The move comes as the company implements a major restructuring plan, separating its manufacturing operations in Vietnam and preparing to transfer ownership of the legal entity that holds the domestic factory assets to a group of investors.

VinFast Production and Trading Joint Stock Company (VFTP) has notified bondholders, in accordance with Ministry of Finance regulations, of changes to its senior management team.

Under the announcement, Pham Nhat Vuong was relieved of his duties as CEO of VFTP effective June 22. He will be succeeded by Trinh Van Ngan.

However, the change applies only to the VFTP legal entity in Vietnam. Pham Nhat Vuong will remain Chief Executive Officer of VinFast's global operations and continue overseeing the electric vehicle maker's international business.

The leadership reshuffle comes shortly after VinFast approved a large-scale corporate restructuring plan.

On June 16, VinFast shareholders approved a business separation scheme. Under the plan, selected assets, rights, obligations and shares held by existing shareholders will be transferred to a newly established legal entity without dissolving VFTP.

The new company, VinFast Vietnam Joint Stock Company (VFVN), will be headquartered in the Dinh Vu - Cat Hai Economic Zone in Hai Phong and will have charter capital of nearly VND5.184 trillion (USD198 million).

According to the restructuring plan, VFVN will take over a number of VinFast's core activities, including global research and development operations, intellectual property ownership, sales activities and after-sales services. The company will also hold stakes in several overseas subsidiaries, including VinFast Engineering Australia Pty Ltd, VinFast Germany GmbH and VinFast's commercial and service businesses abroad.

Meanwhile, VFTP will retain assets associated with the company's manufacturing facilities in Vietnam, its ownership stake in VinEG Green Energy Solutions Joint Stock Company and financial liabilities owed to independent creditors, subject to the consent of the relevant parties.

As the next step in the restructuring process, VinFast plans to transfer its entire interest in VFTP to a group of investors led by Future Investment Research and Development Joint Stock Company. Pham Nhat Vuong will participate in the transaction as a minority investor.

The total value of the deal has been disclosed at approximately USD530 million.

Following completion of the restructuring, VFTP will continue operating VinFast's manufacturing facilities in Vietnam and will produce vehicles under contract for VFVN. The two companies will enter into manufacturing agreements to ensure uninterrupted supply chain operations. Vehicles will continue to be produced according to designs and technical specifications provided by VFVN.

VinFast management said the restructuring could result in a one-time accounting gain in the company's financial statements, although the specific value and accounting treatment are still being assessed.

For creditors and bond investors, the company said the separation would not alter the terms of outstanding bond issues, affect its ability to meet debt obligations or trigger any requirement for early bond redemption.

Under Vietnamese regulations, once the separation is completed, both VinFast and the newly separated entity will remain jointly responsible for debts, labor contracts and asset-related obligations incurred before the restructuring, unless alternative arrangements are agreed upon in accordance with the law.

The departure of Pham Nhat Vuong from the CEO position at VFTP is therefore viewed as part of a broader governance reorganization following the separation of business segments. Under the new structure, manufacturing operations in Vietnam will be managed under a dedicated legal entity, while research, product development, commercial activities and global market expansion will be consolidated under VinFast Vietnam.

The move marks a significant step as VinFast continues refining its organizational model to support international growth ambitions while attracting additional investment resources for domestic manufacturing operations.

Manh Ha