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According to the disclosure, on June 16, VinFast's general meeting of shareholders approved a plan to split the company. The split will transfer assets, rights, obligations, and shares from existing shareholders to form a new company on a spin-off basis, without terminating VinFast's existence. The new company formed under the split is VinFast Vietnam Joint Stock Company, headquartered in the Dinh Vu - Cat Hai Economic Zone, with charter capital of nearly 5,184 billion VND. VinFast's charter capital after the split will be 85,609 billion VND. In terms of liabilities, after the company registration, VinFast and the split company will jointly be liable for debts, labor contracts, and other asset obligations of VinFast prior to the split, unless creditors or bondholders otherwise agree. The company also confirmed there are no changes affecting debt repayment, no changes to bond terms, no early redemption, and no penalties. Under the previously announced plan, VinFast Vietnam would operate as a direct subsidiary of VinFast; VFVN would hold global R&D, intellectual property, after-sales and sales activities, and shares in VinFast Trading and Service Co., VinFast Engineering Australia Pty Ltd, and VinFast Germany GmbH. Meanwhile, VFTP would retain assets related to the domestic manufacturing plant, its stake in VinEG, and would continue to shoulder debts with independent third-party creditors (subject to creditor approval). After the split, VinFast intends to transfer all interests in VFTP to a group of investors led by Future Investment Research and Development Joint Stock Company. The CEO and Executive Chairman, Pham Nhat Vuong, will participate as a minority investor. The total value of the deal is about 13,309.6 billion VND (about USD 530 million), based on net asset values as of March 31, 2026, higher than the 2,653 billion VND (USD 106 million) valuation provided by Grant Thornton. To ensure vehicle supply, VFVN and VFTP will sign a Manufacturing Agreement under which VFTP will continue to manufacture VinFast-branded models in Vietnam based on designs and technical standards supplied by VFVN. Additionally, arrangements to reallocate VinGroup’s preferred stock at VFTP will be adjusted to facilitate the restructuring. Management noted that the deal could generate a one-off gain on the financial statements, though the exact amount and accounting treatment are still under assessment.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
