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INVENTORIES, NET

12 Months Ended

Dec. 31, 2024

INVENTORIES, NET

INVENTORIES, NET

8.INVENTORIES, NET

The classification of inventory balance as of December 31, 2024 and 2023 is as follows:


		At lower of cost and net realizable value
		As of December 31,
		2023		2024		2024
		VND million		VND million		USD
Raw materials		15,127,071		12,077,632		496,307,047
Finished goods, including service parts		9,250,489		10,104,487		415,224,450
Good in transit		2,087,979		2,123,863		87,276,063
Work in progress		3,422,796		3,338,606		137,193,589
Merchandises		25,343		22,770		935,689
Tools and spare parts		227,703		239,672		9,848,860
TOTAL		30,141,381		27,907,030		1,146,785,700

As of December 31, 2024, inventories with the carrying value of VND415 billion (USD17.1 million) (2023: VND936.3 billion) are used as collateral for borrowings of the Group as presented in Note 13.

Finished goods include vehicles, e-scooters and service parts.

Battery leases accounted for as operating leases (Note 2(m)) are transferred to Property, Plant and Equipment once the lease commences (concurrently with the sales of vehicles).

Out of the total amount recognized for inventories on December 31, 2024, inventories measured at cost amounted to VND39,859.1 billion (USD1,637.9 million) (2023: VND38,633.4 billion, 2022:VND29,385.2 billion). Inventory write-downs recognized in cost of sales for the year ended 2024 were VND8,638.1 billion (USD355.0 million) (2023: VND5,614.9 billion, 2022: VND5,823.0 billion).