Explain Vuong Pham's latest trick: Vinfast to "withdraw" from / "transfer" Vietnam's manufacturing
Well, as usual, I will explain Vuong Pham's latest trick for the public.
Vuong Pham used zillions of financial tricks before and I have covered and exposed them all. To the public with little financial knowledge, Vuong Pham can fool them, but not financial experts.
Vuong Pham's latest trick is a repeat of the usual Vuong Pham's selling to Vuong Pham's trick: He spun off the Vietnam's manufacturing unit VFTP into a separate entity, and selling it to a Vuong Pham's shell (probably his Vietnam Investment Group VIG or other shell), booking profit along the way and hide any loss and debt.
He has used this tricks many many times in the past with VGreen, the charging company, VinEnergy for battery, selling the plants to VIG in the past for $500M, and now he is selling the manufacturing unit VFTP to a "third party" AKA Vuong Pham's another shell.
There is no new money, no real third party buyer except Vuong Pham. No real buyer is interested in the technically bankrupt zombie Vinfast. None.
It is just the typical Vuong Pham selling to Vuong Pham to cook the financial book. To make Vinfast ink a tiny EBITDA profit as he promised, which is hogwash.
In reality, it is just a financial trick, legally but surely shady as hell, without no new money involved because it is Vuong Pham selling to Vuong Pham, the buyer, who is Vuong Pham, does not need to pony up real money. Purely adjusting the accounting book of the two companies owned both by Vuong Pham.
Also, this does not mean Vinfast will stop producing cars at all or close its Vietnam's manufacturing plants, Vuong Pham is still pushing ahead with the zombie Vinfast with this year target of 300K cars, of course many of which will be stuffed into GSM in the new market India and the Phillipines (since it is stuffing, he can stuff as many as he wants).
Instead of letting VFTP being a unit under Vinfast, he is selling it to other Vuong Pham's shell and contract that other Vuong Pham's shell to do the manufacturing, for the accounting book. All the people remain the same, nothing change. Exactly the same people go to work tomorrow, the same routine, same pay, same line of report, everything the same in operation. With a third party (a shell) in place, now Vuong Pham can hide more about the cost and cook the manufacturing cost more easily to make Vinfast look better while the shell takes the bads.
In short, the news of restructuring Vinfast manufacturing unit in Vietnam is nothing more than a financial trick, the usual one Vuong Pham has used in the past many times aka Vuong Pham selling to Vuong Pham, to make Vinfast book looks better, but it does not change the fundamental of Vinfast and Vingroup as a whole: Vinfast is a hugely money losing business, losing $3B+ per year, with zero competitive advantages whatsoever.
The f***king shady Vuong Pham is so shady and brazen, it makes me vomit. Due to the low free float, as well as ties to the shady Lam To, Vuong Pham is manipulating VFS and VIC VHM unchecked, at will. VIC VHM volume around 1 trillion VND while big to individuals is small compared to Vin cash and debt, so he is putting aside few thousand billions VND (few dozen millions USD only) to manipulate the stock, which is of course a security fraud.
The news, in short, for the public to understand, is to put a lipstick on a pig as the proverb says, is a financial accounting trick to hide debt, expenses, and book fake profit purely to dupe clueless people without financial knowledge. For the sole purpose of dumping stock on clueless people. In reality, nothing changes, no business improvement, no new money.
I know many people are not financial literate, they are more interested in Vinfast cars news than financial news, but I hope this make it very easy understand for all people: it is Vuong Pham selling to Vuong Pham to cook the book, and nothing fundamentally changes whatsoever in terms of business. And surely its shady as hell, throwing in the intention to dupe people to dump stock on them, it is evil.
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SEC filing: sec.gov/Archives/edgar/data/1913510/000118518526001801/vfs6k051026.htm
Google translate news: VinFast chuyển nhượng mảng sản xuất trị giá 530 triệu USD
VinFast transfers its manufacturing division worth $530 million.
With plans to divest all its capital in the manufacturing sector in Vietnam, VinFast aims to shift to an asset optimization model to focus on research and development.
VinFast transfers its manufacturing division worth $530 million.
According to information published on the website of the U.S. Securities and Exchange Commission (SEC) on May 12 (local time), VinFast Auto Ltd. announced a plan to restructure its operations in Vietnam through the splitting of a subsidiary and divesting all its capital in the manufacturing segment.
This restructuring is part of VinFast's larger strategy to streamline its operations and transition to an "asset-light" model in the Vietnamese market. This change will help improve the financial structure and reduce future capital investment requirements.
VinFast will transform its capital-intensive manufacturing platform in Vietnam into an independent, third-party-owned and operated platform. This will allow the company to focus its resources on higher value-added activities such as global product research and development (R&D), technology, brand building, and sales growth.
According to the plan, VinFast will split VinFast Trading and Manufacturing Joint Stock Company (VFTP) to establish a new legal entity, tentatively named VinFast Vietnam Joint Stock Company (VFVN). After the split, VFVN will take over all assets and activities related to global research and development (R&D), intellectual property, after-sales service, sales, as well as equity stakes in its subsidiaries: VinFast Trading and Service Business Company Limited, VinFast Engineering Australia Pty Ltd, and VinFast Germany GmbH. VinFast will hold 99.9% of the voting rights in this new legal entity.
Meanwhile, VFTP will retain the assets related to its manufacturing operations in Vietnam, its stake in VinEG Green Energy Solutions JSC, and real estate agreements. The company will also continue to be responsible for financial liabilities related to third parties.
Immediately after the split is completed, VinFast will transfer all its shares in VFTP to a group of investors led by Future Investment Research and Development Joint Stock Company. Notably, this transaction involves the company's CEO and Chief Executive Officer, Mr. Pham Nhat Vuong, as a minority investor.
The total transaction value reached approximately VND 13,309.6 billion, equivalent to USD 530 million. This price was agreed upon based on the consolidated net asset book value allocated to VFTP as of March 31, 2026, and is higher than the average valuation of USD 106 million provided by the independent consulting firm Grant Thornton (Vietnam).
Through this transaction, VinFast's manufacturing operations in Vietnam will be transferred to a third party. VFTP will become an independent manufacturing platform, responsible for processing and assembling VinFast-branded vehicles based on designs and standards provided by VFVN. In return, VinFast will focus its resources on brand building, market expansion, and core technology development.
According to VinFast Auto Ltd., this restructuring only applies to the domestic market and does not affect international business operations or the progress of the production facilities that VinFast owns and operates in India and Indonesia.
The transaction is expected to be completed in Q3 2026, subject to progress in meeting legal requirements, including formal approval from the company's relevant shareholders and creditors.