On 23/6, the Board of Directors of VinFast Production and Business Joint Stock Company (VFTP) issued a resolution approving the dismissal of Pham Nhat Vuong from the general director position. Replacing Vuong as chief executive officer is Trinh Van Ngan, deputy general director for global manufacturing at VinFast.

Despite stepping down from his leadership role at VFTP, billionaire Pham Nhat Vuong remains the general director of VinFast global.

Trinh Van Ngan, the new general director of VFTP. *Photo: VIC*

This change follows VinFast's General Meeting of Shareholders approving a plan to separate VFTP on 16/6. Under this plan, VFTP transferred some assets to establish a new legal entity, VinFast Vietnam Joint Stock Company (VFVN). This separation process will not terminate the existence of any legal entity.

Following the separation, VFTP's charter capital decreased from over 90 trillion VND to 85,609 trillion VND. VinFast also divested its capital from VFTP, as previously announced, to a group of investors led by Tuong Lai Company.

VFTP will own VinFast's entire manufacturing segment, including two factories in Vietnam, shares in VinEG Green Energy Solutions Co., Ltd., and real estate business cooperation agreements. The company is also responsible for VinFast's total financial debt, amounting to approximately 182 trillion VND as of 31/3.

According to previous statements from Vingroup leadership, VFTP will continue to manufacture according to orders from VinFast, ensuring the company's set standards. This separation is also expected to improve the electric vehicle maker's financial situation, potentially leading to profitability starting in 2027.

Trong Hieu