VinFast's Intricate Sales Strategy Revealed: Majority of EVs Sold to Related Party
Vietnamese automaker VinFast has reportedly sold the majority of its 11,300 electric vehicles this year to Green and Smart Mobility, a taxi company controlled by Vingroup, the owner of VinFast. A filing with the Securities and Exchange Commission revealed that over 7,000 EVs were purchased by Green and Smart Mobility, totaling $6.3 million in the first quarter of 2023. Furthermore, it was discovered that Vingroup's former chairman, Pham Nhat Vuong, effectively controls 99.7% of all VinFast stock. This unusual situation, combined with the fact that most of VinFast's cars have been sold to itself, puts the Vietnamese automaker in a unique position.