Hội đồng quản trị Công ty TNHH VinFast Auto, công ty TNHH đại chúng Singapore thông báo Đại hội đồng cổ đông thường niên năm 2025 của Công ty sẽ được tổ chức vào…

the Board of Directors of VinFast Auto Ltd., a Singapore public limited company announced that the Company’s 2025 Annual General Meeting of Shareholders will be held on…

On May 16, 2025, the Board of Directors (the " Board ") of VinFast Auto Ltd., a Singapore public limited company (“ VinFast ” or the " Company ") announced that the Company’s 2025 Annual General Meeting of Shareholders will be held on June 26, 2025 at 9:00 p.m. (Singapore Time) / 9 a.m. (Eastern Standard Time) (the “ Annual General Meeting ”).

In connection with the Annual General Meeting, VinFast prepared the audited consolidated financial statements of the Company for the financial year ended December 31, 2024 which have been prepared in conformity with the provisions of the Singapore Companies Act 1967 and the Singapore Financial Reporting Standards, accompanied by the Directors' Statement and the Auditor's Report (together, the " 2024 SFRS Financial Statements "). The 2024 SFRS Financial Statements is part of the materials related to the proxy statement reported on Form 6-K on May 16, 2025. A copy of the 2024 SFRS Financial Statements is furnished as Exhibit 99.1 to this report on Form 6-K or can be electronically accessed by following the instructions contained on the proxy card which was mailed to the Company’s shareholders on or about May 16, 2025.

EX-99.1 2 tm2515367d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1

Company Registration No. 201501874G

VinFast Auto Ltd. and its subsidiaries

Annual Financial Statements

Directors’ statement 1 – 5

Independent auditor’s report 6 – 11

Consolidated statement of profit or loss 12

Consolidated statement of comprehensive income 13

Statement of financial position 14 – 15

Statements of changes in equity 16 – 18

Consolidated statement of cash flows 19 – 20

Notes to the financial statements 21 – 152

The directors hereby present their statement to the members together with the audited consolidated financial statements of VinFast Auto Ltd. (the “Company”) and its subsidiaries (collectively, the “Group”) for the financial year ended 31 December 2024.

In the opinion of the directors,

(a) the consolidated financial statements of the Group and the statement of financial position, statement of profit or loss, statement of comprehensive income of the Company are drawn up so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2024, and the financial performance, changes in equity and cash flows of the Group and the financial performance and changes in equity of the Company for the year ended on that date, and

(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due as the immediate holding company has agreed to provide financial support for the Company to meet its liabilities as and when they fall due.

The directors of the Company in office at the date of this statement are:

Arrangements to enable directors to acquire shares and debentures

Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate , other than as disclosed under “Restricted Share Units" below

Restricted Share Units (“RSUs”)

Certain awards under the Incentive Award Plan (the “Scheme”) for employees of the Group was approved by Board of Directors of the Company at the Directors’ Resolution on 27 March 2024. Under the Scheme, RSUs are granted to the Company’s employees with different vesting dates.

During 2024, 600,000 RSUs were granted to Ms. Le Thi Thu Thuy, a director of the Company (for clarity, such RSUs were granted to Ms. Le Thi Thu Thuy in her capacity as an employee of the Company). It includes the following:

Director RSUs granted during the year Vesting Date

Le Thi Thu Thuy 400,000 27 March 2024

Le Thi Thu Thuy 100,000 15 December 2024

Le Thi Thu Thuy 100,000 15 December 2025

The RSUs of the Company outstanding at the end of the financial year are as follows:

Director RSUs outstanding Vesting Date

Directors’ interests in shares and debentures

The following director, who held office at the end of the financial year, had, according to the register of directors' shareholdings required to be kept under Section 164 of the Singapore Companies Act 1967, an interest in shares of the Company and related corporations (other than wholly owned subsidiary corporations) as stated below:

Directors’ interests in shares and debentures (cont’d)

Direct interests Indirect interests

financial year At the end of

VinES Energy Solutions Joint Stock Company

Pham Nhat Vuong 317,850,000 - - -

Vinhomes Joint Stock Company

Le Thi Thu Thuy 29,948 29,948 - -

VinRobotics Robot Application and Research Development Joint Stock Company

Pham Nhat Vuong - 39,000,000 - -

As holding shares in Vingroup JSC, Pham Nhat Vuong and Le Thi Thu Thuy are deemed to have interest in Vingroup JSC’s subsidiaries.

During the financial year, no shares of the Company were allotted and issued by virtue of the exercise of options to take up unissued shares of the Company. There were no unissued shares of the Company or its subsidiary under option at the end of the financial year.

Ernst & Young LLP have expressed their willingness to accept re-appointment as auditor.

Independent auditor’s report

For the financial year ended 31 December 2024

Independent auditor’s report to the members of VinFast Auto Ltd.

Report on the audit of the financial statements

We have audited the financial statements of VinFast Auto Ltd. (the “Company”) and its subsidiaries (collectively, the “Group”), which comprise the statements of financial position of the Group and the Company as at 31 December 2024, the statements of changes in equity, the statements of profit or loss, the statements of comprehensive income of the Group and the Company, and the consolidated statement of cash flows of the Group for the year then ended, and notes to the financial statements, including material accounting policy information.

In our opinion, the consolidated financial statements of the Group, and the statement of financial position, statement of changes in equity, statement of profit or loss, and statement of comprehensive income of the Company are properly drawn up in accordance with the provisions of the Singapore Companies Act 1967 (the “Act”) and Financial Reporting Standards in Singapore ("FRSs") so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2024 and of the financial performance, changes in equity of the Group and the Company, and consolidated cashflows of the Group for the year ended on that date.

We conducted our audit in accordance with Singapore Standards on Auditing ("SSAs"). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority ("ACRA") Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities ("ACRA Code") together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to Note 2.1 of the financial statements, which indicates that the Group and Company incurred a net loss of VND73,307 billion and VND 11,881 billion respectively during the year ended 31 December 2024 and, as of that date, the Group and Company’s current liabilities exceeded its current assets by VND105,461 billion and VND71,041 billion respectively. As stated in Note 2.1, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Group and Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current reporting year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.

Key Audit Matters (cont’d)

Impairment of property, plant and equipment, intangible assets, right-of-use assets and investment in subsidiaries

As at 31 December 2024, the carrying amounts, net of accumulated impairment, depreciation and amortization of the Group’s property, plant and equipment, intangible assets, right-of-use assets are VND 59, 818,606 million (2023: VND49,754,479 million), VND31,270,698 million (2023: VND 25,495,147 million) and VND4,669,841 million (2023: VND4,969,937 million) respectively, and the Company’s investment in subsidiaries are carried at VND10,957,925 million (2023: VND9,470,979 million) (collectively, “the Assets”). As described in Note 10, Note 11, Note 23, and Note 30.1 to the financial statements, at the reporting date, the Group and Company identified indicators of impairment for cash generating units (“CGUs”) that the Assets belong to and performed impairment assessments to determine their recoverable amounts based on the higher of value in use and fair value less costs of disposal.

Pursuant to these assessments, the Group recorded impairment losses amounting to a total of VND3,267,446 million (2023: VND31,165,947 million) as disclosed in Note 10, Note 11, and Note 23 , while the Company recorded impairment losses amounting to VND10,800,000 million (2023: VND 46,577,612 million impairment loss) on investments in subsidiaries as disclosed in Noted 30.1 for the year ended 31 December 2024 .

The recoverable amounts of the Assets were estimated by management based on their fair value less costs of disposal, determined using an income approach. This valuation approach is based on a discounted cash flow method that relies on management’s projection of future cash flows to be generated from the Assets, and application of an appropriate discount rate. The development of key assumptions underlying these projections and discount rate required management to exercise significant judgment and are subject to uncertainties arising from the economic environments and markets the Group and Company operate in. Accordingly, we have identified this as a key audit matter.

Our procedures were performed with assistance from our internal specialists and include, among others:

· understanding management’s process of identifying the CGUs the Assets belong to and their indicators of impairment at the reporting date;

· evaluating the appropriateness of the income approach which is determined based on discounted cash flows;

· reviewing management’s process of developing the cash flows forecasts and discount rates; and

· evaluating the reasonableness of the key assumptions used in the underlying cash flow forecasts approved by the Board of directors, such as selling price of vehicles, sales volume growth rate, production costs and operating expenditures, discount rates and long-term growth rates by corroborating with relevant internal and external market and industry data in light of the Group’s operations

As at 31 December 2024, the carrying amount of warranty provisions, which primarily relates to the automotive vehicles, amounted to VND 5,629,435 million (2023: VND 2,476,011 million) (Note 18). As disclosed in Note 2.15 to the financial statements, the Group provides a manufacturer’s warranty on all new vehicles at the time of vehicle sale. The Group accrues a warranty reserve for the vehicles sold, based on the best estimate of projected costs to repair or replace items under warranties including recalls when identified. Management engaged an independent actuary expert to assist them in the determination of warranty reserve for vehicles.

Auditing the warranty reserve is complex given that the Group only commenced volume production of VinFast vehicles in June 2019, therefore management’s experience with warranty claims is limited. In addition, the estimation of warranty reserves involved significant judgments and estimates used by management related to the nature, frequency and average costs of claims. This involved significant auditor judgment, subjectivity, and effort in designing and performing procedures to evaluate management’s significant assumptions for the warranty reserve of VinFast vehicle models. In addition, the audit effort included the involvement of professionals with specialized skills and knowledge to assist in performing these procedure

As further disclosed in Note 4, these estimates are subject to significant estimation uncertainty, and changes to the historical or projected warranty experience may cause material changes to the warranty provision. Accordingly, we have identified this as a key audit matter.

Our audit procedures included, among others,

· testing management’s process in developing their estimates on the nature, frequency and average costs of claims and evaluating the reasonableness of these significant assumptions by testing the completeness and accuracy of historical vehicle claims processed and testing that such claims were appropriately used by management in the estimation of claims;

· comparing against actual claims incurred to date, evaluating relevant external market and industry data;

· checking arithmetic accuracy of management’s computation of the warranty reserve;

· assessing the competency, objectivity and capabilities of the independent actuary engaged by management

· involving our internal specialist to assist in evaluating the reasonableness of certain key assumptions used to estimate the warranty provision and developing an independent estimate of warranty reserve; and

· assessed the adequacy of the Group’s related disclosures in the financial statements with respect to the warranty reserve

Management is responsible for the other information. The other information comprises the Directors' Statement but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Responsibilities of management and directors for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and FRSs, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets.

In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Directors’ responsibilities include overseeing the Group’s financial reporting process.