Billionaire Pham Nhat Vuong has pledged to support VinFast "until the money runs out" while maintaining a stress-free lifestyle, sleeping eight hours a day.
But just how wealthy is Vingroup's Chairman, and what are the prospects for the businesses within his empire?
Pham Nhat Vuong, Chairman of Vingroup Corporation. Photo: Bloomberg
Pham Nhat Vuong, Chairman of Vingroup Corporation (VIC), reiterated his unwavering support for VinFast in an exclusive interview with Bloomberg, coinciding with the 5th anniversary of the VinFast automobile factory's inauguration (June 14, 2019 - June 14, 2024).
Vuong mentioned that he sleeps eight hours a day and harbors no worries, viewing VinFast not merely as a business venture but as a mission. He is confident that VinFast will soon reach its break-even point and become self-sustaining.
Despite its relatively recent entry into car production, VinFast has already made strides in the US market, competing with industry giants such as Tesla and Hyundai. The company is also expanding into markets like India and Indonesia.
Vuong is confident in navigating VinFast through global challenges, even as the company faces competition from established players like Toyota and Volkswagen.
VinFast was listed on the US stock exchange in August 2023, experiencing a 700% stock price increase in the first two weeks. Although the stock price has since decreased and the float ratio remains around 2%, Vuong is not rushing to increase it. VinFast faces significant challenges in becoming a globally successful brand, with competition from Chinese electric car manufacturers and Tesla's price cuts.
In the first quarter of this year, VinFast delivered 9,689 cars, approximately 10% of its 2024 target of 100,000 vehicles. Bloomberg Intelligence analyst Ken Foong highlighted the difficulty of building the VinFast brand and competing in the US, emphasizing the need for considerable time and investment.
From 2017 to the end of the first quarter of 2024, Vingroup, its subsidiaries, and financial institutions have provided VinFast with approximately $12.9 billion. VinFast is currently constructing a factory in North Carolina, has commenced construction in India, and plans to build another factory in Indonesia. Vuong views VinFast as the mission, honor, and future of Vingroup, committing to never "let go" of the company.
The wealth of Pham Nhat Vuong
According to Forbes, as of June 16, Pham Nhat Vuong had assets worth $4.2 billion.
As Vietnam's most influential business leader, Vuong's Vingroup operates across various sectors. According to Bloomberg, Vuong's assets were valued at about $5.3 billion at the time of the interview. This wealth does not place him in Bloomberg's top 500 billionaires, with the 500th position held by Tsai Eng-Meng of Taiwan (China), worth $5.84 billion.
In early 2024, Vuong's assets were valued at over $9 billion, ranking him 257th globally, based on his holdings in Vingroup and VinFast. According to Forbes, as of June 16, Vuong's assets were estimated at $4.2 billion.
Besides VinFast and Vingroup, Vuong also owns VMI JSC (real estate) and Green and Smart Mobility JSC (GSM - electric taxi sector).
Vietnamnet.vn
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