VinFast Shares Drop as North Carolina Ups Ante
VinFast Auto shares traded lower Friday afternoon, after North Carolina filed a lawsuit against the Vietnamese EV maker related to its delayed U.S. plant. The move adds pressure on VinFast’s already expensive worldwide expansion. VFS was last seen around $3.55, down from Thursday’s close at $3.61, according to market data. The timing is in focus because the lawsuit hit just a day after VinFast came under new scrutiny over its plan to sell off its main manufacturing business in Vietnam and move about $7 billion of debt off its balance sheet. Mehdi Jaouadi, an auto analyst and Singapore-based YCP partner, told Reuters the deal made sense strategically and financially but called out “some red flags” around governance.