The businesses in Vuong’s ecosystem have announced important information in recent weeks, causing prices of Vin-family shares to fluctuate heavily.

After three years of continued decrease, Vingroup-family share prices bounced back in trading sessions where the prices hit ceiling levels in late August, following Vinhomes’ (VHM) announcement to spend VND13 trillion to buy back 370 VHM shares as treasury stocks, or 8.5 percent of total shares in circulation.

VHM prices have risen from the bottom of VND34,500 per share in early August to VND43,000-45,000. Vingroup shares (VIC) also saw prices increase from VND40,000 to VND45,000 before falling to VND42,000.

Among the Vin-family members, Vinhomes has been cementing its position as the biggest real estate developer in Vietnam with a land bank of 19,600 hectares.

Vinhomes is still awaiting approval to buy back shares, but the net sales of Vin-family shares by foreign investors have decreased sharply and investors have returned to purchase VIC, VHM and Vincom Retail shares (VRE).

The news that Vinhomes has begun selling products belonging to the Vinhomes Co Loa project (Co Loa Global Gate), and that it is going to sell products at Vinhomes Dan Phuong project (Vinhomes Wonder Park), have helped it attract attention from securities investors.

According to VnDirect Securities, Vinhomes’ total sales by the end of June 2024 had increased by 33 percent over the same period last year to VND118.7 trillion, which was seen as the motive for the share price increase.

Vinhomes’ revenue has soared thanks to Vincons, its subsidiary, which works as EPC contractor of large Vinhomes projects. The other reasons include positive signs from the industrial real estate market segment. Vinhomes’ project to develop an Industrial Zone in Vung Ang Economic Zone in Ha Tinh has been approved by state agencies.

Vingroup has also reported strong development of the electric taxi segment, expected to be a reasonable solution to revenue of VinFast, the automobile manufacturer belonging to Vingroup.

Vingroup’s bi-annual financial report showed that the taxi firm owned by Vuong – GSM – brought revenue of VND5.76 trillion to the group, a slight increase compared with the same period last year.

As of mid-2024, GSM had 30,000 electric taxis, present in 45 cities and provinces and has been cooperating with many partners.

GSM has seen a strong jump since it became operational. By late 2023, it was the second biggest player in the market, just after Grab. It held 18.2 percent of market share, twice as much as Be Group, and three times higher than Gojek, according to Mordor Intelligence.

The latest move by the unicorn in e-hailing and food delivery – Gojek – of leaving the Vietnamese market, released on September 16, is expected to bring great benefits to Grab and GSM.

In the latest news, Vuong has introduced Xanh SM Bike Platform, which is similar to Grab Bike and Be Bike models. It offers an attractive profit sharing model, under which 80 percent of revenue will be paid to drivers. In the immediate time, the platform will be deployed in Hanoi, HCM City, Da Nang, Binh Duong and Dong Nai.

This is the next move to be taken by Xanh SM to expand its network and market share and increase revenue. GSM has also tried to enter foreign markets, presenting before the public in Laos in late 2023. The next destinations for GSM are Indonesia and the Philippines, a part of its plan to enter nine international markets by 2025.

On October 1, Vuong met 50 leaders of transport firms in Hanoi in a plan to build a strong electric vehicle brand, an app, and a transport firm connecting different resources.

How rich is Vuong?

With the strong recovery of VIC in Vietnam and VFS on Nasdaq, Vuong’s stock assets increased from $4.1 billion in mid-July to $4.3 billion by October 2 as reported by Forbes.

With the total assets, Vuong is in the 833rd positon among the planet’s wealthiest people. VFS is now traded at $3.7 per share.

In early 2024, according to Bloomberg, Vuong’s asset value soared to $9 billion and his position jumped to 257th at the time thanks to VinFast.

Vuong’s assets are mostly from his shares in two listed companies – Vingroup (VIC) and VinFast (VFS).

Manh Ha