On 8/9, Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, stated that the 68 organizations and individuals are owners of news sites or personal pages who "distorted and fabricated information" about Vingroup Chairman Pham Nhat Vuong and other senior leaders on social media platforms like Tiktok, Facebook, and Youtube.
Vingroup has documented these actions and initiated civil lawsuits or filed reports with the relevant authorities in Vietnam. The corporation is also working with international lawyers to file lawsuits according to the laws of the relevant countries. Vingroup will send notices to foreign embassies in Vietnam and Vietnamese embassies in countries where the account owners reside to protect the company's legitimate interests.
Vingroup considers these legal actions necessary to protect the company's rights and for the benefit of society and the law.
According to Vingroup, the false rumors, "intentionally misleading public opinion," focus on four main topics: the corporation's financial situation; product quality and origin; legal issues related to products; and personal information about leaders. These actions appear to violate the Cybersecurity Law and the Penal Code.
Specifically, the corporation accuses the 68 social media accounts of spreading information that Vingroup is about to go bankrupt due to a debt of 800,000 trillion VND and that Vinfast's cars and electric motorbikes are Chinese products disguised as Vietnamese.
Vingroup also claims that information about employees resigning en masse was fabricated and that legal issues with products and state policies were distorted to mislead public opinion and insinuate connections to the corporation.
According to the consolidated financial statement published on the corporation's website, the total debt is about 283,000 trillion VND, with a debt-to-equity ratio of about 1.8. Vingroup considers this a "very safe indicator for businesses according to international and Vietnamese standards." In addition, most of the remaining payables are revenue received in advance from customers and partners, and amounts arising from normal business activities, consistent with the corporation's scale.
The corporation affirms that Vinfast has mastered the production chain from research and design to manufacturing. Most of the process is carried out in Vietnam with a localization rate of 60%, aiming for 80%.
Vingroup, formerly Technocom Group, was established in 1993 in Ukraine. In the early 2000s, Technocom returned to Vietnam, focusing on tourism and real estate with two initial strategic brands: Vinpearl and Vincom. In 1/2012, Vincom Joint Stock Company and Vinpearl Joint Stock Company merged, officially operating under the group model as Vingroup Joint Stock Company.
Currently, Vingroup has entered the automotive industry with its flagship product, Vinfast, covering all segments. Recently, through its member company Vinspeed, the corporation proposed investing in the North-South high-speed railway project with a total investment of 6-7 billion USD.
Vingroup Chairman Pham Nhat Vuong is Vietnam's first dollar billionaire and currently the richest person in Vietnam and 225th in the world, with assets of 12.7 billion USD, according to Real Time Billionaires on 8/9.
Thanh Lam
