Founder of VinFast Takes the Helm as CEO; Nguyen Thi Lan Anh is the new CFO

VinFast announced on Saturday the appointment of its Founder and primary financial supporter, Pham Nhat Vuong, as the new Chief Executive Officer. VinFast also appointed Nguyen Thi Lan Anh as the new Chief Financial Officer. Anh, responsible for financial affairs at Vingroup’s EV battery division, takes over from David Mansfield, who held the position from 2022.

Vuong, aged 55, succeeds Le Thi Thu Thuy, who held the position since late 2021, according to a statement by VinFast. Thuy, an expert in finance, will take on the role of Chairwoman, focusing on engaging with external stakeholders.

Additionally, Vuong, who is also the Founder and Chairman of Vingroup – Vietnam’s largest conglomerate and VinFast’s parent company, will take direct charge of the EV manufacturer’s operations. This includes overseeing global production, sales, and marketing strategies, as stated by the company.

Established in 2017, VinFast ventured into EV manufacturing in 2021 and has consistently received financial backing from Vuong. In April 2023, Vuong extended a $1 billion grant to VinFast. However, the company is yet to turn a profit, entering the competitive EV market amidst pricing pressures notably driven by reductions at Tesla and various Chinese firms, including BYD.

For the third quarter ending September 30, the company recorded a net loss of $623 million. Vuong expressed expectations in June 2023 for VinFast to achieve a break-even point by the close of 2024.

Vuong initially amassed wealth in Ukraine during the early 1990s after studying engineering in Russia. He established a firm producing instant noodles, later selling it to Nestle SA for an undisclosed amount. Returning to Vietnam in 2002, he founded the country’s leading conglomerate focused on real estate, resorts, educational institutions, medical facilities, shopping centers, and, more recently, electric vehicles.

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