The deal would be the latest cash injection by billionaire Pham Nhat Vuong to make loss-making VinFast a viable player in the global EV market.
VinFast Auto is spinning off its research and development assets and then selling it to founder Pham Nhat Vuong for $1.5 billion as the tycoon deepens his investments in the loss-making electric vehicle maker.
The Nasdaq-listed company will form a new entity, Novatech Research and Development to house the R&D assets, which would then be sold to Pham, according to a regulatory filing released on Thursday. After the completion of the deal, Novatech will continue to run VinFast’s manufacturing operations in Vietnam, and help develop new products and technologies.
