u/albert1165

This is an old post about three years ago, but many in this sub have not seen this so I repost.

It is a visualization of the entangled web of Vuong Pham's companies with lots of interdependence. Some entities no longer exists, some new entities emerge, such as VinES, VinSpeed, VGreen, etc... the data is outdated, but the principle is still the same as three years ago: Vuong Pham uses lots of companies cross owning each others, in order to cook the book: not listed shells taking in debt to make the listed one looks better. Shells taking loans the giving to Vin because Vin cannot borrow themselves or sells taking in Vin debt to cook the book. And there is the largest black hole with billions dollar in debt that is completely hidden from the public: VIG, Vietnam Investment Group. You rarely hear about VIG in the Vietnamese media if not at all. And VIG is just one, there are many billion dollars debt entities in Vuong Pham's web of companies that are completely hidden from the public. GSM is now another billions dollar debt and loss entity. VGreen is a billion dollar debt too.

Vuong Pham is the biggest financial fraud in Vietnam history but he is covered up by the communist government with the complete censoring of news about the truth about Vuong Pham, the bad truth about how much debt he owned and how shady he is with all shady financial tricks.

****

In the series:

How Vuong Pham used a shell company to pump money into Vinfast : VinFastCommunity (reddit.com)

Part 1: How Vuong Pham move companies ownership around like wood blocks : VinFastCommunity (reddit.com)

Here in Part 2, I present you a complete visualization of the entangled web of Vingroup as of 5/31/2023, where companies are owning each other in a complicated way. Cross owning happens in many other Vietnamese conglomerates (say, FLC, Van Thinh Phat, etc…), and even around the world, but there are more on the Vingroup ecosystem, at a different level, read on.

The entangled web of Vingroup

https://preview.redd.it/1tm8rtjz6jah1.png?width=5000&format=png&auto=webp&s=dc73f4efd0d8d4496f836f286a55ccfb58fa02ed

Click this link for a full scale picture:

Isn’t the picture "beautiful"?

Vuong Pham is a “great artist”, isn’t he?

Legends:

- Green border: company child level 1 with respecting to Vingroup, where Vingroup directly owns a portion of it

- Red border: company child level 2, reaching Vingroup through 1 company up.

- Blue border: company child level 3, reaching Vingroup through 2 company up.

- Yellow border: company child level 4, reaching Vingroup through 3 company up.

- Boxes with color-filled background (the color is the same as the border but lighter for visualization): those with 3 or more children. These are hub companies, important companies in the network.

- The percentage inside the box is the % owned (controlled) by Vingroup, directly owned plus sum of all indirectly owned through other companies in the network.

- The gray arrows indicate the relationship from the parent to the child.

Note that the company child level 1 to 4 is to help you visualize the network and the relationship among the companies (nodes in the network), but since Vingroup controls more than 50% in each of the node, Vingroup is in full control of the entire network: it can directly influence any of these node as it wants. And since Vingroup is controlled by Vuong Pham, Vuong Pham is in control of every node and the entire network.

Interesting insights from the data

Once having mapped out the network, we can draw many interesting insights never been seen before. See the full stats at the end of the post. Here are the medals:

Can Gio company has the most parent, 5 parents. Then Sado, Sai Dong Urban Development, Delta has the distinguish of having 4 parents. 19 other companies have 3 parents. See the full list at the end of the post. Having more than 1 parents from the same network is shady, it could mean fake capital contribution (not always but could be).

https://preview.redd.it/xxa9ma637jah1.png?width=453&format=png&auto=webp&s=f6f0acdbeb08708d3c56c356a529672cfa9da5ca

Vingroup has the most children, 26. Next come Vinhomes with 22. Vinpearl and Metropolis Hanoi each has 11 children.

Here is the kicker for fun: Vincom Security has 10 children. Though the percentage of owning by Vincom Security in each company is small, less than 1% in each case, it is just for fun: now you know why Vincom Security is really powerful! /snark See the full list at the end of the post.

https://preview.redd.it/j62vqs857jah1.png?width=453&format=png&auto=webp&s=81fae89419a736ddbc58a5304219716469fee86e

These are companies with the distinguished of being owned 100% by Vingroup: VT Vinbus, Vincom Security, VinFa, Vinpro, World Academy. Even though VinPro has no activies, the VinPro shops have been closed years ago, and there is no activities for VinPro, Vuong Pham still keeps VinPro on the book, probably as a shell for later use. See the full list at the end of the post for those that are owned by more than 70% by Vingroup.

Do you know that Vingroup has 7 companies in the Mineral mining / Stone industry?

The Vinfast tree

The Vinfast tree is on the right in the Vingroup’s web picture. It is pretty clean, compared to the portion on the left in real estate. It is really auto industry. Vuong Pham takes money from the left portion of the picture to pump into the right portion of the picture, so to speak.

The red arrows in the below pictures indicates money lending from which entities in the network to Vinfast in the past. At June 2023, the debt to these companies and VIC is $1.546B.

https://preview.redd.it/2nngs7xa7jah1.png?width=1106&format=png&auto=webp&s=f2bc4517127597e91b7318994e730c633c56bd64

GSM

Why don’t we see GSM in the network? Because GSM is directly owned by Vuong Pham 100%, not through VIC so it does not show up in the network or in Vingroup report.

The black hole VIG (Vietnam Investment Group)

Vuong Pham has another huge financial vehicle: VIG (Vietnam Investment Group). This is a private company, escaping from the public filings endured by Vinfast, Vingroup, Vinhomes. So, this is virtually a black hole, controlled by Vuong Pham. This one does not show up in the network.

Even without having the money, VIG took in Vinfast ICE plant at $1B at the stroke of a pen. Isn’t this “marvelous”? No question on how VIG gets the money (it doesn’t have, 100% sure, it is just an accounting trick).

Many companies in the network shows Vingroup’s ownership at 69-70%. We know this because Vingroup has to file reports. The other 30% will likely be owned by VIG, but since VIG is private, it does not have to report this figure. How do we know this? Look at the case of Lang Van, where Vuong Pham inadvertently showed his hand. Vingroup owned about 70% of Lang Van at the end of Dec 2022, and at the end of May, it now owns 99% of Lang Van. Clearly, Vuong Pham moved the 30% from VIG back to Vingroup. He is in short of cash (this is 100% sure), in control of Lang Van already, no need and no money to buy 30% from outsiders. It must had been transferred from VIG. Read more on this Lang Van in Part 1: Part 1: How Vuong Pham move companies ownership around like wood blocks : VinFastCommunity (reddit.com)

He has also unloaded many of the companies in VIC to 0%. He may have closed those, sold them, or he may have transferred them back to VIG (VIG is a group), recording some profit on the VIC side! VIG can take all the loss and debt as much as possible. No limit.

VIG is a black hole aka a mysterious and a huge object in the universe of companies by Vuong Pham. As the real black hole in physics, where nothing can escape from, VIG is the financial black hole with no information coming out.

If I have to bet, and I can bet the house, VIG sits on a huge loss to the tune of billions of dollars, but no one knows. Of course, I am not Vuong Pham, VIG is a the best kept secret of Vuong Pham, but base on my analysis shown above, base on what I have seen in many other cases in my past experiences, I guess / predict that VIG is at a huge loss. Proof? Just look at how VIG took in the $1B ICE plant as an evidence! VIG clearly did not have that amount of free money on hand, 100% sure, but it took the ICE plant in anyway because Vuong Pham could, at a huge debt and loss. And that is just one example. For the full company VIG, it won’t be surprise if the debt and loss are in the billions of dollars.

VIG’s role is to carry the loss for VIC and other Vuong Pham’s companies and pump fake profit into VIC when needed (for example, VIC was pumped with “financial gain” a few quarter back to turn red operating loss to a small profit, avoiding stock margin cut by the Vietnamese SEC). At astronomical levels, hundreds to billions of dollars. For example, in 2020, VIC recorded 28,600 Billion VND (about $1.2B) in financial profits just from transferring companies.

If you have friends working in fiance on wall street with 10+ years of experience at senior levels (junior level won’t know), send this post to them and ask them for opinions if I am right.

If you are not in finance and still don’t get how shady and serious this is, let’s this section sink in for a while. Come back tomorrow to re-read this.

Some of you have heard about VIG, but how many of you are aware of the ramification as outlined above?

For illustration: the two universes:

https://preview.redd.it/jgudwoyc7jah1.png?width=1681&format=png&auto=webp&s=592e7d6c2c2737a40aef54989ad0b628cb4bb82c

Summary

I have given you the visualization of the full network of Vingroup. Look at the network picture at the top of the post and you may find some patterns there yourself. May be you can find out something that I have missed.

Isn’t the entangled web of Vingroup “incredible”? Have you known about this before? Or have seen anything like this before?

And I have also unveiled the hidden black hole VIG for all of you to see.

Vingroup is a house of cards, building upon debts taken from shell companies. It will never be able to repay all the debts, just borrowing new debt to pay old debt. If the economy is good, it can still flip the debt when the debt matures and just pay the interest and keep going for 10 20 years or more, just kicking the debt down the road. When the economy gone bad and business gone bad, the debt will increase at a faster rate. Since the debt are borrowed again shell companies without real business using inflated values in real estate and mining and services, there is no cure. It was money out of emptiness.

The house of cards destines to crumble under the gravity of debt, i.e. the laws of business. Unless Vuong Pham can create his own universe with different laws of business, can’t he?

Exhibitions

Parents

Companies has 5 parents (1): Can Gio Urban

Companies has 4 parents (3): Sado, Sai Dong Urban Development, Delta

Companies has 3 parents (19): Vinpearl, Dai An Construction, Green City Development, DT PT Sinh thai, Thai Son Investment and Construction, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Cam Ranh Salt, DL Ca Tam, DT Hiep Thanh Cong, VinFa, Vingroup Investment Vietnam, Vin3S, Stone Doc Thang, Mineral Phan Thanh, DT Van Khoa, KD PT Sinh thai

Companies has 2 parents (16): Vincom Retail, Vinhomes, Hoang Gia Urban Development, Xavinco Real Estate Development, Thang Long Real Estate, Trung tam hoi cho trien lam, Vinitis, TV DT Vietnam, PT Lang Van, Vinpearl Landmark 81, Vinmec, Vinschool, SX KD Vinfast, VinHSM, DT Bao Lai, Stone An Phu

Companies has 1 parents (67): Vincom Retail Operation, Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Central Park development, Xalivico, Metropolis Hanoi, Vietnam book, Thien Nien Ky, BDS Tay Tang Long, Gia Lam Urban Development, Berjaya University Urban, VT Vinbus, Vincom Security, Berjaya Financial Vietnam, PT TM SDI, Vincons2, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, Nha Trang Port, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, VMC Holding, DT PT VS, VinAcademy, VinMedTech, Vinfast Auto Pte, TM DV Vinfast, Vinfast Germany, Vinfast Engineering Australia, NC SX Vinsmart, Vingroup Global, Vingroup Investment, Vingroup USA, Vinfast Auto LLC, Vinfast USA Distribution, Vinfast Auto Canada, Vinfast France, Vintech, VINCSS, White Stone Bao Lai, Mineral Bao Lai Luc Yen, Vinpro, VinDFS, Vinfast Netherlands, VinAI, VinES, VinES USA, VinBigdata, Son Thai Investment, VinES Ha Tinh, World Academy, Vinsmart Trading and Investment, Vinfast OEM US, Vinfast Manufacturing US, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Childrens

Companies has 26 children (1): Vingroup

Companies has 22 children (1): Vinhomes

Companies has 11 children (2): Vinpearl, Metropolis Hanoi

Companies has 10 children (1): Vincom Security

Companies has 8 children (2): Green City Development, Can Gio Urban

Companies has 7 children (1): Thai Son Investment and Construction

Companies has 6 children (1): DT Bao Lai

Companies has 5 children (2): Sado, Thien Nien Ky

Companies has 4 children (3): VT Vinbus, SX KD Vinfast, Vingroup Investment Vietnam

Companies has 3 children (3): Vincom Retail, Central Park development, DT PT Sinh thai

Companies has 2 children (8): Hoang Gia Urban Development, Sai Dong Urban Development, BDS Tay Tang Long, VinAcademy, Vinfast Auto Pte, NC SX Vinsmart, Vingroup USA, VinES

Companies has 1 children (17): Vincom Retail Operation, Dai An Construction, Delta, Xavinco Real Estate Development, Vinitis, PT TM SDI, Vinpearl Australia, VMC Holding, Vinschool, DT PT VS, TM DV Vinfast, Vingroup Global, Vingroup Investment, Vintech, White Stone Bao Lai, Stone An Phu, Vinfast OEM US

Companies has 0 children (65): Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Xalivico, Thang Long Real Estate, Trung tam hoi cho trien lam, Vietnam book, Gia Lam Urban Development, TV DT Vietnam, Berjaya University Urban, PT Lang Van, Berjaya Financial Vietnam, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Vincons2, Cam Ranh Salt, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, DL Ca Tam, DT Hiep Thanh Cong, Nha Trang Port, DT PT DL Phuc An, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, Vinmec, VinFa, VinMedTech, Vinfast Germany, Vinfast Engineering Australia, Vinfast Auto LLC, Vinfast USA Distribution, Vinfast Auto Canada, Vinfast France, VINCSS, VinHSM, Vin3S, Stone Doc Thang, Mineral Bao Lai Luc Yen, Mineral Phan Thanh, DT Van Khoa, Vinpro, KD PT Sinh thai, VinDFS, Vinfast Netherlands, VinAI, VinES USA, VinBigdata, Son Thai Investment, VinES Ha Tinh, World Academy, Vinsmart Trading and Investment, Vinfast Manufacturing US, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Companies owned 100% by Vingroup: VT Vinbus, Vincom Security, VinFa, Vinpro, World Academy, Vietnam Grandprix

Companies owned 70% or more by Vingroup: Sado, Vinpearl, Green City Development, Xavinco Real Estate Development, Xalivico, Trung tam hoi cho trien lam, PT Lang Van, VT Vinbus, Vincom Security, PT TM SDI, NVY, Nha Trang Port, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, VMC Holding, Vinmec, Vinschool, DT PT VS, VinAcademy, VinFa, VinMedTech, SX KD Vinfast, Vingroup Global, Vingroup Investment, Vintech, Vin3S, Vinpro, VinDFS, World Academy, Vinsmart Trading and Investment, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Companies in Real Estate (43): Vincom Retail, Vincom Retail Operation, Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Vinhomes, Hoang Gia Urban Development, Central Park development, Sai Dong Urban Development, Dai An Construction, Green City Development, Delta, Xavinco Real Estate Development, Xalivico, Thang Long Real Estate, Trung tam hoi cho trien lam, Metropolis Hanoi, Vietnam book, Can Gio Urban, DT PT Sinh thai, Thien Nien Ky, BDS Tay Tang Long, Gia Lam Urban Development, TV DT Vietnam, Thai Son Investment and Construction, Berjaya University Urban, PT Lang Van, Berjaya Financial Vietnam, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Vincons2, Cam Ranh Salt, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, DL Ca Tam, DT Hiep Thanh Cong, Nha Trang Port, VinFa, KD PT Sinh thai, Son Thai Investment

Ownership percentage

Companies owned 100% by Vingroup: VT Vinbus, Vincom Security, VinFa, Vinpro, World Academy, Vietnam Grandprix

Companies owned 70% or more by Vingroup: Sado, Vinpearl, Green City Development, Xavinco Real Estate Development, Xalivico, Trung tam hoi cho trien lam, PT Lang Van, VT Vinbus, Vincom Security, PT TM SDI, NVY, Nha Trang Port, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, VMC Holding, Vinmec, Vinschool, DT PT VS, VinAcademy, VinFa, VinMedTech, SX KD Vinfast, Vingroup Global, Vingroup Investment, Vintech, Vin3S, Vinpro, VinDFS, World Academy, Vinsmart Trading and Investment, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Companies by industries

Companies in Real Estate (43): Vincom Retail, Vincom Retail Operation, Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Vinhomes, Hoang Gia Urban Development, Central Park development, Sai Dong Urban Development, Dai An Construction, Green City Development, Delta, Xavinco Real Estate Development, Xalivico, Thang Long Real Estate, Trung tam hoi cho trien lam, Metropolis Hanoi, Vietnam book, Can Gio Urban, DT PT Sinh thai, Thien Nien Ky, BDS Tay Tang Long, Gia Lam Urban Development, TV DT Vietnam, Thai Son Investment and Construction, Berjaya University Urban, PT Lang Van, Berjaya Financial Vietnam, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Vincons2, Cam Ranh Salt, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, DL Ca Tam, DT Hiep Thanh Cong, Nha Trang Port, VinFa, KD PT Sinh thai, Son Thai Investment

Companies in Consulting (5): Sado, PT TM SDI, VMC Holding, DT PT VS, Vinsmart Trading and Investment

Companies in Hospitality (14): Vinpearl, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, Vinpearl Travel, Vietnam Grandprix

Companies in Tech (7): Vinitis, Vintech, VINCSS, VinHSM, Vin3S, VinAI, VinBigdata

Companies in Transportation (1): VT Vinbus

Companies in Security (1): Vincom Security

Companies in Healthcare (2): Vinmec, VinMedTech

Companies in Education (3): Vinschool, VinAcademy, World Academy

Companies in Auto (16): SX KD Vinfast, Vinfast Auto Pte, TM DV Vinfast, Vinfast Germany, Vinfast Engineering Australia, Vingroup USA, Vinfast Auto LLC, Vinfast USA Distribution, Vinfast Auto Canada, Vinfast France, Vinfast Netherlands, VinES, VinES USA, VinES Ha Tinh, Vinfast OEM US, Vinfast Manufacturing US

Companies in Telecom (1): NC SX Vinsmart

Companies in Investing (1): Vingroup Investment Vietnam

Companies in Logistics (1): Vingroup Global

Companies in Market research (2): Vingroup Investment, Vinsmart Ukraine

Companies in Mineral (7): DT Bao Lai, White Stone Bao Lai, Stone Doc Thang, Stone An Phu, Mineral Bao Lai Luc Yen, Mineral Phan Thanh, DT Van Khoa

Companies in Retail (2): Vinpro, VinDFS

https://preview.redd.it/ayt7apglf5ah1.png?width=756&format=png&auto=webp&s=a6dcb45f95d61bb63e333e40d2677be759d32aed

100% sure Vinfast cars are all have problems, big and small. Vinfast EVs have tones of problems that are reported in closed Vinfast taxi drivers groups in Vietnam. Of course, no public info because Vuong Pham in collusion with the communist government censor all.

Stupid Vinfans reasons are always like this: Vinfast is a new comer so some problems are OK. Not.

And by the way, a family of four in Pleasanton killed by a faulty ADAS VF8 and the relatives are suing Vinfast already.

Vinfast owners are afraid to say the truth about Vinfast because that make them look stupid buying the car in the first place. This is the biggest reason why Vinfast owners never admit their cars have problem. Nobody wants to appear to be a fool.

The stupid Miguel Colon once was vocal for Vinfast. Darlene Hoang once was chief promoter for Vinfast. All gone.

In fact, past Vinfast owners, if they admit they make a mistake buying Vinfast and how buggy the cars are, are brave and have more integrity than 90% of Vinfans out there.

So don't be afraid. Speak the truth.

Like cancer, they are harmful to the host. Like cancer, they proliferate unchecked.

Vuong Pham is a failed business man: failed Vinfast, failed VinSmart, failed VinPro, .... of which Vinfast is the biggest failure, with accumulating loss at a staggering $14B after 5 years. It is technically bankrupt, with tiny cash on hand, being propped up by Vuong Pham with numerous financial tricks. Vuong Pham's only successful business is real estate, which is heavily relied on getting dirt cheap lands through favourism and bribery and then fueling a real estate bubble with inflated house prices at so so quality and value through real estate tricks (automatically increasing sale price and agents pumping up prices creating false stories to lure people in through FOMO)

Vuong Pham is in collusion with the communist government, suppressing and controlling the Vietnamese media at large, so no truth, the real truth and bad truth, about Vin that it is a house of cards can reach the mass population.

Vuong Pham has zero chance, absolutely zero chance, to payoff the debt of Vinfast and Vingroup. It is a huge house of cards.

What Vuong Pham does is racking up humongous debt for projects that have little business senses in terms of PnL, the latest is the five metro projects, so that he become too big to fail in Vietnam. Some stupid Vinfans only see the metro projects as a way to sell inflated real estate projects along the way which is so shortsighted and economically illiterate.

Vuong Pham continues to use revenue as a sole justification for growth but underneath more sale means more loss from core business activities, whereas profits are achieved through financial transactions, to himself (cooking the book) or some other buyers (Hung Anh Ho). A large sale of Vinfast is stuffing to taxi company, his own GSM and other affiliates, for example GSM promises to take in 1 million vehicles. Of course, this is great if GSM is an unrelated company. In reality, GSM is 90% owned by Vuong Pham, so the 90% Vuong Pham owned Vinfast selling to 90% Vuong Pham owned GSM, a classic Vuong Pham selling to Vuong Pham trick. This is the whole foundation of Vuong Pham's economy: Vuong Pham selling to Vuong Pham, which is of course a trick and not healthy.

Like a cancer, Vuong Pham will continue to grow and eventually the debt will balloon and the interest will become unbearable. Total debt still is on its way to cross $50B soon, and debt interest payment will cross $2B per year soon. Total Vinfast accumulating loss will cross $20B, even with the trick of Vuong Pham spinning off its manufacturing to be a private entity.

And all of this is a direct consequence of the communist Vietnam headed by Lam To going all in Vuong Pham, a failed and shady business man with no bound for shame.

It has been reported that Vuong Pham personally bought 4.89% stake in LPBank for about 7700B VND in value (146M in LPB shares). Well, this is interesting worth analysis.

First, we in this sub know that Vuong Pham is drowning in debt up to his nose, maybe his head as well, with astronomical debt, ~$30B in total, ~$10B in Vinfast, he needs to pay interest on the debt at more than $1.5B per year and constantly in need of cash, so there is no way he fork out the huge cash to buy LPB shares. No free cash. Plain and simple. 100% sure. 1000% sure. Secondly, he is in bed with Techcombank and Hung Anh Ho, getting all the favors he needs from Hung Anh Ho, with Techcombank and TCBS hold many billions $ of Vin debt and loans.

The clueless Vietnamese public of course takes the news as it is and has no idea why Vuong Pham has done so.

So why Vuong Pham spend money to buy LPB shares?

Let's analyze.

1/ First off, it is not that Vuong Pham spend 7700B VND to buy LPB shares on the open stock market. No way. 1000% sure. What happened was that Vuong Pham got 146M shares of LPB through off market transferring from some entities, and these entities are likely related to Thuy Duc Nguyen, a tycoon who is well known for stock financial deals and stock pumping in Vietnam.

2/ Thuy Duc Nguyen bought Vincom Security Company (VIX) from Vuong Pham back in 2011, 15 years ago so the two did cross path a long time ago. They did not have business deals since then.

3/ Now, as Vuong Pham is in need of cash, he finds Thuy Nguyen again. It is probably that Vuong Pham gives Thuy Nguyen some assets and in return Thuy Nguyen gives him 146M shares of LPB. It is reported that Thuy Duc Nguyen did not hold LPB shares since he moved to STB, but if you don't know, in Vietnam, tycoons use shells all the times, and it is very likely that Thuy Nguyen transfers his LPB shares to his shells and acquaintances that are off the book.

Now what Vuong Pham gave Thuy Nguyen in exchange for LPB shares? I don't know. It could be some real estate projects. Or it could be VIC shares. Only the two guys know and very few people know, even the authority does not know.

4/ Notice the number 4.89%? It is below 5%, and as such, Vuong Pham can freely sell those shares at will without filing a report, getting cash. By getting his name on the news, LPB shares pop and Vuong Pham can sell at a higher price than that Thuy Nguyen gave him. So Vuong Pham gave Thuy Nguyen some assets at X price, Thuy Nguyen gave Vuong Pham 146M shares of LPB, probably below current price, and when it pops, Vuong Pham gets even more money.

Here are the logic and the foundations to analyze:

1/ Vuong Pham has no cash, he is desperately in need of more cash, and therefore, there is 0% chance he spend 7700B in cash just to buy LPB shares to gain nothing, as he has already been in bed with Hung Anh Ho. No money. Zero chance.

2/ As such, Vuong Pham get 146M shares of LPB, likely from Thuy Duc Nguyen, another tycoon who has a deep relationship to LPB. In exchange for something, could be real estate, could be VIC shares.

3/ Vuong has zero intention to let 7700B sitting in LPB shares, so he will dump LPB shares to get the cash.

Vuong Pham has no gain in buying LPB shares whatsoever, he does not gain anything from LPBank with the shares, he can get the all loans he wants with TCB and with the government help, he does not have free cash, in short no benefit + no cash, so there is one and only one reason he got LPB shares, and that is to dump the stock to get cash. And the 4.89% is not coincident, it is deliberately so, so Vuong Pham can sell the shares from day one without having to report to the Vietnam SEC.

LPB shares holder should be worry, but as it has been proved in the past, stock driving teams can drive stock up while unloading on retail investors going in due to FOMO. Only when they finish, stock will drop.

This story is another example of the shadiness and craziness of the so called tycoons in Vietnam, Vuong Pham and Thuy Duc Nguyen, who could do anything to milk money from ordinary Vietnamese stock traders.

Every thing Vuong Pham does is to get cash because he desperately in need of cash, without daily infusion of cash, he will be bankrupt.

Here you go, analysis of the event. First on the web, and probably the only place where the truth about the shady Vuong Pham be known.

Thanh Nguyen, a mini Vuong Pham who are often boasting and lying, whom has been covered many times here in this sub in the past, has been shown the door out of GSM. Replacing him is Tuan Nguyen, a secretary of Vuong Pham. No other info about Tuan Nguyen is available.

Thanh Nguyen deserves a lot of credits for building GSM from scratch to where it is, albeit the growth was mainly due to GSM stuffing, taking Vinfast cars in without having to pay anything and Thanh Nguyen did not have to worry about money. But at least he executed it well enough to get GSM off the the ground.

Now, Thanh Nguyen has been kicked out by Vuong Pham. Same as Thuy Le, former Vinfast CEO.

Vuong Pham basically purges all outsiders and installs yes men and his children into running the business. Well, the only quality he needs is loyalty and saying yes to him. All top foreign leaders in BOD at Vinfast have gone.

CEO of GSM is easy, just take in cars Vuong Pham gives them, do not need to find money to pay, because it is indeed Vuong Pham selling to Vuong Pham all the way.

Vuong Pham is a huge scam in Vietnam: Vuong Pham is selling to Vuong Pham is the only trick he got now, creating a huge bubble. No real businessman running Vuong Pham's business, just yes men who do whatever Vuong Pham says regardless how crazy and how shady the action is.

Loss for Q1: $1.117B. Absolutely huge. Biggest loss for Q1 ever.

Finance cost: $203M.

Gross margin: -73.6%.

Total liabilities: $7B short term + $4.37 B long term = $11.37B.

Accumulated loss: $15.745B.

The more it sells, the more loss it has. The only way Vuong Pham moves the cars out of parking lots is selling below cost (with huge promotions). Zero competitive advantages.

source: sec.gov/Archives/edgar/data/1913510/000118518526002373/vfsex99-1.htm

The increase in sale means nothing, more sale more loss, and further, it is not real seal, just the typical Vuong Pham selling to Vuong Pham.

earning call: https://www.marketbeat.com/instant-alerts/vinfast-auto-q1-earnings-call-highlights-2026-06-08/

"Nguyen said VinFast’s strategic partnership with GSM is intended to accelerate EV adoption and provide demand visibility during the company’s scaling phase. Under the agreement, VinFast will supply GSM with approximately 1 million electric vehicles and 4 million electric scooters over 2026 to 2030. GSM is eligible for incentives and commercial support."

Hello, strategic partnership with GSM? selling 1M cars to GSM? GSM is 100% owned by Vuong Pham and shells, Vinfast is 90% owned by Vuong Pham. So this is precisely Vuong Pham selling to Vuong Pham.

The whole Vinfast is a zombie with heavily cooked accounting book, from the latest trick is Vuong Pham selling the factory to Vuong Pham, to the usual trick Vuong Pham is selling the cars to Vuong Pham.

It is in fact a giant ponzi scheme of Vuong Pham self producing and self consuming with ever larger debt. A huge huge house of cards. On sand. Support by lies and propaganda and cover up by the communist government.

Absolutely zero chance to pay off the debt, just kick the can down the road and flip the debt.

The accounting book has been cooked many times in the past with several spin offs and with the Vuong Pham selling to Vuong Pham trick, so the real numbers are actually much worse, as if the current numbers are not worse enough.

It is not worth to do detail analysis of Vinfast's financial because the book is heavily cooked, but these numbers tell enough: $11.37B liabilities, $15B accumulated loss, $1B interest per year, only $300M cash on hand.

With little cash, Vinfast has been technically bankrupt for several years, but Vuong Pham will continue to pump cash into it from Vinhomes and Vuong Pham will continue to use the financial trick Vuong Pham selling to Vuong Pham to prop this zombie up for few more years.

VFS anf Vin stock, on the other hand, could go up due to Vuong Pham's manipulation because of very little float.

Rule no 5: No too stupid comments from Vinfans.

There are a lot of bots lately commenting stupid things that appear normal on the surface but are really stupid because they believe in Vinfast and the communist government propaganda and lack the understanding of how shady Vuong Pham is and the dynamic in Vietnam. How do I know they are bots? They are all new account creating around Jan-Mar 2026 and saying perfect English but the content is dull and cliche with specific to Vin, such as restructure is fine, other Korean chaebols also lost in early days, new cars always have problems, etc..., just like chatGPT and chatbot would do.

One example is the E10 topic. State mouth piece newspaper says "the majority of Vietnamese support E10" (which is a flat out made up lie, no survey at all) but a quick survey on vnexpress shows that 80% of people oppose it. At least people demand selling both E10 and RON95 in parallel so people have a choice. And red cows keep pointing to other country of using E10, including the USA, as if it is ok for the communist Vietnam to push for E10. That is only half of the story, other countries have a long preparation for fuel change and they do not force people on one type of fuel.

And guess what red cows, Japan, an advanced country who import more than 90% of its oil consumption has very little E10: per google:

"Japan imports more than 95% of its total crude oil consumption. No, Japan does not currently use E10 as standard fuel. Most standard gasoline at Japanese fuel stations is pure gasoline or contains only a minimal ethanol blend (around 1.7% to 3%). Japan does not currently utilize E10 on a broad, commercial scale, so direct E10 consumption remains negligible. The national average ethanol blend rate is currently hovering at around 1.9 percent. Instead of direct E10 blending, Japan traditionally uses ethanol in the form of bio-ETBE (ethyl tert-butyl ether). This is blended into standard gasoline at lower levels to cap maximum ethanol by volume at about 3%."

And yes, Vuong Pham 100% has a hand behind the scene on this. Of course, it is a secrete meeting so don't be too stupid to ask for newspaper report. I have been correct 100% of the time about Vuong Pham just use logic, and logic is what Vuong Pham cannot hide no matter what.

The E10 story is just one example where Vinfans show their stupidity and there are many other examples.

It is good to have a reminder of rule no 5: "No too stupid comments from Vinfans".

There are some new real Vinfans lurking here too.

Vinfans are not welcome here and they are free to take their propaganda and stupidity elsewhere, but here, they can keep quiet and lurking, but if they comment too stupid thing, rule No 5 will kick in and be banned.

No place for Vinfans stupidity in this sub.

is so much hated in Vietnam, much much more than any other Vietnamese tycoons and big corporations. Vietnamese people do not hate Vinamilk, Thaco, FPT, Viettel, Hoa Phat steel, etc...

And the reason is that many Vietnamese know that Vuong Pham is a liar and a shady guy, his cars are buggy, and lately, he colludes with Lam To to wreck havocs on ordinary Vietnamese's life like no one has seen before.

Of course, there are always red cows aka communist sympathizers who support Vuong Pham out of stupidity believing in propaganda and there are opportunists who benefit from the shady Vuong Pham and Lam To, so they support them out of personal gain regardless of how shady the guys are.

Vuong Pham's push for E10, 100% sure Vuong Pham has a hand on this, have raged a lot more Vietnamese people lately and people start realize how evil this guy is.

People oversea in India, the Philippines, Indonesia have little exposure to Vuong Pham and are duped by his marketing campaigns, but a lot of people living in Vietnam, not "three stripes" oversea as Vinfans labeled them, do not support Vuong Pham's shadiness and lawlessness and his intimidation tactics. That tells a lot!

People in India, the Philippines, Indonesia should learn the truth about Vuong Pham and stop using his buggy cars, as taxi or as a personal car.

installed his son as the chairman. Nepotism at best. This is not a surprise, Thuy Le has been a puppet the whole time, Vuong Pham is the one who is calling the shot. She was hired only as a mouth piece eloquent in English, but Vuong Pham has always been the guy, the de-facto CEO, down to miniscule payment approvals while Thuy Le was CEO. Now Vuong Pham is the CEO on paper as well. He moved Thuy Le to chairwoman to save face, but now he longer needs her and has installed his eldest son, Quan Anh Pham Nhat, as chairman of Vinfast. Of course, the post is ceremonial only as everything is called by Vuong Pham, the chairman has no power. And yet, Vinfast is owned 95% by Vuong Pham so he can do whatever he wishes, no question asked. Except that the horrendous business's debt is real and will be born by ordinary Vietnamese in one way or another, through Vic and Vinhomes bonds, through bank's loans, through people' money on Vinhomes, etc...

Also, this is a dirty trick by Vuong Pham to delay the security fraud trial as the court will have a longer time to contact Thuy Le as she is not Vinfast's affiliate anymore, but this trick could not stop the trial, only prolong it, and Vinfast and Vuong Pham still bears all the responsibilities for security frauds.

North Carolina: Vuong Pham will lose, he failed the deadline clear and simple. He will have to fork out $88M for sure. Note that the shady guy has invested very little but received the money from the government, so he just returned it. I hope he get some punishment as well.

Security frauds : Vuong Pham will lose, the evidence is abundance from Thuy Le's lies, publicly on records. Vuong Pham and Thuy Le are used to hyperbole marketing aka lying in Vietnam but it is not acceptable in the US.

Steel patent litigation: Vuong Pham will lose the case because of patent violation.

The Pleasanton case: Vuong Pham will lose, Vinfast has recalled the cars due to ADAS problems.

All the legal cases will not be quick, it takes years back and forth, 3-5 years. But eventually it will close and Vuong Pham will have to pay up money to the victims. Welcome to America, Vuong Pham 8888.

This is another trick to get gold from Vietnamese, exactly what the communist government has been saying for a while: getting gold from the people. Lam To uses Vuong Pham to carry out this deed.

It is clear that the shady Vuong Pham is in fact a front guy for the shady Lam To, and the two together will milk Vietnamese all the way he can think of, regardless of logic.

For what it worth, this move is another financial gamble from Vuong Pham:

1/ Pegging his inflated house to gold, if gold price increase he assume his house price increase

2/ Assuming gold does not increase, then he pay the gold back with only 10% after 5 years (or 2%/year).

So either way, Vuong Pham stands to gain. But this is shady and just a financial trick, new one among many of Vuong Pham's shady tricks.

The communist government has tried so hard for nearly 20 years to de-dollarization and de-gold from housing, clearly gold pegging is so backward. Now, they throw that away, even bending the laws, because Lam To wants to get gold from Vietnamese, and because Vuong Pham is so desperate to sell his inflated houses. Buying house with gold is against the rule in Vietnam, which forbid contracts in USD or gold, but Vuong Pham is doing anyway, with the collusion from the communist government. And this will fuel a housing bubble even more than currently has.

It is f***kingly insane that the Ape Vuong Pham, day by day with all the reckless financial tricks, is hammering ordinary Vietnamese along the way in unprecedented scale in Vietnam history.

Never before Vietnam seen such an evil guy who sh*t on the laws even back in the days of early communism.

Lam To has complete control of the media in Vietnam, just commenting the bad truth on social networks can get heavily fined up to 50M VND ($2000) or even landed you in jail.

The Ape Vuong Pham lives in the forest Lam To running amok.

Poor Vietnamese.

by lobbying the shady government of Lam To to stop selling Ron95 petrol, only E10 Ron 95 which has 10% ethanol. This compound will degrade performance of petrol cars making it less efficient and bear more wears and tears.

In other country, they sell both E10 R95 and R95 with the E10 being much cheaper. Here, the communist government selling E10 R95 at almost the same price as R95. Repeat: in other countries, people still have a choice. In communist Vietnam, people have no choice.

E10 R95 causing 15-20% performance degradation compared to R95 (lower mileages per km) and as such cost consumers more.

E10 R95 will take in water vapor if not running frequently, causing problems with engine.

All this shady thing with E10 R95 is secretly pushed with the shady Vuong Pham behind the scene in order to sell his buggy cars.

All this has Vuong Pham behind the scene, just like the banning of gas bikes and cars in inner cities, or the cleaning up of pavement for Vuong Pham to put his charging stations.

Vuong Pham is f***ing shady and evil to ordinary Vietnamese people living in Vietnam. Poor people in Vietnam.

Resist the shady guy by not buying anything from him. Do not take GSM, which is currenly higher than Grab. Do not buy his inflated houses. Certainly, do not buy his buggy cars.

Here is my post 5 months ago: When will North Carolina state sue Vinfast?

https://www.reddit.com/r/VinFastComm/comments/1piwty1/when_will_north_carolina_state_sue_vinfast/

2 months ago: North Carolina: stand up

https://www.reddit.com/r/VinFastComm/comments/1rwrhnx/north_carolina_stand_up/

Yup, now North Carolina has sued Vinfast:

https://www.reuters.com/legal/litigation/north-carolina-sues-vietnams-vinfast-over-delayed-ev-project-2026-05-22/

And the thing is I have called out the North Carolina show, first on the internet, that is what it is, a show, from day one at the ground breaking ceremony 3 years ago.

I have called this show 100% correct, not 99%, 100% correct. Because the shady Vuong Pham is who he is. Many people who don't know him give the guy the benefit of the doubt but he is a liar and a shady one, and the North Carolina from day one is just a show: no money, no demand, no competitive advantage. None.

The North Carolina show delayed? It is dead.

https://www.reddit.com/r/VinFastComm/comments/1d3aflx/the_north_carolina_show_delayed_it_is_dead/

North Carolina factory will never finish

https://www.reddit.com/r/VinFastComm/comments/1c6slb7/north_carolina_factory_will_never_finish/

North Carolina will get the land back from Vinfast

https://www.reddit.com/r/VinFastComm/comments/1fue55g/north_carolina_will_get_the_land_back_from_vinfast/

More info on Vinfast's North Carolina's plant: how much it cost Vinfast for the show so far

https://www.reddit.com/r/VinFastComm/comments/1agerh4/more_info_on_vinfasts_north_carolinas_plant_how/

The Vinfast’s North Carolina show enters a new act and what’s next for the North Carolina government?

https://www.reddit.com/r/VinFastComm/comments/1e3lavq/the_vinfasts_north_carolina_show_enters_a_new_act/

Only stupid people who do not know about Vin and Vuong Pham's shadiness supporting Vin out of ignorance, or people who are thugs and evil in the same mold as Vuong Pham who think it is OK to dupe people and to make money with frauds, lies and shady tricks.

There is no gray area.

If you support Vin, you are either one of the two classes above.

Some people know about Vin's truth and they keep quiet in Vietnam in fear of being harassed, certainly not supporting Vin and Vuong Pham if they have integrity.

But if you support Vin and Vuong Pham, there is no excuse whatsoever, you are either dumb or evil as it is.

Vin is a huge house of cards with astronomical debt and worsening business. It is just like a house full of sh*t.

Vuong Pham has promised to make Vinfast profitable by 2026. Of course he could not do that the normal way with its huge debt and loss. So what did he do? He just put off the debt and loss (gross loss) into another company, just to cook the book of Vinfast. It is exactly like this: Vuong Pham put all the sh*t in the house into the backyard, and people visiting the house thinking the living room is clean, while in fact the sh*t is still there in the back yard, as finance should be. It is deceptive.

This might not be illegal, creating a shell to hide debt and loss, it is a legal loophole but it is certainly a fraud to dupe people. Why not focusing on running real business instead of cooking things to make it look better while it is not?

Vuong Pham's trick is the same as the commie: the Vietnamese government touting all the fake numbers while in reality, average people on the street are poorer, businesses are closing, especially small and medium ones.

Meanwhile, Vuong Pham uses just few thousand VND (only few dozen millions) to manipulate stocks as a way to dump, he has dumped billions $ onto clueless Vietnamese stock traders, through foreign entities, and as a way to borrow against stock, as well as a way to hide the sh*t: he points to the stock and say hey look, it hits all times high, things must be good. But in reality, it is Vuong Pham himself manipulate the stock, not a real assessment from the market.

The whole thing is a circuit freak show that no one in Vietname dare to talk about.

He has also used tons of real estate tricks to dump highly inflated housing projects, duping clueless Vietnamese into thinking his houses only go up to get them buy lower quality highly inflated houses.

The despicable Vuong Pham is the biggest financial fraud Vietnam ever has in its entire history. His brazenness and shadiness, contempt for laws is no match, even in the western world. Basically, Vuong Pham is a thug, a liar, a financial fraud in his own scale not in Vietnam, but probably in the world, just because he has the support of the Vietnamese government with total censorship and intimidation while in other countries there might still some check and balance.

Vietnam as a country has an admirable history but people like the shady Lam To and the shady Vuong Pham going hands in hands will set Vietnam back for years politically and financially. You have seen nothing yet.

Well, as usual, I will explain Vuong Pham's latest trick for the public.

Vuong Pham used zillions of financial tricks before and I have covered and exposed them all. To the public with little financial knowledge, Vuong Pham can fool them, but not financial experts.

Vuong Pham's latest trick is a repeat of the usual Vuong Pham's selling to Vuong Pham's trick: He spun off the Vietnam's manufacturing unit VFTP into a separate entity, and selling it to a Vuong Pham's shell (probably his Vietnam Investment Group VIG or other shell), booking profit along the way and hide any loss and debt.

He has used this tricks many many times in the past with VGreen, the charging company, VinEnergy for battery, selling the plants to VIG in the past for $500M, and now he is selling the manufacturing unit VFTP to a "third party" AKA Vuong Pham's another shell.

There is no new money, no real third party buyer except Vuong Pham. No real buyer is interested in the technically bankrupt zombie Vinfast. None.

It is just the typical Vuong Pham selling to Vuong Pham to cook the financial book. To make Vinfast ink a tiny EBITDA profit as he promised, which is hogwash.

In reality, it is just a financial trick, legally but surely shady as hell, without no new money involved because it is Vuong Pham selling to Vuong Pham, the buyer, who is Vuong Pham, does not need to pony up real money. Purely adjusting the accounting book of the two companies owned both by Vuong Pham.

Also, this does not mean Vinfast will stop producing cars at all or close its Vietnam's manufacturing plants, Vuong Pham is still pushing ahead with the zombie Vinfast with this year target of 300K cars, of course many of which will be stuffed into GSM in the new market India and the Phillipines (since it is stuffing, he can stuff as many as he wants).

Instead of letting VFTP being a unit under Vinfast, he is selling it to other Vuong Pham's shell and contract that other Vuong Pham's shell to do the manufacturing, for the accounting book. All the people remain the same, nothing change. Exactly the same people go to work tomorrow, the same routine, same pay, same line of report, everything the same in operation. With a third party (a shell) in place, now Vuong Pham can hide more about the cost and cook the manufacturing cost more easily to make Vinfast look better while the shell takes the bads.

In short, the news of restructuring Vinfast manufacturing unit in Vietnam is nothing more than a financial trick, the usual one Vuong Pham has used in the past many times aka Vuong Pham selling to Vuong Pham, to make Vinfast book looks better, but it does not change the fundamental of Vinfast and Vingroup as a whole: Vinfast is a hugely money losing business, losing $3B+ per year, with zero competitive advantages whatsoever.

The f***king shady Vuong Pham is so shady and brazen, it makes me vomit. Due to the low free float, as well as ties to the shady Lam To, Vuong Pham is manipulating VFS and VIC VHM unchecked, at will. VIC VHM volume around 1 trillion VND while big to individuals is small compared to Vin cash and debt, so he is putting aside few thousand billions VND (few dozen millions USD only) to manipulate the stock, which is of course a security fraud.

The news, in short, for the public to understand, is to put a lipstick on a pig as the proverb says, is a financial accounting trick to hide debt, expenses, and book fake profit purely to dupe clueless people without financial knowledge. For the sole purpose of dumping stock on clueless people. In reality, nothing changes, no business improvement, no new money.

I know many people are not financial literate, they are more interested in Vinfast cars news than financial news, but I hope this make it very easy understand for all people: it is Vuong Pham selling to Vuong Pham to cook the book, and nothing fundamentally changes whatsoever in terms of business. And surely its shady as hell, throwing in the intention to dupe people to dump stock on them, it is evil.

-----

SEC filing: sec.gov/Archives/edgar/data/1913510/000118518526001801/vfs6k051026.htm

Google translate news: VinFast chuyển nhượng mảng sản xuất trị giá 530 triệu USD

VinFast transfers its manufacturing division worth $530 million.

With plans to divest all its capital in the manufacturing sector in Vietnam, VinFast aims to shift to an asset optimization model to focus on research and development.

VinFast transfers its manufacturing division worth $530 million.

According to information published on the website of the U.S. Securities and Exchange Commission (SEC) on May 12 (local time), VinFast Auto Ltd. announced a plan to restructure its operations in Vietnam through the splitting of a subsidiary and divesting all its capital in the manufacturing segment.

This restructuring is part of VinFast's larger strategy to streamline its operations and transition to an "asset-light" model in the Vietnamese market. This change will help improve the financial structure and reduce future capital investment requirements.

VinFast will transform its capital-intensive manufacturing platform in Vietnam into an independent, third-party-owned and operated platform. This will allow the company to focus its resources on higher value-added activities such as global product research and development (R&D), technology, brand building, and sales growth.

According to the plan, VinFast will split VinFast Trading and Manufacturing Joint Stock Company (VFTP) to establish a new legal entity, tentatively named VinFast Vietnam Joint Stock Company (VFVN). After the split, VFVN will take over all assets and activities related to global research and development (R&D), intellectual property, after-sales service, sales, as well as equity stakes in its subsidiaries: VinFast Trading and Service Business Company Limited, VinFast Engineering Australia Pty Ltd, and VinFast Germany GmbH. VinFast will hold 99.9% of the voting rights in this new legal entity.

Meanwhile, VFTP will retain the assets related to its manufacturing operations in Vietnam, its stake in VinEG Green Energy Solutions JSC, and real estate agreements. The company will also continue to be responsible for financial liabilities related to third parties.

Immediately after the split is completed, VinFast will transfer all its shares in VFTP to a group of investors led by Future Investment Research and Development Joint Stock Company. Notably, this transaction involves the company's CEO and Chief Executive Officer, Mr. Pham Nhat Vuong, as a minority investor.

The total transaction value reached approximately VND 13,309.6 billion, equivalent to USD 530 million. This price was agreed upon based on the consolidated net asset book value allocated to VFTP as of March 31, 2026, and is higher than the average valuation of USD 106 million provided by the independent consulting firm Grant Thornton (Vietnam).

Through this transaction, VinFast's manufacturing operations in Vietnam will be transferred to a third party. VFTP will become an independent manufacturing platform, responsible for processing and assembling VinFast-branded vehicles based on designs and standards provided by VFVN. In return, VinFast will focus its resources on brand building, market expansion, and core technology development.

According to VinFast Auto Ltd., this restructuring only applies to the domestic market and does not affect international business operations or the progress of the production facilities that VinFast owns and operates in India and Indonesia.

The transaction is expected to be completed in Q3 2026, subject to progress in meeting legal requirements, including formal approval from the company's relevant shareholders and creditors.