Vietnamese electric vehicle (EV) maker VinFast has announced plans to spin off part of its research and development operations into a new entity called Novatech Research and Development, which will subsequently be sold to founder Pham Nhat Vuong for US$1.52bn. The transaction represents the latest cash injection by Vietnam's richest man, who has already invested more than US$2bn in the loss-making automaker since its 2017 launch.
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