Pham Nhat Quan Anh, eldest son of billionaire founder Pham Nhat Vuong, was appointed chairman of VinFast Auto Ltd effective May 23, 2026. He replaced Le Thi Thu Thuy, who remains vice-chairwoman at parent company Vingroup [1, 2].
VinFast is restructuring to stem heavy losses, including plans to sell two factories in Vietnam to reduce about 182 trillion VND (US$6.9 billion) in debt [1]. The automaker lost nearly US$4 billion in 2025, driven by costs from overseas expansion [1].
The company also faces legal challenges in North Carolina, where the state sued VinFast for breaching agreements tied to constructing an electric vehicle and battery manufacturing facility [1]. Under the terms, VinFast must meet construction benchmarks, put the facility into operation by July 2026, and create 1,750 jobs by the end of 2026 or risk losing the site [1].
VinFast aims to shift to an asset-light business model focused on research and development. On May 12, 2026, it announced a deal to transfer its Vietnam manufacturing subsidiary to investors for 13.3 trillion VND (S$645 million) [2].
The company targets global sales of about 300,000 vehicles in 2026, including roughly 100,000 units internationally. This represents nearly a five-fold increase from 21,800 overseas deliveries in 2025 [2].
Pham Nhat Quan Anh has held senior operational roles at VinFast since 2019 and holds a business management degree from Singapore Management University [2].
VinFast’s next major deadline is the July 2026 target to have its North Carolina EV and battery plant operational and meet job creation commitments, crucial to keeping the site [1].
