Shares in Vietnamese car market VinFast [NASDAQ:VFS], which is listed in the US, have been seeking to rally following a recent sell-off on the back of whistleblower news. Stock sold from a recent peak of just over five dollars on the news that a complaint had been filed with US authorities.
VinFast employs nearly 15,000 people, mostly in Asia, and is part of Vietnam's Vingroup, which is one of the largest private conglomerates in the country. It reported revenues up nearly 50% in its last set of numbers filed in September.
VinFast whistleblower Hazar Denli has filed complaints with US whistleblower award programs at the Securities Exchange Commission (SEC) and National Highway Traffic Safety Administration (NHTSA). As reported by the BBC, Denli has raised concerns about safety issues in the engineering of VinFast electric cars.
Denli claims to have found "egregious safety issues" in VinFast cars that are being sold in the United States. The case also has the potential to show the transnational power of U.S. whistleblower laws, as a foreign whistleblower can provide information on an international company that is harming Americans.
Denli was a mechanical engineer and module leader at Tata Technologies Ltd, which is owned by Tata Group, between September 2022 and May 2023. During this time, Denli was “seconded,” along with 300-500 other engineers from Tata Technologies, to work as a contractor at VinFast to engineer their electric cars.
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