Vingroup, under the leadership of billionaire Pham Nhat Vuong, has provided significant financial support to electric car manufacturer VinFast, contributing to its substantial revenue growth and ambitious global expansion plans.

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.

Vietnamese billionaire Pham Nhat Vuong, founder and chairman of Vingroup JSC – VinFast parent company - has just assumed his new role as Chief Executive Officer of VinFast, the leading electric vehicle manufacturer in Vietnam.

Pham Nhat Quan Anh, the son of the Vietnamese first dollar billionaire recognized by Forbes, is deputy CEO of VinFast, a subsidiary of Vingroup specializing in manufacturing electric vehicles (EV).

Just several months after the announcement of non-refundable aid of $1 billion to VinFast from his private assets, Pham Nhat Vuong has announced his donation of a battery company to the automobile manufacturer.

The last week ended with the information that billionaire Pham Nhat Vuong jumped into the 23rd position on Forbes’ list of the top billionaires, with assets increasing by tens of billions of dollars thanks to the sharp rise in VinFast share prices.

Shares of Vietnam’s leading electric vehicle maker VinFast (VFS), owned by Billionaire Pham Nhat Vuong amounted to US$93/share at a time, raising the market value to more than US$191 billion on the Nasdaq trading session on August 28.

Forbes has reported that the assets of billionaire Pham Nhat Vuong have soared to $74 billion, placing him at the 16th position on the list of the world’s wealthiest billionaires.

Vietnam has many powerful business empires which have been described as the backbone of the national economy.

Vingroup chairman Pham Nhat Vuong is not on the no-fly list, said Lieutenant General To An Xo, office chief and spokesperson of the Ministry of Public Security, effectively rejecting recent rumors about this matter as false.

Billionaires Pham Nhat Vuong, Tran Dinh Long and Nguyen Dang Quang have chosen to draw zero salaries, and large banks have announced big changes in management positions. These were the business highlights of the last week.

The VIC, VHM, VRE stocks of the Vingroup family fell sharply yesterday morning after a rumor about an overseas travel ban on Vingroup chairman Pham Nhat Vuong had been circulating on social media.

The Ministry of Public Security is investigating nine people in seven cities and provinces for spreading rumors saying Pham Nhat Vuong, Chairman of Vingroup, a private conglomerate, had been banned from travelling abroad.

The businesses owned by dollar billionaire Pham Nhat Vuong are maintaining cash flow and seeking more capital in the stock market to prepare for a new ‘game’.

2021 was a stormy year with two pandemic waves. However, thanks to reasonable strategies, Vietnamese billionaires weathered the storm and became richer.

Vingroup, the company of Vietnam’s richest man, billionaire Pham Nhat Vuong, has expanded investment in major projects in the fields of electric cars and technology but has not neglected its traditional businesses.

Two foreign banks have invested VND7 trillion in Vingroup, owned by the dollar billionaire Pham Nhat Vuong, amid the enterprise’s daring moves and new records made in the Vietnam’s stock market.

The Wealth-X and UBS reports did not disclose the exact names of billionaires, while the Panama Papers and the Bahamas reports included names in tax paradises.

Billionaire Pham Nhat Vuong has launched a new system that is expected to help Vinhomes bring in about $1.5 billion in 2021.