VinFast names founder's eldest son as its global chief executive

According to Business Recorder, VinFast has named its chairman, Pham Nhat Quan Anh, as global chief executive. The 33-year-old is the eldest son of founder Pham Nhat Vuong, and the announcement came on Saturday as the loss-making carmaker plans a restructuring and wider overseas expansion. He will also serve as chairman and chief executive of VinFast Vietnam.

Anh, who had been appointed global chairman in May, will take over from his father as chief executive, while Vuong remains on the board. The company intends to become a more asset-light business as it pursues growth in Southeast Asia and India. In its statement, VinFast said Anh will carry full responsibility for all operations as it moves into a fresh stage of expansion.

The move follows a May restructuring proposal under which manufacturing assets valued at about $530 million would pass to a buyer group, which would also assume roughly $6.9 billion of debt. Some analysts and shareholders have raised concerns about the complexity of the transaction and the involvement of investors linked to Vingroup and Vuong. Business Recorder also noted that first-quarter revenue climbed nearly 42%, although the net loss widened.