VinFast shifted ~$6.9B in debt to buyers tied to founder Pham Nhat Vuong at roughly 5x independent valuation
May 12, 2026VinFast signed a share purchase agreement on May 12, 2026 to sell its Vietnamese manufacturing arm (VFTP) for VND 13.3 trillion (~$530M) to an investor group led by Future Investment Research and Development JSC, which has ties to Vingroup and founder/CEO Pham Nhat Vuong, who personally takes a ~4.4% stake in the buyer. The price is roughly 5 times an independent Grant Thornton valuation of VND 2.653 trillion (~$106M), and the deal shifts about $6.9 billion of VinFast's debt onto the buyer group, leaving VinFast asset-light. Pham and his son abstained from the board vote citing conflicts of interest, but SEC filings note the transaction can be approved at the shareholder meeting on the strength of Pham-controlled shares alone, without support from other shareholders.