VinFast Auto exits Vietnamese manufacturing company after restructuring

VinFast Auto Ltd. has completely withdrawn its capital from the Vietnamese legal entity responsible for the automaker’s production operations.

Business registration data from Hai Phong show that VinFast Manufacturing and Trading JSC, known as VFTP, now has more than 85.609 trillion Vietnamese dong in charter capital, all classified as domestic private capital. Before the change, foreign capital totaled more than 8.877 trillion dong, or 10.37%, while domestic private capital accounted for 89.63%.

The foreign stake belonged to VinFast Auto Ltd., a Singapore-incorporated company listed on Nasdaq. In the updated structure, foreign capital at VFTP has fallen to zero, while domestic private capital has risen to the full charter-capital amount.

VFTP continues to list automobile and other motor-vehicle production as its main business. Its registered activities also include manufacturing vehicle bodies, auto parts, engines, batteries and accumulators, along with related operations.

The exit forms part of a restructuring plan previously announced by VinFast. Before transferring its stake, the company separated some of VFTP’s assets and operations to establish VinFast Vietnam JSC, or VFVN. VFVN has charter capital of more than 5.183 trillion dong and took over global research and development, intellectual property, business operations, sales and after-sales services. It also holds shares in some VinFast companies overseas.

VFTP retained assets tied to production in Vietnam and certain related financial obligations. Under the restructuring plan, VinFast Auto transferred all remaining ordinary shares in VFTP to three buyers in a transaction valued at about 13.309 trillion dong, or roughly $530 million. The investor group was led by Future Investment Research & Development JSC.