VinFast names founder’s eldest son Pham Nhat Quan Anh as its global CEO
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EV maker VinFast is planning to restructure into a more asset-light company as it seeks growth in key markets such as South-east Asia and India.
PHOTO: REUTERS
- VinFast has appointed Pham Nhat Quan Anh, eldest son of founder Pham Nhat Vuong, as its global chief executive to lead restructuring and overseas expansion efforts.
- The company plans to become more asset-light, transferring US$530 million in manufacturing assets and US$6.9 billion in debt to reduce capital needs amid rising losses.
- Pham Nhat Quan Anh will also lead VinFast Vietnam and remain CEO of VinMetal, while Vuong’s second son leads VinFast-linked taxi firm GSM planning significant EV purchases and a 2028 Hong Kong listing.
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HANOI – Vietnamese electric vehicle (EV) maker VinFast on Sept 12 named chairman Pham Nhat Quan Anh, the eldest son of its founder, as its global chief executive as the loss-making firm plans a restructuring and overseas expansion.
Anh, 33, who was appointed global chairman in May, will also serve as chairman and CEO of VinFast Vietnam. The EV maker is planning to restructure into a more asset-light company as it seeks growth in key markets such as South-east Asia and India.
“Pham Nhat Quan Anh will hold ultimate and comprehensive responsibility for all of VinFast’s operations as the company enters a new phase of growth,” the company said in a statement.
Anh will succeed his father, founder Pham Nhat Vuong, as CEO. Vuong will continue to serve on VinFast’s board.
Anh will be VinFast’s fifth chief executive. Previous chief executives include former General Motors executive James DeLuca, former Opel chief Michael Lohscheller and Le Thi Thu Thuy, who led the company through its Nasdaq listing.
In May, VinFast unveiled a restructuring plan that would transfer manufacturing assets worth about US$530 million (S$671.9 million) to a purchaser group that would also take on about US$6.9 billion in debt, as the automaker seeks to reduce future capital requirements.
The complexity of the deal and the involvement of investors with ties to Vingroup and Vuong have raised concerns for some analysts and shareholders.
VinFast reported a rise of nearly 42 per cent in first-quarter revenue but posted a wider net loss. It has received ongoing financial support from Vuong, the founder and chairman of Vingroup, Vietnam’s biggest conglomerate and VinFast’s parent company.
Anh is a graduate of Singapore Management University and held a number of senior roles at VinFast and other Vingroup companies before becoming chairman of VinFast Auto. He will remain as CEO of VinMetal, a steel producer within the Vingroup conglomerate.
Also on Sept 12, Pham Nhat Minh Hoang, Vuong’s second son, was named global CEO at VinFast-linked taxi firm GSM, with Nguyen Quoc Tuan appointed global chairman.
GSM is planning a Hong Kong listing in 2028 and aims to purchase around one million EVs and four million e-scooters from VinFast between 2026 and 2030. REUTERS