VFS
VinFast Auto Ltd.
VinFast Auto Ltd. (VFS) files with the SEC as a consumer discretionary company. Its most recent balance sheet puts total assets at $7.3B, against $10.9B of liabilities and -$3.7B of equity, as at 2025-12-31. That balance sheet grew 0.4% against 2025-06-30, when total assets were $7.2B. Liabilities account for 150.6% of the balance sheet and equity -50.6%. The largest single line on the asset side is Property & equipment at $3.2B, 43.4% of total assets, followed by Inventory at $1.4B. Its largest single liability is Long-term debt at $1.9B, 26.0% of the balance sheet. By total assets it is the 121st largest of the 706 consumer discretionary companies covered here. Equity is negative, so the claims against this company exceed what it owns on the filed figures. That is a real shape, not an error, and it is drawn below the baseline rather than hidden. The figures come from a filing filed on 2026-04-30. Some line items this filer reports are not broken out separately here; the totals are complete and the difference is shown as a remainder rather than distributed across the lines that are named. Assets equal liabilities plus equity on the filed figures, so this balance sheet reconciles directly. Every figure above is as filed. Nothing is estimated, smoothed or restated, and where the filing and the identity disagree the disagreement is shown rather than closed.
What it owns, and who has a claim on it
Both columns are the same height because they are the same money, counted twice: once by what it is, once by who it belongs to.
| Cash | $293M4% |
|---|---|
| Inventory | $1.4B19% |
| Property & equipment | $3.2B43% |
| Other assetsincludes 3 line items this filer does not report separately | $2.4B33% |
| Long-term debt | $1.9B26% |
|---|---|
| Other liabilitiesincludes 1 line item this filer does not report separately | $9.1B125% |
| Shareholders' equity | -$3.7B51% |
Not reported separately
This filer does not break these out. They are inside the totals, counted in the shaded remainder — not estimated, and not set to zero.
Most of what VFS owns is physical — property, equipment and inventory account for 62% of total assets.
Liabilities exceed total assets, so shareholders' equity is negative at -$3.7 billion.
Not every line item is reported separately by this filer: receivables, goodwill, intangibles, accounts payable are inside the totals rather than broken out.
Where the money goes
Every dollar of revenue over the year ended 2025-12-31, and what is left after each cost comes out.
| Cost of salesWhat it costs to make or buy what it sells | $5.2B145% |
|---|---|
| Operating costsRunning the business: staff, marketing, admin · computed as a remainder | $1.3B37% |
| TaxTax on profit | $14M0% |
| Everything elseInterest and other items · computed as a remainder | $993M28% |
VFS spent more than it took in: revenue of $3.6 billion against a loss of $4.0 billion.
The largest single outflow is cost of sales, at 145% of revenue.
The size of it
Its annual sales sit just below Fiji.
Company figure: year ended 2025-12-31. GDP: World Bank, GDP (current US$), indicator NY.GDP.MKTP.CD, 2024.
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Learn more
- Understanding the Accounting Identity — Why Assets = Liabilities + Equity works as a test on data you did not produce, and what it means when a filing does not balance.
- Why SEC XBRL Data Is Wrong 1 Out of 5 Times (And How to Fix It) — How the figure on this page was chosen out of the twenty-odd tags the filer published for it.
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Related companies
The nearest in size that file in the same sector, each drawn to the same scale.