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VinFast Founder Pham Nhat Vuong to Invest $1.5 Billion in R&D Assets

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VinFast founder Pham Nhat Vuong has agreed to inject $1.52 billion into the electric vehicle (EV) maker by purchasing its research and development (R&D) arm, marking his latest financial support for the loss-making Vietnamese company. The move comes as VinFast aims to break even by the end of 2026.

The deal involves Novatech Research and Development JSC, a Vietnam-incorporated entity, being carved out of VinFast Trading and Production JSC (VFTP), the company’s domestic manufacturing unit, according to a filing with the U.S. Securities and Exchange Commission. Novatech will hold investment costs related to completed R&D projects, while VFTP will continue leading EV production and future research within Vietnam.

VinFast, which debuted on Nasdaq in 2023, has faced challenges such as weak consumer demand and intense competition. The company reported a net loss of $712.4 million for the first quarter, though revenue surged 150% to $656.5 million. Shares rose 1.4% in pre-market trading to $3.59.

Since its launch in 2017, VinFast has relied heavily on support from Vuong, who owns about 98% of VinFast and its parent company, Vingroup (VIC.HM), where he serves as chairman. The transfer of Novatech shares to Vuong, valued at nearly 40 trillion dong ($1.52 billion), includes a fair value assessment of 17.25 trillion dong plus a premium. Intellectual property tied to Novatech’s assets will be leased back to VinFast as needed for manufacturing purposes.

VinFast has completed development of its first-generation EVs. R&D expenses totaled $81.2 million in Q1 2025, down 22.3% year-on-year. The company targets delivering 200,000 cars in 2025, more than double its 2024 deliveries, with most sales concentrated in the Vietnamese market.

Ukraine to launch Starlink mobile internet in 2026, becoming Europe’s first

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Ukraine is set to become the first European country to offer Starlink mobile services, with telecom operator Kyivstar planning to roll out messaging by the end of 2025 and mobile satellite broadband by mid-2026, Kyivstar CEO Oleksandr Komarov announced.

Under a deal with SpaceX signed in late 2024, field tests have already started for direct-to-cell satellite services, which connect smartphones directly to satellites without relying on traditional cell towers. This technology allows satellite constellations to function like mobile networks from space.

Komarov told Reuters that the initial phase will focus on over-the-top (OTT) messaging platforms such as WhatsApp and Signal, expected to be operational by the end of this year. Full mobile satellite broadband data and voice services are targeted for launch by the second quarter of 2026.

While SpaceX did not comment, the announcement follows a related plan by U.S. carrier T-Mobile, which will offer data services on its Starlink-powered satellite-to-cell network starting October.

Komarov made these remarks ahead of a Ukraine recovery conference hosted by Italy, marking three years since Russia’s invasion. Ukrainian President Volodymyr Zelenskiy is also attending the event. Komarov emphasized his goal to support the Ukrainian government and foster new business relations, including partnerships with Italian firms aiming to invest in Ukraine.

Kyivstar, part of telecom group VEON, is progressing with plans for a U.S. stock market listing on NASDAQ, aiming to complete the direct placement of a Ukrainian entity during wartime by Q3 2025 — a first in history, Komarov noted.

Despite ongoing Russian attacks on Ukraine’s energy infrastructure causing widespread blackouts last year, Komarov said telecom services have become more resilient. Currently, Kyivstar can maintain fixed and mobile services for up to 10 hours even during national blackouts.

Circle Stock Soars Further After Explosive NYSE Debut

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Stablecoin issuer Circle Internet extended its remarkable rally on Friday, with shares surging another 48% following its blockbuster debut on the New York Stock Exchange a day earlier. The stock hit an intraday high of $123.49 — nearly quadrupling its $31 offer price — valuing the company at approximately $32.1 billion on a fully diluted basis.

Circle’s impressive performance not only highlights investor enthusiasm for digital asset companies but also signals renewed momentum in the broader IPO market, which has been cautiously reopening after years of volatility tied to tariffs and geopolitical uncertainty. “This is big enough that it extends beyond crypto,” said Matt Kennedy, senior strategist at Renaissance Capital, noting the IPO market’s accelerating recovery.

While the Circle listing was primarily a crypto event, Wall Street executives emphasized its broader implications. NYSE President Lynn Martin called Circle’s debut a bellwether for the IPO market in 2025, while Nasdaq CEO Adena Friedman remarked that investors are increasingly willing to put capital to work despite persistent global uncertainty.

Lukas Muehlbauer, research analyst at IPOX, observed that many of the successful recent IPOs have come from sectors less vulnerable to international supply chain disruptions, including AI, defense, and fintech. “It wouldn’t be surprising if the pipeline stays more active in coming months,” he said.

The IPO pipeline already shows signs of strengthening. Digital banking startup Chime is set to go public next week, while cancer diagnostic firm Caris Life Sciences has also recently joined the IPO queue.

The broader market recovery has been aided by a growing belief that tariff uncertainties — while ongoing — may have less impact on certain high-growth sectors. IPO market participants expect moderate activity over the summer with a stronger rebound anticipated in the fall.