Vingroup and its chairman, billionaire Pham Nhat Vuong, have recently made a series of million-dollar decisions to expand operations and solidify a one-of-a-kind business ecosystem in Vietnam. Vuong’s net worth has now hit a new record high.

On October 6, Vingroup (VIC) officially announced the launch of VinMetal JSC, a new subsidiary focused on manufacturing and trading industrial metals. The company aims to meet internal demand within the Vingroup ecosystem while also contributing to the development of Vietnam’s heavy industry.

VinMetal has a registered capital of approximately $408 million, with plans to build a high-tech industrial steel complex in Vung Ang, Ha Tinh. Phase one will have a production capacity of 5 million tons per year.

The new company will not only produce conventional construction steel but will also focus on specialty steel for electric vehicles and high-speed transportation infrastructure. This includes automotive body frames, rails, and structural steel for bridges, ports, and railways to serve other Vingroup subsidiaries such as VinFast and Vinhomes. VinMetal is also targeting regional and global export markets.

With this move, Vingroup has officially entered the heavy industry sector, positioning itself to compete with long-established giants like Hoa Phat Group (HPG), led by billionaire Tran Dinh Long. Vingroup’s entry focuses on a high-standard segment, one that even Hoa Phat is only beginning to tap into.

VinMetal’s production is expected to support major infrastructure projects such as the North-South high-speed railway, the Ho Chi Minh City - Can Gio line, and the Hanoi - Quang Ninh route.

On October 5, Vuong transferred over 60 million VIC shares worth approximately $433 million to VinEnergo JSC. The transaction is scheduled to occur between October 9 and November 7.

After the transfer, his ownership in Vingroup will decrease from 449.9 million shares (11.59%) to 389.9 million shares (10.04%). VinEnergo will then hold 165.7 million VIC shares, representing a 4.27% stake.

VinEnergo is the investor behind the Hai Phong LNG Thermal Power Plant, which, with a 4,800 MW capacity, will be the largest of its kind in Vietnam.

In July, Vuong contributed an additional 78.5 million VIC shares (worth nearly $344 million) to VinSpeed, the company established to invest in the North-South high-speed railway project. Prior to that, he had transferred over 48 million shares to the same entity.

VinSpeed now holds more than 135.6 million Vingroup shares, equivalent to 3.5% of the group’s charter capital.

These strategic capital injections into new ventures and emerging sectors are happening as Vingroup’s share price has surged more than 4.6 times over the past nine months, reaching nearly 180,000 VND per share (approx. $7.40). This stock growth has been a key driver pushing the VN-Index to a record high of nearly 1,700 points.

As of October 6, Pham Nhat Vuong’s personal wealth reached $17.1 billion, ranking him 141st globally according to Forbes.

Vinhomes (VHM) shares have also surged, gaining 2,700 VND to reach 102,700 VND per share (approx. $4.23).

Back in August 2018, Vingroup announced its ambition to become a globally recognized tech-industrial-services group by 2028, with technology as the core business segment - shifting from a previous focus on real estate and services.

In July 2025, the group disclosed plans to develop two industrial zones worth 10 trillion VND (around $408 million) just one week after receiving investment certification.

By August, Vingroup had introduced two new business pillars - green energy and infrastructure - as part of its 32nd-anniversary celebration. Within infrastructure, Vingroup is targeting high-speed railway, bridges, ports, and logistics.

On the real estate front, Vingroup and its affiliates continue to roll out mega-projects, including the 2,870-hectare coastal city of Vinhomes Green Paradise (Vin Can Gio), Vinhomes Co Loa, and the 877-hectare "billionaire island" Vinhomes Royal Island (Vin Vu Yen).

New entities such as VinMetal, VinEnergo, and VinSpeed now form crucial additions to the Vingroup ecosystem, enhancing support for electric vehicles and real estate - the group’s core pillars - while also helping build Vietnam’s national industrial infrastructure.

This rapid expansion has also boosted Vingroup’s asset scale. As of Q2 2025, the company’s total assets reached over 964.4 trillion VND (approx. $39.7 billion), up 15.3% from 836.6 trillion VND at the beginning of the year.

However, debt levels also rose. Short-term debt and financial leasing liabilities increased to nearly 125.3 trillion VND (approx. $5.2 billion), up from 95.2 trillion VND. Long-term debt climbed from 129 trillion VND to over 153.6 trillion VND (approx. $6.3 billion).

Manh Ha