Why Vuong Pham has not yet called off Vinfast ...

Well, we know with high certainty that Vinfast has been technically bankrupt: tiny sale, gigantic loss, and astronomical debt, $9.5B and growing. Astronomical debt given the tiny or rather micro sale: a mere average 6K EV or $180M per quarter for the last 2 quarters, not counting stuffing. No profit, just gigantic loss: $1.3B in the first half. Basically, Vinfast is a huge cash burning machine, it has never been profitable and never will: the car is not competitive and needs to sell at a huge loss just to move the stock, more sale more loss.

In the past, Vuong Pham had been pretty quick to scrap unprofitable businesses. He used to tell the story of scarping Vin finance, Vin bank, Vin air years ago. Recent examples include VinFa, VinSmart, Adayroi, VinPro, etc...

But not Vinfast.

Because he is weak to admit mistakes, and he has shot himself in the foot multiple times. He has been basically all in Vinfast, his name and his money.

Vuong Pham thought it was clever to play the nationalism card to shore up sale in Vietnam.

Now those words will come back to haunt him: we do Vinfast not for profit but to put Vietnam on the map. Recently, he said he will fund Vinfast until he run out of money. If he backs off now, Vietnamese will mock him for his earlier words. Liar. His outsized ego will shatter to pieces.

So, basically, Vuong Pham has double, triple, quadruple down on his mistakes. The more failure resulting from his bad strategies is, the crazier he is going: he is double down triple down on the mistakes, racking more and more debt and loss. North Carolina show failure? Repeat that two more times in Indonesia and India. US market is a flop? Let's expand to 50 other countries.

Vuong Pham thinks he is smart, and with his noodle experience, he can be the next Elon Musk. As a reddit insider had shared in the past, things went down hill 3 years ago when Vuong Pham actively involved in the business and micro managed daily operations. He once said that he is an auto expert. Sigh. Vuong Pham has hidden behind Vinhomes' success for years (actually it was run by other people for him), Vinfast shows how disastrous Vuong Pham is as a CEO (he has run Vinfast three years ago, not just since last year). Hugely incompetent. No carefully thought out strategy. Delusional. Liar.

Because Vuong Pham is weak to admit mistakes, his fear of being a joke in Vietnam (in America, he has already been a joke, playing with the con man Mark Angelo and Lawrence Ho and known for the pump and dump game of VFS), he actually will not relinquish Vinfast until the debt becomes $15B or more and he will not stop until his pal Hung Anh Ho has taken all of his real estate assets.

A redditor asked in the comment section when Vinfast declares bankrupt. My answer is it will be limping on for several years even though it has actually been bankrupt now, being a black hole sucking in more debt for Vuong Pham. In the end, it will explode into a supernova, a financial one, for the Vietnam economy. And that is the price Vuong Pham and the communist Vietnam will pay for their reckless game.