Vietnamese electric vehicle maker VinFast announced on Saturday that its founder and primary financial supporter, Pham Nhat Vuong, has taken over the role of chief executive officer as part of the company’s ambitious overseas expansion and dealership sales growth strategy.

In a statement, VinFast revealed that Vuong, 55, has replaced Le Thi Thu Thuy who had been serving as CEO since late 2021. Thuy, a finance expert, will now act as chairwoman and lead engagement with external stakeholders.

Vuong, who is also the founder and chairman of Vingroup, Vietnam’s largest conglomerate and VinFast’s parent company, will be directly responsible for overseeing the operations of the EV manufacturer. This includes global production, sales, and marketing initiatives according to the company’s announcement.

This marks Vuong as the fourth CEO of VinFast, the previous leaders being General Motors veteran James Deluca and Michael Lohscheller, who joined from Opel and Volkswagen, respectively.

Additionally, VinFast named Nguyen Thi Lan Anh as the new chief financial officer, replacing David Mansfield who has held the position since 2022. Anh, currently overseeing financial matters at Vingroup’s EV battery arm, will take on the financial leadership role within VinFast.

“It is the right time to evolve the Company’s leadership as it enters the next phase of its development,” VinFast’s Board of Directors stated.

VinFast was established in 2017 and commenced EV manufacturing operations in 2021. Throughout its existence, the company has received consistent financial support from its founder, Pham Nhat Vuong, who is recognized as Vietnam’s wealthiest individual according to Forbes.

In April 2023, Vuong provided VinFast with a $1 billion grant.

While VinFast has yet to generate a profit, it entered the EV market during a period of price pressures caused by prominent market players such as Tesla and various Chinese companies like BYD slashing prices.

The company reported a net loss of $623 million for the third quarter ending on September 30.

In June 2023, Vuong expressed his expectation that VinFast would achieve the break-even point by the end of 2024.

Vuong initially gained his wealth in Ukraine, where he relocated in the early 1990s after studying engineering in Russia. He established a successful instant noodles manufacturing company, which he later sold to Nestle SA for an undisclosed amount. He returned to Vietnam in 2002 and founded Vingroup, the country’s largest conglomerate, with a diverse portfolio encompassing real estate, resorts, schools, hospitals, shopping malls, and most recently, EVs.