HONOI: Vietnamese manufacturer of electric vehicles ( EV ) VinFast announced Pham Nhat Vuong, its founder and biggest financial backer, as chief executive on Saturday ( Jan 6), as it prepares for an ambitious overseas expansion and increases sales through dealerships.
Le Thi Thu Thuy, who had been in charge since soon 2021, is replaced by Vuong, 55, according to a speech from VinFast. Finance professional Thuy may act as president and oversee interactions with outside stakeholders.
The EV manufacturer’s operations, including global production, sales, and marketing, will be directly under the direct supervision of Vuong, who is also the founder and chairman of Vingroup, the largest company in Vietnam and VinFast, according to the company.
He will serve as VinFast’s fifth CEO. Former CEOs include Michael Lohscheller, who came from Opel and Volkswagen, and General Motors experienced James Deluca.
Nguyen Thi Lan Anh, who oversees monetary matters at Vingroup’s EV cell arm, was appointed chief financial officer by VinFast in the most recent professional modifications for the ambitious Asian manufacturer, taking the place of David Mansfield who was in location starting in 2022.
As the Company moves into the next stage of its creation, VinFast’s Board of Directors stated that now is the ideal time to develop its authority.
VinFast was established in 2017 and began producing electric vehicles in 2021. According to Forbes, Vuong, who is the richest person in Vietnam, has consistently provided financial support to the company.
VinFast received a$ 1 billion grant from Vuong in April 2023.
VinFast, which has n’t yet turned a profit, entered the EV market amid pressure on car prices brought on by price reductions at market leader Tesla and numerous Chinese businesses, including BYD.
With a gross reduction of US$ 623 million, the business ended the second quarter, which ended on September 30.
Vuong, a Hanoi native, stated in June 2023 that he anticipated VinFast” to reach break- yet point by the end of 2024.”
After studying architecture in Russia and making instant noodles there, Vuong made his first fortune in Ukraine. He later moved there in the early 1990s and sold the company to Nestle SA for an undisclosed amount.
In 2002, he made his way back to Vietnam and founded the largest company there, with a focus on EVs, hotels, schools, shopping centers, and real estate.