VinFast, the electric vehicle (EV) maker under Vietnam's conglomerate Vingroup, will merge with Tuong Lai, an affiliated company it spun off a year ago, increasing its registered capital to approximately VND 214 trillion (US$ 8.2 billion).

In a statement given recently, VinFast said the move would reunite research assets that were separated in 2025. The restructuring last year transferred VinFast's factories and a significant portion of its debt to entities linked to founder Pham Nhat Vuong, removing them from the books of the Nasdaq-listed automaker.

The 2025 carve-out reduced the manufacturer's registered capital from approximately VND 156.6 trillion to VND 50.8 trillion, as assets were transferred to the newly established Tuong Lai entity. The reintegration of Future Investment Research and Development (Tuong Lai) will increase that figure to approximately VND 214 trillion, taking it above the level recorded before the split.

VinFast Trading and Production (VFTP), the manufacturing arm of VinFast, will retain its name, incorporate Tuong Lai's business lines and assume its assets, unpaid debts, labour contracts and other obligations. Tuong Lai will cease to exist as a separate entity.

The merger is part of a broader restructuring. In mid-2026, VinFast sold its entire stake in VFTP and transferred its two Vietnamese vehicle factories, in Hai Phong and Ha Tinh, to a group of buyers that included Tuong Lai and companies linked to founder Pham Nhat Vuong.

VFTP now owns VinFast's domestic manufacturing operations and builds vehicles to order for VinFast, while the listed company focuses on design, branding, sales and after-sales services.

According to the data provided, Vietnam's automobile sales declined by 18% from July to August 2026. VinFast accounted for 42% of the total. The total figure does not include imported cars.