Vuong’s elder son, Pham Nhat Quan Anh, has replaced his father as CEO of VinFast, Vietnam’s first full-fledged automaker, effective Saturday, according to a company announcement. Anh has also served as VinFast chairman since May.

The 33-year-old graduated from Singapore Management University and joined Vingroup in 2015, holding a number of management positions across the conglomerate.

Alongside his roles as chairman and CEO of VinFast, Anh will remain CEO of VinMetal, a high-quality steel producer within the Vingroup ecosystem.

VinFast was founded by Vuong in 2017. In 2021, the company announced a complete shift to electric vehicles and later ended production of gasoline-powered cars. It aims to deliver 300,000 vehicles globally this year.

From L: Pham Nhat Quan Anh, VinFast chairman and CEO; Pham Nhat Vuong, Vingroup chairman; Pham Nhat Minh Hoang, Green SM CEO

Green SM also announced Saturday that Vuong’s second son, Pham Nhat Minh Hoang, had been appointed CEO. Nguyen Quoc Tuan, the company’s former CEO, will take over as chairman from Vuong’s wife, Pham Thu Huong.

Hoang, 26, has held senior positions at several companies, including VinFast, Green Future, VinSmart Future and Green SM.

Beyond management roles, he has invested directly in several businesses within the Vingroup ecosystem, including VinSpeed, VinEnergo, VinMetal, VinVentures and robotics companies.

Vuong founded Green SM in 2023 with initial charter capital of VND3 trillion (US$115.7 million). Its capital has since increased to more than VND43 trillion, and the company is preparing for an initial public offering.

Green SM initially focused on taxi and ride-hailing services using VinFast vehicles. It has since expanded into food and parcel delivery, as well as car and electric motorbike rentals.

The company now operates in 34 provinces and cities across Vietnam and has expanded into six overseas markets.

The leadership reshuffle at VinFast and Green SM comes as Vingroup and its affiliated companies strengthen efforts to develop talent internally and hand greater responsibility to a younger generation of executives amid rapid expansion.

Both VinFast and Green SM are also entering a period of accelerated international growth.

Vuong, chairman of Vietnam's biggest listed company Vingroup, is the richest man in Southeast Asia with a net worth of $37.9 billion, according to Forbes’ real-time data. His wife, Huong, is the second-richest person in Vietnam with a fortune of $4.3 billion. Huong’s sister is also a billionaire with $3 billion in wealth.