VinFast Auto plans to spin off assets into Novatech JSC and sell shares to CEO Pham Nhat Vuong to support long-term growth. Novatech will hold completed R&D project assets, with VinFast retaining control. VFTP will focus on EV manufacturing and future R&D. Restructuring completion pending approvals.

VinFast inaugurated a new assembly plant in India, its third globally, in Tamil Nadu. In June, a new EV manufacturing plant opened in Vietnam. The company also issued $96m in bonds in July to enhance its global market presence. Expanding operations key to VinFast’s growth strategy.

Read more at Yahoo Finance: VinFast Auto announces strategic asset spin-off and sale to CEO