VinFast to Restate Financial Statements Due to Accounting Errors

VinFast Auto said it expects to restate previously-issued financial statements for fiscal year 2023 and first quarter 2024 due to accounting errors and should no longer be relied upon.

• Identified accounting errors:
  • The sale of 454 EVs and 2,192 e-scooters to its affiliate GSM were invoiced in fiscal year 2023; however, dispatching for delivery began in early 2024 and accordingly revenue was overstated by $17.2m
  • Sold 205 EVs to an unrelated third party in Vietnam in 2023 and recognized revenue from those sales for fiscal year 2023; majority of these EVs were returned in February 2024 for a software update ...