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On May 12, 2026, VinFast Auto Ltd. formally announced to the U.S. Securities and Exchange Commission (SEC) a plan to separate certain assets of VinFast Production and Trading Joint Stock Company (VFTP) into a new legal entity, while divesting all common shares VinFast holds in VFTP. The transactions are intended to streamline VinFast’s operating structure and shift toward an asset-light model in Vietnam.
VinFast said it will convert its capital-intensive manufacturing platform in Vietnam into an independent production platform owned and operated by a third party. The company expects the change to improve its financial structure and reduce future capital expenditure (capex) requirements, allowing VinFast to focus resources on higher value-added activities, including global product research and development (R&D), technology, brand building, and sales growth.
Under the proposed split, a new company—VinFast Vietnam Joint Stock Company (VFVN)—will be spun off from VFTP and operate as a direct subsidiary of VinFast. VFVN will hold:
VFTP will retain assets related to the domestic manufacturing plant in Vietnam, a stake in VinEG Green Energy Solutions Joint Stock Company, and will continue to assume financial debt with third-party independent creditors, subject to creditor approval.
After the split, VinFast intends to transfer all interests in VFTP to an investor group led by Future Investment Research and Development Joint Stock Company. VinFast’s CEO and Managing Director, Pham Nhat Vuong, will participate as a minority investor.
The total value of the deal is about 13,309.6 billion VND (about 530 million USD). VinFast said the price is based on consolidated net asset book value under Vietnamese Accounting Standards as of March 31, 2026, which is above the average valuation of 2,653 billion VND (106 million USD) provided by advisory firm Grant Thornton.
To ensure vehicle supply, VFVN and VFTP will sign a Production Agreement. Under the agreement, VFTP will continue to manufacture VinFast-branded vehicles in Vietnam according to designs and technical standards provided by VFVN.
VinFast also said the agreements to swap preferred shares held by Vingroup at VFTP will be adjusted and reallocated between VFTP and VFVN to facilitate the restructuring.
VinFast expects the restructuring to be completed in Q3 2026, subject to typical closing conditions and shareholder and creditor approvals.
The company stated that the deal will not affect any other subsidiaries or its international operations. VinFast said it will continue to own and operate manufacturing facilities under construction in India and Indonesia.
VinFast said the transaction is expected to provide greater flexibility to adapt to changes in EV technology and market conditions, and to support international expansion.
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