Vingroup is letting go of retail cash cow to raise funds for red-ink VinFast

Vingroup is letting go of retail cash cow to raise funds for red-ink VinFast

FILE PHOTO: The logo of Vietnam's VinFast electric vehicle (EV) maker is pictured in a sales location at a shopping mall in Santa Monica, California, U.S., May 23, 2022. Picture taken May 23, 2022. REUTERS/David Swanson/File Photo

Vietnamese conglomerate Vingroup is selling off main businesses and planning stock market listings in a scramble to raise funds for its loss-making VinFast EV business, raising concerns about the group’s future cash flow.