VinFast Auto Ltd. Files 2023 Annual Report Amendment

TL;DR

VinFast filed its 2023 20-F amendment, check it for the latest numbers.

AI Summary

VinFast Auto Ltd. filed an amendment to its 2023 annual report on September 10, 2024. The filing pertains to the fiscal year ending December 31, 2023. The company, previously known as VinFast Auto Pte. Ltd., is incorporated in Singapore and operates in the motor vehicle industry.

Why It Matters

This amendment provides updated financial and operational information for VinFast Auto Ltd. for the 2023 fiscal year, which is crucial for investors and stakeholders to assess the company's performance and outlook.

Risk Assessment

Risk Level: medium — Amendments to annual reports can indicate a need for clarification or correction of previously filed information, potentially signaling underlying issues.

Key Numbers

• 20231231 — Fiscal Year End (The period covered by the annual report.)
• 20240910 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• VinFast Auto Ltd. (company) — Filer of the 20-F/A
• VinFast Auto Pte. Ltd. (company) — Former name of the filer
• Vinfast Trading & Investment Pte. Ltd. (company) — Earlier former name of the filer
• 20231231 (date) — Fiscal year end
• 20240910 (date) — Filing date

FAQ

Key Financial Figures

• $11.50 — ordinary share at an exercise price of $11.50 per ordinary share VFSWW The NASDAQ

Filing Documents

• vfs-20231231x20fa.htm (20-F/A) — 5252KB
• vfs-20231231xex12d1.htm (EX-12.1) — 12KB
• vfs-20231231xex12d2.htm (EX-12.2) — 11KB
• vfs-20231231xex13d1.htm (EX-13.1) — 6KB
• vfs-20231231xex13d2.htm (EX-13.2) — 6KB
• vfs-20231231xex15d1.htm (EX-15.1) — 2KB
• 0001410578-24-001584.txt ( ) — 25767KB
• vfs-20231231.xsd (EX-101.SCH) — 154KB
• vfs-20231231_cal.xml (EX-101.CAL) — 137KB
• vfs-20231231_def.xml (EX-101.DEF) — 503KB
• vfs-20231231_lab.xml (EX-101.LAB) — 1106KB
• vfs-20231231_pre.xml (EX-101.PRE) — 850KB
• vfs-20231231x20fa_htm.xml (XML) — 6875KB

KEY INFORMATION

ITEM 3. KEY INFORMATION 5

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 9

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 11

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 22

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 22

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 23 PART II 24

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 24 PART III 26

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 26

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 26

EXHIBITS

ITEM 19. EXHIBITS 26 EXHIBIT INDEX 26

SIGNATURES

SIGNATURES 29 i Table of Contents EXPLANATORY NOTE This Amendment No. 1 (this "Amendment") to the Annual Report on Form 20-F for the year ended December 31, 2023, originally filed with the Securities and Exchange Commission on April 25, 2024 (the "Original Form 20-F") is being by filed by VinFast Auto Ltd. ("VinFast," the "Company," the "Group," "we," "us," "our") to restate certain information in our previously-reported consolidated financial statements as of December 31, 2023 and for the year ended December 31, 2023 contained in the Original Form 20-F (the "Prior Financial Statements" and the "Restated Financial Statements", respectively) and to make certain other changes to reflect the Restated Financial Statements, the effects of the Restated Financial Statements and related matters. References to "this Annual Report" are to the Original Form 20-F as amended by this Amendment. Investors and other readers should rely only on the financial information and other related disclosures regarding the fiscal year ended December 31, 2023 in this Annual Report and should not rely on any previously issued or filed reports, press releases, presentations or similar communications containing financial information and other related disclosures regarding the same reporting period. Restatement Background The Restated Financial Statements correct accounting errors relating to recognition of revenue from the sale of electric vehicles ("EVs"), details of which are presented below. 1. Our sale of 454 EVs and 2,192 e-scooters to our affiliate, GSM Green and Smart Mobility Joint Stock Company ("GSM"), were invoiced and recorded as revenue in fiscal year 2023. However, a regular internal review identified that the dispatching of these EVs and e-scooters for delivery began in early 2024, thus, these sales should not have been recognized as revenue in 2023. Therefore, we corrected this error by adjusting the corresponding revenue, amount due to a related party, other receivab

, Item 3D. Risk Factors

Part I, Item 3D. Risk Factors

, Item 4. Information on the Company

Part I, Item 4. Information on the Company

, Item 5. Operating and Financial Review and Prospects

Part I, Item 5. Operating and Financial Review and Prospects

, Item 6. Directors, Senior Management and Employees

Part I, Item 6. Directors, Senior Management and Employees

, Item 7. Major Shareholders and Related Party Transactions

Part I, Item 7. Major Shareholders and Related Party Transactions

, Item 8. Financial Information

Part I, Item 8. Financial Information

, Item 15. Controls and Procedures

Part II, Item 15. Controls and Procedures

, Item 17. Financial Statements

Part III, Item 17. Financial Statements

, Item 18. Financial Statements

Part III, Item 18. Financial Statements

, Item 19. Exhibits

Part III, Item 19. Exhibits Except as expressly noted, this Amendment does not modify or update in any way the disclosures in or exhibits to the Original Form 20-F; nor does it reflect events occurring after the Original Form 20-F. Accordingly, this Amendment should be read in conjunction with the Original Form 20-F. 2 Table of Contents CERTAIN DEFINITIONS AND CONVENTIONS Except as otherwise stated herein, capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Original Form 20-F. Beginning with this Amendment, we present the number of vehicles delivered during a period calculated based on the number of vehicles for which we recognized vehicle sales revenue during such period. Prior to this Amendment, including in the Original Form 20-F, the number of vehicles delivered during a period reflected the number of vehicles for which invoices were issued during such period. Accordingly, previously-announced vehicle delivery figures, including those contained in the Original Form 20-F, are not comparable to vehicle delivery figures in this Amendment and any future announcements. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Amendment contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Amendment, including, without limitations, statements regarding our expectations concerning our future financial position, business strategy, productivity, plans and goals for future operational improvements and capital investments, operational performance, and future market conditions or economic performance and developments in the capital and credit markets, as well as any information concerning possible or assumed future results of operations of our Company as set forth in the sections of this Annual Report, are forward-looking statements. In some cases, you can identify forward-looking statements by term

KEY INFORMATION

ITEM 3. KEY INFORMATION D. Risk factors You should carefully consider all of the information set forth in this section and elsewhere in this Annual Report and in the other documents we file with or furnish to the SEC before deciding to invest in or to maintain an investment in our securities. Our business, financial condition or results of operations could be materially and/or adversely affected by any of these risks, any of which could have an adverse effect on the trading price of our securities. Additional risks not presently known to us or that we currently deem immaterial may also impair our business, financial condition and results of operations. Summary of Risk Factors Our business is subject to a number of risks and uncertainties, including those described in Item 3.D. of the Original Form 20-F. If any of those risks are realized, our business, financial condition and results of operations could be materially and adversely affected. Set forth below is a summary of the risks which were impacted by the Restated Financial Statements: We have concluded that the Prior Financial Statements should not be relied upon and have restated such financial statements, which could expose us to additional risks that could have a negative effect on us. Any failure to maintain an effective system of internal control over financial reporting in the future and any failure to accurately and timely report our financial condition, results of operations, or cash flows could adversely affect investor confidence and our financial position; We have identified material weaknesses in our internal control over financial reporting and any ineffective remediation of such material weaknesses, any additional material weaknesses in the future or failure to develop and maintain effective internal control over financial reporting could impair our ability to produce timely and accurate financial statements and comply with applicable laws and regulations; We have received financial supp

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View this 20-F/A filing on SEC EDGAR