HANOI (Bloomberg): VinFast Auto Ltd appointed the son of billionaire founder Pham Nhat Vuong as chairman while the Vietnamese electric vehicle maker faces mounting losses and setbacks in the US.
Its board of directors named Pham Nhat Quan Anh to replace Le Thi Thu Thuy, who will continue as vice chairwoman at parent company Vingroup JSC to focus on the larger group’s business, according to a company statement.
Quan Anh previously served as vice chairman and standing deputy general director at VinFast Trading and Production JSC. His appointment, effective May 23, was aimed at supporting VinFast’s global expansion, the statement said.
The management change comes as the automaker works to stem losses. It announced earlier this month it would sell two factories in Vietnam as part of efforts to shed about 182 trillion dong ($6.9 billion) in debt and obligations, and potentially speed up its path toward profitability.
Vuong, who established VinFast in 2017, has plowed billions of his personal wealth to build the carmaker into a global brand. It lost nearly $4 billion last year amid heavy spending on overseas expansion.
The financial strain has coincided with growing challenges in the US, where North Carolina last week sued VinFast, alleging the company breached agreements tied to a planned EV and battery manufacturing facility. VinFast said it was reviewing the lawsuit and will respond once it has received "all relevant materials from the state.”
Under agreements with North Carolina, VinFast was required to meet construction benchmarks, have the facility operational by July 2026, and create 1,750 jobs by the end of 2026. The agreements also gave the state the right to reacquire the site if the company failed to meet performance requirements.
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