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TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended
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Dec. 31, 2024
TRANSACTIONS WITH RELATED PARTIES |
Schedule of principal related parties with which the Group had significant transactions | The principal related parties with which the Group had significant transactions during the years ended December 31, 2024, 2023 and 2022 presented are as follows:
​ | ​ | ​
Related parties |  | Relationship with the Company
Pham Nhat Vuong |  | Managing Director and CEO
Vingroup JSC |  | Ultimate Parent
VIG |  | Shareholder
Asian Star Trading & Investment Pte. Ltd. (“Asian Star”) |  | Shareholder
Vinbus Ecology Transport Services Limited Liability Company (“Vinbus Ecology LLC”) | ​ | Entity under common control
Vincom Retail JSC |  | Associate of the Ultimate Parent Company (Entity under common control until March 30, 2024)
Vincom Retail Operation Company Limited (“Vincom Retail Operation LLC”) | ​ | Associate of the Ultimate Parent Company (Entity under common control until March 30, 2024)
Vincom Retail Landmark 81 Company Limited (“Vincom Retail Landmark 81 LLC”) |  | Associate of the Ultimate Parent Company (Entity under common control until March 30, 2024)
Vinhomes Industrial Zone Investment JSC (“VHIZ JSC”) | ​ | Entity under common control
Vinhomes Hai Phong Industrial Zone Investment JSC (“VHIZ Hai Phong JSC”) | ​ | Entity under common control
Vinhomes JSC |  | Entity under common control
Vinpearl JSC |  | Entity under common control
Vinsmart Research and Manufacture JSC (“Vinsmart JSC”) |  | Entity under common control
VinFast Lithium Battery Pack Limited Liability Company (“VinFast Lithium Battery Pack LLC”) |  | Entity under common control (Associate of the Ultimate Parent Company until July 2023)
Thai Son Construction Investment JSC |  | Entity under common control
Green and Smart Mobility Joint Stock Company (“GSM JSC”) | ​ | Entity under common control
PT XanhSM Green and Smart Mobility Indonesia (“PT Xanh SM Indo”) | ​ | Entity under common control
Ecology Development and Investment Joint Stock Company (“Ecology JSC”) | ​ | Entity under common control
Suoi Hoa Urban Development and Investment Joint Stock Company (“Suoi Hoa JSC”) | ​ | Entity under common control
VinCSS Internet Security Services Joint Stock Company (“VinCSS JSC”) | ​ | Entity under common control
VinITIS Transmission Infrastructure and Information Technology Solution (“VinITIS JSC”) | ​ | Entity under common control
Green City Development Joint Stock Company (“Green City Development JSC”) | ​ | Entity under common control
Vinmec Joint Stock Company (“Vinmec JSC”) | ​ | Entity under common control
Metropolis Ha Noi Joint Stock Company (“Metropolis Ha Noi JSC”) | ​ | Entity under common control
V-Green Global Charging Stations Development Joint Stock Company (“V-Green JSC”) | ​ | Entity under common control
Schedule of significant transactions with related parties | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | For the year ended December 31,
​ | ​ | ​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
Related party | ​ | Transactions |  | VND million |  | VND million |  | VND million |  | USD
Vingroup JSC |  | Borrowings |  | 65,338,768 |  | 91,531,622 |  | 60,854,614 | ​ | 2,500,703,267
​ |  | Borrowings (converted from interest payable) |  | 2,625,845 |  | — |  | 2,792,567 | ​ | 114,755,167
​ |  | Interest expense |  | 2,808,526 |  | 4,341,287 |  | 8,014,773 | ​ | 329,351,675
​ |  | Capital contribution by offsetting against borrowings |  | 45,733,714 |  | 1,173,000 |  | 20,000,000 | ​ | 821,861,516
​ |  | Capital contribution receipt in cash |  | 6,163,392 |  | 765,000 |  | — | ​ | —
​ |  | Capital contribution by offsetting against P-notes |  | 25,782,160 |  | — |  | — | ​ | —
​ |  | Issuance of DPS |  | 13,995,359 |  | — |  | — | ​ | —
​ |  | Cash received from selling car vouchers |  | 700,150 |  | — |  | — | ​ | —
​ | ​ | Loan receivables | ​ | 285,000 | ​ | 31,708 | ​ | — | ​ | —
​ |  | Interest receivables |  | 68,576 |  | 1,335 |  | — | ​ | —
​ | ​ | Vingroup guarantee for VinFast’s payment obligations | ​ | (i) | ​ | (i) | ​ | (i) | ​ | (i)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asian Star |  | Borrowings |  | 94,920 |  | — |  | — | ​ | —
​ | ​ | Capital contribution receipt in cash | ​ | 47,569 | ​ | — | ​ | — | ​ | —
​ | ​ | Sponsorship contribution - accounted for as deemed contribution | ​ | — | ​ | 1,667,786 | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
VIG | ​ | Consideration receivable from disposal of ICE assets which was used to offset against P-notes | ​ | 24,208,340 | ​ | — | ​ | — | ​ | —
​ |  | Consideration receivable from disposal of ICE assets which was used to offset against debts related to lease back ICE assets |  | 1,148,215 |  | — |  | — | ​ | —
​ |  | Cash received for disposal of ICE assets (inclusive of VAT receivable) |  | 2,000,000 |  | — |  | 1,642,444 | ​ | 67,493,076
​ |  | Capital contribution receipt in cash |  | 106,168 |  | — |  | — | ​ | —
​ | ​ | Sponsorship contribution - accounted for as deemed contribution | ​ | — | ​ | — | ​ | 74,904 | ​ | 3,078,036
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | For the year ended December 31,
​ | ​ | ​ | ​ | 2022 |  | 2023 |  | 2024 |  | 2024
Related party | ​ | Transaction |  | VND million |  | VND million |  | VND million |  | USD
Pham Nhat Vuong |  | Sponsorship contribution - accounted for as deemed contribution |  | 350,000 |  | 22,795,472 |  | 8,277,310 | ​ | 340,140,127
​ | ​ | Deemed contribution from owner to VinFast’s customers (ii) | ​ | — | ​ | — | ​ | 5,900,755 | ​ | 242,480,173
​ | ​ | VinES transactions | ​ | (iii) | ​ | (iii) | ​ | (iii) | ​ | (iii)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vinhomes JSC |  | Cash received from selling car and e-scooter vouchers |  | 5,345,953 |  | — |  | — | ​ | —
​ | ​ | Sale of vehicles | ​ | — | ​ | — | ​ | 1,613,572 | ​ | 66,306,637
​ |  | Sale of smart devices |  | 1,933 |  | 136,773 |  | 5,681 | ​ | 233,450
​ | ​ | Service fee | ​ | 95,811 | ​ | 68,002 | ​ | 82,934 | ​ | 3,408,013
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vinpearl JSC |  | Borrowing |  | 500,000 |  | — |  | — | ​ | —
​ |  | Interest receivable |  | 77,711 |  | 331,394 |  | 2,071 | ​ | 85,104
​ |  | Purchase of hospitality vouchers |  | 56,095 |  | 160,564 |  | 55,423 | ​ | 2,277,502
​ | ​ | Purchase of other services | ​ | 99,224 | ​ | 96,026 | ​ | 126,523 | ​ | 5,199,219
​ | ​ | Advance to buy voucher | ​ | 150,000 | ​ | — | ​ | — | ​ | —
​ | ​ | Hotel service expenses | ​ | 99,794 | ​ | 43,044 | ​ | 19,370 | ​ | 795,973
​ |  | Loan receivables |  | — |  | 11,210,000 |  | 300,000 | ​ | 12,327,923
(i) | There are certain loans and borrowings of VinFast guaranteed by ultimate parent. Details are presented in Note 13.
(ii) | This represents the estimated amount to be paid directly by Mr. Pham to V-Green for the entire free charging period for all applicable sales up to December 31, 2024 under the free charging program in Vietnam (excluding the free charging programs that announced and committed by VinFast previously).
(iii) | Details are presented in Note 3.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | For the year ended December 31,
​ | ​ | ​ |  | 2022 |  | 2023 |  | 2024 |  | 2024
Related party | ​ | Transaction |  | VND million |  | VND million |  | VND million |  | USD
Vinsmart JSC | ​ | Purchase of fixed assets, tools, materials and goods | ​ | 3,178,988 | ​ | 25,279 | ​ | 225,082 | ​ | 9,249,312
​ |  | Sponsorship contribution - accounted for as deemed contribution |  | — | ​ | — |  | 12,000,000 |  | 493,116,910
VHIZ JSC |  | Contractual profit sharing under business investment and cooperation contract |  | 56,000 | ​ | — |  | — |  | —
​ |  | Interest expense |  | 1,326,838 | ​ | 1,729,858 |  | 1,485,300 |  | 61,035,546
​ | ​ | Payment on behalf | ​ | 377,921 | ​ | 171,750 | ​ | 1,580 | ​ | 64,927
VHIZ Hai Phong JSC (*) | ​ | Interest expense | ​ | — | ​ | — | ​ | 283,217 | ​ | 11,638,258
Vincom Retail JSC |  | Borrowings |  | 3,250,000 | ​ | 3,540,000 |  | — |  | —
​ | ​ | Interest expense | ​ | 54,547 | ​ | 42,262 | ​ | — | ​ | —
Vincom Retail Operation LLC |  | Rental showrooms and charging stations |  | 110,077 | ​ | 109,551 |  | 174,200 |  | 7,158,414
​ |  | Borrowings |  | 4,570,000 | ​ | 6,920,000 |  | 2,130,000 |  | 87,528,251
​ | ​ | Interest expense | ​ | 55,726 | ​ | 117,031 | ​ | 138,128 | ​ | 5,676,104
Suoi Hoa JSC | ​ | Borrowings | ​ | — | ​ | 685,000 | ​ | 230,000 | ​ | 9,451,407
VinFast Lithium Battery Pack LLC |  | Purchase of assets, materials and tools |  | 80,077 | ​ | 5,140 |  | 138,425 |  | 5,688,309
Vinbus Ecology LLC |  | Revenue from sale of electric buses |  | 847,128 | ​ | 170,427 |  | 87,963 |  | 3,614,670
​ | ​ | Borrowings | ​ | — | ​ | — | ​ | 18,474,000 | ​ | 759,153,483
​ | ​ | Interest expense | ​ | — | ​ | — | ​ | 327,755 | ​ | 13,468,461
​ | ​ | Loan receivables | ​ | — | ​ | — | ​ | 9,900,000 | ​ | 406,821,451
​ | ​ | Interest receivables | ​ | — | ​ | — | ​ | 180,197 | ​ | 7,404,849
Ecology JSC |  | Revenue from sale of electric buses |  | 46 | ​ | 254,902 |  | 21,545 |  | 885,350
GSM JSC |  | Revenue from sale of vehicles |  | — | ​ | 18,557,705 |  | 9,852,019 |  | 404,849,764
​ | ​ | Other revenues | ​ | — | ​ | 9,184 | ​ | 53,796 | ​ | 2,210,643
​ | ​ | Late payment penalty interest | ​ | — | ​ | 143,856 | ​ | 245,817 | ​ | 10,101,377
PT Xanh SM Indo | ​ | Revenue from sale of vehicles | ​ | — | ​ | — | ​ | 1,654,307 | ​ | 67,980,563
V-Green JSC | ​ | Revenue from business cooperation contracts | ​ | — | ​ | — | ​ | 55,298 | ​ | 2,272,365
​ | ​ | Payment on behalf | ​ | — | ​ | — | ​ | 398,554 | ​ | 16,377,810
​ | ​ | Charging subsidies | ​ | — | ​ | — | ​ | 211,875 | ​ | 8,706,595
VinCSS JSC | ​ | Information technology service fee | ​ | 73,421 | ​ | 94,196 | ​ | 61,353 | ​ | 2,521,183
VinITIS JSC | ​ | Information technology service fee | ​ | 28,959 | ​ | 60,020 | ​ | 103,642 | ​ | 4,258,969
Vincom Retail Landmark 81 LLC | ​ | Borrowings | ​ | — | ​ | — | ​ | 140,000 | ​ | 5,753,031
Thai Son Construction Investment JSC |  | Borrowings |  | — | ​ | 7,500,000 |  | — |  | —
​ | ​ | Interest expense | ​ | — | ​ | 86,136 | ​ | — | ​ | —
Green City Development JSC | ​ | Borrowings | ​ | — | ​ | 5,720,000 | ​ | — | ​ | —
​ | ​ | Interest expense | ​ | — | ​ | 134,363 | ​ | — | ​ | —
Vinmec JSC | ​ | Loan receivables | ​ | — | ​ | 1,040,000 | ​ | — | ​ | —
​ | ​ | Interest receivables | ​ | — | ​ | 15,671 | ​ | — | ​ | —
Metropolis Ha Noi JSC | ​ | Borrowings | ​ | 1,725,000 | ​ | — | ​ | — | ​ | —
(*) | In November 2024, VHIZ JSC split into VHIZ Hai Phong JSC, VHIZ Ha Tinh JSC and VHIZ JSC. Accordingly, VHIZ JSC transfer all rights and obligations under the factory leasing contract previously signed with the Company to VHIZ Hai Phong JSC.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31
​ |  | 2023 |  | 2024 |  | 2024
​ | ​ | VND million | ​ | VND million | ​ | USD
Amounts due from related parties |  |  |  |  |  |
Short-term advance to and receivables (Note 23b) |  | 2,374,382 |  | 4,272,121 |  | 175,554,592
Long-term receivables |  | 51,073 |  | 3,630 |  | 149,168
Total |  | 2,425,455 |  | 4,275,751 |  | 175,703,760
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts due to related parties |  |  |  | ​ |  | ​
Short-term payables to and borrowings from related parties |  | 49,341,144 |  | 64,251,391 |  | 2,640,287,282
Short-term payables (Note 23b) |  | 6,216,882 |  | 9,370,301 |  | 385,054,489
Short-term borrowings (Note 23a) |  | 43,124,262 |  | 54,881,090 |  | 2,255,232,792
Long-term payables to related parties |  | 19,682,747 |  | 42,095,740 |  | 1,729,843,435
Long-term payables (Note 23b) |  | 17,297,050 |  | 18,142,459 |  | 745,529,443
Long-term borrowings (Note 23a) |  | 2,385,697 |  | 23,953,281 |  | 984,313,992
Total |  | 69,023,891 |  | 106,347,131 |  | 4,370,130,717
As of December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Interest rate |  | ​
Related parties | ​ | VND million | ​ | per annum | ​ | Maturity date
Short-term borrowings from related parties | ​ |  | ​ |  | ​ |
Vingroup JSC |  | 54,840,302 |  | From 5.2% to 12 | % | From February to December 2025
Vinpearl Australia Pty Ltd. | ​ | 40,788 | ​ | 7 | % | From January to December 2025
Total |  | 54,881,090 |  |  |  |
Long-term borrowings from a related party |  |  |  |  |  |
Vingroup JSC |  | 23,953,281 |  | From 9.175% to 15 | % | From January 2026 to May 2028
Total |  | 23,953,281 |  |  |  |
As of December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Interest rate |  | ​
Related parties | ​ | VND million | ​ | per annum | ​ | Maturity date
Short-term borrowings from related parties | ​ |  | ​ |  | ​ |
Vingroup JSC | ​ | 43,107,758 | ​ | From 5.7% to 12 | % | From February 2024 to December 2024
Vinpearl Australia Pty Ltd. |  | 16,504 |  | 7 | % | August 2024
Total |  | 43,124,262 |  |  |  |
Long-term borrowings from a related party |  |  |  |  |  |
Vingroup JSC |  | 2,385,697 |  | From 14.5% to 15 | % | August 2025 and September 2026
Total |  | 2,385,697 |  |  |  |
As of December 31, 2024:
​ | ​ | ​ | ​ | ​
Related parties |  | Transactions |  | VND million
Short-term advance to and receivables from related parties |  |  |  |
GSM JSC | ​ | Receivable from sale of vehicles and deferred payment interest | ​ | 2,343,282
PT Xanh SM Indo | ​ | Receivable from sale of vehicles | ​ | 1,325,057
V-Green JSC |  | Receivable from sharing of business cooperation contact, payment on behalf and others |  | 371,046
Others |  | Other advance and short-term receivables |  | 232,736
Total |  | ​ |  | 4,272,121
Short-term payables to related parties |  |  |  |
VHIZ JSC |  | Payable for leaseback transaction and others |  | 131,978
VHIZ Hai Phong JSC |  | Payable for leaseback transaction and others (*) |  | 1,503,791
Vingroup JSC |  | Interest payables and others |  | 5,918,690
Vinsmart JSC |  | Payable for purchasing of raw materials and assets |  | 237,371
Vinhomes JSC | ​ | Advance received for car vouchers | ​ | 338,169
​ |  | Other payables |  | 155,420
Vinbus Ecology LLC |  | Interest payables and others |  | 300,525
GSM JSC |  | Payable for purchasing of tools, supplies and assets and others |  | 140,864
V-Green JSC |  | Payable for purchasing of services and subsidy of charging fee to customers |  | 145,759
Others |  | Other payables |  | 497,734
Total |  | ​ |  | 9,370,301
Long-term payables to related parties |  |  |  |
VHIZ Hai Phong JSC | ​ | Payables for leaseback transaction and others (*) | ​ | 17,924,650
Vingroup JSC |  | Interest payables |  | 217,809
Total |  | ​ |  | 18,142,459
As of December 31, 2023:
​ | ​ | ​ | ​ | ​
Related parties |  | Transactions |  | VND million
Short-term advance to and receivables from related parties |  |  |  |
GSM JSC | ​ | Receivable from sale of vehicles | ​ | 1,819,845
Ecology JSC |  | Receivable from sale of electric buses |  | 275,215
Vinhomes JSC |  | Receivable from sale of smart devices |  | 87,735
Vinbus Ecology LLC |  | Receivable from sale of electric buses |  | 75,010
VHIZ JSC | ​ | Payment on behalf and others | ​ | 36,760
Others |  | Other advance and short-term receivables |  | 79,817
Total |  | ​ |  | 2,374,382
Short-term payables to related parties |  | ​ |  |
VHIZ JSC |  | Payable for leaseback transaction and others (*) |  | 1,286,358
Vingroup JSC | ​ | Interest payables and others | ​ | 2,051,018
Vinsmart JSC |  | Payable for purchasing of raw materials and assets |  | 115,232
Vinhomes JSC |  | Car vouchers which have not been redeemed |  | 890,174
​ | ​ | Other payables | ​ | 1,496,378
Vin3S JSC | ​ | Payable for purchasing of assets and services | ​ | 59,009
Others |  | Other payables |  | 318,713
Total |  | ​ |  | 6,216,882
Long-term payables to related parties |  |  |  |
VHIZ JSC |  | Payables for leaseback transaction and others (*) |  | 16,827,686
Vingroup JSC |  | Interest payables |  | 469,364
Total |  | ​ |  | 17,297,050
(*) | In February 2022, VinFast Vietnam completed the transfer of the component projects (mainly include land and structures, factories and infrastructure associated on the land of the VinFast Automotive Manufacturing Complex project in Hai Phong) to VHIZ JSC. At the same time, VinFast Vietnam also signed a long-term lease contract (45 years) to lease back majority of the transferred assets (except for those in the Supplier Park) from VHIZ JSC (“the Leased-back assets”), to continue production activities of VinFast Vietnam. The Leased-back assets continue to be recognized as property, plant and equipment of the Group.

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