BREAKINGVIEWS-VinFast’s new roadmap brings back bad memories

VinFast Auto Ltd.

VinFast Auto Ltd.

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Katrina Hamlin

HONG KONG, June 4 (Reuters Breakingviews) - The Vietnamese electric-vehicle maker has appointed the founder’s son as chair and is pivoting to an asset-light model. Its minuscule number of independent investors will sense déjà vu. Earlier similar manoeuvres did little to revive the $8 bln US-listed group's fortunes.

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CONTEXT NEWS

Electric-car and scooter maker VinFast Auto has appointed Pham Nhat Quan Anh, son of its founder and CEO Pham Nhat Vuong, as chair, according to a press release on May 25.

VinFast is planning to sell its Vietnam manufacturing facilities to a buyer group that includes Vuong, aiming to restructure its local operations into a more "asset-light" model, a company filing on May 12 showed. The deal will value the assets at about 13.3 ​trillion dong.


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