VinFast restructures manufacturing operations in Vietnam

At the same time, the company will establish a new legal entity named VinFast Vietnam Joint Stock Company (VFVN), which will manage sales operations and assets transferred from VFTP.

According to documents that VinFast filed with the U.S. Securities and Exchange Commission, the company’s board of directors has approved a plan to convene an extraordinary general meeting of shareholders to seek approval for the proposed restructuring and asset transfer.

Under the plan, certain assets from VFTP will be transferred to VFVN. Following the restructuring, VinFast will divest all of its common shares in VFTP.

VFVN will become a direct subsidiary of VinFast and will oversee higher value-added operations, including global research and development, intellectual property, after-sales services, sales activities, and stakes in related entities such as VinFast Trading and Service, VinFast Engineering Australia, and VinFast Germany.

Meanwhile, VFTP will retain assets related to VinFast’s manufacturing facilities in Vietnam, its stake in VinEG, and the responsibility for financial liabilities owed to third-party creditors, subject to approval.

After the separation process, VinFast plans to transfer its entire interest in VFTP to an investor group led by Future Investment Research and Development Joint Stock Company. Pham Nhat Vuong, VinFast's CEO, will also participate in the transaction as a minority investor.

The deal is valued at approximately VND13.31 trillion (US$530 million). The valuation is based on the consolidated net book value of assets under Vietnamese accounting standards as of March 31, 2026, and exceeds the average valuation of VND2.653 trillion ($100.7 million) provided by accounting firm Grant Thornton.

To ensure uninterrupted production, VFVN and VFTP will sign a manufacturing agreement under which VFTP will continue producing VinFast-branded vehicles in Vietnam according to designs and technical standards supplied by VFVN.

In essence, VinFast is not exiting vehicle manufacturing.

Instead, the company is repositioning its Vietnam factory operations into an independently owned and operated manufacturing platform.

The move is expected to reduce future capital expenditure pressure, improve the company’s financial structure, and allow VinFast to focus resources on research and development, technology, branding, and international expansion.

The restructuring is expected to be completed next quarter, subject to shareholder approval, creditor consent, and customary transaction conditions.

VinFast said the transaction will not affect its other subsidiaries or international operations.

It will continue owning and operating manufacturing facilities currently under development in India and Indonesia.

Future Investment Research and Development Joint Stock Company, the acquiring entity, is based in Ho Chi Minh City.

In April 2026, the company increased its charter capital to VND122 billion ($4.6 million).