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Vietnamese conglomerate Vingroup (NASDAQ:VFS) is under pressure as its financial strategy surrounding loss-making electric vehicle maker VinFast raises investor concerns. Vingroup has invested $13.5 billion in VinFast, with an additional $3.5 billion pledged, despite mounting losses and skepticism voiced at shareholder meetings.
The conglomerate's market value has halved to $6 billion since VinFast’s Nasdaq listing in August 2023. Foreign investors, including BlackRock and DWS, have sharply reduced holdings, with South Korea's SK Group planning to sell part of its stake. Foreign ownership in Vingroup has fallen by 60% since the listing, driven by rising U.S. interest rates and broader regional trends, according to Vingroup.
Vinhomes, Vingroup’s real estate arm, also faces scrutiny. Moody's and Fitch recently assigned speculative-grade ratings to Vinhomes’ debt and a planned $500 million bond issue due to its ties to Vingroup. Fitch estimates Vingroup's consolidated net debt-to-asset ratio could exceed 55%, signaling potential risks.
Vingroup's borrowing costs are climbing, with bonds issued at 12.5% interest in May, well above previous years. Despite narrowing losses at VinFast and rising group revenues from asset sales, analysts highlight financial erosion risks unless VinFast’s performance improves.
VinFast reported nearly $2 billion in losses for the first three quarters of last year but saw revenue growth from car sales, exceeding revised targets. Vingroup insists on supporting VinFast, citing expected growth to attract investment.
Analysts remain cautious, with concerns over Vingroup’s rising debt and reliance on its subsidiaries’ performance. Vingroup’s borrowing levels and foreign divestments highlight the challenges ahead as it balances ambitious growth with financial stability.
