Billionaire Pham Nhat Vuong, the chairman of the private conglomerate Vingroup and recognized as Vietnam’s wealthiest individual, has injected a staggering VND20.5 trillion (approximately US$790 million) into the automaker VinFast between November and May. This generous contribution is part of his promise of VND50 trillion made last year, as disclosed by the company on Monday.
In the past six months, VinFast has also secured a loan of VND30.57 trillion from its parent company, reinforcing its financial backbone. Vingroup remains committed to supporting VinFast, pledging a maximum of VND35 trillion to ensure the company’s sustained growth. Vuong, who wears multiple hats as CEO and founder of VinFast, experienced a remarkable surge in his wealth—an increase of $3 billion over the last two months—bringing his total fortune to over $10 billion, according to Forbes.
VinFast reported exceptional growth for the first quarter, showcasing a 150% increase in revenues year-on-year, reaching VND16.31 trillion. The company delivered a remarkable 36,330 electric cars and an astonishing 44,904 motorcycles and bicycles during this period, translating to impressive increases of 296% and 473% respectively. However, despite these successes, VinFast also reported a loss of VND17.69 trillion, which marks a 20% rise in losses compared to the previous period. To respond to the challenges and capitalize on its momentum, the company plans to adjust its sales target for the year from 200,000 to 280,000 units, as shared by deputy CEO Thai Thi Thanh Hai.
Who knew the complex world of electric vehicles could be this exhilarating?
How much has Pham Nhat Vuong invested in VinFast?
Pham Nhat Vuong has gifted VinFast VND20.5 trillion (around US$790 million) over the past six months.
What has been VinFast’s recent sales performance?
VinFast delivered 36,330 electric cars and 44,904 motorcycles and bicycles in the first quarter, marking significant increases in both categories.
What loss did VinFast report despite impressive growth?
The company reported a loss of VND17.69 trillion, a 20% increase compared to the previous period, even amid record revenue growth.
