STOCK TITAN

VinFast to buy $1.2B Hanoi real estate stake

VinFast plans a roughly US$1.2 billion related-party real estate acquisition and up to US$396.7 million founder capital injection to bolster its Vietnamese EV subsidiary.

(Neutral)
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

VinFast Auto Ltd. (VFS) reports that its subsidiary VinFast Vietnam Joint Stock Company has agreed to acquire 100% of Ngoc Hoi Real Estate Investment Joint Stock Company from founder Pham Nhat Vuong and other shareholders for VND30,857 billion (about US$1.2 billion), at a discount to independent fair value. Ngoc Hoi owns a 20% economic interest in an investor consortium developing the Hanoi International Sports Urban Area Project, led by affiliate Vinhomes.

The acquisition is intended to strengthen VinFast’s financial position and capital efficiency by adding real-estate development earnings and cash flows alongside its core EV business. Payment to sellers will be half at closing and the balance within 120 days, with closing expected in the third quarter of 2026. Funding will come from existing arrangements with Vingroup and Mr. Pham plus part of a planned capital contribution. Mr. Pham has approved a capital contribution of up to VND10,000 billion (about US$396.7 million) into VFVN via non-convertible dividend preference shares, expected to be completed by the end of 2026.

Positive

  • US$1.2 billion Ngoc Hoi acquisition adds exposure to a major Hanoi urban project and is priced at a discount to independent fair value, aiming to generate additional earnings and cash flows alongside VinFast’s core EV operations.
  • Up to VND10,000 billion (US$396.7 million) capital contribution from founder Pham Nhat Vuong via dividend preference shares strengthens VFVN’s capital base without adding debt or immediate common share dilution.
  • The Ngoc Hoi stake includes a 20% economic interest in the Hanoi International Sports Urban Area Project, led by Vinhomes, a large Vietnamese real estate developer with a track record in integrated urban developments.

Negative

  • VinFast highlights risks including its failure to remediate material weaknesses in internal controls and its ability to achieve profitability, positive operating cash flow, and a net working capital surplus, underscoring ongoing financial and reporting challenges.

Filing Explained

The acquisition is signed but not closed; subsidiary funding uses non-convertible preference shares, with no disclosed conversion path into VinFast ordinary shares.

The September 15, 2026 filing records signed agreements, but the acquisition remains subject to customary closing conditions and is only expected to close in the third quarter of 2026.

The approved contribution to VFVN would use dividend preference shares carrying no conversion, exchange, or similar rights; the filing therefore discloses no conversion feature into VinFast ordinary shares.

The report is incorporated by reference into VinFast’s existing Form S-8 and Form F-3 registration statements.

Acquisition consideration VND30,857 billion (approximately US$1.2 billion) Aggregate consideration for 100% of Ngoc Hoi equity interests
Ngoc Hoi project interest 20% economic interest Ngoc Hoi’s economic interest in the Hanoi International Sports Urban Area Project consortium
Founder capital contribution Up to VND10,000 billion (approximately US$396.7 million) Capital contribution by Pham Nhat Vuong to VFVN via dividend preference shares
Payment structure 50% at closing; remaining within 120 days Timing of consideration payments under Ngoc Hoi share purchase agreements
Expected acquisition closing Third quarter of 2026 Projected closing period for Ngoc Hoi transactions
Capital contribution timing By end of 2026 Expected completion of founder’s capital contribution to VFVN
Exchange rate VND25,206 per US$1.00 Rate used for translating Vietnam Dong amounts into U.S. dollars
dividend preference shares financial
"through the issuance by VFVN of dividend preference shares"
capital contribution financial
"approved a capital contribution of up to VND10,000 billion"
An owner or investor putting money or assets into a company to fund operations, growth, or shore up the balance sheet rather than lending it as a loan. Think of it like a homeowner investing cash to renovate a house: it strengthens the property’s value and changes how future gains are shared. For investors, capital contributions affect company stability, ownership stakes and potential returns.
foreign private issuer regulatory
"FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER"
A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.
fair value financial
"representing a discount to the fair value of the transferred shares"
Fair value is an estimate of what an asset or company is really worth today, derived from expected future earnings, comparable market prices and other relevant facts—like agreeing a price for a used car after checking mileage, condition and similar listings. Investors use fair value to decide whether a stock looks overpriced or undervalued, which helps guide buy, hold or sell decisions and sets expectations for potential returns and risk.
forward-looking statements regulatory
"Forward-looking statements contained herein, which are not historical facts"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Hanoi International Sports Urban Area Project other
"developing the Hanoi International Sports Urban Area Project"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What acquisition did VinFast Auto Ltd. (VFS) announce in this Form 6-K?

VinFast’s subsidiary VFVN agreed to acquire 100% of Ngoc Hoi Real Estate Investment JSC from founder Pham Nhat Vuong and minority shareholders. Ngoc Hoi holds a 20% economic interest in a consortium developing the Hanoi International Sports Urban Area Project.

How much is VinFast (VFS) paying for Ngoc Hoi and how is it valued?

The aggregate consideration is VND30,857 billion (approximately US$1.2 billion). VinFast states this represents a discount to the fair value of the transferred shares as determined by an independent third-party valuation.

How will the Ngoc Hoi purchase price be paid according to VFS’s filing?

Under the agreements, half of the consideration to founder Pham Nhat Vuong and all consideration to minority shareholders will be paid at closing, with the remaining half to Mr. Pham payable within 120 days after closing.

When is the Ngoc Hoi acquisition by VinFast (VFS) expected to close?

The Ngoc Hoi acquisition is expected to close in the third quarter of 2026, subject to satisfaction or waiver of customary closing conditions described in the share purchase agreements.

What capital contribution is VinFast’s founder making to VFVN?

The board and VFVN shareholders approved a founder capital contribution of up to VND10,000 billion (about US$396.7 million), through issuance of dividend preference shares without conversion or exchange rights, expected to be completed by the end of 2026.

How will VinFast (VFS) fund the Ngoc Hoi acquisition?

VinFast expects to fund the purchase using a combination of existing financial arrangements with Vingroup and founder Pham Nhat Vuong, together with a portion of the proceeds from the approved capital contribution into VFVN.

What exchange rate does VinFast (VFS) use for VND to USD in this report?

VinFast translates Vietnam Dong amounts using a rate of VND25,206 to US$1.00, solely for reader convenience, and states that it makes no representation about actual convertibility at this or any other rate.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Learn about SEC filing dates

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2026

 

Commission File Number: 001-41782

 

VinFast Auto Ltd.

 

Dinh Vu – Cat Hai Economic Zone 

Cat Hai Island, Cat Hai Special Zone

Hai Phong City, Vietnam

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.    

 

Form 20-F     Form 40-F  

 

 

 

 

 

 

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

 

Acquisition of Ngoc Hoi Real Estate Investment Joint Stock Company

 

On September 15, 2026, VinFast Vietnam Joint Stock Company (“VFVN”), a subsidiary of VinFast Auto Ltd. (“VinFast” or the “Company”), signed share purchase agreements to acquire 100% of the equity interests in Ngoc Hoi Real Estate Investment Joint Stock Company (“Ngoc Hoi” and the “Transactions”) from Mr. Pham Nhat Vuong, VinFast’s founder (“Mr. Pham”) and two other minority shareholders of Ngoc Hoi. The Transactions reflect a further strategic effort by Mr. Pham to facilitate the Company’s sustainable growth.

 

Ngoc Hoi is a real estate development company in which Mr. Pham owns a majority interest. The acquisition of Ngoc Hoi is intended to strengthen the Company’s financial position and improve its capital efficiency by generating additional earnings and cash flows from real estate development to complement VinFast’s core electric vehicle business. The Company’s electric vehicle and smart mobility businesses will remain its core business and principal strategic focus.

 

Ngoc Hoi holds a 20% economic interest in an investor consortium that is developing the Hanoi International Sports Urban Area Project (the “Project”), a large and well-known integrated urban development project in Hanoi, Vietnam. Vinhomes Joint Stock Company (“Vinhomes”), a subsidiary of Vingroup Joint Stock Company (“Vingroup JSC”) and an affiliate of the Company, is the lead investor in the consortium and has been authorized by the consortium members to coordinate and lead the implementation of the Project. Vinhomes is a prominent real estate developer in Vietnam with a proven track record of developing, marketing and delivering large-scale integrated urban developments. The Project provides the Company with a unique opportunity to integrate its electric vehicle and green mobility ecosystem into a large-scale smart city development from the planning stage.

 

The aggregate consideration for the Transactions is VND30,857 billion (approximately US$1.2 billion), representing a discount to the fair value of the transferred shares as determined by an independent third party valuation. Under the share purchase agreements, half of the consideration payable to Mr. Pham and all consideration payable to Ngoc Hoi’s minority shareholders will be paid at closing, with the remaining amounts payable within 120 days thereafter.

 

The Transactions are expected to close in the third quarter of 2026, subject to the satisfaction or waiver of customary closing conditions.

 

The purchase consideration of the Transactions is expected to be funded through a combination of existing financial arrangements with Vingroup and Mr. Pham, together with a portion of the proceeds from the capital contribution described below.

 

Capital contribution by Mr. Pham to VFVN

 

The Board of Directors of the Company and the shareholders of VFVN have approved a capital contribution of up to VND10,000 billion (approximately US$396.7 million) by Mr. Pham to VFVN through the issuance by VFVN of dividend preference shares that carry no conversion, exchange or similar rights. The capital contribution is expected to be completed by the end of 2026 and is intended to further strengthen VFVN’s capital base and support its strategic growth initiatives.

 

The information in this report on Form 6-K shall be deemed to be incorporated by reference into the Company’s registration statement on Form S-8 (File No. 333-278251), registration statement on Form F-3 (File No. 333-275133), and registration statement on Form F-3 (File No. 333-291445) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exchange Rates

 

This announcement contains translations of certain Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Vietnam Dong to U.S. dollars were made at the rate of VND25,206 to US$1.00. The Company makes no representation that the Vietnam Dong or U.S. dollars amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all. 

 

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About VinFast

 

VinFast (NASDAQ: VFS) – a subsidiary of Vingroup JSC – is Vietnam’s leading automotive company, committed to its mission of creating a green future for everyone. VinFast offers a range of electric SUVs, e-scooters, e-bikes, and e-buses in Vietnam and exports to key markets across Asia, North America, and Europe. Learn more at www.vinfastauto.us.

 

Forward Looking Statements

 

Forward-looking statements contained herein, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding VinFast’s future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, VinFast’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern VinFast’s expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by VinFast’s and VinFast’s management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the risk associated with being a growth-stage company in the EV industry; (ii) the unavailability, reduction or elimination of government and economic incentives or government policies that are favorable for EV manufacturers and buyers; (iii) Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries; (iv) the Company’s ability to adequately control the costs associated with its operations; (v) the risks of the Company’s brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity; (vi) competition in the automotive industry; (vii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality, and volumes from its suppliers; (viii) the demand for, and consumers’ willingness to adopt, EVs; (ix) the availability and accessibility of EV charging stations or related infrastructure; (x) failure to remediate the Company’s material weaknesses and produce timely and accurate financial statements; (xi) the ability of the Company to achieve profitability, positive cash flows from operating activities, and a net working capital surplus; (xii) the Company’s ability to obtain commercially reasonable capital to support its business growth; (xiii) the risk of future restatements to the Company’s Financial Statements; (xiv) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates; (xv) the Company’s reliance on its affiliates for its EV deliveries; (xvi) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company; and (xvii) other risks discussed in VinFast’s reports filed or furnished to the SEC.

 

All forward-looking statements attributable to VinFast’s or people acting on VinFast’s behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  VinFast Auto Ltd.
     
Date: September 15, 2026 By: /s/ Nguyen Thi Lan Anh
    Name: Nguyen Thi Lan Anh
    Title: Director and Chief Financial Officer

 

 

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