Vietnam’s VinFast seeks financial boost with $1.2bn property deal

EV maker pursues new earnings and cash flow as it restructures after years of heavy losses Pham Nhat Vuong, founder of VinFast and chairman of Vingroup, is selling a property development asset to the EV maker as it seeks new sources of earnings and cash flow. (Vingroup) HANOI — Vietnamese electric vehicle maker VinFast on Wednesday announced plans to acquire a $1.2 billion property firm from the car company's founder, billionaire Pham Nhat Vuong, to bolster its finances after years of losses.

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