VinFast Appoints Founder Pham Nhat Vuong As CEO

VinFast Auto Ltd, has announced pivotal changes in its leadership structure. The company says that these changes are aimed towards its growth trajectory to align its leadership with its evolving developmental stage.

Also Read: VinFast To Set Up EV Plant In Tamil Nadu With An Initial Investment Of Over Rs 4,000 Crore

Founder and Chairman of Vingroup Joint Stock Company, Pham Nhat Vuong, is set to transition into the role of Chief Executive Officer (CEO) at VinFast, stepping down from his position as Chairman of the Board of Directors. 

Aside from this, VinFast also named Nguyen Thi Lan Anh, previously in charge of financial matters at Vingroup's EV battery arm, as its new Chief Financial Officer, succeeding David Mansfield, who held the position since 2022.

Vuong, recognised as Vietnam's wealthiest individual by Forbes, has continuously backed VinFast, including a $1 billion grant in April 2023. Despite substantial financial support, VinFast is yet to achieve profitability and faces challenges amid a competitive EV market. Reporting a net loss of $623 million in the third quarter of 2023, VinFast aims to break even by the end of 2024, as stated by Vuong in June 2023.

Also Read: VinFast Unveils Compact VF 3 EV For Vietnamese Market

Vuong's entrepreneurial journey began in Ukraine, where he amassed his initial fortune in the instant noodle industry before returning to Vietnam in 2002 to establish Vingroup, diversifying into real estate, resorts, education, healthcare, retail, and most recently, electric vehicles.

Earlier this year, VinFast had partnered with the Tamil Nadu State Government to set up an electric vehicle facility, located in Thoothukudi, Tamil Nadu. Both entities plan to invest up to USD 2 billion (Rs 16,638 crore approx), with an initial commitment of USD 500 million (Rs 4,160 crore approx) for the first phase over five years.

Written by: Ronit Agarwal