UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES
EXCHANGE ACT OF 1934
For the month of November 2024
Commission File Number: 001-41782
VinFast Auto Ltd.
Dinh Vu – Cat
Hai Economic Zone
Cat Hai Islands, Cat
Hai Town, Cat Hai District
Hai Phong City, Vietnam
(Address of principal
executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨
INFORMATION
CONTAINED IN THIS REPORT ON FORM 6-K
As
set forth herein, VinFast Auto Ltd. has announced its unaudited financial results for the third quarter of 2024.
This
Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form S-8 (File No. 333-278251)
of VinFast Auto Ltd. (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date
on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| |
VinFast
Auto Ltd. |
| |
|
|
| Date:
November 26, 2024 |
By: |
/s/ Le Thi Thu Thuy |
| |
|
Name: |
Le Thi Thu Thuy |
| |
|
Title: |
Chairwoman and Director |
Exhibit 99.1
VinFast Reports Unaudited Third Quarter 2024
Financial Results
Quarterly Revenues reached VND12,326,537 million
(US$511.6 million)
Quarterly EV Deliveries were 21,912 units
Singapore,
November 26, 2024 – VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a pure-play electric
vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial
results for the third quarter ended September 30, 2024.
Operating Highlights
for the Third Quarter of 2024
| |
3Q2024 |
2Q2024 |
3Q2023 |
| EV
Deliveries(1) |
21,912 |
13,172 |
10,179 |
| E-scooter
Deliveries |
18,894 |
13,076 |
28,219 |
| · | EV
deliveries were 21,912 in the third quarter of 2024, representing an increase of 66%
from the second quarter of 2024 and an increase of 115% from the third quarter of 2023. |
| · | E-scooter
deliveries were 18,894 in the third quarter of 2024, representing an increase of 44%
from the second quarter of 2024 and a decrease of 33% from the third quarter of 2023. |
| · | As
of October 31, 2024, the Company had 173 showrooms globally for EVs and 160 showrooms
and service workshops for e-scooters, including VinFast’s showrooms and dealer showrooms. |
Financial
Highlights for the Third Quarter of 2024
| · | Vehicle
sales were VND11,251,190 million (US$467.0 million) in the third quarter of 2024, representing
an increase of 46.1% from the third quarter of 2023 and an increase of 46.1% from the second
quarter of 2024. |
| · | Total
revenues were VND12,326,537 million (US$511.6 million) in the third quarter of 2024,
representing an increase of 49.3% from the third quarter of 2023 and an increase of 42.2%
from the second quarter of 2024. Total revenues are primarily comprised of revenue from EV
sales. |
| · | Gross
loss was VND2,957,886 million (US$122.8 million) in the third quarter of 2024, representing
an increase of 32.9% from the third quarter of 2023 and a decrease of 45.6% from the second
quarter of 2024. |
| · | Gross
margin was negative (24.0%) in the third quarter of 2024, compared to negative (27.0%)
in the third quarter of 2023 and negative (62.7%) in the second quarter of 2024. |
| · | Loss
from operations was VND8,121,371 million (US$337.1 million) in the third quarter of 2024
representing a decrease of 11.6% from the third quarter of 2023 and a decrease of 39.4% from
the second quarter of 2024. |
| · | Net
loss was VND13,251,944 million (US$ 550.0 million) in the third quarter of 2024, representing
a decrease of 14.8% from the third quarter of 2023 and a decrease of 29.4% from the second
quarter of 2024. |
Key Financial Results
for the Third Quarter of 2024
(in VND millions, except
for percentages and basis points (“bps”))
| | |
2024
Q3 | | |
2024
Q2 | | |
2023
Q3 As
adjusted(2) | | |
QoQ | | |
YoY | |
| Vehicle Sales | |
| 11,251,190 | | |
| 7,698,685 | | |
| 7,698,425 | | |
| 46.1 | % | |
| 46.1 | % |
| Total Revenues | |
| 12,326,537 | | |
| 8,670,238 | | |
| 8,255,130 | | |
| 42.2 | % | |
| 49.3 | % |
| Gross Loss | |
| (2,957,886 | ) | |
| (5,436,449 | ) | |
| (2,225,856 | ) | |
| (45.6 | )% | |
| 32.9 | % |
| Gross Margin | |
| (24.0 | )% | |
| (62.7 | )% | |
| (27.0 | )% | |
| 3,870 | bps | |
| 300 | bps |
| Loss from Operations | |
| (8,121,371 | ) | |
| (13,396,437 | ) | |
| (9,183,432 | ) | |
| (39.4 | )% | |
| (11.6 | )% |
| Net Loss | |
| (13,251,944 | ) | |
| (18,764,327 | ) | |
| (15,545,732 | ) | |
| (29.4 | )% | |
| (14.8 | )% |
1 Includes VF3, VF e34, VF 5, VF 6,
VF 7, VF 8, VF 9 and e-bus
2 As adjusted retrospectively to reflect
the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.
Recent Business Updates
Became top-selling automotive
brand in Vietnam2
| · | In
September, VinFast recorded robust monthly deliveries in its home market of Vietnam, firmly
positioning VinFast as the top-selling car brand in Vietnam for September. This marked the
first time since VinFast was established seven years ago that a Vietnamese EV brand outperformed
all international competitors to become the market leader in terms of monthly sales. |
| · | In
October, VinFast delivered more than 11,000 EVs to customers in Vietnam, representing a 21%
increase compared to September and bringing total deliveries in Vietnam to more than
51,000 EVs for the year up to October 31, 2024. This positioned VinFast as the best-selling
automotive brand in the Vietnamese market for October and the first ten months of 2024. |
Internal
reorganization of the group companies under VinFast Trading and Production JSC (“VFTP”)
| · | Under
the reorganization plan announced earlier this month, a new Vietnam-incorporated company,
VinFast Investment and Development Joint Stock Company (“VFDI”) will be spun
off from VFTP as a new direct subsidiary of the Company. VFDI will hold certain of the VinFast
group’s international subsidiaries, namely a 99.3% interest in Vingroup Investment
Vietnam JSC, which in turn will wholly own VinFast’s subsidiaries in France, Canada,
the Netherlands, Australia and Germany. |
| · | VFTP
will continue to be a direct subsidiary of the Company and will hold the Company’s
EV manufacturing business in Vietnam. In addition, VFTP will hold a 99.5% ownership interest
in VinFast Commercial and Services Trading Limited Liability Company, as well as 99.8% interest
in VinEG Green Energy Solutions JSC. |
| · | The
reorganization is an internal exercise, and the Company will maintain its majority ownership
of all of its current subsidiaries. Completion of this internal reorganization is subject
to obtaining the necessary regulatory approvals. |
Shareholder
funding
| · | VinFast’s
Founder and Chief Executive Officer, Mr. Pham Nhat Vuong, and his associated companies
intend to provide up to VND50 trillion (US$2.1 billion) in free grants to the Company and
its subsidiaries through the end of 2026. |
| · | In
addition, Vingroup Joint Stock Company intends for it and its subsidiaries (collectively
“Vingroup”) to provide our subsidiaries incorporated in Vietnam with up to VND35
trillion (US$1.5 billion) in loans through the end of 2026. |
Recapitalization
of VFTP
| · | Vingroup
will make additional capital contributions to VFTP by converting up to VND80 trillion (US$3.3
billion) of loans extended by Vingroup to VFTP into preference shares issued by VFTP. |
New EV manufacturing facility in Ha Tinh, Vietnam
| · | In response to increasing demand for affordable EVs and to improve
production efficiencies, the Company plans to add a new completely knocked down (CKD) factory in Ha Tinh, Vietnam focusing on VF 3 and
VF 5. The factory will be under a long-term lease structure to optimize initial spendings. The factory targets a maximum capacity of 300,000
EVs per year, subject to demand and general market conditions, with a gradual ramp up in capacity and production overtime. The construction
of the factory will begin in early December, and the factory is expected to commence operations in 2025. |
Progress
on market expansion
| · | North
America: In November, VinFast started delivering the VF 9 to customers in the U.S. and
Canada. |
| · | Indonesia:
In the third quarter, VinFast delivered its first VF e34s with right-hand drive configuration
to customers in Indonesia. The Company’s planned assembly plant in Indonesia is targeted
to commence operations in 2025, with an initial capacity of 50,000 EVs per year. In the fourth
quarter, the Company delivered its first batch of VF 5 EVs to the market. As of October 31,
2024, VinFast had 17 dealer stores in 15 cities in Indonesia. |
| · | The
Philippines: In September, VinFast opened sales of the VF 3 with a starting list price
of 645,000 Pesos (battery-exclusive). During the 12th Philippines Electric Vehicle
Summit (PEVS) in October, VinFast opened sales of the VF 7 with a starting list price of
1,470,000 Pesos (battery-exclusive). The Company delivered its first batch of VF 5 EVs in
the third quarter of 2024 and is currently accepting reservations for three models in the
market: the VF 3, VF 5 and VF 7. As of October 31, 2024, VinFast had eight dealer stores
in six cities in the Philippines. |
| · | India:
VinFast’s planned assembly plant with an initial capacity of 50,000 EVs per year
is preparing for equipment and machinery installation process and is on track to commence
operations in 2025. |
| · | Middle
East: In October, VinFast held its official brand launch event in the Middle East market
and opened its second dealer store in the market, located in downtown Dubai, United Arab
Emirates. |
Related
Party Transactions
| · | Out
of 21,912 EVs delivered in the third quarter of 2024, 22% were to related parties of the
Company. |
| · | Out
of 18,894 e-scooters delivered in the third quarter of 2024, 5% were to related parties of
the Company. |
2
Based on data from the Vietnam Automobile Manufacturers’ Association, Thanh Cong Group and Company internal data (for VinFast only).
Management Commentary
Madam
Thuy Le, Chairwoman of VinFast, said: The third quarter’s result was underpinned by a robust September, as we recorded the highest
monthly deliveries in our home market, Vietnam. This marks a historic milestone for Vietnam’s automotive industry where, for the
first time since we were established seven years ago, a domestic OEM has outperformed international competitors to become the market
leader across the passenger vehicle market. We expect to finish 2024 on a strong note and meet our 80,000-vehicle delivery target, as
the momentum in Q3 has continued into Q4. Producing high-quality electric vehicles is a complex task, one that requires unwavering dedication
and fortitude to navigate ongoing uncertainties. Every day we are learning how to make durable and exciting EVs that will be a key part
of the global transition to green mobility. The path to green mobility is challenging, but our commitment to this future is resolute—because
the future is, without question, electric.”
Ms. Lan
Anh Nguyen, Chief Financial Officer of VinFast, added: “I am pleased to share that Q3’24 was in line with our internal
forecast, driven by an acceleration in our top line and an improvement in profitability as gross loss and net loss narrowed significantly.
Increasing scale, ongoing BOM and production cost optimization and improved operating efficiencies have already started to have a positive
impact on gross margin and will continue to be key drivers for our path to profitability. Our overall liquidity position has been enhanced
by the recently announced loans from Vingroup and grants from our Founder, whereby we expect to receive a potential of $3.5 billion injection
by the end of 2026.”
Financial Results
for the Third Quarter of 2024
Revenues
| · | Total
revenues were VND12,326,537 million (US$511.6 million) in the third quarter of 2024,
representing an increase of 49.3% from the third quarter of 2023 and an increase of 42.2%
from the second quarter of 2024. Total revenues are primarily comprised of revenue from EV
sales. |
| · | Vehicle
sales were VND11,251,190 million (US$467.0 million) in the third quarter of 2024, representing
an increase of 46.1% from the third quarter of 2023 and an increase of 46.1% from the second
quarter of 2024. Revenue growth from the third quarter of 2024 and the second quarter of
2024 was driven by an increase in EVs sale volumes due to the Company’s expansion in
both domestic and overseas markets. |
Cost of Sales and Gross
Margin
| · | Cost
of sales was VND15,284,423 million (US$634.4 million) in the third quarter of 2024, representing
an increase of 45.8% from the third quarter of 2023 and an increase of 8.3% from the second
quarter of 2024. The increase over the third quarter of 2023 and the second quarter of 2024
was primarily attributable to an increase in the cost of vehicles sold as the Company delivered
more EVs to customers in the third quarter of 2024. |
| · | Gross
loss was VND2,957,886 million (US$122.8million) in the third quarter of 2024, representing
an increase of 32.9% from the third quarter of 2023 and a decrease of 45.6% from the second
quarter of 2024. |
| · | Gross
margin was negative (24.0%) in the third quarter of 2024, compared to negative (27.0%)
in the third quarter of 2023 and negative (62.7%) in the second quarter of 2024. The improvement
of gross margin over the third quarter of 2023 was primarily driven by increased sales and
improved costs. The improvement of gross margin over the second quarter of 2024 was primarily
driven by increased sales, improved costs and decrease in charges to write down the carrying
value of inventories. |
Operating Expenses
| · | Research
and development (R&D) costs were VND2,091,725 million (US$86.8 million) in the third
quarter of 2024, representing a decrease of 41.8% from the third quarter of 2023 and a decrease
of 21.4% from the second quarter of 2024. The decrease over the third quarter of 2023 and
the second quarter of 2024 was primarily the result of the Company having frontloaded the
work on product development. |
| · | Selling,
general and administrative expenses were VND3,461,210 million (US$143.7 million) in the
third quarter of 2024, representing an increase of 22.7% from the third quarter of 2023 and
a decrease of 9.8% from the second quarter of 2024. The increase over the third quarter of
2023 was primarily due to the increase in labor costs, rental costs and marketing expenses
which are primarily attributable to the Company’s efforts to scale its sales operations.
The decrease over the second quarter of 2024 was primarily due to the impairment of assets
that do not support BOM cost optimization recognized in the second quarter of 2024. |
| · | Net
other operating incomes were VND 389,450 million (US$16.2 million) in the third quarter
of 2024, representing an increase of 171.8% and 126.7% from net other operating expenses
in the third quarter of 2023 and the second quarter of 2024, respectively. The increase in
net income over the third quarter of 2023 and the second quarter of 2024 was mainly due to
an increase in foreign exchange gain. |
Loss from Operations
| · | Loss
from operations was VND8,121,371 million (US$337.1 million) in the third quarter of 2024
representing a decrease of 11.6% from the third quarter of 2023 and a decrease of 39.4% from
the second quarter of 2024, as a result of the foregoing. |
Net Loss and Net Loss Per
Share
| · | Net
loss on financial instruments at fair value through profit or loss was VND251,088 million
(US$10.4 million) in the third quarter of 2024, representing a decrease of 90.2% from net
loss of the third quarter of 2023 and a decrease of 73.6% from net loss of the second quarter
of 2024. The decrease over net loss of the third quarter of 2023 and the second quarter of
2024 was mainly attributable to changes in the fair value of currency interest rate swaps
contracts, financial liabilities in respect of dividend preference shares, convertible debenture
and warrants. |
| · | Net
loss was VND13,251,944 million (US$550.0 million) in the third quarter of 2024, representing
a decrease of 14.8% from the third quarter of 2023 and a decrease of 29.4% from the second
quarter of 2024. |
| · | Net
loss attributable to controlling interest was VND13,227,273 million (US$549.0 million)
in the third quarter of 2024, representing a decrease of 14.8% from the third quarter of
2023 and a decrease of 29.4% from the second quarter of 2024. |
| · | Basic
and diluted net loss per ordinary share were both VND5,656 (US$0.23) in the third quarter
of 2024, compared with VND6,725 (US$0.28) in the third quarter of 2023 and VND8,015 (US$0.33)
in the second quarter of 2024. |
Balance
Sheet
| · | Cash
and cash equivalents were VND1,892,408 million (US$78.5 million) as of September 30,
2024. |
Business
Outlook
| · | FY2024
Delivery Target: the Company reaffirms target to deliver 80,000 EVs. |
| · | This
outlook reflects the Company’s current and preliminary view on the business and existing
market conditions, which is subject to change. |
Our primary
target markets remain Vietnam, North America and Europe, and we are regularly evaluating opportunities to enter new countries and regions
in Europe, Asia, the Middle East and Africa to grow our global footprint in areas where we identify high potential for EV demand growth.
We may establish or enlarge our presence in existing and new markets through a range of distribution models, directly or with strategic
public and private partners or agents. To ensure that we continue to have sufficient production capacity to support our current and future
operations, we will from time to time endeavor to add manufacturing, assembly and distribution capacity across our markets through the
expansion of existing infrastructure and new brownfield and greenfield projects. While we remain focused on the mini- through E-segments
of the electric SUV market, we are also evaluating the full spectrum of vehicle types for future product development. We continuously
monitor our global expansion strategy and have the ability to accelerate, moderate or otherwise deviate from our existing distribution,
manufacturing, assembly, marketing and other plans for any market at any time.
Our funding
sources for our capital requirements to implement our growth strategy may include loans and grants from our major shareholders and affiliates,
the public and private debt and equity capital markets, existing and new third-party loans and borrowing and cash from operations. We
are prepared to opportunistically access the debt and equity capital markets, subject to market conditions. We also seek to capture available
tax and other incentives and subsidies to reduce our costs of investment and operations.
Conference
Call
The Company’s
management will host its third quarter of 2024 earnings conference call at 8:00 AM U.S. Eastern Time on November 26, 2024.
Live Webcast:
https://edge.media-server.com/mmc/p/5725mupo
VinFast
Auto Ltd.
Unaudited
Interim Condensed Consolidated Balance Sheets
| | |
As of December 31,
2023 | | |
As of September 30,
2024 | | |
As of September 30,
2024 | |
| | |
VND million | | |
VND million | | |
USD | |
| | |
(Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | |
| ASSETS | |
| | |
| | |
| |
| | |
| | |
| | |
| |
| CURRENT ASSETS | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 4,095,472 | | |
| 1,892,408 | | |
| 78,545,968 | |
| Restricted cash | |
| 102,932 | | |
| 330,589 | | |
| 13,721,371 | |
| Trade receivables | |
| 469,918 | | |
| 2,800,286 | | |
| 116,228,199 | |
| Advances to suppliers | |
| 4,753,634 | | |
| 5,681,496 | | |
| 235,815,216 | |
| Inventories, net | |
| 30,141,381 | | |
| 31,524,062 | | |
| 1,308,432,408 | |
| Short-term prepayments and other receivables | |
| 8,006,103 | | |
| 9,571,564 | | |
| 397,275,723 | |
| Short-term derivative assets | |
| 548,010 | | |
| 359,465 | | |
| 14,919,894 | |
| Current net investment in sales-type lease | |
| 87,552 | | |
| 103,828 | | |
| 4,309,467 | |
| Short-term investments | |
| 4,105 | | |
| 4,078 | | |
| 169,261 | |
| Short-term amounts due from related parties | |
| 2,374,382 | | |
| 3,044,295 | | |
| 126,355,996 | |
| Assets classified as held for sale | |
| - | | |
| 19,441 | | |
| 806,915 | |
| Total current assets | |
| 50,583,489 | | |
| 55,331,512 | | |
| 2,296,580,418 | |
| | |
| | | |
| | | |
| | |
| NON-CURRENT ASSETS | |
| | | |
| | | |
| | |
| Trade receivables | |
| 110,312 | | |
| 148,576 | | |
| 6,166,770 | |
| Property, plant and equipment, net | |
| 79,122,703 | | |
| 79,971,399 | | |
| 3,319,279,417 | |
| Intangible assets, net | |
| 1,346,324 | | |
| 1,170,472 | | |
| 48,581,414 | |
| Operating lease right-of-use assets | |
| 7,081,509 | | |
| 5,966,780 | | |
| 247,656,166 | |
| Long-term derivative assets | |
| 66,124 | | |
| - | | |
| - | |
| Long-term prepayments | |
| 217,180 | | |
| 902,458 | | |
| 37,457,270 | |
| Non-current net investment in sales-type lease | |
| 620,665 | | |
| 1,037,090 | | |
| 43,045,283 | |
| Investment in equity investees | |
| 1,214,938 | | |
| 1,193,272 | | |
| 49,527,747 | |
| Other long-term investments | |
| 918,040 | | |
| 918,040 | | |
| 38,104,014 | |
| Long-term amounts due from related parties | |
| 51,073 | | |
| 37,208 | | |
| 1,544,349 | |
| Long-term restricted cash | |
| 660,363 | | |
| 1,074,466 | | |
| 44,596,605 | |
| Other non-current assets | |
| 4,865,001 | | |
| 4,055,941 | | |
| 168,345,204 | |
| Total non-current assets | |
| 96,274,232 | | |
| 96,475,702 | | |
| 4,004,304,239 | |
| | |
| | | |
| | | |
| | |
| TOTAL ASSETS | |
| 146,857,721 | | |
| 151,807,214 | | |
| 6,300,884,657 | |
| (*) | As adjusted
retrospectively to reflect the historical financial statements of VinES acquired on January 19,
2024, deemed as business combination under common control. |
VinFast
Auto Ltd.
Unaudited
Interim Condensed Consolidated Balance Sheets (continued)
| | |
As of December 31,
2023 | | |
As of September 30,
2024 | | |
As of September 30,
2024 | |
| | |
VND million | | |
VND million | | |
USD | |
| | |
(Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | |
| DEFICIT AND LIABILITIES | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| Short-term and current portion of long-term interest-bearing
loans and borrowings | |
| 42,924,034 | | |
| 48,731,446 | | |
| 2,022,639,190 | |
| Short-term financial liabilities | |
| 18,258,063 | | |
| 20,377,714 | | |
| 845,793,965 | |
| Convertible debenture | |
| 1,190,475 | | |
| 260,854 | | |
| 10,826,962 | |
| Trade payables | |
| 12,146,588 | | |
| 14,321,429 | | |
| 594,422,820 | |
| Deposits and down payment from customers | |
| 1,194,112 | | |
| 2,206,915 | | |
| 91,599,842 | |
| Short-term deferred revenue | |
| 149,747 | | |
| 146,304 | | |
| 6,072,469 | |
| Short-term accruals | |
| 11,431,878 | | |
| 10,526,781 | | |
| 436,922,799 | |
| Other current liabilities | |
| 13,875,625 | | |
| 5,437,774 | | |
| 225,699,332 | |
| Current operating lease liabilities | |
| 1,524,356 | | |
| 1,382,636 | | |
| 57,387,457 | |
| Amounts due to related parties | |
| 49,341,144 | | |
| 65,779,927 | | |
| 2,730,250,571 | |
| Total current liabilities | |
| 152,036,022 | | |
| 169,171,780 | | |
| 7,021,615,407 | |
| | |
| | | |
| | | |
| | |
| NON-CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| Long-term interest-bearing loans and borrowings | |
| 30,170,149 | | |
| 21,249,203 | | |
| 881,965,841 | |
| Long-term financial liability | |
| 137,057 | | |
| 33,686 | | |
| 1,398,165 | |
| Other non-current liabilities | |
| 2,194,253 | | |
| 4,969,146 | | |
| 206,248,537 | |
| Non-current operating lease liabilities | |
| 5,330,344 | | |
| 4,494,980 | | |
| 186,567,883 | |
| Long-term deferred revenue | |
| 1,569,733 | | |
| 2,237,424 | | |
| 92,866,144 | |
| Deferred tax liabilities | |
| 1,025,264 | | |
| 983,269 | | |
| 40,811,398 | |
| Long-term accruals | |
| 123,867 | | |
| 123,877 | | |
| 5,141,618 | |
| Amounts due to related parties | |
| 19,682,747 | | |
| 43,547,531 | | |
| 1,807,476,487 | |
| Total non-current liabilities | |
| 60,233,414 | | |
| 77,639,116 | | |
| 3,222,476,073 | |
| | |
| | | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| DEFICIT | |
| | | |
| | | |
| | |
| Ordinary shares, no par value - VinFast Auto Ltd (2,337,788,498 and 2,338,695,829
shares issued and outstanding as of December 31, 2023 and September 30, 2024) | |
| 9,847,536 | | |
| 9,867,167 | | |
| 409,544,972 | |
| Accumulated losses | |
| (190,502,556 | ) | |
| (237,192,337 | ) | |
| (9,844,865,189 | ) |
| Additional paid-in capital | |
| 38,258,499 | | |
| 55,274,244 | | |
| 2,294,203,462 | |
| Other comprehensive loss | |
| (385,873 | ) | |
| (253,078 | ) | |
| (10,504,213 | ) |
| Deficit attributable to equity
holders of the parent | |
| (142,782,394 | ) | |
| (172,304,004 | ) | |
| (7,151,620,968 | ) |
| Non-controlling interests | |
| 77,370,679 | | |
| 77,300,322 | | |
| 3,208,414,145 | |
| Total deficit | |
| (65,411,715 | ) | |
| (95,003,682 | ) | |
| (3,943,206,823 | ) |
| | |
| | | |
| | | |
| | |
| TOTAL DEFICIT AND LIABILITIES | |
| 146,857,721 | | |
| 151,807,214 | | |
| 6,300,884,657 | |
| (*) | As adjusted
retrospectively to reflect the historical financial statements of VinES acquired on January 19,
2024, deemed as business combination under common control. |
VinFast Auto Ltd.
Unaudited Interim Condensed Consolidated Statements
of Operations
| | |
For the
three months ended September 30, | | |
For the
nine months ended September 30, | |
| | |
2023 | | |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2024 | |
| | |
VND million | | |
VND million | | |
USD | | |
VND million | | |
VND million | | |
USD | |
| | |
(Unaudited)
(Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited)
(Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | |
| Revenues | |
| | |
| | |
| | |
| | |
| | |
| |
| Sales of vehicles | |
| 7,698,425 | | |
| 11,251,190 | | |
| 466,989,997 | | |
| 16,711,887 | | |
| 24,704,105 | | |
| 1,025,364,421 | |
| Sales of merchandise | |
| 14,656 | | |
| 23,717 | | |
| 984,394 | | |
| 52,925 | | |
| 83,705 | | |
| 3,474,246 | |
| Sales of spare parts and components | |
| 215,420 | | |
| 429,505 | | |
| 17,826,962 | | |
| 587,758 | | |
| 1,071,442 | | |
| 44,471,091 | |
| Rendering of services | |
| 127,059 | | |
| 176,121 | | |
| 7,310,049 | | |
| 300,046 | | |
| 785,144 | | |
| 32,588,055 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Rental income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue from leasing activities | |
| 199,570 | | |
| 446,004 | | |
| 18,511,766 | | |
| 515,640 | | |
| 878,243 | | |
| 36,452,207 | |
| Revenues | |
| 8,255,130 | | |
| 12,326,537 | | |
| 511,623,168 | | |
| 18,168,256 | | |
| 27,522,639 | | |
| 1,142,350,020 | |
| Cost of vehicles sold | |
| (9,802,999 | ) | |
| (14,331,580 | ) | |
| (594,844,146 | ) | |
| (25,462,167 | ) | |
| (36,988,994 | ) | |
| (1,535,258,955 | ) |
| Cost of merchandise sold | |
| (14,831 | ) | |
| (48,831 | ) | |
| (2,026,771 | ) | |
| (53,364 | ) | |
| (105,369 | ) | |
| (4,373,428 | ) |
| Cost of spare parts and components sold | |
| (134,965 | ) | |
| (159,808 | ) | |
| (6,632,964 | ) | |
| (365,791 | ) | |
| (541,083 | ) | |
| (22,458,100 | ) |
| Cost of rendering services | |
| (294,448 | ) | |
| (396,707 | ) | |
| (16,465,654 | ) | |
| (683,044 | ) | |
| (1,398,377 | ) | |
| (58,040,800 | ) |
| Cost of leasing activities | |
| (233,743 | ) | |
| (347,497 | ) | |
| (14,423,152 | ) | |
| (584,174 | ) | |
| (712,060 | ) | |
| (29,554,643 | ) |
| Cost of sales | |
| (10,480,986 | ) | |
| (15,284,423 | ) | |
| (634,392,687 | ) | |
| (27,148,540 | ) | |
| (39,745,883 | ) | |
| (1,649,685,926 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross loss | |
| (2,225,856 | ) | |
| (2,957,886 | ) | |
| (122,769,519 | ) | |
| (8,980,284 | ) | |
| (12,223,244 | ) | |
| (507,335,906 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Research and development costs | |
| (3,594,921 | ) | |
| (2,091,725 | ) | |
| (86,818,786 | ) | |
| (12,247,235 | ) | |
| (7,346,959 | ) | |
| (304,941,643 | ) |
| Selling and distribution costs | |
| (1,461,999 | ) | |
| (2,050,062 | ) | |
| (85,089,528 | ) | |
| (4,031,763 | ) | |
| (5,286,246 | ) | |
| (219,410,036 | ) |
| Administrative expenses | |
| (1,358,349 | ) | |
| (1,411,148 | ) | |
| (58,570,871 | ) | |
| (4,095,209 | ) | |
| (5,068,940 | ) | |
| (210,390,570 | ) |
| Net other operating (expenses)/incomes | |
| (542,307 | ) | |
| 389,450 | | |
| 16,164,446 | | |
| (625,362 | ) | |
| (1,621,658 | ) | |
| (67,308,264 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating loss | |
| (9,183,432 | ) | |
| (8,121,371 | ) | |
| (337,084,258 | ) | |
| (29,979,853 | ) | |
| (31,547,047 | ) | |
| (1,309,386,419 | ) |
| Finance income | |
| 51,392 | | |
| 75,208 | | |
| 3,121,571 | | |
| 405,307 | | |
| 303,228 | | |
| 12,585,730 | |
| Finance costs | |
| (3,857,994 | ) | |
| (4,991,829 | ) | |
| (207,190,014 | ) | |
| (9,961,257 | ) | |
| (13,671,144 | ) | |
| (567,432,200 | ) |
| Net loss on financial instruments at fair value through profit
or loss | |
| (2,561,432 | ) | |
| (251,088 | ) | |
| (10,421,616 | ) | |
| (3,840,505 | ) | |
| (1,813,037 | ) | |
| (75,251,608 | ) |
| Share of gains/(losses) from equity investees | |
| 18,749 | | |
| 10,236 | | |
| 424,854 | | |
| 29,671 | | |
| (21,666 | ) | |
| (899,265 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss before income tax expense | |
| (15,532,717 | ) | |
| (13,278,844 | ) | |
| (551,149,463 | ) | |
| (43,346,637 | ) | |
| (46,749,666 | ) | |
| (1,940,383,762 | ) |
| Tax income/(expense) | |
| (13,015 | ) | |
| 26,900 | | |
| 1,116,507 | | |
| 27,523 | | |
| (10,472 | ) | |
| (434,650 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss for the period | |
| (15,545,732 | ) | |
| (13,251,944 | ) | |
| (550,032,956 | ) | |
| (43,319,114 | ) | |
| (46,760,138 | ) | |
| (1,940,818,412 | ) |
| Net loss attributable to non-controlling interests | |
| (19,097 | ) | |
| (24,671 | ) | |
| (1,023,990 | ) | |
| (70,319 | ) | |
| (70,357 | ) | |
| (2,920,226 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to controlling interest | |
| (15,526,635 | ) | |
| (13,227,273 | ) | |
| (549,008,966 | ) | |
| (43,248,795 | ) | |
| (46,689,781 | ) | |
| (1,937,898,186 | ) |
| (*) | As adjusted
retrospectively to reflect the historical financial statements of VinES acquired on January 19,
2024, deemed as business combination under common control. |
VinFast Auto Ltd.
Unaudited Interim Condensed Consolidated Statements
of Comprehensive Loss
| | |
For the
three months ended September 30, | | |
For the
nine months ended September 30, | |
| | |
2023 | | |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2024 | |
| | |
VND million | | |
VND million | | |
USD | | |
VND million | | |
VND million | | |
USD | |
| | |
(Unaudited) (Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) (Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | |
| Net loss for the period | |
| (15,545,732 | ) | |
| (13,251,944 | ) | |
| (550,032,956 | ) | |
| (43,319,114 | ) | |
| (46,760,138 | ) | |
| (1,940,818,412 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive (loss)/income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive (loss)/income that will be reclassified
to profit or loss in subsequent periods (net of tax): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Exchange differences
on translation of foreign operations | |
| 56 | | |
| 211,138 | | |
| 8,763,458 | | |
| 2,665 | | |
| 132,795 | | |
| 5,511,767 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net other comprehensive (loss)/income
that will be reclassified to profit or loss in subsequent periods | |
| 56 | | |
| 211,138 | | |
| 8,763,458 | | |
| 2,665 | | |
| 132,795 | | |
| 5,511,767 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive loss for the period, net of tax | |
| (15,545,676 | ) | |
| (13,040,806 | ) | |
| (541,269,498 | ) | |
| (43,316,449 | ) | |
| (46,627,343 | ) | |
| (1,935,306,645 | ) |
| Net loss attributable
to non-controlling interests | |
| (19,097 | ) | |
| (24,671 | ) | |
| (1,023,990 | ) | |
| (70,319 | ) | |
| (70,357 | ) | |
| (2,920,226 | ) |
| Comprehensive loss attributable
to controlling interest | |
| (15,526,579 | ) | |
| (13,016,135 | ) | |
| (540,245,508 | ) | |
| (43,246,130 | ) | |
| (46,556,986 | ) | |
| (1,932,386,419 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss per share attributable to ordinary shareholders | |
| VND | | |
| VND | | |
| USD | | |
| VND | | |
| VND | | |
| USD | |
| Basic and diluted | |
| (6,725 | ) | |
| (5,656 | ) | |
| (0.23 | ) | |
| (18,779 | ) | |
| (19,968 | ) | |
| (0.83 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Unit:
Shares | |
| Weighted average number of shares used in loss per share computation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 2,308,837,804 | | |
| 2,338,695,829 | | |
| 2,338,695,829 | | |
| 2,303,020,921 | | |
| 2,338,281,841 | | |
| 2,338,281,841 | |
| (*) | As adjusted
retrospectively to reflect the historical financial statements of VinES acquired on January 19,
2024, deemed as business combination under common control. |
VinFast Auto Ltd.
Unaudited Interim Condensed Consolidated Statements
of Cash Flows
| | |
For the
nine months ended September 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
VND million | | |
| | |
| |
| | |
(Unaudited)
(Adjusted) (*) | | |
VND million (Unaudited) | | |
USD
(Unaudited) | |
| OPERATING ACTIVITIES | |
| | | |
| | | |
| | |
| Net loss for the period | |
| (43,319,114 | ) | |
| (46,760,138 | ) | |
| (1,940,818,412 | ) |
| Adjustments: | |
| | | |
| | | |
| | |
| Depreciation of property, plant and
equipment | |
| 4,641,698 | | |
| 7,003,706 | | |
| 290,694,642 | |
| Amortization of intangible assets | |
| 182,020 | | |
| 281,132 | | |
| 11,668,617 | |
| Impairment of assets and changes in
fair value of held for sale assets | |
| 1,112,176 | | |
| 1,661,290 | | |
| 68,953,223 | |
| Changes in operating lease right-of-use
assets | |
| 823,044 | | |
| 1,337,659 | | |
| 55,520,649 | |
| Provision related to compensation expenses,
assurance-type warranties and net realizable value of inventories | |
| 4,572,774 | | |
| 7,739,874 | | |
| 321,249,907 | |
| Deferred tax income | |
| (27,523 | ) | |
| (41,995 | ) | |
| (1,743,037 | ) |
| Unrealized foreign exchange losses | |
| 561,937 | | |
| 195,785 | | |
| 8,126,219 | |
| Net losses on financial instruments
at fair value through profit or loss | |
| 3,840,505 | | |
| 1,813,037 | | |
| 75,251,608 | |
| Change in amortized costs of financial
instruments measured at amortized cost other than nominal interest | |
| 2,350,639 | | |
| 2,163,146 | | |
| 89,783,174 | |
| Losses on disposal and write-off of
fixed assets | |
| - | | |
| 195,905 | | |
| 8,131,200 | |
| Share of (gains)/losses from equity
investees | |
| (29,671 | ) | |
| 21,666 | | |
| 899,265 | |
| Share-based compensation expenses | |
| - | | |
| 70,899 | | |
| 2,942,722 | |
| Change in working capital: | |
| | | |
| | | |
| | |
| Trade receivables and advance to suppliers,
net investment in sales-type lease | |
| (1,055,332 | ) | |
| (3,400,254 | ) | |
| (141,130,370 | ) |
| Inventories | |
| (6,058,517 | ) | |
| (6,335,334 | ) | |
| (262,953,306 | ) |
| Trade payables, deferred revenue and
other payables | |
| (4,759,867 | ) | |
| 4,798,611 | | |
| 199,170,340 | |
| Operating lease liabilities | |
| (590,129 | ) | |
| (1,214,021 | ) | |
| (50,388,951 | ) |
| Prepayments, other
receivables and other assets | |
| (514,556 | ) | |
| (1,012,555 | ) | |
| (42,026,937 | ) |
| Net cash flows used in operating
activities | |
| (38,269,916 | ) | |
| (31,481,587 | ) | |
| (1,306,669,447 | ) |
| (*) | As adjusted
retrospectively to reflect the historical financial statements of VinES acquired on January 19,
2024, deemed as business combination under common control. |
VinFast Auto
Ltd.
Unaudited Interim
Condensed Consolidated Statements of Cash Flows (continued)
| | |
For the
nine months ended September 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
VND million | | |
VND million | | |
USD | |
| | |
(Unaudited) (Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | |
| INVESTING ACTIVITIES | |
| | | |
| | | |
| | |
| Purchase of property, plant and equipment, and
intangible assets | |
| (19,346,390 | ) | |
| (10,577,759 | ) | |
| (439,038,683 | ) |
| Proceeds from disposal of property, plant and equipment | |
| - | | |
| 36,490 | | |
| 1,514,548 | |
| Disbursement of bank deposit and loans | |
| (11,513,514 | ) | |
| (2,338,057 | ) | |
| (97,043,000 | ) |
| Collection of loans | |
| 11,157,900 | | |
| 2,320,000 | | |
| 96,293,529 | |
| Payment for acquisition of a subsidiary (net of cash held
by entity being acquired) | |
| (6,900 | ) | |
| (10,252 | ) | |
| (425,518 | ) |
| Net proceeds from the disposal of a subsidiary | |
| - | | |
| (20,000 | ) | |
| (830,116 | ) |
| Payment for investments in equity investees | |
| (1,039,033 | ) | |
| - | | |
| - | |
| Receipt from government grants | |
| - | | |
| 1,093,933 | | |
| 45,404,599 | |
| Net cash flows used in investing
activities | |
| (20,747,937 | ) | |
| (9,495,645 | ) | |
| (394,124,641 | ) |
| | |
| | | |
| | | |
| | |
| FINANCING ACTIVITIES | |
| | | |
| | | |
| | |
| Capital contribution from owners/issuance of ordinary shares | |
| 3,994,291 | | |
| - | | |
| - | |
| Additional amount paid up to convert warrants to capital | |
| 1,421,444 | | |
| - | | |
| - | |
| Deemed contribution from owners | |
| 9,627,000 | | |
| 16,994,658 | | |
| 705,377,413 | |
| Proceeds from borrowings | |
| 99,668,587 | | |
| 69,300,057 | | |
| 2,876,356,494 | |
| Cash received under a business cooperation contract | |
| 9,625,000 | | |
| - | | |
| - | |
| Cash payment under a business cooperation contract | |
| - | | |
| (9,625,000 | ) | |
| (399,493,629 | ) |
| Repayment of borrowings | |
| (65,853,147 | ) | |
| (37,386,583 | ) | |
| (1,551,761,217 | ) |
| | |
| | | |
| | | |
| | |
| Net cash flows from financing
activities | |
| 58,483,175 | | |
| 39,283,132 | | |
| 1,630,479,061 | |
| | |
| | | |
| | | |
| | |
| Net decrease in cash and cash equivalents and restricted
cash | |
| (534,678 | ) | |
| (1,694,100 | ) | |
| (70,315,027 | ) |
| Cash, cash equivalents and restricted cash at beginning of
the period | |
| 4,361,631 | | |
| 4,858,767 | | |
| 201,667,165 | |
| Net foreign exchange differences | |
| 20,656 | | |
| 132,796 | | |
| 5,511,806 | |
| | |
| | | |
| | | |
| | |
| Cash, cash equivalents and restricted
cash at end of the period | |
| 3,847,609 | | |
| 3,297,463 | | |
| 136,863,944 | |
| | |
| | | |
| | | |
| | |
| Supplement disclosures of non-cash activities | |
| | | |
| | | |
| | |
| Debt conversion to equity | |
| (2,619,400 | ) | |
| - | | |
| - | |
| Non-cash property, plant and equipment additions | |
| 9,650,032 | | |
| 9,282,789 | | |
| 385,289,877 | |
| Establishment of right-of-use assets
and lease liabilities at commencement dates | |
| 2,942,877 | | |
| 222,930 | | |
| 9,252,895 | |
| (*) | As adjusted
retrospectively to reflect the historical financial statements of VinES acquired on January 19,
2024, deemed as business combination under common control. |
Industry and Market Data
This press release contains market and industry
data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including
but not limited to information regarding the Company’s market position and its performance compared to historical performance of
other industry players. VinFast has not independently verified such third-party information, and makes no representation as to the accuracy
of such third-party information. While the Company believes that the market and industry data and related statements presented in this
press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does
not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified
due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent
limitations and uncertainties.
Forward Looking Statements
Forward-looking statements contained herein,
which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1955. These statements include statements regarding our future results of operations and financial position, planned products and services,
business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive
position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual
results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some
cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential,” “goal,” “objective,” “seeks,” or “continue” or the negative
of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking
statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently
uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the
risk that the Company’s securities may experience a material price decline and volatility in the price of such securities due to
a variety of factors, (ii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company’s
business, (iii) risks associated with the Company’s limited operating history, (iv) the ability of the Company to achieve
profitability, positive cash flows from operating activities, and a net working capital surplus, (v) the ability of the Company
to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding
dilution as a result of additional capital raising, if applicable, (vi) risks associated with being a new entrant in the EV industry,
(vii) the risks of the Company’s brand, reputation, public credibility, and consumer confidence in its business being harmed
by negative publicity, (viii) the Company’s ability to successfully introduce and market new products and services, (ix) competition
in the automotive industry, (x) the Company’s ability to adequately control the costs associated with its operations, (xi) the
ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes acceptable
from its suppliers, (xii) the Company’s ability to maintain relationships with existing suppliers who are critical and necessary
to the output and production of its vehicles and to create relationships with new suppliers, (xiii) the Company’s ability
to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xiv) the risk
that the Company’s actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations
received, (xv) the demand for, and consumers’ willingness to adopt, EVs, (xvi) the availability and accessibility of
EV charging stations or related infrastructure, (xvii) the unavailability, reduction, or elimination of government and economic
incentives or government policies which are favorable for EV manufacturers and buyers, (xviii) failure to maintain an effective
system of internal control over financial reporting and to accurately and timely report the Company’s financial condition, results
of operations, or cash flows, (xix) the risk of battery pack failures in the Company or its competitor’s EVs, (xx) risks
related to the failure of the Company’s business partners to deliver their services, (xxi) errors, bugs, vulnerabilities,
design defects, or other issues related to technology used or involved in the Company’s EVs or operations, (xxii) the risk
that the Company’s research and development efforts may not yield expected results, (xxiii) risks associated with autonomous
driving technologies, (xxiv) product recalls that the Company may be required to make, (xxv) the ability of the Company’s
controlling shareholder to control and exert significant influence on the Company, (xxvi) the Company’s reliance on financial
and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxvii) conflicts
of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business
operations of Vingroup and Vingroup affiliates, and (xxviii) other risks discussed in our reports filed or furnished to the SEC.
All forward-looking statements attributable to
us or people acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned
not to place undue reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake
or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future
events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable
law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast
or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon
the forward-looking statements.
Exchange Rates
This announcement contains translations of certain
Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations
from Vietnam Dong to U.S. dollars were made at the rate of VND24,093 to US$1.00, representing the central exchange rate quoted by the
State Bank of Vietnam Operations Centre as of September 30, 2024. The Company makes no representation that the Vietnam Dong or U.S.
dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all.
VinFast Investor Relations and Media
Contacts
For more information, please visit: http://ir.vinfastauto.us.
Investor Relations
ir@vinfastauto.com
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup
JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of
making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses.
VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and
increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us
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