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FAIR VALUE HIERARCHY (Tables)

12 Months Ended

Dec. 31, 2024

FAIR VALUE HIERARCHY

Schedule of financial assets and liabilities by classes that are carried at fair value

​

​	​	​	​	​	​	​	​	​
​		As of December 31, 2023
​	​	Quoted prices in	​	​	​	Significant	​	​
​	​	active markets for	​	Significant other	​	unobservable	​	​
​	​	identical instruments	​	observable inputs	​	inputs	​	Total
​	​	(Level 1)		(Level 2)		(Level 3) (*)		​
​	​	VND million	​	VND million	​	VND million	​	VND million
Financial assets:	​		​		​		​
Financial assets at fair value through profit or loss	​		​		​		​
- Derivative assets — cross-currency interest rate swaps contracts (i)		—		—		614,134		614,134
- Other investments (ii)	​	—	​	—	​	918,040	​	918,040
In which:	​	​	​	​	​	​	​	​
Non-current portion	​	—	​	—	​	984,164	​	984,164
Current portion	​	—	​	—	​	548,010	​	548,010
At December 31, 2023		—		—		1,532,174		1,532,174
Financial liabilities:
Financial liabilities at fair value through profit or loss
- Financial liabilities in respect of DPS2 (Note 22)	​	—		—		18,258,063		18,258,063
- Convertible debenture	​	—	​	—	​	1,190,475	​	1,190,475
- Warrant liability	​	137,057	​	—	​	—	​	137,057
In which:	​	​	​	​	​	​	​	​
Non-current portion	​	137,057	​	—	​	—	​	137,057
Current portion	​	—	​	—	​	19,448,538	​	19,448,538
At December 31, 2023		137,057		—		19,448,538		19,585,595

(*) There were no transfers into or out of Level 3 of the fair value hierarchy during the year ended December 31, 2023.

​

​	​	​	​	​	​	​	​	​	​	​
​		As of December 31, 2024
​	​	Quoted prices in	​	​	​	Significant	​	​	​	​
​	​	active markets for	​	Significant other	​	unobservable	​	​	​	​
​	​	identical instruments	​	observable inputs	​	inputs	​	Total	​	Total
​	​	(Level 1)	​	(Level 2)	​	(Level 3) (*)	​	​	​	​
​	​	VND million		VND million		VND million		VND million		USD
Financial assets:	​		​		​		​		​
Financial assets at fair value through profit or loss	​		​		​		​		​
- Derivative assets — cross-currency interest rate swaps contracts (i)		—		—		185,787		185,787		7,634,559
- Other investments (ii)	​	—	​	—	​	918,040	​	918,040	​	37,725,087
In which:
Non-current portion		—		—		918,040		918,040		37,725,087
Current portion		—		—		185,787		185,787		7,634,559
At December 31, 2024		—		—		1,103,827		1,103,827		45,359,646
Financial liabilities:
Financial liabilities at fair value through profit or loss
- Financial liabilities in respect of DPS2 (Note 22)		—		—		21,619,612		21,619,612		888,416,355
- Warrant liability	​	36,326	​	—	​	—	​	36,326	​	1,492,747
In which:	​	​	​	​	​	​	​	​	​	​
Non-current portion	​	36,326	​	—	​	—	​	36,326	​	1,492,747
Current portion	​	—	​	—	​	21,619,612	​	21,619,612	​	888,416,355
At December 31, 2024		36,326		—		21,619,612		21,655,938		889,909,102

(*) There were no transfers into or out of Level 3 of the fair value hierarchy during the year ended December 31, 2024.

Schedule of reconciliations of significant assets and liabilities categorized within Level 3 under the fair value hierarchy

​

​	​	​	​	​	​	​	​	​	​	​
​	​	As of	​	Initial recognition	​	Net change in	​	​	​	As of
​	​	January 1,	​	during	​	fair value	​	​	​	December 31,
​		2023		the year		during the year		Reclassification		2023
​	​	VND million	​	​	​	VND million	​	VND million	​	VND million
Financial assets:	​		​	​	​		​	​	​
Financial assets at fair value through profit or loss	​		​	​	​		​	​	​
- Derivative asset — cross-currency interest rate swaps contract (i)	​	1,229,050	​	—	​	(614,916)	​	—	​	614,134
- Other investments (ii)	​	918,040	​	—	​	—	​	—	​	918,040
In which:	​	​	​	​	​	​	​	​	​	​
Non-current portion	​	1,581,770	​	—	​	(630,208)	​	32,602	​	984,164
Current portion	​	565,320	​	—	​	15,292	​	(32,602)	​	548,010
​	​	​	​	​	​	​	​	​	​	​
Financial liabilities:			​	​			​	​
Financial liability at fair value through profit or loss			​	​			​	​
- Financial liabilities in respect of DPS2 (Note 22)	​	15,180,723	​	—	​	3,077,340	​	—	​	18,258,063
- Convertible debenture		—	​	1,190,475		—	​	—		1,190,475
In which:		​	​	​			​	​
Non-current portion		15,180,723	​	—		3,077,340	​	(18,258,063)		—
Current portion		—	​	1,190,475		—	​	18,258,063		19,448,538

​

​	​	​	​	​	​	​	​	​	​	​
​	​	As of	​	Net change in	​	​	​	As of	​	As of
​	​	January 1,	​	fair value	​	Payment made	​	December 31,	​	December 31,
​		2024		during the year		during the year		2024		2024
​	​	VND million	​	VND million	​	VND million	​	​	​	USD
Financial assets:	​		​		​		​		​
Financial assets at fair value through profit or loss	​		​		​		​		​
- Derivative asset — cross-currency interest rate swaps contract (i)	​	614,134	​	(428,347)	​	—	​	185,787	​	7,634,559
- Other investments (ii)	​	918,040	​	—	​	—	​	918,040	​	37,725,087
In which:
Non-current portion		984,164		(66,124)		—		918,040		37,725,087
Current portion		548,010		(362,223)		—		185,787		7,634,559
​	​	​	​	​	​	​	​	​	​	​
Financial liabilities:
Financial liability at fair value through profit or loss
- Financial liabilities in respect of DPS2 (Note 22)		18,258,063		3,361,549		—		21,619,612		888,416,355
- Convertible debenture		1,190,475		—		(1,190,475)		—		—
In which:
Non-current portion		—		—		—		—		—
Current portion		19,448,538		3,361,549		(1,190,475)		21,619,612		888,416,355

(i) The Group entered into non-transferable cross-currency interest rate swap (“CCIRS”) contracts with financial institutions for syndicated loans No.1, No.2, and No.3. Under the terms of the CCIRS contracts, the Group will receive floating interests based on outstanding USD notional amount every interest payment date, and in turn will pay fixed interest for such loans based on the outstanding VND notional amount. In addition, at each principal repayment date, the Group will pay a fixed amount in VND based on the USD-VND exchange rate for such loans at inception of the CCIRS for receiving a notional amount in USD with the financial institutions. The CCIRS contract of the loan No.3 and No.2 was expired in April 2023 and November 2024, respectively. The outstanding notional amounts of the Group’s derivative instruments were maximum equal to the carrying value of syndicated loans No. 1 as disclosed in Note 13.2.

(ii) As of December 31, 2024, the Group has 3.75% voting shares in Storedot Ltd., equivalent to 2,219,970 series D preference shares of this company which was invested in December 2021.

Schedule of valuation methods and assumptions

​

​	​	​	​	​	​	​	​	​
​		Valuation		​		Significant unobservable		Rate
Item	​	technique	​	Valuation date	​	inputs	​	(%/annum)
CCIRS contract of the loan No.1	​	Discounted Cash Flow (“DCF”)	​	December 31, 2023	​	Interpolated SOFR for subsequent years	​	4.70 - 5.54
​	​	​		December 31, 2024		Interpolated SOFR for subsequent years	​	4.45
CCIRS contract of the loan No.2	​	DCF		December 31, 2023		Interpolated SOFR for subsequent years		4.98 - 5.57
​	​	​		December 31, 2024		Interpolated SOFR for subsequent years	​	Expired in November 2024
Financial liabilities in respect of DPS2 (*)	​	Binomial option pricing model – Lattice model and Available Market Price (AMP)		December 31, 2023		Credit spread of the Company		12.46
​	​	​		​	​	Probability of expected events & expected exercise date	​	​
​	​	​	​	​	​	Volatility	​	66.6%
​	​	Binomial option pricing model – Lattice model and Available Market Price (AMP)	​	December 31, 2024	​	Credit spread of the Company	​	13.6
​	​	​	​	​	​	Probability of expected events & expected exercise date	​	​
​	​	​	​	​	​	Volatility	​	62.6%
Other investments	​	Combination of calibration method and market comparable Option Pricing Model	​	December 31, 2023	​	Volatility	​	61.3% - 92.9%
​	​	​	​	​	​	Risk free rate	​	2.1%
​	​	​	​	December 31, 2024	​	Volatility	​	53.8% - 90.8%
​	​	​	​	​	​	Risk free rate	​	2.5%

(*) The Group has never declared or paid any cash dividends on its ordinary shares, and the Group does not anticipate any dividend payments in the foreseeable future. The expected volatility at valuation date is estimated based on historical volatilities of comparable companies.

​

​	​	​	​	​	​	​	​	​
​		Valuation		​		Significant unobservable		Rate
Item	​	technique	​	Valuation date	​	inputs	​	(%/annum)
Equity instrument in respect of DPS1 and DPS4	​	Binomial option pricing model – Lattice model		December 31, 2024		Credit spread of the Company		13.6
​	​	​		​		Volatility	​	62.6%
​	​	​	​	​	​	Risk free rate	​	3.934 – 4.119

​

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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