Forbes has just updated information about the assets of billionaire Pham Nhat Vuong after the latest news about his business. VinFast, the automobile manufacturer belonging to Vingroup, has officially listed its shares on the Nasdaq stock market with the capitalization value at the first trading session at $85 billion.
Forbes had reported that Vuong’s assets climbed to $84 billion, which was by far higher than the $5.9 billion he had just half a day before.
However, at 9.50pm on August 16, Hanoi time, Vuong’s assets decreased to $74 billion, a decrease of $10 billion compared with several hours before, as the VinFast price dropped by 20-30 percent at the morning trade session on August 16 on the US bourse.
With the latest updated assets, Vuong is now the 16th richest billionaire in the world and the second richest in Asia. He has surpassed billionaire Jim Walton of the US company Walmart on the list of wealthy people.
At the first trading session on the US bourse on August 15, the VinFast share closing price stood at above $37 per share and its capitalization value was $85 billion, higher than Ford, General Motors and other famous automobile manufacturers.
The capitalization value of $85 billion set in the first trading session caused VinFast to become the Vietnamese enterprise with the highest capitalization value and the third largest electric vehicle manufacturer in the world, just after Tesla and BYD.
The VinFast capitalization value of $85 billion is higher than the total value of the largest eight enterprises on the Vietnamese bourse combined. It also exceeds the total capital of the entire Vietnamese banking system.
VinFast CEO Le Thi Thu Thuy said the VinFast valuation at $85 billion in the US stock market was beyond all imagination though she and VinFast’s leaders believe that the valuation at $23 billion is understandable and its value will keep rising in the future.
The global CEO of VinFast believes that VinFast has great potential as the world electric vehicle market is vast.
VinFast projects sales of 45,000-50,000 products in 2023 and has said that it can manufacture electric vans, mini electric cars and other models if there is demand.
It recently kicked off Phase 1 of an electric vehicle manufacturing factory in Chatham, North Carolina in the US with investment capital of $2 billion, marking an important step forward in its market expansion strategy.
In the first half of 2023, VinFast delivered 11,143 electric cars to clients in Vietnam.