Vingroup’s (VIC) board of directors will submit to the general meeting of shareholders the 2022 business plan which says that net revenue will reach a record high of VND140 trillion ($6.3 billion), an increase of 11.4 percent over 2021 and post-tax profit would be VND6 trillion. 

Meanwhile, it took a loss of VND7.56 trillion last year. 

The core business fields of Vingroup are Vinhomes (VHM), Vincom Retail (VRE) and VinFast, which makes electric cars. 

In the last year, Vingroup focused on developing electric cars, targeting the US market. In the documents to be used for the 2022 annual general meeting of shareholders, slated for May 11, Vingroup says it will introduce smart electric cars to the global market and officially take orders for three models VF5, VF8 and VF9. 

It will continue delivering VF e34 to customers in the Vietnamese market and prepare for the delivery of VF8 and VF9 in the global market from the end of the year. New electric car models are expected to help VinFast continue to cement its position in the domestic market and build its brand in international markets, including the US, Canada and Europe. 

According to Bloomberg, VinFast will have an IPO and seek capital in the US with a valuation of tens of billion of dollars. If its IPO is successful, the owner of Vingroup may be listed among the top 40 richest billionaires in the world. 

If the IPO succeeds in the US with the valuation of $60 billion as expected, Vuong would have $26 billion more and his total assets would be $32 billion. 

Meanwhile, Pham Thu Huong, the wife of Vuong, would have $600 million more, which means total assets of $1.2 billion. If so, she would be the second female billionaire in Vietnam and Southeast Asia, just after billionaire Nguyen Thi Phuong Thao, CEO of Vietjet, with $3.2 billion. 

In early August 2021, Vuong contributed 48.5 percent of capital, or VND485 billion, to Vines Energy Solutions JSC), a battery manufacturer, in its plan to become a global smart electric vehicles.

Blue-chips in the market have had stable prices recently, though the market is falling into a sell-off spiral. Vietnam has 7 dollar billionaires, including a new face – Bui Thanh Nhon, who has stock assets worth $3.2-3.5 billion. 

Vietnam has four billionaires on Forbes’ list of the 1,000 richest people on the planet, including Pham Nhat Vuong (Vingroup), Bui Thanh Nhon (Novaland), Tran Dinh Long (Hoa Phat Group) and Nguyen Thi Phuong Thao (CEO of Vietjet).

M. Ha