In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on 12/5, VinFast announced plans to separate certain assets of VinFast Manufacturing and Business Joint Stock Company (VFTP), an entity within its ecosystem, into a new legal entity.
Concurrently, the automaker will divest its entire stake in VFTP, including all manufacturing operations in Vietnam, which will be separated and transferred to a partner. According to VinFast, capital-intensive activities will become an independent production platform owned and operated by a third party. The company will focus on brand development, product research and development, and technology.
Beyond manufacturing, VFTP also holds shares in VinEG Green Energy Solutions Company Limited, along with investment cooperation agreements and real estate business opportunity searches. The enterprise will also be responsible for all existing financial debts with third parties, subject to the approval of relevant creditors.
The transferee is an investor group led by Future Investment Research & USD Joint Stock Company. Pham Nhat Vuong, VinFast's Chief Executive Officer and founder, will also participate in the transferee as a minority investor, holding a small number of shares in the enterprise.
In parallel with the divestment from VFTP, VinFast will establish VinFast Vietnam Joint Stock Company (VFVN), which will manage a portion of the assets separated from the recently transferred enterprise. VFVN will own global research and development (R&D) operations; after-sales services and sales business; and all shares of three companies: VinFast Commercial & Services Trading LLC, VinFast Engineering Australia Pty Ltd, and VinFast Germany GmbH.
 |
VinFast electric vehicles at an event. Photo: Tuan Vu. |
Thus, VinFast will transfer its entire stake in VFTP, including its manufacturing segment in Vietnam, to an investor group that includes Pham Nhat Vuong. The electric vehicle maker will establish a new legal entity, VFVN, to manage sales and certain assets separated from VFTP.
This restructuring does not signify VinFast abandoning vehicle production; rather, it reorganizes legal entities to minimize highly capital-intensive operations. In other words, VinFast is separating the most cost-heavy components from the parent company to transition to a "design – brand – technology" model, similar to many global automakers.
Following this transaction, VFVN and VFTP will sign a production and supply agreement. VFTP will continue to produce VinFast-branded vehicle lines in Vietnam based on designs, technical standards, and requirements provided by VFVN.
VinFast also emphasized that these transactions do not affect other subsidiaries beyond VFTP. The deal also has no impact on the company's international business operations, including production facilities in India and Indonesia. The divestment is expected to be completed in Q3.
This year, VinFast aims to deliver 300,000 electric cars globally and approximately 1-1.5 million electric motorcycles, expanding its market presence in Vietnam, Southeast Asian countries (Indonesia, Philippines), and India. The company led Vietnam's car market in 2025, capturing about 36%.
In 2025, the automaker recorded revenue of 90,427 billion VND, a 139% increase compared to 2024, marking its highest ever. However, the company incurred a net loss exceeding 97,000 billion VND. As of 31/12/2025, the enterprise had accumulated losses of nearly 171,600 billion VND, with negative equity exceeding 90,000 billion VND.
Trong Hieu
