Vingroup, Vietnam’s leading conglomerate, is grappling with increasing financial risks due to the difficulties faced by its electric vehicle (EV) subsidiary, VinFast Auto (NASDAQ:VFS). The EV manufacturer’s financial troubles have been amplified by its dependency on sales to associated companies and a declining global EV market. What Happened: VinFast’s swift growth has been predominantly driven by sales to firms linked with Vingroup. The lack of retail consumers and a drop in worldwide EV demand have further intensified VinFast’s financial predicaments, reported Reuters. Over the past three y…
