VinFast Reports Unaudited First Quarter 2025 Financial Results (Form 6-K)

VinFast Reports Unaudited First Quarter 2025 Financial Results

Quarterly Revenues reached VND16,306.4 billion (US$656.5 million) Quarterly EV Deliveries were 36,330 units

Singapore, June 9, 2025 - 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 first quarter ended March 31, 2025.

Operating Highlights for the First Quarter of 2025

			1Q2025				4Q2024				1Q2024
EV Deliveries(1)			36,330				53,139				9,176
E-scooter Deliveries(2)			44,904				31,170				7,837

●	EV deliveries were 36,330 in the first quarter of 2025, representing a decrease of 32% from the fourth quarter of 2024 and an increase of 296% from the first quarter of 2024.

●	E-scooter deliveries were 44,904 in the first quarter of 2025, representing an increase of 44% from the fourth quarter of 2024 and an increase of 473% from the first quarter of 2024.

●	As of April 30, 2025, the Company had 388 showrooms globally for EVs and 357 showrooms and service workshops for e-scooters, including VinFast's showrooms and dealer showrooms.

Financial Highlights for the First Quarter of 2025

●	Vehicle sales were VND15,215.5 billion (US$612.6 million) in the first quarter of 2025, representing an increase of 164.4% from the first quarter of 2024 and a decrease of 1.5% from the fourth quarter of 2024.

●	Total revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024 and a decrease of 1.2% from the fourth quarter of 2024. Total revenues were primarily comprised of revenue from EV sales.

●	Gross loss was VND5,736.5 billion (US$231.0 million) in the first quarter of 2025, representing an increase of 49.8% from the first quarter of 2024 and a decrease of 56.1% from the fourth quarter of 2024.

●	Gross margin was negative 35.2% in the first quarter of 2025, compared to negative 58.7% in the first quarter of 2024 and negative 79.1% in the fourth quarter of 2024.

●	Loss from operations was VND12,060.2 billion (US$485.6 million) in the first quarter of 2025 representing an increase of 20.3% from the first quarter of 2024 and a decrease of 49.4% from the fourth quarter of 2024.

●	Net loss was VND17,693.8 billion (US$712.4 million) in the first quarter of 2025, representing an increase of 20.0% from the first quarter of 2024 and a decrease of 42.2% from the fourth quarter of 2024.

Key Financial Results for the First Quarter of 2025

(in VND millions, except for percentages and basis points ("bps"))

	2025 Q1		2024 Q4		2024 Q1		QoQ		YoY
Vehicle Sales	15,215,503		15,441,451		5,754,230		(1.5%)		164.4%
Total Revenues	16,306,376		16,496,376		6,525,864		(1.2%)		149.9%
Gross Loss	(5,736,490		(13,054,395)		(3,828,909)		(56.1%)		49.8%
Gross Margin	(35.2%)		(79.1%)		(58.7%)		4,396 bps		2,349 bps
Loss from Operations	(12,060,163)		(23,852,111)		(10,029,239)		(49.4%)		20.3%
Net Loss	(17,693,769)		(30,594,811)		(14,743,867)		(42.2%)		20.0%

1	Includes VF 3, VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus
2	Includes electric bikes

Recent Business Updates

Launch of the EC Van and new electric bus model in domestic Vietnam market

●

The EC Van is a compact electric cargo vehicle with a cargo capacity of up to 2,600L and a payload of over 600 kg, powered by a battery capacity of 17kWh that allows 150km range per full charge. Deliveries are expected to begin in November 2025, with a starting MSRP of VND285 million (approx. US$11,500).

●

VinFast also announced the third addition to its portfolio of electric buses - the EB 6, a 6-meter electric bus platform with a battery capacity of 179.5kWh. The 30-occupant city bus model is expected to be available on the market in September 2025, followed by a 20-occupant shuttle/school bus model in the fourth quarter of 2025.

Progress on overseas markets

●

Europe and North America: As part of VinFast's ongoing strategic initiative to optimize its footprint, VinFast will close three short-term shopping center stores and two direct-to customer ("DTC") showrooms in Canada to refocus resources to its best performing showrooms. The Company will also close its DTC showrooms in Germany and the Netherlands, and has started transitioning to dealers' showrooms. The Company signed a dealership agreement with ASTRADA SIMVA, its first dealer partner in France, and Schachtschneider Automobile, its second dealer in Germany. Customers in Europe can also access a network of authorized service workshops provided by VinFast partners, including ATU (Germany), Norauto (France), and LKQ (Netherlands).

●

Indonesia: VinFast announced the launch of the VF 6, the fourth model available in Indonesia following the VF 3, VF 5, and VF e34, with a starting MSRP of IDR385 million (approx. US$23,700) and IDR440 million (approx. US$27,100) for the Eco and Plus trims, respectively. Deliveries are expected to begin in the second quarter of 2025.

●

The Philippines: The Company signed collaboration agreements with Goodyear Philippines, Tire King and Rubber Products, Power Tread Services, and Marcjan Cavite to establish and operate service centers across the Philippines. The partnerships are expected to add over 70 authorized service workshops in 2025.

●	India: VinFast's CKD facility in Tamil Nadu, India, is slated to start operations in July 2025.

Shareholder funding disbursements

●	To support VinFast's continued growth, Vingroup intends to provide VinFast with additional borrowings of up to VND35,000.0 billion (US$1.4 billion) during a period from November 12, 2024 until 2026. As of May 31, 2025, Vingroup has disbursed VND30,571.3 billion (US$1.2 billion) in loans to VinFast.

●

Pursuant to a grant agreement dated November 12, 2024, VinFast's Founder and CEO, Mr. Pham Nhat Vuong ("Mr. Pham") has committed to provide up to VND50,000.0 billion (US$2.0 billion) in free grants to VinFast and its subsidiaries. A total of VND20,500.0 billion (US$825.4 million) has been disbursed pursuant to the grant agreement as of May 31, 2025.

Next-generation platforms

●	VinFast plans to introduce its next-generation platforms and new Electrical/Electronic ("E/E") architecture starting with the Limo Green model in the third quarter of 2025, and extending to various existing EV models starting in 2026.

Related Party Transactions

●	Out of 36,330 EVs delivered in the first quarter of 2025, 21% were to related parties of the Company.

●	Out of 44,904 e-scooters delivered in the first quarter of 2025, 3% were to related parties of the Company.

Management Commentary

Madam Thuy Le, Chairwoman of VinFast, said: "I am pleased with the progress we've made over the past year. Despite Q1 typically being our slowest quarter, deliveries for the first quarter of 2025 exceeded our total deliveries for the first half of last year-an encouraging start to 2025 amid ongoing global uncertainties. We are beginning to see improved operating leverage as volume growth and a streamlined footprint translate into a more efficient cost structure. Looking ahead, our next-generation EV platform and E/E architecture is intended to further BOM cost optimization, enhancing product quality, performance, and affordability across our lineup."

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: "Our business is at an inflection point, with economies of scale beginning to drive stronger operating leverage. We have made progress in reducing both costs of vehicles sold (COGS) and operating expenses, and continue to streamline our footprint while identifying further cost-saving opportunities."

Financial Results for the First Quarter of 2025

Revenues

●	Total revenues were VND16,306.4 billion (US$656.5 million) in the first quarter of 2025, representing an increase of 149.9% from the first quarter of 2024 and a decrease of 1.2% from the fourth quarter of 2024. Total revenues were primarily comprised of revenue from EV sales

●	Vehicle sales were VND15,215.5 billion (US$612.6 million) in the first quarter of 2025, representing an increase of 164.4% from the first quarter of 2024 and a decrease of 1.5% from the fourth quarter of 2024.

Revenue growth from the first quarter of 2025 was driven by an increase in EVs sale volumes due to growth in the Vietnam market and contributions from new overseas markets. The decrease compared to the fourth quarter of 2024 was attributed to a decrease in EVs sales volumes due to seasonality and the Lunar New Year in Vietnam.

Cost of Sales and Gross Margin

●

Cost of sales was VND22,042.9 billion (US$887.5 million) in the first quarter of 2025, representing an increase of 112.9% from the first quarter of 2024 and a decrease of 25.4% from the fourth quarter of 2024. The increase compared to the first 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 first quarter of 2025. The decrease compared to the fourth quarter of 2024 was attributed to a decrease in the cost of EVs sold due to a decrease in sale volumes during the low season.

●	Gross loss was VND5,736.5 billion (US$231.0 million) in the first quarter of 2025, representing an increase of 49.8% from the first quarter of 2024 and a decrease of 56.1% from the fourth quarter of 2024.

●

Gross margin was negative (35.2%) in the first quarter of 2025, compared to negative (58.7%) in the first quarter of 2024 and negative (79.1%) in the fourth quarter of 2024. The improvement of gross margin over the first quarter of 2024 was attributed to increased sales and improved costs. The improvement in gross margin compared to the fourth quarter of 2024 was primarily driven by the low base resulted from the recognition of a one-time expense of VND5,900 billion related to VinFast's free charging program3, which was recorded as a deduction from revenue in the fourth quarter of 2024.

Operating Expenses

●

Research and development (R&D) costs were VND2,015.6 billion (US$81.2 million) in the first quarter of 2025, representing a decrease of 22.3% from the first quarter of 2024 and a decrease of 24.7% from the fourth quarter of 2024. The decrease was primarily due to a reduction in engineering and development costs, as VinFast completed the majority of product development work on its existing models in the previous year

●

Selling, general and administrative expenses were VND3,750.6 billion (US$151.0 million) in the first quarter of 2025, representing an increase of 22.7% from the first quarter of 2024 and a decrease of 42.6% from the fourth quarter of 2024. The increase compared to the first quarter of 2024 was due to the increase in impairment charges related to the closure of existing D2C showrooms in California and impairment charges related to battery leasing activities. The decrease over the fourth quarter of 2024 was driven by no additional impairment charge being required for battery production lines, and lower impairment charge for battery leasing activities. Additionally, marketing and headcount expenses declined in line with VinFast's strategic transition into a dealership model.

●

Net other operating expenses were VND557.5 billion (US$22.4 million) in the first quarter of 2025, relatively flat compared to the first quarter of 2024 and representing a decrease of 64.9% from net operating expenses in the fourth quarter of 2024. The decrease in net expense over the fourth quarter of 2024 was mainly due to a decrease in foreign exchange losses and lower expenses related to the discontinued projects as part of VinFast's ongoing efforts to optimize its operations.

3

In connection with the free charging program in Vietnam that continues until June 30, 2027 or until December 31, 2027 if customer purchase EVs with battery before March 01, 2025, Mr. Pham is responsible for paying the costs to implement the program for all applicable sales under the program until December 31, 2024. The estimated amount to be paid directly by Mr. Pham for the entire free charging period is approximately VND5,900 billion (US$237.5 million). This amount is recognized as a revenue deduction and deemed contribution from the owner in VinFast's financial statements for fiscal year 2024.

Loss from Operations

●	Loss from operations was VND12,060.2 billion (US$485.6 million) in the first quarter of 2025 representing an increase of 20.3% from the first quarter of 2024 and a decrease of 49.4% from the fourth 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 VND647.3 billion (US$26.1 million) in the first quarter of 2025, representing an increase of 6.1% from a net loss in the first quarter of 2024 and a decrease of 52.8% from net loss of the fourth quarter of 2024. The increase in net loss compared to the first quarter of 2024 and the decrease compared to the fourth quarter of 2024 were 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 VND17,693.8 billion (US$712.4 million) in the first quarter of 2025, representing an increase of 20.0% from the first quarter of 2024 and a decrease of 42.2% from the fourth quarter of 2024.

●	Net loss attributable to controlling interest was VND17,671.8 billion (US$711.5 million) in the first quarter of 2025, representing an increase of 20.0% from the first quarter of 2024 and a decrease of 42.2% from the fourth quarter of 2024.

●	Basic and diluted net loss per ordinary share were both VND7,556 (US$0.30) in the first quarter of 2025, compared with VND6,297 (US$0.25) in the first quarter of 2024 and VND13,074 (US$0.53) in the fourth quarter of 2024.

Balance Sheet

●	Cash and cash equivalents were VND2,398.6 billion (US$96.6 million) as of March 31, 2025.

Business Outlook

●	FY2025 Delivery Target: The Company maintains its target to at least double its global deliveries in 2025, and will continue to monitor the evolving macro-economic situation.

●	This outlook reflects the Company's current and preliminary view of the business and existing market conditions, which are subject to change.

VinFast's target markets are Vietnam, Indonesia, the Philippines, India, North America and Europe, and it is regularly evaluating opportunities to enter new countries and regions in Europe, Asia, the Middle East and Africa. VinFast's aim is to grow its global footprint in areas where it may identify high potential for EVs. VinFast may establish or enlarge its presence in existing and new markets through different distribution models, with dealerships being the predominant approach in the recent past. To ensure that VinFast continues to have sufficient production capacity to support its current and future operations, it will, from time to time, endeavor to add manufacturing, assembly and distribution capacity across its markets through the expansion of existing infrastructure and new brownfield and greenfield projects. While VinFast remains focused on the mini- through E-segments of the electric SUV market, it is also evaluating the full spectrum of vehicle types for future product development. VinFast continuously monitors its global expansion strategy and has the ability to accelerate, moderate or otherwise deviate from its existing distribution, manufacturing, assembly, marketing and other plans for any market at any time.

VinFast's funding sources for its capital requirements to implement its growth strategy may include loans and grants from its major shareholders and affiliates, the public and private debt and equity capital markets, existing and new third-party loans and borrowings and cash from operations. VinFast is prepared to opportunistically access the debt and equity capital markets, subject to market conditions. VinFast also seeks to capture available tax and other incentives and subsidies to reduce its costs of investment and operations.

Conference Call

The Company's management will host its first quarter of 2025 earnings conference call at 8:00 AM U.S. Eastern Time on June 09, 2025.

Live Webcast: https://edge.media-server.com/mmc/p/adpow94b

VinFast Auto Ltd.

Unaudited Interim Condensed Consolidated Balance Sheets

		As of December 31, 2024				As of March 31, 2025				As of March 31, 2025
		VND million				VND million				USD
		(Unaudited)				(Unaudited)				(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents			3,306,793				2,398,559				96,572,010
Restricted cash			2,371,038				780,978				31,444,136
Trade receivables			5,605,064				3,023,522				121,734,590
Advances to suppliers			8,694,990				9,990,747				402,252,567
Inventories, net			27,907,030				32,873,560				1,323,572,090
Short-term prepayments, other receivables and other assets			11,485,118				12,233,732				492,560,776
Short-term derivative assets			185,787				-				-
Current net investment in sales-type lease			134,713				68,256				2,748,158
Short-term investments			818,975				2,096,452				84,408,423
Short-term amounts due from related parties			4,272,121				4,446,655				179,033,498
Total current assets			64,781,629				67,912,461				2,734,326,247
NON-CURRENT ASSETS
Trade receivables			615,650				659,905				26,569,433
Property, plant and equipment, net			78,699,515				77,930,809				3,137,690,099
Intangible assets, net			1,164,635				1,075,912				43,318,919
Right-of-use assets			5,130,225				4,825,530				194,287,957
Long-term prepayments			680,539				644,406				25,945,404
Non-current net investment in sales-type lease			1,024,740				933,612				37,589,564
Investment in equity investees			1,166,102				1,203,069				48,438,580
Other long-term investments			918,040				918,040				36,962,596
Long-term amounts due from related parties			3,630				169				6,804
Long-term restricted cash			1,610,439				1,962,996				79,035,149
Other non-current assets			171,352				177,563				7,149,132
Total non-current assets			91,184,867				90,332,011				3,636,993,639
TOTAL ASSETS			155,966,496				158,244,472				6,371,319,886

VinFast Auto Ltd.

Unaudited Interim Condensed Consolidated Balance Sheets (continued)

		As of December 31, 2024				As of March 31, 2025				As of March 31, 2025
		VND million				VND million				USD
		(Unaudited)				(Unaudited)				(Unaudited)
DEFICIT AND LIABILITIES
CURRENT LIABILITIES
Short-term and current portion of long-term interest-bearing loans and borrowings			39,124,086				34,294,723				1,380,791,682
Short-term financial liabilities			21,619,612				22,197,998				893,747,151
Trade payables			20,791,192				19,927,936				802,348,754
Deposits and down payment from customers			3,565,463				1,758,518				70,802,351
Short-term deferred revenue			123,951				126,538				5,094,738
Short-term accruals			11,060,958				12,292,920				494,943,834
Other current liabilities			9,473,783				9,202,897				370,531,747
Current portion of lease liabilities			1,498,472				1,487,898				59,906,510
Amounts due to related parties			64,251,391				76,891,628				3,095,850,062
Total current liabilities			171,508,908				178,181,056				7,174,016,830
NON-CURRENT LIABILITIES
Long-term interest-bearing loans and borrowings			22,862,890				26,423,773				1,063,887,466
Long-term financial liabilities			36,326				29,233				1,176,994
Other non-current liabilities			6,300,113				7,670,247				308,823,409
Non-current lease liabilities			4,076,654				3,746,746				150,853,404
Long-term deferred revenue			2,722,698				2,908,001				117,083,424
Deferred tax liabilities			938,643				933,896				37,600,999
Long-term accruals			329,267				407,435				16,404,356
Amounts due to related parties			42,095,740				35,817,583				1,442,105,850
Total non-current liabilities			79,362,331				77,936,914				3,137,935,902
Commitments and contingencies
DEFICIT
Ordinary shares, no par value - VinFast Auto Ltd (2,338,812,496 and 2,338,812,676 shares issued and outstanding as of December 31, 2024 and March 31 2025, respectively)			9,867,167				9,867,167				397,276,926
Accumulated losses			(267,792,169	)			(285,463,957	)			(11,493,495,873	)
Additional paid-in capital			93,673,976				98,650,102				3,971,900,874
Other comprehensive loss			(460,644	)			(711,757	)			(28,657,124	)
Deficit attributable to equity holders of the parent			(164,711,670	)			(177,658,445	)			(7,152,975,198	)
Non-controlling interests			69,806,927				79,784,947				3,212,342,352
Total deficit			(94,904,743	)			(97,873,498	)			(3,940,632,846	)
TOTAL DEFICIT AND LIABILITIES			155,966,496				158,244,472				6,371,319,886

VinFast Auto Ltd.

Unaudited Interim Condensed Consolidated Statements of Operations

		For the three months ended March 31,
		2024				2025				2025
		VND million				VND million				USD
		(Unaudited)				(Unaudited)				(Unaudited)
Revenues
Sales of vehicles			5,754,230				15,215,503				612,614,366
Sales of merchandise			41,555				42,461				1,709,587
Sales of spare parts and components			288,880				779,652				31,390,748
Rendering of services			215,743				26,236				1,056,327
Rental income
Revenue from leasing activities			225,456				242,524				9,764,625
Revenues			6,525,864				16,306,376				656,535,652
Cost of vehicles sold			(9,535,524	)			(21,297,550	)			(857,492,853	)
Cost of merchandise sold			(41,286	)			(41,761	)			(1,681,403	)
Cost of spare parts and components sold			(186,941	)			(309,169	)			(12,447,920	)
Cost of rendering services			(369,312	)			(14,829	)			(597,053	)
Cost of leasing activities			(221,710	)			(379,557	)			(15,281,918	)
Cost of sales			(10,354,773	)			(22,042,866	)			(887,501,147	)
Gross loss			(3,828,909	)			(5,736,490	)			(230,965,495	)
Operating expenses
Research and development costs			(2,592,704	)			(2,015,586	)			(81,152,555	)
Selling and distribution costs			(1,713,130	)			(1,573,154	)			(63,339,131	)
Administrative expenses			(1,344,055	)			(2,177,445	)			(87,669,405	)
Net other operating (expenses)/incomes			(550,441	)			(557,488	)			(22,445,867	)
Operating loss			(10,029,239	)			(12,060,163	)			(485,572,452	)
Finance income			28,449				25,577				1,029,794
Finance costs			(4,164,757	)			(5,053,606	)			(203,470,870	)
Net loss on financial instruments at fair value through profit or loss			(609,830	)			(647,291	)			(26,061,561	)
Share of gains/(losses) from equity investees			(1,434	)			36,966				1,488,344
Loss before income tax expense			(14,776,811	)			(17,698,517	)			(712,586,746	)
Tax income/(expense)			32,944				4,748				191,166
Net loss for the period			(14,743,867	)			(17,693,769	)			(712,395,579	)
Net loss attributable to non-controlling interests			(22,585	)			(21,980	)			(884,970	)
Net loss attributable to controlling interest			(14,721,282	)			(17,671,789	)			(711,510,609	)

VinFast Auto Ltd.

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss

		For the three months ended March 31,
		2024				2025				2025
		VND million				VND million				USD
		(Unaudited) (Adjusted) (*)				(Unaudited)				(Unaudited)
Net loss for the period			(14,743,867	)			(17,693,769	)			(712,395,579	)
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			37,580				(251,114	)			(10,110,480	)
Net other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods			37,580				(251,114	)			(10,110,480	)
Total comprehensive loss for the period, net of tax			(14,706,287	)			(17,944,883	)			(722,506,060	)
Net loss attributable to non-controlling interests			(22,585	)			(21,980	)			(884,970	)
Comprehensive loss attributable to controlling interest			(14,683,702	)			(17,922,903	)			(721,621,090	)
Net loss per share attributable to ordinary shareholders			VND				VND				USD
Basic and diluted			(6,297	)			(7,556	)			(0.30	)
Weighted average number of shares used in loss per share computation
Basic and diluted			2,337,862,964				2,338,812,558				2,338,812,558

VinFast Auto Ltd.

Unaudited Interim Condensed Consolidated Statements of Cash Flows

		For the year ended March 31,
		2024				2025				2025
		VND million				VND million				USD
		(Unaudited)				(Unaudited)				(Unaudited)
OPERATING ACTIVITIES
Net loss for the period		(14,743,867)				(17,693,769)				(712,395,579)
Adjustments to reconcile net loss to net cash flows:
Depreciation of property, plant and equipment			2,021,967				2,673,829				107,655,071
Amortization of intangible assets			81,429				105,858				4,262,109
Impairment of assets, right-of-use assets and changes in fair value of held for sale assets			36,436				497,710				20,039,055
Changes in operating lease right-of-use assets			294,866				304,694				12,267,746
Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories			2,560,902				5,175,724				208,387,647
Deferred tax income			(32,944	)			(4,748	)			(191,166	)
Unrealized foreign exchange losses			379,399				70,098				2,822,322
Net losses on financial instruments at fair value through profit or loss			609,830				647,291				26,061,561
Change in amortized costs of financial instruments measured at amortized cost other than nominal interest			809,053				727,566				29,293,634
Losses on disposal of fixed assets			-				281,685				11,341,346
Share of (profit)/losses from equity investees			1,434				(36,966	)			(1,488,344	)
Share-based compensation expenses			47,880				(13,602	)			(547,651	)
Change in working capital:
Trade receivables and advance to suppliers, net investment in sales-type lease			(638,888	)			2,518,416				101,397,753
Inventories			564,207				(8,006,449	)			(322,359,746	)
Trade payables, deferred revenue and other payables			(4,180,575	)			(1,259,997	)			(50,730,644	)
Operating lease liabilities			(245,989	)			(347,997	)			(14,011,233	)
Prepayments, other receivables and other assets			7,913				(724,879	)			(29,185,449	)
Net cash flows used in operating activities			(12,426,947	)			(15,085,536	)			(607,381,568	)

VinFast Auto Ltd.

Unaudited Interim Condensed Consolidated Statements of Cash Flows (continued)

		For the year ended March 31,
		2024				2025				2025
		VND million				VND million				USD
		(Unaudited)				(Unaudited)				(Unaudited)
INVESTING ACTIVITIES
Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts)			(4,789,704	)			(3,642,497	)			(146,656,078	)
Proceeds from disposal of property, plant and equipment			-				60,641				2,441,559
Disbursement of bank deposit and loans			-				(1,277,450	)			(51,433,345	)
Payment for acquisition of a subsidiary (net of cash held by entity being acquired)			(10,252	)			-				-
Receipt from government grants			509,821				41,275				1,661,835
Net cash flows used in investing activities			(4,290,135	)			(4,818,031	)			(193,986,029	)
FINANCING ACTIVITIES
Additional amount paid up to convert warrants to capital			-				52				2,094
Deemed contribution from owners			74,904				5,000,000				201,312,558
Proceeds from borrowings			24,627,697				29,241,260				1,177,326,569
Repayment of borrowings			(9,190,864	)			(16,232,373	)			(653,556,106	)
Net cash flows from financing activities			15,511,737				18,008,939				725,085,115
Net decrease in cash and cash equivalents and restricted cash			(1,205,345	)			(1,894,628	)			(76,282,482	)
Cash, cash equivalents and restricted cash at beginning of the period			4,858,766				7,288,271				293,444,096
Net foreign exchange differences			66,726				(251,110	)			(10,110,319	)
Cash, cash equivalents and restricted cash at end of the period			3,720,147				5,142,533				207,051,294
Supplement disclosures of non-cash activities
Debt conversion to equity			-				10,000,000				402,625,116
Non-cash property, plant and equipment additions			6,713,519				2,789,254				112,302,371
Establishment of right-of-use assets and lease liabilities at commencement dates			102,737				-				-
Supplemental Disclosure
Interest paid, net of capitalized interest			2,096,344				2,755,508				110,943,676

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