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Vuong, 55, replaces Le Thi Thu 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.
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. 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, 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 Vuong, who is
Vietnam's richest man, according to Forbes.
In April 2023, 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.
The company closed the third quarter, which ended Sept. 30, with
a net loss of $623 million.
In June 2023, Hanoi-born Vuong said that he expected VinFast "to
reach break even point by the end of 2024".
Vuong built his initial fortune in Ukraine, where he moved in
the early 1990s after studying engineering in Russia and
manufactured instant noodles, before selling the firm to Nestle
SA for an undisclosed sum.
He returned to Vietnam in 2002 and established the country's
biggest conglomerate, focused on real estate, resorts, schools,
hospitals, shopping malls and, more recently, EVs.
(Reporting by Phuong Nguyen; Editing by William Mallard and
Gerry Doyle)
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