VinFast Auto's Vietnamese unit has agreed to buy Ngoc Hoi Real Estate Investment Joint Stock Company for VND30.85tn ($1.18bn), as the electric vehicle (EV) maker looks to diversify earnings through property development.
VinFast Vietnam Joint Stock Company (VFVN) has signed share purchase agreements to acquire full ownership of Ngoc Hoi from VinFast founder Pham Nhat Vuong and two minority shareholders, according to a filing with the US Securities and Exchange Commission.
Ngoc Hoi owns a 20% economic interest in a consortium behind the Hanoi International Sports Urban Area Project in Vietnam.
The consortium is headed by Vinhomes, a subsidiary of Vingroup and an affiliate of VinFast, which has been tasked with overseeing the project's execution.
In a statement, the automotive group said: “The acquisition of Ngoc Hoi is intended to strengthen the company's financial position and improve its capital efficiency by generating additional earnings and cash flows from real estate development to complement VinFast's core EV business.
“The company's EV and smart mobility businesses will remain its core business and principal strategic focus.”
The deal is due to be finalised in the third quarter of 2026, subject to customary closing conditions.
Regarding payment, half of the sum owed to Pham, along with the entire amount due to Ngoc Hoi's minority shareholders, will be paid upon closing, while the remainder is to be settled within 120 days.
This is expected to be financed through existing arrangements with Vingroup and Pham, alongside part of the proceeds from a planned capital injection into VFVN.
The Ngoc Hoi purchase forms part of a broader overhaul of VinFast's manufacturing operations in Vietnam.
In May 2026, the company announced plans to carve out certain assets and operations from VinFast Trading and Production JSC (VFTP), transferring them to VFVN before selling its remaining stake in VFTP to a buyer group led by Future Investment Research and Development Joint Stock Company.
That transaction, outlined in a share purchase agreement dated 12 May 2026, was valued at roughly VND13.30tn.
Following completion, VFTP will continue to house VinFast's manufacturing operations in Vietnam, while VFVN will take charge of global research and development, intellectual property, after-sales services and sales functions.
VFTP will keep manufacturing VinFast-branded vehicles under a separate supply agreement, based on designs and specifications provided by VFVN.
