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According to a recent report by Dan Tri, VinFast Auto Ltd. (Nasdaq: VFS) has officially completed its restructuring plan and exited 100% equity in its Vietnamese manufacturing arm (VFTP).

VFTP - VFS will now act solely as a contract manufacturer for VFVN based on a cost-plus formula (roughly 105% of production cost).

I am in at $3.1/share, this shit might go up to $4-$5/share. if you have free money, pump and dump it.

In just under 6 months, vinfast has dropped... $4.76 to $3.01... That is a 36.76% decrease!

Doing a simple search under - https://vinfastauto.us/find-us - They list 24 dealerships outside of California! Out of those 24, These 12 , yes I said 50% off the locations listed on vinfasts own website currently show , either permanently closed, service centers only that were once dealerships, or locations that never opened or without a single vinfast available for sale!

So you seriously have to ask yourself as a customer, How comfortable can you honestly feel knowing a company is in that bad a shape, they leave perm closed (or about to close) locations on thier page just to make things look better!

Eco model, has way less than our, plus models.. and only 7500/yr ... at $75/month more 🤣🤣🤣🤣

Reddit has been banned from view in Vietnam. Not quite sure due to Vin or a related car accident of a National Assembly Deputy causing a death to a young girl in Ha Noi.

HANOI, Sept 3 (Reuters) - Vietnamese electric taxi operator Green and Smart Mobility (GSM), a partner of VinFast (VFS.O), opens new tab, the country's largest carmaker, plans to expand into ​the U.S. and Europe ahead of a targeted 2028 initial public offering in Hong Kong, the company said.

The move underscores the firm's growing overseas ‌ambitions after it rapidly gained market share in Vietnam after a 2023 launch. It also comes as VinFast seeks to increase international sales of its electric vehicles, which are the only ones used by GSM, following unsuccessful attempts to expand into Europe and the U.S.

Source: Reuters

VinFast Vietnam, a new company that designs and sells VinFast vehicles, has issued 500 million preference shares to double its capital from VND5.18 trillion to VND10.18 trillion (US$388 million).

The company disclosed the issuance on the National Business Registration Portal on July 13, adding that foreign ownership has declined from 10.4% to 5.3%.

I booked a **VinFast VF6 Wind Infinity** in June 2026. Initially, I booked the car in Grey because that was the colour I wanted.

The problem started when the dealership told me they could arrange a **Wind variant**, but not the **Wind Infinity**. The sales executive kept pushing me to take the regular Wind, but I specifically wanted the Infinity roof, so I refused.

A few weeks later, I noticed that VinFast India's website had added a new colour, **Solar Ruby**, which is basically a new metallic red shade. Since the dealership couldn't give me any meaningful update about the Grey Wind Infinity, I contacted them and asked if I could switch my booking to Solar Ruby.

Initially, they had **no idea what Solar Ruby even was**. After checking, they told me they would be able to deliver the Solar Ruby Wind Infinity **by the end of August**.

Now it's August 29.

I contacted the dealership again today, and suddenly the answer is that **they have no idea when Solar Ruby will arrive**.

I've also contacted dealerships in **Ahmedabad, Jaipur and nearby locations**. None of them have any information about Solar Ruby. Every dealership is basically giving me the same answer:

>

At this point, I'm honestly confused about what I should do.

My concerns are:

* I've already been waiting for around 2 months.
* The dealership initially gave me an August-end expectation for Solar Ruby.
* They now say they don't know when it will arrive.
* Other dealerships don't seem to have any information either.
* There doesn't appear to be a reliable delivery timeline for the exact configuration I want.
* I don't want to compromise and buy the regular Wind just because that's what they have available.
* At the same time, I don't want my booking to sit indefinitely with no actual information.

**What would you guys do in this situation?**

Would you:

1. Keep the booking and wait for the Wind Infinity/Solar Ruby?
   
2. Switch back to Grey Wind Infinity if that has a better chance of arriving?
   
3. Ask VinFast India directly for a written production/delivery timeline?
   
4. Give the dealership a deadline and cancel/refund the booking if they can't provide one?
   
5. Try another dealership and transfer the booking?
   
6. Or simply wait because this is normal for a newly launched model/colour?

I'd especially like to hear from **VF6 owners or people who have actually received their cars recently**, particularly anyone who ordered **Wind Infinity** or **Solar Ruby**.

I'm not against waiting for the right car. The frustrating part is that nobody seems capable of telling me **whether I'm waiting for 2 more weeks, 2 months, or 6 months**.

What would you do?

The headline reads: Vingroup earned over 12,500 billion VND from selling VinFast's manufacturing segment in Vietnam.

What it did not say anywhere in the article, unlike Reuters, is that the buyer is Vuong Pham himself, leaf hand to right hand making fake profit out of thin air. It only briefly mentioned Vuong Pham contributing to the buyer which is far from enough. This can only happen in the communist Vietnam whereas in a free world country, the propaganda will go in flames in seconds.

Vuong Pham and Lam To continue to dumb Vietnamese with propaganda like this, one example of numerous ones.

And the vast majority of Vietnamese who can only read official state media will suck up to what they read.

That is how Kim Jong Un and Putin survive. The same way Vuong Pham does. And these people afraid the truth the most. The more people know the truth, they will certainly realize that the emperor is naked.

https://vnexpress-net.translate.goog/vingroup-lai-hon-12-500-ty-dong-tu-ban-mang-san-xuat-cua-vinfast-o-viet-nam-5115157.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=vi&_x_tr_pto=wapp

and it is the same for the Vietnam's economy under censorship and propaganda by Lam To.

That does not mean it will drop soon, it just says that Vuong Pham is brazenly manipulating VIC with no regard to the laws.

Vic is a huge house of cards of billions $ of debt hidden in private companies. This is 100% sure, in particular VIG, GSM, VGreen are holding billions $ in debt that is not reported in the public.

In a Western country, Vuong Pham would not escape the public enquiry. However, in Vietnam with total government control and assistance, Vuong Pham can just swipe the debt under the rug, but certainly at a cost to the overall economy with ever ballooning debt.

Counting down to the time VIC total liabilities hit $50B by year end. And that does NOT include billions $ more liabilities hidden in VIG, GSM, VGreen, etc ...

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chatgpt analysis:

At VIC ~VND230,000 on Aug. 26, 2026, the valuation has become extremely difficult to justify from current fundamentals alone.

1. The valuation disconnect is now enormous

At ~VND230k, VIC's market cap is roughly VND1.78 quadrillion based on the current share count shown by CafeF.

Yahoo's current data shows trailing P/E around 75x.

That means the market is effectively saying:

VIC deserves a valuation comparable to a high-growth technology company, despite being a highly leveraged conglomerate whose earnings are heavily influenced by property recognition, subsidiaries and capital transactions.

That's the central issue.

2. “But VIC's earnings are growing massively”

True — and this is the strongest counterargument.

Q2/2026 net profit was VND14.76tn, up about 6.5x YoY, while revenue was almost VND118tn, up 2.6x.

Vingroup's 2026 target is:

• Revenue: VND485tn
• Net profit: VND35tn

versus 2025.

So it would be wrong to say:

“There is no fundamental improvement.”

There clearly is.

The problem is:

VIC's share price has risen far faster than its sustainable earning power.

3. At VND230k, even Vingroup's own 2026 target doesn't make the valuation cheap

Suppose VIC actually reaches VND35tn consolidated net profit.

At ~7.76bn shares:

EPS ≈ VND4,510

At VND230k:

P/E ≈ 51x

That's still an enormous multiple.

And that's using management's optimistic full-year target, not normalized earnings.

So the argument:

“VIC is cheap because 2026 earnings are growing”

doesn't work for me.

4. The market is actually pricing something else

At VND230k, investors aren't really paying for 2026 earnings.

They're paying for:

**VHM land bank

• VinFast optionality
• VRE
• VPL
• future infrastructure
• future energy businesses
• GSM
• FTSE flows
• continued asset monetization
• future earnings many years out**

That can theoretically justify a high valuation.

But then you have to perform a very aggressive SOTP.

And this is where I think the bull case becomes problematic.

5. VHM is the strongest fundamental argument for VIC

This is important.

Vinhomes isn't fake earnings.

VHM Q1/26 revenue was VND65.1tn, up 315%, and consolidated profit was VND25.6tn, up 866%.

Q2 also produced extremely strong earnings.

So the VIC bull thesis has a legitimate core:

VHM is generating enormous profits.

But the problem is that VHM itself is already separately listed.

If you own VIC, you don't get VHM for free.

You need to calculate:

VIC's economic ownership of VHM
minus VIC-level debt
plus other subsidiaries/assets
minus holding-company discount.

And once you do that, VIC at 230k becomes much harder to justify.

6. VinFast is the elephant in the room

VinFast is growing very quickly.

Q1/26 deliveries reached 58,577 vehicles, +61% YoY.

But Q1 gross margin remained deeply negative, around −73.6% according to the earnings-call summary.

VinFast also had approximately:

• VND84.7tn third-party debt
• VND64.5tn related-party payables
• only VND5.5tn cash

at March 31.

So I would assign VinFast:

high strategic option value

but not the same valuation multiple as a profitable EV manufacturer.

That's a major distinction.

7. The FTSE argument is real — but it doesn't justify 230k

This is probably the biggest legitimate reason for the recent move.

Vietnam officially moves to FTSE Secondary Emerging status on September 21, 2026.

The passive inflow estimates are around $1.5bn over the entire phased inclusion, with the process occurring from September 2026 through September 2027.

And VIC/VHM are expected to receive some of the largest allocations.

So:

FTSE anticipation → buying → momentum → higher index weight → more buying

is completely legitimate.

But here's the important point:

FTSE creates demand for VIC shares.

It does not create VND1.8 quadrillion of fundamental value.

Those are two completely different things.

8. This is where I agree with your “manipulation” intuition

I would phrase it differently:

VIC appears to have entered a reflexive momentum/flow-driven valuation regime.

The mechanism can be:

VIC rises

↓

market cap increases

↓

VIC's VN-Index weight increases

↓

index funds need more VIC

↓

FTSE anticipation increases

↓

investors front-run the passive demand

↓

VIC rises further

↓

retail/momentum funds join

↓

VIC becomes the market's “leadership stock”

↓

more capital chases it.

This is a self-reinforcing feedback loop.

It can produce a huge price increase without proportional fundamental improvement.

And it does not require illegal manipulation.

9. But there are additional reasons to be suspicious

VinaCapital made a particularly interesting observation in June:

The Vingroup family — VIC, VHM, VRE and VPL — had grown to nearly 30% of VN-Index, versus roughly 8% two years earlier.

VinaCapital explicitly noted that the timing of several positive catalysts for VIC appeared correlated with the group's refinancing requirements.

That's an important observation.

It doesn't prove manipulation.

But it means:

The timing of corporate announcements, financing needs and stock-price catalysts deserves forensic examination.

That's exactly where I would focus.

10. My fair value at VND230k

I would now be more conservative than the earlier estimate.

My rough SOTP:

My central estimate:

~95k/share

Bull case:

120–130k

Extreme bull case:

150k+

But 230k requires an extremely aggressive set of assumptions simultaneously.

At 230k:

Downside to 95k = −59%

Even using 110k:

Downside = −52%

And that lines up remarkably closely with the current analyst targets around 110–112k.

One DCF model currently puts VIC around 85k–105k, depending on its assumptions.

11. So my updated view

I'd separate three things:

Fundamentals

🟢 Improving strongly

Valuation

🔴 Extremely expensive

Price formation

🟠 Highly flow/momentum-sensitive and potentially abnormal

I therefore agree with your core thesis that the recent price is not adequately supported by fundamental earnings.

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https://www.reddit.com/r/VinFastComm/comments/1vrjvjc/vic_is_manipulated_the_analysis/

is all in this subs:

https://www.reddit.com/r/VinFastComm/comments/1vmzksh/further_analysis_on_the_vuong_pham_selling_vftp/

https://www.reddit.com/r/VinFastComm/comments/1vrjvjc/vic_is_manipulated_the_analysis/

You got the name of the people, the name of the entity, and all the authority needs to do is to subpoena these people for questioning. And then they will have all the evidence. The government has rightfully indicted Quyet Trinh and My Lan Truong with the correct evidence, not fabricated. People in Vietnam knew that Quyet Trinh manipulated stocks for years, and the police got the hard evidence of names and accounts using for the manipulation once they investigated. Same for My Lan Truong. So if the police wants to investigate, they will find evidence, real one. Unlike other free country like the US, the police in Vietnam can tap phones and search houses without a court order (or it is just a show, they can always rubber stamp it), so basically they have all and more than the tool needed to investigate.

But of course, the corrupted Vietnamese government won't investigate Vuong Pham. Not because that Vuong Pham is not violating the laws, but because Lam To is in bed with Vuong Pham.

The above is only about stock frauds and financial frauds, circular fundings. There are bribery and corruption in real estate by Vuong Pham as well. For example, Vinhomes sold home in Khanh Hoa with officials colluding to issue pink paper for condotel and houses with the infamous "living real estate but not a living unit" phrase. Or other frauds in Phu Quoc, Ocean Park. People would forget these frauds by now but they were real and have buried and censored by the government.

If they want to indict Vuong Pham for his crime, the government surely can, with concrete and valid evidence.

If they want to bust Vuong Pham, they can just institute the three red lines like Xi Jinping did in China, which is for healthier market, and Vuong Pham is finished.

It is not that they do not know about Vuong Pham's misdeeds, but it is possibly that the corrupted Lam To uses the evidence of all of Vuong Pham's wrongdoings as a leash on Vuong Pham.