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INTEREST-BEARING LOANS AND BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2024

INTEREST-BEARING LOANS AND BORROWINGS

Schedule of interest-bearing loans and borrowings

​

​	​	​	​	​	​	​	​	​
​	​	​	​	As of December 31,
​	​	Note	​	2023	​	2024	​	2024
​		​		VND million		VND million		USD
Short-term
Loans from banks		13.1		24,337,193	​	24,210,045		994,865,215
Current portion of long-term loans		13.2		7,143,376	​	7,279,170		299,123,485
Current portion of bonds		13.3		11,443,465	​	7,605,487		312,532,854
Loans from others	​	​	​	—	​	29,384	​	1,207,478
TOTAL	​	​		42,924,034	​	39,124,086		1,607,729,032
Long-term
Loans from banks		13.2		22,590,438	​	16,924,140		695,464,968
Bonds		13.3		7,551,628	​	5,938,750		244,041,504
Loans from others	​	​	​	28,083	​	—	​	—
TOTAL	​	​		30,170,149	​	22,862,890		939,506,472

Schedule of short-term loans from banks and interest rate

Details of the short-term loans from banks as of December 31, 2024 were as follows:

​	​	​	​	​	​	​	​	​
Bank	​	As of December 31, 2024			​	Maturity	​	Collateral
​		​		USD		​		​
​	​	​	​	(Convenience	​	​	​	​
​	​	VND million	​	translation)	​	​	​	​
Bank 1		6,032,808		247,906,637		From January		Shares and properties of affiliates;
​	​	​	​	​	​	to October	​	guaranteed by the ultimate parent
​	​	​	​	​	​	2025	​	company
Bank 2		6,602,705		271,325,457		From January to		Shares and properties of affiliates;
​	​	​	​	​	​	December 2025	​	machines and equipment of the Company; guaranteed by the ultimate
​	​	​	​	​	​	​	​	parent company
Bank 3		2,606,592		107,112,883		From January		Shares of affiliates; guaranteed by the
​	​	​	​	​	​	to December	​	ultimate parent company
​	​	​	​	​	​	2025	​	​
Bank 4		1,439,745		59,163,550		From January		Shares, bonds and properties of affiliates;
​	​	​	​	​	​	to September	​	machineries held by the Company and payment guarantee from the ultimate
​	​	​	​	​	​	2025	​	parent company
Bank 5		1,088,269		44,720,321		From January		Shares, bonds and properties of affiliates;
​	​	​	​	​	​	to September	​	machineries held by the Company and payment guarantee from the ultimate
​	​	​	​	​	​	2025	​	parent company
Bank 6		462,805		19,018,081		From January		Vehicles under loan contract and
​	​	​	​	​	​	to May	​	payment guarantee from the
​	​	​	​	​	​	2025	​	ultimate parent company
Bank 7		3,984,964		163,754,428		From January		Shares of an affiliate;
​	​	​	​	​	​	to June 2025	​	guaranteed by the
​	​	​	​	​	​	​	​	ultimate parent company
Bank 8	​	257,001	​	10,560,962	​	From January	​	Shares of the ultimate parent company
​	​	​	​	​	​	to December	​	held by individuals and properties of an affiliate ; payment guarantee from
​	​	​	​	​	​	2025	​	ultimate parent company
Bank 9	​	780,625	​	32,078,282	​	From January	​	Letter of Comfort from the ultimate parent
​	​	​	​	​	​	to March	​	company and Standby Letter of Credit
​	​	​	​	​	​	2025	​	(“SBLC”) from a commercial bank
Bank 10	​	441,945	​	18,160,879	​	April 2025	​	Payments guaranteed by the
​	​	​	​	​	​	​	​	ultimate parent company and
​	​	​	​	​	​	​	​	SBLC from
​	​	​	​	​	​	​	​	a commercial bank
Bank 11	​	442,736	​	18,193,384	​	October 2025	​	Payments guaranteed by
​	​	​	​	​	​	​	​	Vingroup Investment company
​	​	​	​	​	​	​	​	and SBLC from
​	​	​	​	​	​	​	​	a commercial bank
Loans from others	​	69,850	​	2,870,351	​	February 2025	​	Certain inventories (Note 8)
TOTAL		24,210,045		994,865,215

Details of the short-term loans from banks as of December 31, 2023 were as follows:

​	​	​	​	​	​	​	​	​
Bank	​	As of December 31, 2023			​	Maturity	​	Collateral
​		​		USD		​		​
​	​	​	​	(Convenience	​	​	​	​
​	​	VND million	​	translation)	​	​	​	​
Bank 1		9,673,428		405,322,577		From January		Shares and properties of affiliates;
​	​	​	​	​	​	to July	​	guaranteed by the ultimate parent
​	​	​	​	​	​	2024	​	company
Bank 2		5,808,527		243,380,818		From January to		Shares and properties of affiliates;
​	​	​	​	​	​	November 2024	​	machines and equipment of the Company; guaranteed by the
​	​	​	​	​	​	​	​	ultimate parent company
Bank 3		1,999,554		83,782,543		From February		Shares of affiliates;
​	​	​	​	​	​	to December	​	guaranteed by the
​	​	​	​	​	​	2024	​	ultimate parent company
Bank 4		1,495,421		62,659,072		From March		Shares, bonds and properties of affiliates; machineries held by the
​	​	​	​	​	​	to June	​	Company and payment guarantee from
​	​	​	​	​	​	2024	​	the ultimate parent company
Bank 5		1,300,000		54,470,795		From April		Shares, bonds and properties of affiliates;
​	​	​	​	​	​	to June	​	machineries held by the Company and payment guarantee
​	​	​	​	​	​	2024	​	from the ultimate parent company
Bank 6		824,671		34,554,208		May 2024		Vehicles under loan contract and
​	​	​	​	​	​	​	​	payment guarantee from the
​	​	​	​	​	​	​	​	ultimate parent company
Bank 7		2,994,392		125,466,838		From January		Shares of an affiliate;
​	​	​	​	​	​	to June 2024	​	guaranteed by the
​	​	​	​	​	​	​	​	ultimate parent company
Bank 8	​	241,200	​	10,106,429	​	From October	​	Shares of the ultimate parent company held by individuals and
​	​	​	​	​	​	to December	​	properties of an affiliate; payment
​	​	​	​	​	​	2024	​	guarantee from ultimate parent
​	​	​	​	​	​	​	​	company
TOTAL		24,337,193		1,019,743,280

​

​	​	​	​	​	​	​
Loans and borrowings		Currency		Interest rate per annum applicable in 2023		Interest rate per annum applicable in 2024
Short-term Loans	​	VND	​	From 6.7% to 15%	​	From 8.5% to 15%
Short-term Loans	​	USD	​	—	​	From 6.3% to 10.5%
Short-term Loans	​	EUR	​	—	​	From 5.8% to 6.73%
Short-term Loans	​	IDN	​	—	​	8.07%
Short-term Loans	​	INR	​	—	​	8.95%
Letter of Credit	​	VND	​	From 10.5% to 14.5%	​	9.5%

Schedule of long-term loans from banks and interest rate

​

​	​	​	​	​	​	​	​	​
Lenders	​	As of December 31, 2024			​	Maturity date	​	Collateral
​		​		USD		​		​
​	​	​	​	(Convenience	​	​	​	​
​	​	VND million	​	translation)	​	​	​	​
Syndicated loan No.1		12,751,953		524,016,971		From March 2025 to September 2030		(i)
In which: current portion		2,491,712		102,392,110
Syndicated loan No.4		1,970,809		80,986,604		From June 2025 to December 2026		(i)
In which: current portion		447,924		18,406,575
Syndicated loan No.5		3,165,712		130,088,843		From May 2025 to November 2029		(i)
In which: current portion	​	358,603	​	14,736,100	​	​	​	​
Syndicated loan No.7		6,266,690		257,517,568		From November 2027 to November 2028		(i)
In which: current portion	​	3,941,273	​	161,959,030	​	​	​	​
Loan from others		48,146		1,978,467		From February 2025 to October 2026		(ii)
In which: current portion		39,658		1,629,670
TOTAL		24,203,310		994,588,453
In which:		​		​
Non-current portion		16,924,140		695,464,968
Current portion		7,279,170		299,123,485

​

​	​	​	​	​	​	​	​	​
Lenders		As of December 31, 2023				Maturity date		Collateral
​		​		USD		​		​
​	​	​	​	(Convenience	​	​	​	​
​	​	VND million	​	translation)	​	​	​	​
Syndicated loan No.1	​	13,997,995		575,220,670	​	From March 2024 to September 2030	​	(i)
In which: current portion	​	2,176,904		89,455,681	​		​
Syndicated loan No.2	​	4,473,261		183,820,053	​	From May 2024 to November 2024	​	(i)
In which: current portion	​	4,473,261		183,820,053	​		​
Syndicated loan No.4	​	2,200,874		90,440,682	​	From June 2024 to December 2026	​	(i)
In which: current portion	​	358,215	​	14,720,156	​	​	​	​
Syndicated loan No.5	​	3,127,891	​	128,534,662	​	From November 2024 to November 2029	​	(i)
In which: current portion	​	129,791	​	5,333,511	​	​	​	​
Syndicated loan No.6	​	5,918,804	​	243,221,862	​	From November 2025 to November 2026	​	(i)
Loan from others	​	14,989		615,944	​	From January 2024 to October 2026	​	Unsecured
In which: current portion	​	5,205		213,887	​		​
TOTAL	​	29,733,814		1,221,853,873	​		​
In which:	​	​		​	​		​
Non-current portion	​	22,590,438		928,310,585	​		​
Current portion	​	7,143,376		293,543,288	​		​

(i) As of December 31, 2024 and 2023, these long-term loans were secured by:

● The Debt Service Reserve Account at the offshore account management bank, the Revenue Account at a commercial bank with outstanding balance;

● Certain shares of an affiliate of the Group held by the ultimate parent company;

● Payment guarantee from the ultimate parent company and a commercial bank. The payment guarantee from the commercial bank is secured by certain properties held by affiliates.;

(ii) As of December 31, 2024, these long-term loans were secured by vehicles under loan contract.

​

​	​	​	​	​	​	​
Loans and borrowings		Currency		Interest rate applicable in 2023		Interest rate applicable in 2024
Secured loans without swap contract	​	USD	​	Floating interest rate, from 4.93% to 9.09% per annum	​	Floating interest rate, from 7.12% to 9.08% per annum
Secured loans with floating interest rate swapped for fixed interest rate (also fixed transaction rate) under swap contracts (Note 21A)	​	USD	​	Fixed interest rate under swap contract from 4.1% to 9.15% per annum	​	Fixed interest rate under swap contract from 4.1% per annum
Secured loans	​	EUR	​	—	​	Floating interest rate, from 5.08% to 6.73% per annum

Schedule Of Bonds

​

​	​	​	​	​	​	​	​	​	​	​
Bonds		As of December 31, 2024			​	Maturity	​	Interest rate	​	Collateral
​	​	​		USD		​		​		​
​	​	​	​	(Convenience	​	​	​	​	​	​
​	​	VND million	​	translation)	​	​	​	​	​	​
Bond No.1		1,995,793		82,013,273		May 2025		Floating interest rate, annual interest rate from 9.775% to 10.175% per annum		(i)
In which: current portion		1,995,793		82,013,273
Bond No.2		4,992,091		205,140,374		From January to March 2025		Fixed interest rate from 14.4% to 14.5% per annum		(ii)
In which: current portion		4,992,091		205,140,374
Bond No.3		617,603		25,379,207		September 2025		Floating interest rate, annual interest rate from 10.875% to 11.225% per annum		(iii)
In which: current portion		617,603		25,379,207
Bond No.5		1,977,750		81,271,831		October 2026		Fixed interest rate at 13.5% per annum		(iv)
Bond No.6		3,951,000		162,358,742		October 2029		Fixed interest rate at 13.5% per annum		(iv)
Bond No.7		10,000		410,931		December 2026		Fixed interest rate at 13.5% per annum		(iv)
​	​	​	​	​	​	​	​	​	​	​
TOTAL		13,544,237		556,574,358
In which:
Non-current portion		5,938,750		244,041,504
Current portion		7,605,487		312,532,854

(i) This bond issue is secured by shares of an affiliate held by the ultimate parent company; payment guaranteed by the ultimate parent company.

(ii) This bond issue is secured by shares of an affiliate company held by the ultimate parent company and shares of the ultimate parent company held by Vietnam Investment Group Joint Stock Company (“VIG”); payment guaranteed by the ultimate parent company.

(iii) This bond issue is secured by shares of the ultimate parent company held by VIG; payment guaranteed by the ultimate parent company.

(iv) This bond issue is secured by shares and real estates of affiliates under common control of the ultimate parent company; payment guaranteed by the ultimate parent company. As of December 31, 2024, the Group’s collateral cover ratio was less than the required ratio specified in the related bond agreements. By the date of the consolidated financial statements, the Group completed administrative procedures with the relevant regulatory body to register the additional collaterals within committed timeline.

The balance as of 31 December 2023 includes bonds arranged by a third counterparty:

​

​	​	​	​	​	​	​	​	​	​	​
Bonds		As of December 31, 2023			​	Maturity	​	Interest rate	​	Collateral
​	​	​		USD		​		​		​
​	​	​	​	(Convenience	​	​	​	​	​	​
​	​	VND million	​	translation)	​	​	​	​	​	​
Bond No.1		1,985,738		83,203,626		May 2025		Floating interest rate, annual interest rate from 9.26% to 11.675% per annum		(i)
​		​		​
Bond No.2		4,951,792		207,483,100		From January to March 2025		Fixed interest rate from 14.4% to 14.5% per annum		(ii)
​		​		​
Bond No.3		614,098		25,731,086		September 2025		Floating interest rate, annual interest rate from 10.42% to 11.725% per annum		(iii)
​		​		​
Bond No.4		11,443,465		479,488,182		December 2024		Floating interest rate, annual interest rate from 9.975% to 11.825% per annum		(iv)
In which: current portion		11,443,465		479,488,182		​		​		​
​	​	​	​	​	​	​	​	​	​	​
TOTAL		18,995,093		795,905,994
In which:
Non-current portion		7,551,628		316,417,812
Current portion		11,443,465		479,488,182

(i) This bond issue is secured by shares of an affiliate held by the ultimate parent company; payment guaranteed by the ultimate parent company.

(ii) This bond issue is secured by shares of the ultimate parent company held by the Company’s Managing Director and CEO; payment guaranteed by the ultimate parent company.

(iii) This bond issue is secured by shares of the ultimate parent company held by VIG; payment guaranteed by the ultimate parent company.

(iv) This bond issue is secured by shares of an affiliate held by the ultimate parent company; payment guaranteed by the ultimate parent company.

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