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Unaudited Condensed Consolidated Balance Sheets

6-K/A 1 tm2424221d1_6ka.htm FORM 6-K/A

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

Dinh Vu – Cat Hai Economic Zone

Cat Hai Islands, Cat Hai Town, Cat Hai District

VinFast Auto Ltd. (“VinFast”, “we”, or the “Company”) is amending its report on Form 6-K originally furnished to the Securities and Exchange Commission on April 17, 2024 (the “Original 6-K”) in order to restate and replace the unaudited condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2023 and 2024 (the “Interim Financial Statements”) included in the Original 6-K.

As previously reported, on July 29, 2024, the management of the Company and the Company’s board of directors and audit committee concluded that the Company’s previously issued Interim Financial Statements should no longer be relied upon. The accounting errors requiring the restatement of the Interim Financial Statements relate to the recognition of revenue from sale of vehicles on a bill-and-hold basis, the accounting for an after-sales policy. In addition, the restated Interim Financial Statements reflect an update of the financial statements of VinFast’s subsidiary, VinES Energy Solution Joint Stock Company following its 2023 audited financial statements as a subsequent event as the subsidiary’s fiscal year 2023 audit was completed after the date of the Company’s previously issued Interim Financial Statements. This Form 6-K/A includes the restated Interim Financial Statements and restated delivery information also originally included in the Original 6-K. The individual restatement matters that underlie the restatement adjustments are described in Exhibit 99.1 to this Form 6-K/A under the heading “Restatement of the financial statements.”

In connection with the restatement of the Interim Financial Statements and in accordance with the Company’s updated methodology for presenting vehicle delivery information previously disclosed in the Company’s Amendment No. 1 to its annual report on Form 20-F, filed with the Commission on September 10, 2024, the Company is also correcting the delivery information included in the Original 6-K as set forth in Exhibit 99.2 to this Form 6-K/A.

Unaudited Condensed Consolidated Balance Sheets

(1) As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

Unaudited Condensed Consolidated Balance Sheets (continued)

Unaudited Condensed Consolidated Statements of Operations

Unaudited Condensed Consolidated Statements of Comprehensive Loss

Unaudited Condensed Consolidated Statements of Cash Flows

Unaudited Condensed Consolidated Statements of Cash Flows (continued)

Restatement of the Interim Financial Statements

The Interim Financial Statements of VinFast Auto Ltd. (the “Company”, “our”, or “we”) as of March 31, 2024 and for the three months then ended were restated to (a) correct accounting errors relating to (i) the recognition of revenue from the sale of vehicles on a bill-and-hold basis and (ii) the accounting for an after-sale policy and (b) to reflect as a subsequent event an update of the 1Q24 financial statements of VinES Energy Solution Joint Stock Company (“VinES”) – a subsidiary of the Company following the completion of the audit of its fiscal year 2023 financial statements. Details are as follows:

- In relation to accounting errors in connection with recognition of revenue from sale of vehicles on the bill-and-hold basis, the Company delivered and transferred risk and control of 412 EVs and 2,192 e-scooters to GSM JSC and 12 EVs to an unrelated third party in Vietnam in the first quarter of 2024. Therefore, the Company excluded those sales in its restated financial statements for fiscal year 2023, and the Company has recognized those sales in the first quarter of 2024 by adjusting the corresponding revenue, amount due from a related party, advance from customer, trade receivables, other receivables, cost of sale, inventories, accrual for sale transaction, deferred revenue, warranty provided and the related impact of provision for inventories.

Separately, after the fiscal year ended December 31, 2023, the sale of 425 EVs and 924 e-scooters to GSM JSC, 291 EVs to Vinhomes JSC and 182 EVs and 38 e-scooters to unrelated third parties in Vietnam were originally recorded as revenue in the first quarter of 2024. However, the dispatching of these vehicles for delivery began in the second quarter of 2024 or risk and controls had not been fully transferred to the customers during the first quarter of 2024. Therefore, the Company corrected this error by adjusting the corresponding revenue, advance from customer, amount due to a related party, other receivables, cost of sale, inventories, accrual for sale transaction, deferred revenue, warranty provided and the related impact of provision for inventories, as reflected in the restated Interim Financial Statements;

- In 2024, the Company announced an after-sales policy that provides eligible customers who previously purchased the Company’s ICE vehicles with service vouchers. The Company recognized expenses in relation to vehicles sold prior to effectiveness of this policy as selling and distribution costs rather than as a reduction to revenue. Since the after-sales expenses policy is tied to previously recognized revenue and current customer agreements, the support provided under the after-sales policy is consideration payable to a customer and should have been recorded as a reduction to revenue during the first quarter of 2024. Accordingly, the Company corrected this error by decreasing selling and distribution costs and revenue by the same amount.

- In January 2024, we acquired our affiliate, VinES, a Vietnam-based EV battery company, from Mr. Pham Nhat Vuong. The Company has reflected the audited financial statements of VinES for fiscal year 2023 in the restated Interim Financial Statements as the VinES financial statements were released subsequent to the issuance of Company’s original Interim Financial Statements. In particular, the following line items are adjusted: including account property, plant and equipment, net, other long-term investments, trade payables, provision for warranty, amounts due to a related party, deferred tax liabilities, cost of sale, research and development costs and finance costs.

The financial statements of the Company as of March 31, 2024 and for the three months then ended have been updated to reflect the events mentioned above. Details are as follows:

Operating Highlights for the First Quarter of 2024

EV Deliveries (1) 9,176 12,036 1,904

E-scooters Deliveries 7,837 22,109 9,758

Related Party Transactions

· Out of 9,176 EVs delivered in the first quarter of 2024, 57% were to related parties of the Company.

· Out of the 7,837 e-scooter delivered in the first quarter of 2024, 36% were to related parties of the Company.

1 Includes VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus