Vietnam’s Vingroup sues 68 organizations, individuals over online misinformation

According to Vingroup, the parties being sued are account holders of websites and personal social media pages that allegedly distorted facts about the company, fabricated stories about its chairman Pham Nhat Vuong and other senior executives, and spread misinformation across platforms such as TikTok, Facebook, and YouTube.

The false claims focused on four main areas: the group's financial situation, the quality and origin of its products, the legal status of its products, and the personal information of its executives.

One example cited was the circulation of claims that Vingroup was on the verge of bankruptcy due to debts of VND800 trillion (nearly US$30.3 billion).

However, Vingroup’s consolidated financial statements published on its official website show that total borrowings amount to only about VND283 trillion ($10.7 billion), with a debt-to-equity ratio of around 1.8 times.

“This is a very safe level for enterprises by both international and Vietnamese standards. Most of the remaining liabilities are advance payments from customers or partners and other ordinary payables and receivables, fully appropriate for the group’s scale,” the conglomerate emphasized.

The group also dismissed allegations tarnishing the quality and origin of its products, particularly claims that VinFast cars and electric motorbikes were Chinese-made and merely rebranded as Vietnamese.

“VinFast has mastered the production chain from research and design to manufacturing. Most processes are carried out in Vietnam, with a localization rate of about 60 percent and a target of 80 percent in the future,” Vingroup stated.

The conglomerate also noted that some social media accounts fabricated information about its executives, especially chairman Vuong, and spread false claims that its employees had resigned en masse.

Other accounts, it added, misrepresented the legal status of its products and even sought to link the group to political issues and state policies in an attempt to mislead public opinion.

Nguyen Viet Quang, vice-chairman and CEO of Vingroup, said the lawsuits against the 68 organizations and individuals are intended not only to protect the group’s interests but also to serve the broader public.

Vingroup has collected evidence and official records of the alleged violations and is working with domestic and international lawyers to initiate lawsuits under the laws of relevant countries.

“At the same time, we will notify foreign embassies in Vietnam and Vietnamese embassies abroad where the account holders reside to safeguard the company’s legitimate interests,” the group said.

Founded in 1993, Vingroup has grown into a multi-sector conglomerate active in technology, industry, commerce, services, and philanthropy.

Its chairman Vuong is currently the richest person in Vietnam and ranks 219th globally, with a net worth of $12.9 billion, according to Forbes’ Real-Time Billionaires List as of Tuesday noon.