Vingroup’s approach to preparing its next generation is not to rush empowerment, but to test the F2 step-by-step through fire.

At Vingroup, the process of transferring some management power has taken place while the enterprise, owned by dollar billionaire Pham Nhat Vuong, is expanding at an unprecedented scale, spanning from electric vehicles, infrastructure, and energy to mega real estate projects.

Building the leadership pipeline 

In recent years, the eldest son of billionaire Vuong, Pham Nhat Quan Anh, has appeared more at important events, participating in the conglomerate's foreign relations activities, and being introduced at several corporate events.

A significant milestone came on May 23 when Quan Anh was appointed chair of VinFast's Board of Directors, succeeding Le Thi Thu Thuy. The position places him at the helm of one of Vingroup's most strategically important businesses as it continues to expand its electric vehicle ambitions.

Prior to assuming his new position, Quan Anh had progressed through multiple management positions at VinFast, ranging from product development, manufacturing, sales, marketing, and after-sales service to coordination and quality control. He also once held executive positions at Vinpearl and is currently the general director of VinMetal along with VinMetal Ha Tinh.

The allocation of ownership at some new enterprises has also begun to involve the F2 generation. At VinEnergo, Pham Nhat Vuong’s two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, each hold about 5 percent, while Vuong owns about 71 percent. At VinSpeed, each owns about 0.5 percent, with Pham Nhat Vuong holding 51 percent.

While the eldest son, Pham Nhat Quan Anh, participates deeply in the corporate governance of VinFast, the second son, Pham Nhat Minh Hoang, has chosen a different path by participating in the development of enterprises like FGF and investment funds within the ecosystem.

Notably, this transfer process does not mean the withdrawal of the founder. After stepping down from the position of general director of VinFast Trading and Production JSC in Vietnam from June 22 to serve the restructuring process, Vuong continues to hold the role of Global CEO of VinFast and directly manages the international operations of the electric vehicle maker.

Transition during Vingroup’s expansion 

What distinguishes Vingroup's succession process is that it is unfolding along with the group's largest expansion since its founding, both in business fields and project scale.

Beyond real estate, Vingroup is repositioning as an industry – technology – infrastructure conglomerate. Electric vehicles, high-speed rail, metro, green energy, logistics, aerospace, and many new fields are being added to the ecosystem.

Recently, the Vinhomes – VinSpeed consortium was selected as EPC general contractor for five new Hanoi metro lines with total length of about 303.5km and preliminary investment of over VND1.3 quadrillion, equivalent to about $49 billion. This is one of the largest urban transport infrastructure projects ever in Vietnam.

Along with that are a series of mega real estate projects such as Vinhomes Green Paradise in Can Gio spanning about 2,870ha, total investment over $10 billion; Vinhomes Ha Long Xanh in Quang Ninh about 6,200ha with total investment nearly $18 billion; Vinhomes Global Gate, Co Loa, over 385ha with total investment about $1.4 billion; or the Hanoi International Sports Urban Complex planned on thousands of hectares.

Investment scale spread across many strategic sectors shows that Vingroup is entering a new development phase, with a project portfolio worth tens of billions of dollars.

The emergence of the F2 generation carries more meaning than mere asset inheritance. As Vingroup’s scope expands into high-tech fields with long investment cycles and complex governance requirements, giving the next generation direct management opportunities equates to preparing long-term leadership resources.

Pham Nhat Quan Anh did not start from the top position but spent many years working in operational units before being entrusted as VinFast Chair. Pham Nhat Minh Hoang was given conditions to develop in new areas such as investment and mobility services.

However, the overall picture shows that strategic power remains concentrated in the founder’s hands. Pham Nhat Vuong continues to hold controlling stakes in many key enterprises and still directly makes major decisions in the ecosystem.

Instead of a wholesale transfer of power at group level, the F2 generation has been given opportunities to test themselves at large-scale enterprises and projects as Vingroup expands into many fields, gradually preparing a successor team. Yet strategic management power remains concentrated with the founder.

Manh Ha