1. Homepage
  2. Equities
  3. Vietnam
  4. Ho Chi Minh Stock Exchange
  5. Vingroup Joint Stock Company
  6. News
  7. Summary
    VIC   VN000000VIC9

VINGROUP JOINT STOCK COMPANY

(VIC)
  Report
End-of-day quote Ho Chi Minh Stock Exchange  -  2022-07-04
72300.00 VND   -0.55%
06/23Vinfast could eventually offer an electric pickup -executive
RE
06/16VinFast parts ways with four top executives as it readies expansion
RE
06/13VINGROUP JOINT STOCK : Vinfast announces plan to open more than 50 vinfast stores in europe
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

VinFast parts ways with four top executives as it readies expansion

06/16/2022 | 04:33am EDT
FILE PHOTO:  Fast electric vehicle (EV) maker prepares to open a store in California

(Reuters) - Four senior executives at Vietnam's VinFast have left the electric vehicle startup as it prepares to launch its first overseas model and roll out a network of showrooms in the United States and Europe, the company said.

The recent round of departures comes as VinFast prepares to start construction of a $4-billion factory in North Carolina, open its first showrooms in California, moves toward a potential initial public offering of shares and seeks financing from the U.S. government.

The executives who have left are Emmanuel Bret, deputy chief executive officer for global sales; Franck Euvrard, deputy CEO for product development; Hong Bae, deputy CEO for vehicle technology development and Bruno Tavares, who had been chief finance officer, the company said.

A spokesman for VinFast, a unit of conglomerate Vingroup, said it had "ended labour contracts" with the four with their consent. It said two of the executives, whom it did not name, had resigned for personal reasons.

"All of them agreed to end their contracts in legal terms," the company said in a statement to Reuters. "Adjustment in human resources is a common business practice around the world. VinFast is no exception."

Bret, a former BMW executive, had joined VinFast in January in Hanoi and was charged with rolling out the company's planned overseas sales network. He was among the executives who represented VinFast at the New York auto show in April when it showed off prototypes of its VF8 and VF9 electric SUVs.

Euvrard, who joined VinFast in January from Tata Technologies, had been charged with developing VinFast's all EV product line-up.

Hong Bae, a veteran of Samsung Electronics, Faraday Future and Fisker, joined VinFast last July.

None of the executives could be reached for comment.

BETTING ON U.S. MARKET

A memo from the office of VinFast Chief Executive Le Thi Thu Thuy seen by Reuters said all of the executives had been released from employment for a range of causes related to the quality of their work.

A company spokesman said that memo had not been properly reviewed and had been withdrawn.

Huy Chieu, a former GM engineer, who joined VinFast in November last year had been promoted to lead its EV development efforts after leading the work on the VF8, a separate memo seen by Reuters said. The same memo said the company had chief engineers for two planned, future models that have not made it to prototype, the VF5 and VF6.

VinFast confirmed that the appointments detailed in the memo had taken place. Chieu could not be reached for comment.

Thuy took over as VinFast CEO in December after the resignation of German executive Michael Lohscheller, who quit as CEO of the Stellantis brand Opel to lead VinFast. Lohscheller resigned for personal reasons, the company said.

VinFast has had three CEOs since its founding in 2017.

VinFast, which began production in 2019, is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing model that will reduce the purchase price.

VinFast has promised to create 7,500 jobs at its planned plant in North Carolina, where it will build the battery-powered VF8 and the larger and more expensive VF9.

It plans to begin exporting the two electric vehicles to the United States later this year from its existing plant in Vietnam.

(Writing by Kevin Krolicki; Editing by Robert Birsel)

By Phuong Nguyen and Norihiko Shirouzu


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -1.77% 71.5 Delayed Quote.-17.74%
FISKER INC. 0.23% 8.565 Delayed Quote.-45.65%
SAMSUNG ELECTRONICS CO., LTD. 0.18% 57200 End-of-day quote.-26.95%
STELLANTIS N.V. -3.10% 11.24 Real-time Quote.-30.45%
STELLANTIS N.V. -3.07% 11.24 Delayed Quote.-30.50%
VINGROUP JOINT STOCK COMPANY -0.55% 72300 End-of-day quote.-23.97%
All news about VINGROUP JOINT STOCK COMPANY
06/23Vinfast could eventually offer an electric pickup -executive
RE
06/16VinFast parts ways with four top executives as it readies expansion
RE
06/13VINGROUP JOINT STOCK : Vinfast announces plan to open more than 50 vinfast stores in europ..
PU
06/07VINGROUP JOINT STOCK : European premiere of vinfast vf 8 and vf 9 at evs35
PU
06/06Philippines' North Star defers IPO on inflation, market concerns
RE
06/06Philippines' North Star defers IPO on inflation, market concerns
RE
06/06Blackstone Minerals Confirms Offtake, Funding Discussions for Ta Khoa Project in Vietna..
MT
06/01MARKETSCREENER'S WORLD PRESS REVIEW : June 1, 2022
05/31VINGROUP JOINT STOCK : Collaborates with intel; signs agreement to develop advanced techno..
PU
05/24Vietnam EV maker VinFast to shift legal HQ to Singapore ahead of first exports
RE
More news
Analyst Recommendations on VINGROUP JOINT STOCK COMPANY
More recommendations
Financials
Sales 2022 170 920 B 7 311 M 7 311 M
Net income 2022 5 295 B 226 M 226 M
Net Debt 2022 126 080 B 5 393 M 5 393 M
P/E ratio 2022 35,0x
Yield 2022 -
Capitalization 269 738 B 11 538 M 11 538 M
EV / Sales 2022 2,32x
EV / Sales 2023 1,82x
Nbr of Employees 41 500
Free-Float 24,7%
Chart VINGROUP JOINT STOCK COMPANY
Duration : Period :
Vingroup Joint Stock Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends VINGROUP JOINT STOCK COMPANY
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 72 700,00 VND
Average target price 105 233,33 VND
Spread / Average Target 44,8%
EPS Revisions
Managers and Directors
Quang Viet Nguyen Vice Chairman & Chief Executive Officer
Vuong Nhat Pham Chairman
Hiep Khac Le Vice Chairman
Marc Villiers Townsend Independent Director
Hang Thuy Pham Vice Chairman
Sector and Competitors
1st jan.Capi. (M$)
VINGROUP JOINT STOCK COMPANY-23.55%11 538
CHINA VANKE CO., LTD.2.28%33 788
VONOVIA SE-42.14%22 725
VINHOMES JOINT STOCK COMPANY-25.61%11 362
DEUTSCHE WOHNEN SE-43.40%8 664
NO VA LAND INVESTMENT GROUP CORPORATION-18.68%6 172