VinFast Auto Appoints Founder's Son as Chairman Amid Major Losses and U.S. Legal Challenge

Stock News05-25 20:40

VinFast Auto has appointed the son of its billionaire founder as chairman. According to the company's announcement, the board has named Pham Nhat Quan Anh to succeed Le Thi Thu Thuy as chairman. Thuy will continue serving as vice chairman of the parent company Vingroup to focus on broader group operations. Pham Nhat Quan Anh previously held the position of vice chairman and acting general director at VinFast Trading and Production JSC. The appointment, effective from May 23, aims to support VinFast's global expansion.

This leadership change comes as the automaker strives to curb substantial losses. The company reported a loss of nearly $4 billion last year, driven by heavy investments in overseas expansion. Earlier this month, VinFast announced plans to sell two factories in Vietnam as part of a strategy to reduce approximately $6.9 billion in debt and liabilities, potentially accelerating its path to profitability.

Simultaneously, VinFast faces increasing challenges in the U.S. market. Last week, the state of North Carolina filed a lawsuit against the company, alleging violations of agreements related to its planned electric vehicle and battery manufacturing facility. VinFast stated it is reviewing the lawsuit and will respond after receiving all relevant materials from the state.

Under the agreement with North Carolina, VinFast must meet construction milestones to operationalize the plant by July 2026 and create 1,750 jobs by the end of 2026. The agreement also stipulates that the state may reclaim the project land if the company fails to fulfill these requirements.

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