Berjaya Vietnam CEO spearheads $530 million acquisition of VinFast's manufacturing arm

Businessman Nguyen Hoai Nam, CEO of Berjaya Group Vietnam, has emerged as the key investor leading the $530 million takeover of Vietnamese electric vehicle maker VinFast’s manufacturing operations in Vietnam.

According to a filing submitted by VinFast Auto Ltd. (Nasdaq: VFS), a subsidiary of conglomerate Vingroup, to the U.S. Securities and Exchange Commission (SEC), the EV maker plans to spin off its domestic manufacturing division and transfer it to an investor consortium led by Future Research Investment and Development JSC (Tuong Lai).

Nam became the controlling shareholder of Tuong Lai in May 2026 after acquiring the majority of voting rights in the company. The SEC filing shows he now controls 91.99% of contributed capital and 82.58% of voting rights in the firm.

Under the proposed restructuring, VinFast Production and Trading JSC (VFTP) will be split into two separate entities. A newly established company, VinFast Vietnam JSC (VFVN), will oversee VinFast’s global R&D activities, intellectual property portfolio, sales operations, after-sales services, and related subsidiaries in Vietnam, Australia, and Germany.

VFTP, meanwhile, will retain VinFast’s manufacturing plants and industrial assets in Vietnam, its stake in VinEG Green Energy Solutions JSC, and several real estate-related investment agreements. The company will also continue to assume all financial obligations owed to unrelated third-party creditors.

Following the restructuring, VinFast plans to divest its entire stake in VFTP to the investor consortium led by Tuong Lai in a transaction valued at nearly VND13.31 trillion ($530 million).

Billionaire Pham Nhat Vuong, chairman of Vingroup and founder of VinFast, is expected to join the buyer group as a minority investor.

Under the agreement, Tuong Lai is set to acquire 435.4 million VFTP shares, equivalent to 49% of voting rights, for about VND6.53 trillion ($247.8 million). Ngoc Quy Investment and Trading Development LLC will acquire 46.5% for nearly VND6.2 trillion, while Vuong will purchase a 4.4% stake worth more than VND586 billion.

VinFast also disclosed that additional share transfers between the buyers and related entities are expected after the transaction closes. As a result, Tuong Lai will ultimately become the controlling shareholder of VFTP, holding around 95.5% of its common shares, while Vuong’s ownership will remain below 5%.

Profile of Tuong Lai

Tuong Lai was formerly known as Novatech Research and Development JSC (Novatech), an entity established by VinFast Auto Ltd. to facilitate the transfer of its R&D operations. VinFast later sold a 62% stake in Novatech to Pham Nhat Vuong, chairman of parent company Vingroup.

In January 2026, Vuong transferred his entire stake in Tuong Lai to an investor named Nguyen Thuy Ha. VinFast explained that the initial investment was intended to support the company and provide additional capital to accelerate VinFast’s growth. After identifying a suitable long-term investor capable of developing the business, Vuong decided to divest his holdings.

In May 2026, Nguyen Hoai Nam acquired a majority of voting rights in Tuong Lai, becoming its controlling shareholder. According to the SEC filing, Nam now controls 91.99% of contributed capital and 82.58% of voting rights in the company.

Born in 1970, Nam holds both bachelor’s and master’s degrees in business administration from the University of Southern California. He began his career in 1992 at 3C Corporation as sales director before serving as CFO of TTT Corporation from 1998 to 2005 and executive director of Viet Au Investment JSC from 2005 to 2006.

Since 2006, he has served as CEO of Berjaya Group Vietnam, the local arm of Malaysia’s Berjaya Group owned by Malaysian-Chinese billionaire Vincent Tan.

One of the most notable milestones in Nam’s career was the acquisition of a 41.5% stake in Vincom Retail from Vingroup. He has also served as a member of Vincom Retail’s board of directors since April 2024.