(CTN News) – VinFast, the Vietnamese electric vehicle manufacturer, has announced that its founder and primary financial supporter, Pham Nhat Vuong, will take on the role of chief executive.
This move comes as plans to expand its operations overseas and increase sales through dealerships.
Pham Nhat Vuong, 55, will be replacing Le Thi Thu Thuy, who had been serving as chief executive since late 2021. Thuy, an expert in finance, will now assume the position of chairwoman and will be responsible for engaging with external stakeholders.
As the founder and chairman of Vingroup, Vietnam’s largest conglomerate and the parent company of VinFast, Vuong will directly oversee the operations of the electric vehicle manufacturer. This includes global production, sales, and marketing.
Vuong will be the fourth chief executive, following in the footsteps of James Deluca, a veteran of General Motors, and Michael Lohscheller, who previously worked at Opel and Volkswagen.
In another executive change, VinFast has appointed Nguyen Thi Lan Anh as the new chief financial officer. Anh currently oversees financial matters at Vingroup’s EV battery division and will be replacing David Mansfield, who held the position since 2022.
VinFast’s Board of Directors stated that these leadership changes are necessary as the company enters the next phase of its development.
VinFast, a company founded in 2017, began manufacturing electric vehicles in 2021 with consistent financial support from Vuong, who Forbes recognizes as Vietnam’s wealthiest individual.
In April 2023, Vuong generously granted $1 billion, despite the company not yet achieving profitability. This investment comes at a time of price pressure in the electric vehicle market, primarily due to reductions made by Tesla and various Chinese companies like BYD.
By the end of the third quarter, which ended on September 30,
VinFast recorded a net loss of $623 million.
In June 2023, Vuong, who was born in Hanoi, expressed his hope to break even by the end of 2024.
Vuong initially built his wealth in Ukraine after completing his engineering studies in Russia. He entered the instant noodle production industry and later sold his company to Nestle SA.
In 2002, he returned to Vietnam and established the country’s largest conglomerate, focusing on real estate, resorts, schools, hospitals, shopping malls, and more recently, electric vehicles.