VinFast (VFS) Director Vuong Pham Nhat Acquires 500M Derivative Shares

What Happened

• Vuong Pham Nhat, a director of VinFast Auto Ltd., reported an "other acquisition" (transaction code J) of 500,000,000 derivative shares on September 26, 2026. No cash price or dollar value was reported. The securities are CPUD VFVN05 (VFVN Series 5 Preference Shares) in VinFast Vietnam JSC that are exchangeable into VinFast ordinary shares at a rate of 2.209 VFVN Series 5 Preference Shares = 1 ordinary share.
• If fully exchanged (subject to approvals and conditions), the 500,000,000 preference shares would convert to roughly 226.35 million VinFast ordinary shares. The filing states these preference shares are held of record by Vingroup (a listed company), in which the reporting person, directly and via a majority‑owned affiliate, holds a majority interest; he disclaims beneficial ownership of the shares held by Vingroup except to the extent of any pecuniary interest.

Key Details

• Transaction date: 2026-09-26; Form 4 filed 2026-09-28 (appears timely).
• Transaction type/code: J — "other acquisition or disposition" (derivative instrument, not an open-market purchase).
• Amount: 500,000,000 VFVN Series 5 Preference Shares; price: N/A; reported value: N/A.
• Shares owned after transaction: Not specified as beneficial ownership is disclaimed; record holder is Vingroup per footnote.
• Footnote: VFVN Series 5 Preference Shares are exchangeable into ordinary shares at 2.209:1, have no expiration date, and conversion is subject to approvals and other conditions.
• No indication of a 10b5-1 plan, tax withholding, option exercise, or immediate sale in the filing.

Context

• These are not a straightforward buy or sell of VinFast stock on the open market. The filing reports an acquisition of exchangeable preference shares held by a related public company (Vingroup), so the entry may reflect corporate/structural holdings rather than a personal cash purchase by the director. Because the reporting person disclaims beneficial ownership of the shares held by Vingroup (except for any pecuniary interest), this filing should be read as a disclosure of a derivative position tied to corporate holdings, not necessarily a direct insider investment signal. As always, retail investors should consider this as informational and avoid inferring motive from such corporate/affiliate transactions.