Vingroup Sues 68 Social Media Accounts for Spreading False Information

Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, confirmed that the company has officially recorded these violations and filed civil lawsuits in Vietnamese courts, while also reporting the cases to local authorities. In addition, Vingroup is working with international lawyers to initiate lawsuits in other jurisdictions and will notify foreign embassies in Vietnam as well as Vietnamese embassies in countries where the accused account holders reside.

According to Vingroup, the false claims mainly revolve around four areas: the group’s financial health, the quality and origin of its products, legal issues concerning its offerings, and the personal lives of its top executives. Among the accusations are rumors that Vingroup faces bankruptcy due to an 800 trillion VND debt, and that VinFast’s cars and electric motorcycles are essentially Chinese products disguised as “Made in Vietnam.” Other posts alleged mass resignations of employees or attempted to distort government policies in ways that implicated the group.

The company asserts that these actions violate Vietnam’s Cybersecurity Law and may constitute criminal offenses under the Penal Code, while also causing serious reputational damage.

Financial statements published by Vingroup show total outstanding loans of approximately 283 trillion VND, with a debt-to-equity ratio of 1.8 – a figure the company considers “well within safe limits by both international and domestic standards.” The group explained that most other liabilities represent advance payments from customers and partners, typical of normal business operations.

Regarding VinFast, Vingroup emphasized that the automaker controls the full production chain, from research and design to manufacturing. Currently, 60% of components are locally produced in Vietnam, with a target of raising this figure to 80% in the near future.

Founded in 1993 in Ukraine under the name Technocom, the company returned to Vietnam in the early 2000s, focusing on real estate and tourism with the Vincom and Vinpearl brands. In 2012, these companies merged to form Vingroup, now one of Vietnam’s largest conglomerates. The group has expanded into automobile manufacturing with VinFast and, through subsidiary Vinspeed, recently proposed a $67 billion investment in the North-South high-speed railway project.

Vingroup’s founder and chairman, Pham Nhat Vuong, remains Vietnam’s wealthiest individual and currently ranks 225th on the global billionaire list, with a net worth of $12.7 billion, according to Real Time Billionaires on September 8.