary of major components of tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Income taxes |  |  |  |  | ​ | ​ |  |
Current income tax expense |  | 3,813 |  | 111,427 | ​ | 56,926 |  | 2,339,264
Deferred income tax expense/(income) |  | 1,058,522 |  | (34,502) | ​ | (86,621) |  | (3,559,523)
Income tax expense reported in the consolidated statement of operations |  | 1,062,335 |  | 76,925 | ​ | (29,695) |  | (1,220,259)
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,
​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Loss before tax expense |  | (51,896,362) |  | (60,173,423) | ​ | (77,384,644) |  | (3,179,973,043)
Income tax benefit computed at the Vietnam statutory tax rate of 20% |  | (10,379,272) |  | (12,034,685) | ​ | (15,476,929) |  | (635,994,617)
Effect of preferential tax rates |  | 4,397,659 |  | 5,189,245 | ​ | 9,534,979 |  | 391,821,615
Foreign tax rates differential |  | (232,379) |  | (341,129) | ​ | (376,196) |  | (15,459,051)
Deemed contribution from owners through cash donation to the Company (i) | ​ | — | ​ | 1,974,626 | ​ | 2,035,221 | ​ | 83,633,491
Deemed contribution from owner through free electric charging offered to VinFast’s customers (i) | ​ | — | ​ | — | ​ | 590,075 | ​ | 24,247,997
Others |  | 685,487 |  | 492,047 | ​ | 542,007 |  | 22,272,735
Change in valuation allowance |  | 6,590,840 |  | 4,796,821 | ​ | 3,121,148 |  | 128,257,571
Estimated income tax expense |  | 1,062,335 |  | 76,925 | ​ | (29,695) |  | (1,220,259)
(i) | These amount are treated as taxable income under Vietnam tax regulations.
Summary of deferred tax assets and deferred tax liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Deferred tax assets |  |  |  |  | ​ | ​ |  |
Unrecognised tax loss carried forward |  | 3,285,533 |  | 5,202,753 | ​ | 8,936,844 |  | 367,242,408
Deferred tax assets from lease back transaction |  | 3,127,683 |  | 3,492,038 | ​ | 3,625,123 |  | 148,967,454
Written-off R&D expenses |  | 971,726 |  | 2,249,112 | ​ | 3,252,649 |  | 133,661,352
Lease liabilities |  | 904,451 |  | 1,063,152 | ​ | 721,285 |  | 29,639,819
Excess of deductible capped interest expense carried forward |  | 734,621 |  | 1,131,794 | ​ | 1,886,951 |  | 77,540,621
Start-up costs |  | 704,720 |  | 794,479 | ​ | 739,605 |  | 30,392,644
Provision for net realizable value of inventory |  | 192,141 |  | 446,205 | ​ | 463,188 |  | 19,033,820
Impairment of long-lived assets |  | 122,954 |  | 44,663 | ​ | 539,442 |  | 22,167,331
Others |  | 173,872 |  | 728,463 | ​ | 1,494,371 |  | 61,408,301
Total deferred tax assets |  | 10,217,701 |  | 15,152,659 | ​ | 21,659,458 |  | 890,053,750
Less valuation allowance |  | (7,911,734) |  | (12,513,175) | ​ | (19,115,404) |  | (785,510,746)
Total deferred tax assets, net amount |  | 2,305,967 |  | 2,639,484 | ​ | 2,544,054 |  | 104,543,004
Deferred tax liabilities |  | ​ |  | ​ | ​ | ​ |  | ​
Deferred tax liabilities from lease back transaction |  | (2,354,879) |  | (2,442,623) | ​ | (2,437,689) |  | (100,172,139)
Right-of-use assets |  | (904,451) |  | (1,063,152) | ​ | (721,285) |  | (29,639,819)
Others |  | (106,403) |  | (158,973) | ​ | (323,723) |  | (13,302,774)
Total deferred tax liabilities |  | (3,365,733) |  | (3,664,748) | ​ | (3,482,697) |  | (143,114,732)
Net deferred tax liabilities |  | (1,059,766) |  | (1,025,264) | ​ | (938,643) |  | (38,571,728)
Reflected in the consolidated balance sheet as follows: |  | ​ |  | ​ | ​ | ​ |  | ​
Deferred tax assets |  | — | ​ | — | ​ | — |  | —
Deferred tax liabilities |  | (1,059,766) |  | (1,025,264) | ​ | (938,643) |  | (38,571,728)
Deferred tax liabilities, net |  | (1,059,766) |  | (1,025,264) | ​ | (938,643) |  | (38,571,728)
Summary of movement of valuation allowance | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | VND million | ​ | USD
Balance at beginning of the year |  | 2,840,310 |  | 7,911,734 | ​ | 12,513,175 |  | 514,204,849
Net change in valuation allowance |  | 5,071,424 |  | 4,601,441 | ​ | 6,602,229 |  | 271,305,897
Balance at end of the year |  | 7,911,734 |  | 12,513,175 | ​ | 19,115,404 |  | 785,510,746

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