Vietnamese automaker VinFast, known for its electric vehicles, is facing a lawsuit in the United States for not paying rent for a store in Palo Alto, California. The lawsuit was filed by real estate services firm SPG Center LLC, which claims that VinFast has not made rent payments since May 2023, resulting in a total amount due of nearly $356,000. VinFast, however, disputes the claim and asserts that they have made monthly rent payments up to and including March 2024. They have suspended rent payments since April 2024 due to ongoing negotiations with the landlord to amend the lease agreement [34b842e9].
In addition to the rent dispute, VinFast is also facing two separate probes in the US. One probe is related to an April crash in California, while the other is investigating allegations of patent violations by ArcelorMittal. These legal challenges pose potential risks to VinFast's reputation and operations in the US market [34b842e9].
Furthermore, two law firms have filed a class-action lawsuit against VinFast for alleged misleading statements that caused financial harm to shareholders. The lawsuit claims that VinFast made false statements that led to financial losses for investors. This legal action adds to the growing legal challenges faced by VinFast, potentially impacting its standing in the automotive industry [34b842e9].