0001185185-26-001801
SEC filingVinFast announced plans to split assets of subsidiary VFTP and divest all shares for approximately US$530 million, transitioning to an asset-light model while retaining R&D and sales operations.
VinFast is executing a strategic restructuring by splitting its Vietnam subsidiary VFTP into two entities: VFVN, which will hold global R&D, IP, after-sales, sales operations, and shares in international subsidiaries like VinFast Commercial and Services Trading LLC, VinFast Engineering Australia Pty Ltd, and VinFast Germany GmbH; and VFTP, which retains capital-intensive manufacturing operations, VinEG Green Energy Solutions JSC shares, real estate exploration agreements, and all existing third-party indebtedness. Following the split, VinFast will divest its entire ~99.9% stake in VFTP to a purchaser group led by Future Investment Research and Development Joint Stock Company, with CEO Pham Nhat Vuong participating as a minority investor, for VND13,309.6 billion (~US$530 million). This price reflects arm's-length negotiations based on VFTP's pro forma book value as of March 31, 2026 under Vietnamese standards and exceeds the mid-point of Grant Thornton's independent DCF valuation. A manufacturing supply agreement will ensure VFTP continues producing VinFast-branded vehicles to VFVN specifications, maintaining supply continuity without ownership of Vietnam manufacturing assets. The transactions do not impact other subsidiaries or international facilities in India and Indonesia. Shareholder approval is sought at a virtual EGM on May 27, 2026, with proxy deadline May 24. Amendments to Vingroup's exchangeable preference shares in VFTP will reallocate holdings between VFTP and VFVN with adjusted exchange rates, terminating VFTP-related agreements post-sale. This shift supports VinFast's transition to a capital-efficient, asset-light model, freeing resources for brand development, global sales, and R&D amid evolving EV market dynamics.