Vietnamese EV maker VinFast has announced a corporate restructuring which will see its manufacturing business transferred to a new entity under its control, according to regulatory filings.
The company plans to split assets within its subsidiary VinFast Trading and Production (VFTP) to two separate units. A new entity, named VinFast Vietnam Joint Stock Company (VFVN), will retain VinFast’s research and development, intellectual property, sales operations, and several distribution businesses. Meanwhile, VFTP will focus on manufacturing electric vehicles.
Following the split, a group of purchasers, led by Future Investment Research and Development Joint Stock Company and including VinFast CEO Pham Nhat Vuong, will take over VFTP for an aggregate consideration of approximately 13.3 trillion dong ($530 million).
Future Investment Research and Development was live in August 2025, and sits within the business ecosystem of Vingroup’s billionaire founder Vuong.
“VinFast’s capital-intensive manufacturing activities in Vietnam, which are well established and in operation, will become an independent, third-party owned and operated manufacturing platform,” the company said in a filing to the US Securities and Exchange Commission.
The overhaul is aimed at making VinFast a more capital-efficient, asset-light business, ultimately improving its financial structure, the firm added. VinFast said this transaction will allow it to allocate financial resources to higher value-added activities, including global product research and development, technology, brand-building, and sales activities in Vietnam and globally.
The transaction, expected to be completed by Q3 2026, is seen as a move towards VinFast’s goal to achieve breakeven next year.
Its unaudited financial results in 2025 showed that total revenues were up 105.4% year-on-year to 90.4 trillion dong ($3.6 billion). Gross margin improved from negative 57.4% in 2024 to negative 42.5% in 2025.
The company delivered 24,774 vehicles in its home market in April, bringing total sales in the first four months of this year to 78,458 units. It targets to sell 300,000 vehicles in 2026.
VinFast is actively expanding sales in Asian markets including India, Indonesia, and the Philippines, in addition to the US and select European markets.
