$VFS

VinFast Auto Ltd.

CIK:0001913510|SEC Filings

CONSOLIDATED STATEMENT OF OPERATIONS
₫ in Millions

12 Months Ended

Dec. 31, 2025

VND (₫)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

VND (₫)

Dec. 31, 2023

VND (₫)

^[2]

Revenues

^[1]

₫ 90,178,628

$ 3,589,770,630

₫ 44,019,015

₫ 27,883,821

Cost of sales

(131,089,148)

(5,218,309,303)

(69,296,654)

(41,594,732)

Gross loss

(40,910,520)

(1,628,538,673)

(25,277,639)

(13,710,911)

Operating expenses:

Research and development costs

(9,922,735)

(394,997,612)

(10,025,329)

(15,414,442)

Selling and distribution costs

(6,927,286)

(275,756,777)

(7,995,602)

(5,661,737)

Administrative expenses

(14,267,896)

(567,966,880)

(8,892,429)

(5,611,548)

Net other operating expenses

(2,065,764)

(82,232,554)

(3,208,159)

(1,572,015)

Operating loss

(74,094,201)

(2,949,492,496)

(55,399,158)

(41,970,653)

Finance income

306,292

12,192,667

354,530

422,746

Finance costs

(22,314,507)

(888,281,000)

(19,108,150)

(13,782,105)

Net loss on financial instruments at fair value through profit or loss

(3,017,050)

(120,100,713)

(3,183,030)

(4,879,833)

Share of profit/ (losses) from equity investees

(106,093)

(4,223,279)

(48,836)

36,422

Loss before income tax expense

(99,225,559)

(3,949,904,821)

(77,384,644)

(60,173,423)

Tax expense

(357,289)

(14,222,722)

29,695

(76,925)

Net loss for the year

(99,582,848)

(3,964,127,543)

(77,354,949)

(60,250,348)

Net loss attributable to non-controlling interests

(198,189)

(7,889,375)

(89,585)

(82,222)

Net loss attributable to controlling interest

(99,384,659)

(3,956,238,167)

(77,265,364)

(60,168,126)

Vehicles

Revenues

84,594,702

3,367,489,431

40,145,556

25,398,136

Cost of sales

(127,616,825)

(5,080,085,387)

(66,117,104)

(38,809,282)

Other product and services

Revenues

5,583,926

222,281,199

3,873,459

2,485,685

Cost of sales

₫ (3,472,323)

$ (138,223,916)

₫ (3,179,550)

₫ (2,785,450)

[1]	Including sales to related parties in 2023, 2024 and 2025 of VND19,305.4 billion, VND13,482.8 billion and VND24,373.9 billion (USD970.3 million), respectively.
[2]	As adjusted to reflect the historical financial statements of VinES JSC acquired in January 2024, deemed as reorganization under common control

CONSOLIDATED STATEMENTS OF CASH FLOWS
₫ in Millions

12 Months Ended

Dec. 31, 2025

VND (₫)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

VND (₫)

Dec. 31, 2023

VND (₫)

OPERATING ACTIVITIES

Net loss for the year

₫ (99,582,848)

$ (3,964,127,543)

₫ (77,354,949)

₫ (60,250,348)

^[1]

Adjustments to reconcile net loss to net cash flows:

Depreciation of property, plant and equipment and amortization of intangible assets

11,457,244

456,082,322

9,876,477

6,981,919

Impairment of goodwill, assets, right-of-use assets and changes in fair value of held for sale assets

8,742,185

348,003,065

3,932,677

1,303,932

Changes in operating lease right-of-use assets

728,755

29,009,793

1,258,911

1,162,222

7,076,210

281,685,044

8,638,150

5,614,917

17,875,350

711,570,001

4,045,573

2,066,764

Provision for contract penalty, compensation and other provisions

2,261,738

90,033,757

2,559,756

1,037,831

Deferred income tax expenses/(incomes)

358,139

14,256,558

(86,621)

(34,502)

Unrealized foreign exchange losses

(476,404)

(18,964,372)

1,024,887

797,331

Net loss/(gain) on financial instruments at fair value through profit or loss

3,017,050

120,100,713

3,183,030

4,879,833

^[1]

Change in amortized costs of financial instruments measured at amortized cost

3,264,743

129,960,710

2,893,999

3,189,365

Loss on disposal of fixed assets

756,181

30,101,549

570,050

81,165

Deemed contribution from owner to VinFast's customers

5,900,755

Share of (profit)/losses from equity investees

106,093

4,223,279

48,836

(36,422)

^[1]

Others

111,573

4,441,424

81,693

150,103

Change in working capital:

Trade receivables, advance to suppliers, net investment in sales-type lease

(3,422,919)

(136,257,275)

(7,931,433)

2,796,713

Inventories

(13,494,789)

(537,191,553)

(6,749,753)

(13,296,710)

Trade payables, deferred revenues, and other payables

20,682,725

823,324,111

19,539,512

(5,122,209)

Operating lease liabilities

(917,856)

(36,537,399)

(832,313)

(911,316)

Prepayments, other receivables and other assets

(3,004,409)

(119,597,508)

(1,067,698)

(681,205)

Net cash flows used in operating activities

(44,461,239)

(1,769,883,325)

(30,468,461)

(50,270,617)

INVESTING ACTIVITIES

Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)

(22,979,265)

(914,743,243)

(16,689,295)

(24,527,946)

Payment under a business cooperation contract

(5,395,000)

(214,760,559)

Proceeds from disposal of property, plant and equipment

567,271

22,581,545

54,832

80,913

Disbursement of loans to external parties and bank deposit

(3,409,892)

(135,738,705)

(856,630)

Disbursement of loans to related parties

(10,491)

(417,619)

(2,320,000)

(10,480,000)

Collection of bank deposit

815,000

32,442,976

17,594

Collection of loans to related parties

2,320,000

11,157,900

Payment for acquisition of a subsidiary (net of cash held by entity being acquired)

(10,252)

(6,900)

Proceeds from disposal of equity investment (net of cash held by entity being disposed)

(20,000)

Payment for investments in equity investees and others

(1,039,033)

Receipt from government grants

151,161

6,017,316

1,477,914

393,934

Net cash flows used in investing activities

(30,261,216)

(1,204,618,287)

(16,025,837)

(24,421,132)

FINANCING ACTIVITIES

Capital contribution from owners/issuance of ordinary shares

637

4,759,291

Additional amount paid up to convert warrants to capital

2,150

1,421,444

Deemed contribution from owners

63,529,820

2,528,952,669

21,994,658

22,410,459

Proceeds from borrowings from external parties, business cooperation contract and convertible debenture

64,582,395

2,570,852,872

36,173,921

48,202,503

Proceeds from borrowings from related parties

41,497,937

1,651,922,177

62,706,898

71,612,073

Repayment of borrowings from external parties

(45,720,034)

(1,819,992,596)

(59,721,853)

(28,705,579)

Repayment of borrowings from related parties

(46,710,903)

(1,859,436,448)

(12,155,053)

(44,244,987)

Net cash flows from financing activities

77,179,285

3,072,301,461

48,998,571

75,455,204

Net increase in cash, cash equivalents and restricted cash

2,456,830

97,799,849

2,504,273

763,455

Cash, cash equivalents and restricted cash at January 1

7,288,270

290,126,587

4,858,767

4,361,631

Net foreign exchange differences

210,647

8,385,295

(74,770)

(266,319)

Cash, cash equivalents and restricted cash at December 31

9,955,747

396,311,731

7,288,270

4,858,767

Supplement disclosures of non-cash activities

Issuance of dividend preferred shares by offsetting against borrowings from a related party

40,000,000

1,592,293,300

20,000,000

1,173,000

Non-cash property, plant and equipment additions

5,808,314

231,213,487

3,739,758

7,170,805

Exercise of warrant liability

2,150

1,476,477

Commitment shares issued under Standby Equity Purchase Agreement

42,280

1,683,054

40,556

118,828

Establishment of right-of-use assets and lease liabilities at commencement dates, lease modification and other non-cash changes

2,052,978

81,723,578

(530,856)

3,684,748

Interest payable conversion to debt

7,308,731

290,941,085

2,792,567

Netting of licensing payable against receivable from Novatech Research and Development JSC

(23,400,314)

(931,504,080)

Supplemental Disclosure

Interest paid, net of capitalized interest

13,189,286

525,030,293

9,474,495

8,822,355

Income tax paid

₫ 55,180

$ 2,196,569

₫ 11,636

₫ 103,574

[1]	As adjusted to reflect the historical financial statements of VinES JSC acquired in January 2024, deemed as reorganization under common control

CONSOLIDATED BALANCE SHEETS ₫ in Millions	Dec. 31, 2025 VND (₫)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 VND (₫)
CURRENT ASSETS
Cash and cash equivalents	₫ 7,351,998	$ 292,663,429	₫ 3,306,793
Restricted cash	766,885	30,527,646	2,371,038
Trade receivables	4,670,062	185,902,711	5,605,064
Advances to suppliers	11,865,953	472,351,937	8,694,990
Inventories, net	34,882,649	1,388,585,208	27,907,030
Short-term prepayments, other receivables and other assets	14,330,687	570,466,423	11,485,118
Short-term derivative assets			185,787
Current net investment in sales-type lease	27,835	1,108,037	134,713
Short-term investments	3,051,790	121,483,619	818,975
Short-term amounts due from related parties	₫ 8,491,889	$ 338,039,449	₫ 4,272,121
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related party	Related party	Related party
Total current assets	₫ 85,439,748	$ 3,401,128,458	₫ 64,781,629
NON-CURRENT ASSETS
Trade receivables	563,522	22,432,308	615,650
Property, plant and equipment, net	79,233,904	3,154,090,363	78,699,515
Intangible assets, net	1,206,618	48,032,244	1,164,635
Right-of-use assets	6,336,688	252,246,646	5,130,225
Long-term derivative assets	387,503	15,425,461
Long-term prepayments	88,011	3,503,483	680,539
Non-current net investment in sales-type lease	139,228	5,542,295	1,024,740
Investment in equity investees	1,060,009	42,196,131	1,166,102
Other long-term investments	₫ 5,817,000	$ 231,559,253	₫ 918,040
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related party	Related party	Related party
Long-term amounts due from related parties	₫ 54,843	$ 2,183,154	₫ 3,630
Restricted cash	1,836,864	73,120,656	1,610,439
Other non-current assets	458,104	18,235,898	171,352
Total non-current assets	97,182,294	3,868,567,891	91,184,867
TOTAL ASSETS	182,622,042	7,269,696,350	155,966,496
CURRENT LIABILITIES
Short-term and current portion of long-term interest-bearing loans and borrowings	34,615,936	1,377,968,075	39,124,086
Short-term financial liabilities	24,426,683	972,361,092	21,619,612
Trade payables	32,630,360	1,298,927,590	20,791,192
Deposits and down-payment from customers	1,987,433	79,114,406	3,565,463
Short-term deferred revenue	98,631	3,926,237	123,951
Short-term accruals	18,557,251	738,714,661	11,060,958
Current portion of lease liabilities	1,284,686	51,139,923	1,498,472
Total current liabilities	164,758,965	6,558,614,904	171,508,908
NON-CURRENT LIABILITIES
Long-term interest-bearing loans and borrowings	47,548,228	1,892,768,122	22,862,890
Long-term financial liabilities	13,064	520,043	36,326
Non-current lease liabilities	5,586,707	222,391,903	4,076,654
Long-term deferred revenue	4,126,656	164,271,168	2,722,698
Deferred tax liabilities	1,296,783	51,621,472	938,643
Long-term accruals	2,857,931	113,766,610	329,267
Total non-current liabilities	110,258,855	4,389,110,903	79,362,331
Commitments and contingencies
EQUITY
Ordinary shares (2,338,812,496 and 2,339,536,010 shares issued and outstanding as of December 31, 2024 and 2025, respectively)	9,867,220	392,787,707	9,867,167
Accumulated losses	(367,176,828)	(14,616,330,082)	(267,792,169)
Additional paid-in capital	183,945,584	7,322,383,026	93,673,976
Other comprehensive loss	(572,559)	(22,792,046)	(460,644)
Deficit attributable to equity holders of the parent	(173,936,583)	(6,923,951,395)	(164,711,670)
Non-controlling interests	81,540,805	3,245,921,938	69,806,927
Total deficit	(92,395,778)	(3,678,029,457)	(94,904,743)
TOTAL DEFICIT AND LIABILITIES	182,622,042	7,269,696,350	155,966,496
Related party
CURRENT LIABILITIES
Other current liabilities	35,051,908	1,395,322,957	64,251,391
NON-CURRENT LIABILITIES
Other non-current liabilities	31,327,400	1,247,060,228	42,095,740
Nonrelated party
CURRENT LIABILITIES
Other current liabilities	16,106,077	641,139,963	9,473,783
NON-CURRENT LIABILITIES
Other non-current liabilities	₫ 17,502,086	$ 696,711,357	₫ 6,300,113