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VinFast’s restructuring plan, disclosed to the U.S. Securities and Exchange Commission (SEC), is expected to separate its manufacturing business into a distinct unit. The value of transferring VinFast’s manufacturing division is estimated at more than USD 500 million.
Under the new structure, VinFast Manufacturing and Trading Joint Stock Company (VFTP) will be divided into two components with different roles.
In the retained portion, VinFast will emphasize technologies and value-added activities. The areas expected to remain include product R&D, vehicle platform development, software, battery technology, brand management, and global distribution. This unit is also expected to guide VinFast’s international expansion.
In the spun-off manufacturing portion, the plan is to include production plants, production lines, and assets used for vehicle manufacturing in Vietnam. After restructuring, this unit will undertake contract manufacturing or manufacturing on demand from VinFast and related partners, rather than operating as a fully integrated company spanning R&D through sales.
VinFast’s approach is described as an asset-light model. The concept involves retaining intellectual property and global sales networks while reorganizing manufacturing assets. As a result, brand assets, core technology, product development data, and R&D activities are expected to remain under VinFast’s control after the restructure, while physical manufacturing assets are reorganized accordingly.
The asset-light model is positioned as a way to reduce fixed capital expenditure, improve cash-cycle efficiency, and increase flexibility when expanding into multiple markets. It is also intended to allow faster responses to shifts in demand or technology changes without maintaining large-scale production assets for extended periods.
The restructuring reflects a broader industry trend in which companies prioritize higher-value areas such as technology, design, software, data, and branding over owning and operating manufacturing infrastructure.
In the automotive sector, the trend is increasingly visible as electric-vehicle makers allocate substantial resources to software, battery technology, autonomous driving, and digital ecosystems. Some firms also use contract manufacturing or outsourcing for parts of the production process to reduce upfront investment and improve capital efficiency.
VinFast’s continued retention of R&D aligns with the “smiling curve” concept in industrial economics, which suggests that activities at the ends of the value chain—such as R&D, product design, branding, and after-sales services—tend to generate higher margins than midstream manufacturing.
For electric-vehicle manufacturers, R&D is also linked to battery technology, software control, smart vehicle platforms, and remote feature updates—factors that increasingly influence enterprise value in the modern automotive industry.
The article notes that similar asset-light approaches have been adopted by large global groups in different industries. Apple is often cited as focusing on product design, operating systems, software ecosystems, and branding, while manufacturing is largely performed by partners. Nike is cited as concentrating on design, marketing, and brand management, with production contracted to partners in different countries.
In the automotive sector, the same direction is described as allocating more resources to software, battery technology, autonomous driving, and digital ecosystems, with production partnerships or outsourcing used to reduce upfront investment and optimize capital efficiency.
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