VinFast Auto Ltd. (VFS) Balance Sheet

NASDAQ: VFSAssets, liabilities, debt and equity over 6 years.

VFS balance sheet, 2025

December 31, 2025 · VND

₫182.62T assets = ₫275.02T liabilities + −₫92.40T equity

Liabilities exceed assets: shareholders’ equity is negative (−₫92.40T).

Both columns are drawn to the same scale: what VFS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

VFS financial health

Current ratio0.52

Tight · current assets cover current liabilities 0.52×

Equity / assets−95.2%

Thin equity · of assets funded by shareholders

Cash / debt8.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

VFS balance sheet trends, 2020–2025

VinFast Auto Ltd. balance sheet trends
Metric	Then	Latest	Change
Total assets	₫92.91T2020	₫182.62T2025	+14.5%/yr
Total liabilities	₫86.73T2020	₫275.02T2025	+26.0%/yr
Shareholders’ equity	₫6.15T2020	−₫173.94T2025	—
Cash & short-term investments	₫828.75B2020	₫10.40T2025	+65.9%/yr
Total debt	₫54.29T2020	₫129.97T2025	+19.1%/yr
Net cash (debt)	−₫53.46T2020	−₫119.56T2025	−₫66.1T
Working capital	₫408.70B2020	−₫79.32T2025	−₫79.7T
Current ratio	1.022020	0.522025	−0.50
Shares outstanding	2.32B2020	2.34B2025	+0.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VFS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

VFS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

VFS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

VFS balance sheet in VND

VinFast Auto Ltd. annual balance sheet
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	₫10.40T	₫4.13T	₫4.10T	₫4.28T	₫3.03T	₫828.75B
Cash & equivalents	₫7.35T	₫3.31T	₫4.10T	₫4.27T	₫3.02T	₫827.74B
Short-term investments	₫3.05T	₫818.98B	₫4.11B	₫3.90B	₫169.0M	₫1.01B
Receivables	₫25.19T	₫19.41T	₫566.72B	₫671.07B	₫599.99B	₫405.99B
Inventory	₫34.88T	₫27.91T	₫30.14T	₫21.61T	₫6.68T	₫5.35T
Other current assets	₫14.96T	₫13.34T	₫15.78T	₫18.28T	₫16.38T	₫13.86T
Total current assets	₫85.44T	₫64.78T	₫50.58T	₫44.84T	₫26.69T	₫20.45T
Property, plant & equipment (net)	₫85.57T	₫83.83T	₫74.75T	₫61.75T	₫54.12T	₫52.82T
Goodwill & intangible assets	₫1.21T	₫1.16T	₫1.29T	₫1.73T	₫3.44T	₫4.53T
Long-term investments	₫6.88T	₫2.08T	₫2.13T	₫82.06B	₫182.30B	₫11.65T
Other non-current assets	₫3.53T	₫4.11T	₫18.10T	₫5.20T	₫890.76B	₫3.46T
Total assets	₫182.62T	₫155.97T	₫146.86T	₫113.61T	₫85.32T	₫92.91T
Liabilities
Accounts payable	₫32.63T	₫20.79T	₫12.15T	₫16.64T	₫3.19T	₫2.73T
Short-term debt	₫64.78T	₫95.50T	₫88.76T	₫16.07T	₫16.50T	₫7.57T
Deferred revenue	₫2.09T	₫3.69T	₫1.34T	₫1.68T	₫1.33T	₫564.27B
Total current liabilities	₫164.76T	₫171.51T	₫152.04T	₫66.23T	₫87.31T	₫20.04T
Long-term debt	₫59.60T	₫46.82T	₫30.17T	₫49.17T	₫57.95T	₫46.35T
Lease obligations	₫6.87T	₫5.58T	₫6.60T	₫4.03T	₫1.67T	₫579.51B
Other long-term liabilities	₫50.66T	₫32.55T	₫30.06T	₫34.88T	₫17.00T	₫20.33T
Total liabilities	₫275.02T	₫250.87T	₫212.27T	₫150.28T	₫162.26T	₫86.73T
Shareholders' equity
Common stock & paid-in capital	₫9.87T	₫9.87T	₫9.85T	₫871.02B	₫553.89B	—
Retained earnings (deficit)	−₫367.18T	−₫267.79T	−₫184.55T	−₫127.19T	−₫77.42T	−₫44.36T
Accumulated other comprehensive income	−₫572.56B	−₫460.64B	−₫385.87B	−₫104.06B	−₫63.49B	₫11.80T
Minority interest	₫81.54T	₫69.81T	₫77.37T	₫77.44T	—	—
Total shareholders' equity	−₫173.94T	−₫164.71T	−₫142.78T	−₫114.11T	−₫76.93T	₫6.15T
Key figures
Total debt	₫129.97T	₫146.40T	₫126.65T	₫68.50T	₫75.75T	₫54.29T
Net cash (debt)	−₫119.56T	−₫142.27T	−₫122.55T	−₫64.22T	−₫72.72T	−₫53.46T
Working capital	−₫79.32T	−₫106.73T	−₫101.45T	−₫21.39T	−₫60.61T	₫408.70B
Tangible book value	−₫175.14T	−₫165.88T	−₫144.07T	−₫115.84T	−₫80.36T	₫1.62T
Shares outstanding	2.34B	2.34B	2.31B	2.32B	2.32B	2.32B
Current ratio	0.52	0.38	0.33	0.68	0.31	1.02
Quick ratio	0.22	0.14	0.03	0.07	0.04	0.06
Debt / equity	—	—	—	—	—	8.83
Equity / assets	−95.2%	−105.6%	−97.2%	−100.4%	−90.2%	6.6%

VinFast Auto Ltd. quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
Assets
Cash & short-term investments	₫7.86T	₫10.40T	₫11.59T	₫16.28T	₫4.50T	₫4.13T	₫1.90T	₫2.39T	₫2.96T	₫2.96T	₫3.16T	₫1.60T
Cash & equivalents	₫5.51T	₫7.35T	₫8.80T	₫13.77T	₫2.40T	₫3.31T	₫1.89T	₫2.38T	₫2.96T	₫2.96T	₫3.15T	₫1.60T
Short-term investments	₫2.36T	₫3.05T	₫2.79T	₫2.51T	₫2.10T	₫818.98B	₫4.08B	₫4.16B	₫4.11B	₫4.11B	₫4.05B	₫3.99B
Receivables	₫25.45T	₫25.19T	₫25.56T	₫22.00T	₫19.77T	₫5.61T	₫15.52T	₫15.42T	₫12.36T	₫12.36T	₫1.18T	₫376.80B
Inventory	₫37.16T	₫34.88T	₫37.67T	₫34.98T	₫32.87T	₫27.91T	₫31.52T	₫29.64T	₫26.71T	₫26.71T	₫24.41T	₫24.02T
Other current assets	₫13.21T	₫14.96T	₫13.00T	₫12.79T	₫10.77T	₫27.14T	₫6.39T	₫5.08T	₫5.04T	₫5.04T	₫18.01T	₫13.20T
Total current assets	₫83.68T	₫85.44T	₫87.81T	₫86.05T	₫67.91T	₫64.78T	₫55.33T	₫52.53T	₫47.07T	₫47.07T	₫46.76T	₫39.20T
Property, plant & equipment (net)	₫89.28T	₫85.57T	₫88.74T	₫88.98T	₫82.76T	₫83.83T	₫85.94T	₫86.12T	₫87.88T	₫87.88T	₫70.61T	₫70.23T
Goodwill & intangible assets	₫1.17T	₫1.21T	₫1.06T	₫1.03T	₫1.08T	₫1.16T	₫1.17T	₫1.22T	₫1.31T	₫1.31T	₫1.81T	₫1.79T
Long-term investments	₫6.23T	₫6.88T	₫1.95T	₫1.96T	₫2.12T	₫2.08T	₫2.11T	₫2.10T	₫2.15T	₫2.13T	₫0	₫225.28B
Other non-current assets	₫4.81T	₫3.53T	₫3.63T	₫3.45T	₫4.38T	₫4.11T	₫7.26T	₫7.29T	₫7.17T	₫7.18T	₫5.67T	₫5.39T
Total assets	₫185.18T	₫182.62T	₫183.18T	₫181.46T	₫158.24T	₫155.97T	₫151.81T	₫149.26T	₫145.57T	₫145.57T	₫124.84T	₫116.83T
Liabilities
Accounts payable	₫37.23T	₫32.63T	₫28.30T	₫22.04T	₫19.93T	₫20.79T	₫14.32T	₫10.81T	₫7.69T	₫7.69T	₫10.55T	₫15.95T
Short-term debt	₫62.66T	₫64.78T	₫34.80T	₫32.76T	₫35.78T	—	₫50.37T	₫50.01T	₫50.31T	₫50.31T	₫22.50T	₫16.47T
Deferred revenue	₫2.47T	₫2.09T	₫2.15T	₫2.02T	₫1.89T	—	₫2.35T	₫2.19T	₫810.34B	₫810.34B	₫760.07B	₫614.97B
Total current liabilities	₫175.35T	₫164.76T	₫174.28T	₫184.44T	₫178.18T	₫171.51T	₫169.17T	₫163.23T	₫159.60T	₫159.60T	₫98.81T	₫91.69T
Long-term debt	₫48.33T	₫59.60T	₫46.84T	₫43.44T	₫26.42T	₫46.82T	₫21.25T	₫22.88T	₫24.77T	₫30.17T	₫45.68T	₫40.73T
Lease obligations	₫7.01T	₫6.87T	₫7.53T	₫7.93T	₫5.23T	₫5.58T	₫5.88T	₫6.42T	₫6.71T	₫6.60T	₫6.38T	₫6.39T
Other long-term liabilities	₫61.48T	₫50.66T	₫61.34T	₫53.81T	₫51.51T	₫32.55T	₫56.39T	₫45.10T	₫41.21T	₫35.80T	₫44.89T	₫47.73T
Total liabilities	₫285.16T	₫275.02T	₫282.47T	₫281.70T	₫256.12T	₫250.87T	₫246.81T	₫231.21T	₫225.57T	₫225.57T	₫189.37T	₫180.15T
Shareholders' equity
Common stock & paid-in capital	₫9.87T	₫9.87T	₫9.87T	₫9.87T	₫9.87T	—	₫9.87T	₫9.86T	₫9.86T	₫9.86T	₫7.62T	₫871.02B
Retained earnings (deficit)	−₫395.24T	−₫367.18T	−₫329.73T	−₫305.78T	−₫285.46T	−₫267.79T	−₫237.19T	−₫223.97T	−₫205.24T	−₫205.24T	−₫168.79T	−₫153.79T
Accumulated other comprehensive income	₫141.28B	−₫572.56B	−₫976.75B	−₫727.56B	−₫711.76B	—	−₫253.08B	−₫464.22B	−₫348.29B	−₫348.29B	−₫101.40B	−₫101.46B
Minority interest	₫91.49T	₫81.54T	₫51.63T	₫79.76T	₫79.78T	—	—	—	—	—	—	—
Total shareholders' equity	−₫191.47T	−₫173.94T	−₫150.92T	−₫179.99T	−₫177.66T	−₫164.71T	−₫172.30T	−₫159.28T	−₫157.35T	−₫157.35T	−₫141.91T	−₫140.70T
Key figures
Total debt	₫116.72T	₫129.97T	₫87.72T	₫82.62T	₫65.95T	₫46.82T	₫76.12T	₫77.72T	₫80.24T	₫80.24T	₫73.21T	₫62.29T
Net cash (debt)	−₫108.86T	−₫119.56T	−₫76.12T	−₫66.33T	−₫61.46T	−₫42.69T	−₫74.22T	−₫75.34T	−₫77.28T	−₫77.28T	−₫70.06T	−₫60.69T
Working capital	−₫91.67T	−₫79.32T	−₫86.47T	−₫98.39T	−₫110.27T	−₫106.73T	−₫113.84T	−₫110.70T	−₫112.53T	−₫112.53T	−₫52.04T	−₫52.48T
Tangible book value	−₫192.64T	−₫175.14T	−₫151.97T	−₫181.02T	−₫178.73T	−₫165.88T	−₫173.47T	−₫160.50T	−₫158.66T	−₫158.66T	−₫143.72T	−₫142.49T
Shares outstanding	2.34B	2.34B	2.34B	2.34B	2.34B	2.34B	2.34B	2.34B	2.34B	2.34B	2.31B	2.32B
Current ratio	0.48	0.52	0.50	0.47	0.38	0.38	0.33	0.32	0.29	0.29	0.47	0.43
Quick ratio	0.19	0.22	0.21	0.21	0.14	0.06	0.10	0.11	0.10	0.10	0.04	0.02
Equity / assets	−103.4%	−95.2%	−82.4%	−99.2%	−112.3%	−105.6%	−113.5%	−106.7%	−108.1%	−108.1%	−113.7%	−120.4%

Quarterly columns are labeled by the month the quarter ended. Figures in VND as reported (latest annual report filed April 30, 2026); data from EODHD.

VFS financial position

At the end of fiscal 2025 (December 31, 2025), VinFast Auto had total assets of ₫182.62 trillion (up 17.1% from a year earlier), total liabilities of ₫275.02 trillion and shareholders' equity of -₫173.94 trillion. It held ₫10.40 trillion in cash and short-term investments against ₫129.97 trillion of debt, net debt of ₫119.56 trillion. Its current ratio was 0.52. In the latest quarter (ended March 31, 2026) total assets were ₫185.18 trillion and equity -₫191.47 trillion.

Related: VFS income statement, VFS cash flow statement, VFS key metrics. See the VFS stock overview for the latest quote and news.

VFS balance sheet FAQ

What are VinFast Auto's total assets?

VinFast Auto reported total assets of ₫182.62 trillion at the end of fiscal 2025 (December 31, 2025), compared with ₫155.97 trillion a year earlier.

How much debt does VinFast Auto have?

VinFast Auto had ₫129.97 trillion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does VinFast Auto have?

VinFast Auto held ₫10.40 trillion in cash and short-term investments at the end of fiscal 2025; with ₫129.97 trillion of debt that is net debt of ₫119.56 trillion.

What is VinFast Auto's book value?

VinFast Auto's shareholders' equity (book value) was -₫173.94 trillion at the end of fiscal 2025.

What is VinFast Auto's current ratio?

VinFast Auto had current assets of ₫85.44 trillion and current liabilities of ₫164.76 trillion, a current ratio of 0.52 (current liabilities exceed current assets).

How much goodwill does VinFast Auto have?

VinFast Auto carried ₫1.21 trillion of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.