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Vinfast Splits With Top Four Executives As It Is Ready For Expansion – By ASC


A spokesman for VinFast, a unit of Vingroup conglomerate, said it had “terminated labor contracts” with four with their consent. It said two of the executives, who were not named, had resigned for personal reasons.

Four senior executives at VinFast Vietnam have left the electric vehicle startup company as it prepares to launch its first overseas model and launch a network of showrooms in the United States and Europe, the company said. The recent round of releases comes as VinFast prepares to begin construction of a $ 4 billion plant in North Carolina, open its first showroom in California, move toward a potential initial public offering of shares and seek funding from the U.S. government.

The executives who have gone 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, former chief financial officer, the company said.

A spokesman for VinFast, a unit of Vingroup conglomerate, said it had “terminated labor contracts” with four with their consent. It said two of the executives, who were not named, had resigned for personal reasons.

“All of them agreed to terminate their contracts legally,” the company said in a statement to Reuters. “Adjustments in human resources are a common business practice around the world. VinFast is no exception.”

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The recent round of releases comes as VinFast prepares to begin construction of a $ 4 billion plant in North Carolina

Bret, a former BMW executive, had joined VinFast in January in Hanoi and allegedly launched an overseas sales network planned by the company. He was among the executives representing VinFast at the New York car show in April when it showcased its VF8 and VF9 electric SUV prototypes.

Euvrard, who joined VinFast in January from Tata Technologies, has been tasked with developing all of VinFast’s EV product lines.

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

No executive could be reached for comment.

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A memo from the office of VinFast Chief Executive Le Thi Thu Thuy seen by Reuters said all executives had been laid off for various reasons related to the quality of their work.

A company spokesman said that the memo was not properly reviewed and was withdrawn.

Huy Chieu, a former GM engineer, who joined VinFast in November last year has been promoted to lead EV development efforts after leading work on the VF8, a separate memo seen by Reuters said. The same memo said the company has chief engineers for two planned future models, which have yet to prototype, the VF5 and VF6.

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

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

VinFast has had three CEOs since its inception in 2017.

VinFast, which begins production in 2019, is betting big in the U.S. market, where it hopes to compete with legacy carmakers and startups with two all -electric SUVs and a battery -leased model that will cut down on purchase prices.

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

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

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(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)

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