07:37 AM EDT, 08/14/2025 (MT Newswires) -- VinFast (VFS) said Thursday that it will spin off its indirect unit, Novatech Research and Development, from its direct unit, VinFast Trading and Production, and then sell it to the Vietnamese electric car maker's founder and chief executive officer, Pham Nhat Vuong, in a deal valued at $1.52 billion.

VinFast said in a regulatory filing that it will own 37.6% of Novatech's charter capital, accounting for 99.9% of voting rights, while VFTP will remain a direct unit of VinFast and continue to operate the company's core electric vehicle manufacturing business in Vietnam.

VinFast said Novatech's shares will be transferred to Pham for 39.8 trillion Vietnamese dong ($1.52 billion), including a premium over the fair value of 17.25 trillion dong as assessed by an independent valuation.

The company also said it and its units will lease back licenses to any intellectual property held by Novatech that is needed for manufacturing after the transfer.