Vietnamese EV maker VinFast underwent a major leadership shift today, announcing that billionaire founder Pham Nhat Vuong will step down as chairman of the board and take on the dual roles of CEO and managing director. Le Thi Thu Thuy, the current CEO, will transition to the role of chairwoman of the board.

The move comes as VinFast faces a challenging market environment. Its current market capitalization of around US$16 billion is significantly lower than the roughly US$200 billion it commanded in late August 2023.