VinFast Auto, a subsidiary of Vingroup, has announced a major corporate restructuring that will see the company divest its domestic manufacturing operations in order to focus on activities including electric vehicle (EV) design, branding, pricing, research and development, and global market strategy.

Under the restructuring plan disclosed on May 12th in a filing to the U.S. Securities and Exchange Commission (SEC), VinFast intends to split its subsidiary, VinFast Trading and Production JSC (VFTP), into two separate entities. The move is intended to separate the company's manufacturing assets from its research, product development, intellectual property, and sales operations.

A newly established entity, VinFast Vietnam JSC (VFVN), will become a direct subsidiary of VinFast Auto and will oversee VinFast's global research and development activities, intellectual property portfolio, sales operations, after-sales services, branding, pricing, and go-to-market strategy. VFVN will also manage equity interests in several subsidiaries and affiliated operations, including VinFast Commercial and Service Trading, VinFast Engineering Australia, and VinFast Germany.

Meanwhile, VFTP will retain VinFast's manufacturing facilities and industrial assets in Vietnam, including the Haiphong factory complex, along with its stake in VinEG Green Energy Solutions JSC and several real estate-related investment agreements. The entity will continue to assume all financial obligations owed to unrelated third-party creditors and will remain responsible for producing VinFast-branded EVs under a manufacturing agreement based on designs and technical standards supplied by VFVN.

Following the restructuring, VinFast plans to divest its entire stake in VFTP in a transaction valued at approximately VND 13.31 trillion (US$ 504.92 million), to an investor consortium led by Future Research Investment and Development JSC, also known as Tuong Lai.

Nguyen Hoai Nam, CEO of Berjaya Group Vietnam, is the key investor behind the acquisition. According to the SEC filing, Nam became the controlling shareholder of Tuong Lai in May 2026 after acquiring the majority of voting rights in the company. He now controls 91.99% of contributed capital and 82.58% of voting rights in the firm.

Under the proposed transaction structure, Tuong Lai is expected to acquire 435.4 million VFTP shares, equivalent to 49% of voting rights, for approximately VND 6.53 trillion (US$ 247.8 million). Ngoc Quy Investment and Trading Development will acquire a 46.5% stake for nearly VND 6.2 trillion, while Pham Nhat Vuong will purchase a 4.4% stake worth more than VND 586 billion as a minority investor.

VinFast stated that additional share transfers between the buyers and related entities are expected after the transaction closes. As a result, Tuong Lai is expected to become the controlling shareholder of VFTP with around 95.5% ownership of its common shares, while Vuong's stake will remain below 5%.

The completion of the manufacturing divestment remains subject to shareholder approval at an Extraordinary Annual General Meeting scheduled for May 27th.

Tuong Lai was previously known as Novatech Research and Development JSC, an entity initially established by VinFast to facilitate the transfer of its research and development operations. VinFast later sold a 62% stake in Novatech to Pham Nhat Vuong. In January 2026, Vuong transferred his entire holding in Tuong Lai to investor Nguyen Thuy Ha. VinFast stated that the original investment had been intended to support the company and provide additional capital for growth, with the objective of transferring ownership to a long-term strategic investor.

The restructuring comes amid a broader debate in Vietnam over proposed regulatory changes affecting the automotive industry. Earlier this month, VinFast joined other domestic automakers, including Thaco and TC Group, in urging the Ministry of Finance to reconsider draft proposals that would remove car manufacturing, assembly, and importation from the list of conditional investment sectors.

The automakers stated that the current requirements covering factories, assembly lines, and warranty systems serve as safeguards for product quality and consumer protection. The Ministry of Industry and Trade has also expressed concerns, warning that deregulation could lead to an increase in low-value assembly operations and intensify competition, particularly from neighbouring China.

However, the Vietnam Chamber of Commerce and Industry has supported the Ministry of Finance's deregulation proposal, stating that the current framework creates high entry barriers that contribute to higher vehicle prices, while existing technical safety and environmental inspections already provide sufficient oversight.