Past 10 years mein, Vietnam ki electric vehicle company VinFast Auto ne apni aggressive expansion strategy ke pursuit mein billions of dollars spend kar diye hai.
"Ab apni 2 main factories ko sell or around $7 billion ka debt company ki books se remove karne ke plan ne billionaire Pham Nhat ke Vingroup conglomerate ki governance ko lekar concerns raise kar diye hai. Logon ko lag raha hai ki company ke management or decision making process par questions raise ho sakte hai."
Vuong, jinhone 1990s mein Ukrain mein instant noodles sell kar ke business start kiya tha, aaj Vingroup ko Vietnam ki biggest company bana chuke hai. Vingroup ke through unke paas hotels, amusement parks or Nasdaq listed VinFast jaise businesses hai. Saath hi, unki reputation complex group ke inside hone wale transactions ke liye bhi bani hui hai. Reuters ki ek report ke according, VinFast apni sales or financing ke liye to some extent Vingroup se related hai par depend karti rahi hai.
Last weak announce hui ek multi party deal ke under, VinFast apna Vietnam wala manufacturing business 13.3 trillion dong (around $506 million) mein investors ke ek group ko sell kar raha hai. Is deal ke saath investors company ka around $6.9 billion ka debt bhi apne upar lenge. Regulatory filing mein company ne kaha ki isse woh ek "asset light" model adopt kar payegi, jahan focus manufacturing par kam or research or new product develop karne par zyada hoga.
Apni manufacturing unit ko books se seprate karne ke baad, VinFast par around koi debt nahi hoga, Vingroup ne Reuters ko diye gaye statement mein bataya. Manufacturing par aane wala expense last year EV maker ke $3.9 billion ke loss ki sabse bada reason tha. And 2017 mein start hone ke baad se VinFast ab tak ek bhi year profit mein nahi aa payi hai."
"But is deal ne kuch analysts or retail shareholders ke between kaafi questions raise kar diye hai. Iski wajah deal ka kaafi complex hona hai, or saath hi un investors ki involvement bhi, jinke Vingroup or uske founder Vuong se connections hai."
"Strategic or financial point of view se dekha jaye to yeh move bilkul samajh aata hai or VinFast ko future mein grow karne ke liye ek strong foundation bhi deta hai."
"Ek issue yeh bhi hai ki is deal mein real estate businessman Nguyen Hoai Nam ka involvement hai. Isi month unhone us company ka control apne haath mein liya hai jo manufacturing business ka 95% se zyada part acquire karne wali hai. Nam, Vincom Retail ke board member bhi hai, jo pehle Vingroup ka shopping mall business hua karta tha."
Factory deal announce hone se kuch days pehle hi, unhone Future Investment and Trading Development (FIRD) name ki company mein majority control le liya tha. Ye company pehle VinFast ka hi part thi, But baad mein separate kar di gayi thi. January tak FIRD ki ownership Vingroup or Vuong ke paas thi. FIRD ke paas VinFast ki first generation electric vehicles (EVs) se related patents hai, or company ka registered capital $4.6 billion hai. Is capital ka around 92% part Nam ne contribute kiya hai.
Jaouadi ne kaha ki yeh clear nahi hai ki ownership mein itne changes aane ke sundden baad hi FIRD itni jaldi lead buyer kaise ban gaya.
Vincom ne is par koi comment karne se mana kar diya, Reuters bhi Nam se comment lene ke liye contact nahi kar paaya.
VinFast ne apne statement mein kaha ki, "Hum in transactions ka part nahi the, isliye hamare paas is matter comment karne ka na toh koi proper basis hai or na hi authority."
Precious stone
Ek or concern is deal ka transaction structure. Manufacturing business ko pehle Vuong, FIRD or ek or company, Ngoc Quy Investment and Trading Development jointly acquire karenge. Uske baad ownership ko phir se reshuffle kiya jayega. Filing ke according, jab September tak yeh deal complete ho jayegi, tab 3 investors mein se sirf 2 hi bache rahenge. FIRD ke paas 95.5% stake hoga, whereas Vuong ke paas 5% se bhi kam contribution reh jayegi.
"Jaouadi ne kaha ki is process se yeh question raise hua hai ki Ngoc Quy Investment ka is deal mein actual role or involvement kya tha, because last mein uske paas company mein koi stake rehne wala nahi hai."
"Is real estate company ka name Vietnamese language mein 'precious stone' ka meaning hota hai. Company ne is matter par koi bhi comment karne se mana kar diya. Ek filing ke according, company ke kuch shareholders pehle Pham ke business partners bhi reh chuke hai."
Vuong is factory deal mein both roles play kar rahe hai, byuer bhi or seller bhi. VinFast apne Indonesia or India wale assembly plants apne paas hi rakhegi, saath hi apni latest generation EVs ke patents bhi retain karegi. 12 May ko deal announce hone ke baad se VinFast ke shares mein around 12% decline dekhne ko mila hai.
Vingroup par Vuong ka control hai, or company mein koi bhi large investor involved nahi hai.
Ho Chi Minh City mein based Dragon Capital, jo ek foreign owned or Vietnam focused fund hai, and Vingroup mein invest karne wale kuch few foreign investors mein se ek hai, usne comment ke liye send ki gayi request ka immediate koi response nahi diya according to ETauto.
Foxconn showed interest in 2021
Manufacturing ko outsource karke, VinFast jaisi small EV company apne limited or valuable resources un cheezon par focus kar sakti hai jo more important hai, jaise ki better software develop karna. Yeh baat veteran auto industry analyst Felipe Munoz ne kahi.
Is deal ke part ke form par, new owners ko VinFast ke plants ka use karne ki permission milegi, jahan woh other companies ke liye bhi cars or batteries manufacture kar sakte hai.
Vietnam ke ek financial analyst ne, jinhone matter ki sensitivity ki wajah se apna name batana nahi chaha, kaha ki yeh bhi possible hai ki koi or manufacturer behind the frame wait kar raha ho or new investors ke saath partnership karne ki planning kar raha ho.
2021 mein Vingroup ne bataya tha ki Taiwanese contract manufacturer Foxconn ne VinFast ki production lines ko lekar unse contact kiya tha. But talks further nahi chali or both companies ke between koi deal final nahi ho saki.
"Hamare VinFast ke Vietnam wale manufacturing plants ko Foxconn ya kisi or original equipment manufacturer (OEM) ko sell karne ka koi plan nahi hai," Vingroup ne kaha jab unse is baare mein poocha gaya ki kya is matter par koi fresh talks chal rahi hai.
Foxconn, jo EV sector mein apna business expand karne ki try kar rahi hai, usne is matter par comment dene ki request ka koi comment nahi diya.