Earlier, on June 16, VinFast shareholders approved a corporate demerger plan. Under the proposal, selected assets, rights, obligations and portions of existing shareholders' equity 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, with charter capital of nearly VND5.184 trillion (US$198 million).

According to the approved restructuring plan, VFVN will assume responsibility for several of VinFast's core businesses, including global research and development (R&D), intellectual property, vehicle sales and after-sales services. The new company will also hold equity interests in several overseas subsidiaries, including VinFast Engineering Australia Pty Ltd, VinFast Germany GmbH, and the group's international commercial and service operations.

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

Under the next phase of the restructuring, VinFast plans to transfer its entire interest in VFTP to an investor consortium led by Future Investment Research and Development Joint Stock Company. Pham Nhat Vuong will participate in the transaction as a minority investor.

The transaction is valued at approximately US$530 million.

Once the restructuring is completed, VFTP will continue operating VinFast's manufacturing plants in Vietnam under contract manufacturing agreements with VFVN. The two companies will sign manufacturing agreements to ensure uninterrupted supply chain operations, with vehicles continuing to be produced according to designs and technical specifications provided by VFVN.

VinFast's management said the restructuring could generate a one-time accounting gain in its financial statements, although the final value and accounting treatment remain under evaluation.

For creditors and bondholders, the company stated that the restructuring will not alter the terms and conditions of outstanding bond issuances, affect its ability to meet debt obligations, or trigger any early bond redemption requirements.

Under Vietnamese regulations, once the corporate demerger is completed, both VinFast and the newly established company will remain jointly responsible for debts, employment contracts and asset-related obligations arising before the separation, unless otherwise agreed by the parties in accordance with applicable law.

Pham Nhat Vuong's departure from the CEO position at VFTP is therefore viewed as part of the broader governance restructuring following the separation of the company's business segments.

Under the new structure, Vietnam-based manufacturing operations will be managed under a dedicated legal entity, while research and development, product development, commercial operations and global market expansion will be consolidated under VinFast Vietnam.

The restructuring marks another significant step as VinFast continues refining its organizational model to support its international expansion strategy while attracting additional investment into its domestic manufacturing operations. 
 

Manh Ha