Vietnam’s VinFast names founder as CEO, replaces CFO

HANOI — Vietnamese electric vehicle (EV) maker VinFast on Saturday named its founder and biggest financial backer, Pham Nhat Vuong, as chief executive officer (CEO) as it plans an ambitious overseas expansion and ramps up sales via dealerships.

Mr.Vuong,55,replacesLeThiThu Thuy, who had held the post since late 2021, VinFast said in a statement. Thuy, a finance expert, will serve as chairwoman and lead engagement with external stakeholders.

Mr. Vuong, also the founder and chairman of Vingroup — Vietnam’s biggest conglomerate and VinFast’s parent company — will directly oversee the EV maker’s operations, including global production, sales and marketing, the company said.

He will be VinFast’s fourth chief executive officer. Previous CEOs include General Motors veteran James Deluca and Michael Lohscheller, who came from Opel and Volkswagen.

In the latest executive changes for the ambitious Vietnamese automaker, VinFast appointed Nguyen Thi Lan Anh, who oversees financial matters at Vingroup’s EV battery arm, as chief financial officer (CFO), replacing David Mansfield, who was in place from 2022.

“It is the right time to evolve the Company’s leadership as it enters the next phase of its development,” VinFast’s Board of Directors said.

Founded in 2017, VinFast started manufacturing EVs in 2021 and has continuously received financial support from Mr. Vuong, who is Vietnam’s richest man, according to Forbes.

In April 2023, Mr. Vuong provided VinFast with a $1 billion grant.

VinFast, which is yet to make a profit, has entered the EV market at a time when car prices are under pressure, led by cuts at market leader Tesla and a range of Chinese companies, including BYD. —