VinFast, the electric vehicle (EV) maker under Vietnam’s conglomerate Vingroup, will merge back in Tuong Lai, an affiliated firm it spun off a year ago, lifting its registered capital to about VND214 trillion ($8.2 billion).

In a statement last Friday, VinFast said the move reunites research assets that were split off in 2025. The reshuffle last year shifted VinFast’s factories and much of its debt onto entities tied to founder Pham Nhat Vuong and off the books of the Nasdaq-listed automaker.

The 2025 carve-out had sharply cut the manufacturer’s registered capital, from about VND156.6 trillion ($6 billion) to VND50.8 trillion ($2 billion), as assets moved out into the new entity, Tuong Lai.

Folding Future Investment Research and Development (Tuong Lai) back in now more than quadruples that figure to about VND214 trillion, above the pre-split level.

VinFast Trading and Production (VFTP), the manufacturing arm of VinFast, will keep its name, add Tuong Lai’s business lines and take on its assets, unpaid debts, labor contracts, and other obligations. Tuong Lai will cease to exist.

The merger caps a broader overhaul. In mid-2026, VinFast sold its entire stake in VFTP and transferred its two Vietnamese car factories, in Hai Phong and Ha Tinh, to a group of buyers including Tuong Lai and companies linked to founder Pham Nhat Vuong.

VFTP now owns VinFast’s domestic manufacturing and builds vehicles on order for VinFast, while the listed company concentrates on design, branding, sales and after-sales service.

According to data, Vietnam’s automobile sales reached 48,484 in August 2026, down 18 percent from July. VinFast accounted for the biggest portion of 20,161 units, or 42 percent of the total. The total figure does not include imported cars.

Vietnam’s EV manufacturer VinFast to buy founder Pham Nhat Vuong’s property firm for $1.2B