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CORPORATE INCOME TAX (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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