VinFast Absorbs VND 136 Trillion Future Company in Vingroup Restructuring

Overview

Shareholders of Công ty CP Sản xuất và Kinh doanh VinFast approved a merger with Công ty CP Nghiên cứu Đầu tư và Phát triển Tương Lai (the “Future Company”) on 26 September, a vehicle with charter capital exceeding VND 136,000 billion. The transaction unwinds part of the August 2025 restructuring that carved the entity out of VinFast and returns its assets, liabilities and business lines to the VinFast legal entity, lifting VinFast’s charter capital to VND 214,009.8 billion. The news matters for Vingroup (VIC, HOSE) because it reshapes the capital structure of the group’s electric-vehicle arm.

Key Facts

• VinFast shareholders approved the merger on 26 September, per the company’s general meeting resolution.
• The Future Company’s charter capital stood at VND 136,887 billion as of a 25 July 2026 registration update, up VND 3,000 billion from roughly VND 133,887 billion.
• Post-merger charter capital of Công ty CP Sản xuất và Kinh doanh VinFast rises to VND 214,009.8 billion.
• The Future Company’s predecessor, Novatech, was created in August 2025 with charter capital of over VND 105,806 billion; Vingroup held 62.32% and VinFast Auto Ltd. held 37.642% (about VND 39,828 billion).
• VinFast Auto later transferred its entire stake in the entity to billionaire Phạm Nhật Vượng, and the company was renamed.
• The 2025 spin-off cut VinFast Manufacturing and Trading’s charter capital from over VND 156,559 billion to about VND 50,793 billion.
• The Future Company’s capital structure comprises roughly VND 70,948 billion of ordinary shares (51.83%) and nearly VND 65,939 billion of dividend-preference shares (48.17%), all recorded as private capital with no foreign ownership.

What Happened

The merger was passed by the Đại hội đồng cổ đông of Công ty CP Sản xuất và Kinh doanh VinFast on 26 September. Under the approved plan, the Future Company ceases to exist after completion, while VinFast continues under its current name and adds the merged entity’s business lines. VinFast also inherits all legal rights and interests, outstanding debts, labour contracts and other asset obligations of the Future Company. The Future Company is headquartered on floor 20A of Vincom Center, 72 Lê Thánh Tôn, Hồ Chí Minh City, with General Director and legal representative Ngô Phi Hùng, born in 1984.

The Future Company’s lineage traces to Công ty CP Nghiên cứu và Phát triển Novatech, established during the Vingroup and VinFast restructuring of August 2025 to receive assets tied to completed research and development investment costs. Novatech was initially capitalised at over VND 105,806 billion, with Vingroup at 62.32% and VinFast Auto Ltd. at 37.642%. VinFast Auto subsequently transferred its entire holding to Phạm Nhật Vượng, after which the entity was renamed. The 2025 separation had sharply reduced VinFast Manufacturing and Trading’s charter capital from over VND 156,559 billion to roughly VND 50,793 billion; the September 2026 merger marks a new phase of that restructuring.

Market Context

Vingroup (VIC) trades on HOSE and closed at VND 232,000 on 27 September 2026. The merger sits within a multi-year internal reorganisation of the group’s EV and R&D holdings rather than a change in VIC’s listed share count or free float. The article does not disclose the transaction value beyond the charter capital figures, and no independent valuation of the Future Company’s assets was provided in the source.

Strategic Significance

The transaction consolidates R&D-related assets and obligations back inside the VinFast Manufacturing and Trading legal entity, reversing the August 2025 separation that had stripped its charter capital to roughly VND 50,793 billion. For long-term VIC holders, the relevant question is whether this simplifies the group’s internal capital chain ahead of any future financing, listing or asset-transfer event involving the VinFast complex, and how the inherited debts and preference-share structure of the absorbed entity are treated on the combined balance sheet. The absence of foreign capital in the Future Company’s registered structure keeps the merged entity’s ownership profile domestic.

What to Watch

• Completion timeline and the official date the Future Company’s legal existence ends.
• Updated business registration for Công ty CP Sản xuất và Kinh doanh VinFast reflecting the VND 214,009.8 billion charter capital.
• Any Vingroup (VIC) disclosure on the merger’s accounting treatment, including inherited debts and the VND 65,939 billion preference-share component.
• Subsequent restructuring steps in the VinFast ecosystem, including further capital or ownership changes involving Phạm Nhật Vượng.
• VIC share price and foreign-ownership room data around the completion date.