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Tag: Pham Nhat Vuong

  • Pham Nhat Vuong, Vietnam’s richest man, donates $800M to boost automaker VinFast’s ambitions

    Pham Nhat Vuong, Vietnam’s richest man, donates $800M to boost automaker VinFast’s ambitions

    Billionaire Pham Nhat Vuong, the chairman of the private conglomerate Vingroup and recognized as Vietnam’s wealthiest individual, has injected a staggering VND20.5 trillion (approximately US$790 million) into the automaker VinFast between November and May. This generous contribution is part of his promise of VND50 trillion made last year, as disclosed by the company on Monday.

    Financial Support Fuels Expansion

    In the past six months, VinFast has also secured a loan of VND30.57 trillion from its parent company, reinforcing its financial backbone. Vingroup remains committed to supporting VinFast, pledging a maximum of VND35 trillion to ensure the company’s sustained growth. Vuong, who wears multiple hats as CEO and founder of VinFast, experienced a remarkable surge in his wealth—an increase of $3 billion over the last two months—bringing his total fortune to over $10 billion, according to Forbes.

    Impressive Growth Amid Losses

    VinFast reported exceptional growth for the first quarter, showcasing a 150% increase in revenues year-on-year, reaching VND16.31 trillion. The company delivered a remarkable 36,330 electric cars and an astonishing 44,904 motorcycles and bicycles during this period, translating to impressive increases of 296% and 473% respectively. However, despite these successes, VinFast also reported a loss of VND17.69 trillion, which marks a 20% rise in losses compared to the previous period. To respond to the challenges and capitalize on its momentum, the company plans to adjust its sales target for the year from 200,000 to 280,000 units, as shared by deputy CEO Thai Thi Thanh Hai.

    Who knew the complex world of electric vehicles could be this exhilarating?

    Questions & Answers

    How much has Pham Nhat Vuong invested in VinFast?
    Pham Nhat Vuong has gifted VinFast VND20.5 trillion (around US$790 million) over the past six months.

    What has been VinFast’s recent sales performance?
    VinFast delivered 36,330 electric cars and 44,904 motorcycles and bicycles in the first quarter, marking significant increases in both categories.

    What loss did VinFast report despite impressive growth?
    The company reported a loss of VND17.69 trillion, a 20% increase compared to the previous period, even amid record revenue growth.

  • Vietnam’s richest man makes huge jump up global billionaires list

    Vietnam’s richest man makes huge jump up global billionaires list

    Pham Nhat Vuong, Vietnam’s first billionaire and owner of giant conglomerate Vingroup, has leapt 97 positions to become the 543rd richest person in the world, released on Tuesday.

    The magazine’s real-time list of the world’s billionaires showed that Vuong’s assets had expanded by more than 14 percent to $4 billion in just 13 days.

    He’d already marked a milestone on November 8 by climbing 227 places in eight months to 640th on the list, with his net worth growing by more than $1 billion.

    His rise came following the IPO of Vingroup’s retail unit Vincom early this month, which was hailed as the biggest IPO debut ever in the country after raising nearly $709 million and valuing the mall operator at around $3.4 billion.

    Vingroup’s shares have also gained nearly 100 percent since mid-2017, closing at VND77,000 ($3.40) on Tuesday. Vuong, 49, owned more than a 27 percent stake in Vingroup as of June this year.

    Vingroup is one of Vietnam’s largest real estate conglomerates, and has been expanding rapidly into retail, logistics, agriculture, education and healthcare. As of the end of September, its subsidiary Vincom Retail was managing, operating and renting 41 shopping malls with a total area of over 1.1 million square meters (272 acres). It also has 22 projects under construction and another 50 in early development.

    Nguyen Thi Phuong Thao, the only other Vietnamese billionaire and owner of budget carrier Vietjet, now ranks 1,177th on the Forbes list with assets worth around $2 billion.

    At the top of the list are Amazon’s founder Jeff Bezos with a net worth of $94.9 billion, followed by Microsoft co-founder Bill Gates with $89 billion and Warren Buffet with $77.9 billion.

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