Bloomberg reported Sept. 12 that VinFast founder Pham Nhat Vuong named his 33-year-old son, Pham Nhat Quan Anh, global CEO of the Vietnamese EV maker. A second son, Pham Nhat Minh Hoang, was named global CEO of affiliated ride-hailing firm GSM.
The appointments come as VinFast pursues international expansion and an asset-light restructuring. Its first-quarter net loss widened 58.9% year over year to about $1.12 billion, despite revenue rising 41.7% to roughly $921 million; second-quarter global deliveries increased 96% year over year to 70,085 EVs.
VinFast transferred about $530 million in manufacturing assets and $6.9 billion in debt to a buyer group as part of an asset-light restructuring intended to cut future capital needs. The company says the structure will let it focus more on product development, technology, branding and sales. It also halted plans to make the VF 3, VF 6 and VF 7 in India after high production costs prompted a rethink. Founder Vuong remains on the board and provides financial support; Reuters reported that some analysts and shareholders questioned the restructuring's complexity and the involvement of investors tied to Vuong and Vingroup.
