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

Hanoi, Vietnam - Vietnamese electric vehicle manufacturer VinFast on Saturday announced the appointment of the founder's eldest son, Pham Nhat Quan Anh, as its global chief executive. Anh, 33, had previously held the title of global chairman since May and will now oversee all aspects of the company as it undergoes a restructuring and expands internationally.

The restructuring plan aims to transform VinFast into a more asset-light company, focusing on growth in key markets such as Southeast Asia and India. Pham Nhat Quan Anh will succeed his father, the company's founder Pham Nhat Vuong, as chief executive. Vuong will retain a position on VinFast's board of directors. This marks Anh's fifth CEO role at VinFast, following previous leaders like James DeLuca, Michael Lohscheller, and Le Thi Thu Thuy.

In a strategic shift, VinFast plans to develop two India-specific electric vehicles as part of its expansion efforts. However, the company's restructuring plan, which involves transferring manufacturing assets worth approximately $530 million, has raised concerns among analysts and shareholders due to its complexity and the involvement of investors with connections to Vingroup and the founder.

VinFast reported a 42% increase in first-quarter revenue but posted a wider net loss, while also receiving ongoing financial support from the founder, Pham Nhat Vuong, who is the chairman of Vingroup, Vietnam's largest conglomerate.

Additionally, on Saturday, Pham Nhat Minh Hoang, the second son of founder Pham Nhat Vuong, was appointed as the global chief executive officer of VinFast-linked taxi firm GSM. Nguyen Quoc Tuan was named as the global chairman of GSM, which is set to list on the Hong Kong stock exchange in 2028. The company plans to acquire around 1 million electric vehicles and 4 million electric scooters from VinFast between 2026 and 2030.