"Support VinFast until the money runs out" is the affirmation of Mr. Pham Nhat Vuong, Chairman of Vingroup Corporation (VIC) Pham Nhat Vuong in an exclusive interview with the American magazine Bloomberg, published on the occasion of the 5th anniversary of the inauguration of the VinFast automobile factory (June 14, 2019 - June 14, 2024).

Get 8 hours of sleep, no worries

Vingroup (VIC) Chairman Pham Nhat Vuong said he gets 8 hours of sleep every day and has no worries. The billionaire shared that VinFast is not only a business project but also a dedication project. VinFast will soon reach the break-even point and become self-sufficient.

According to billionaire Pham Nhat Vuong, although VinFast only started producing cars more than 5 years ago, it has now entered the US market and is competing with large corporations such as Tesla or Hyundai. VinFast is also penetrating markets such as India and Indonesia.

The owner of the Vietnamese electric car company is confident that he can steer VinFast through challenges, despite the difficulties that global giants like Toyota and Volkswagen are facing.

VinFast listed on the US stock exchange in August 2023, with its stock price rising 700% in the first two weeks. Although the stock price has since fallen and the float is only about 2%, Mr. Pham Nhat Vuong is in no hurry to increase the float.

In fact, VinFast is facing many challenges to become a successful brand on a global scale. Chinese electric car manufacturers are stepping up exports of cheap electric cars and Tesla is cutting prices.

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Mr. Pham Nhat Vuong, Chairman of Vingroup Corporation (VIC) Pham Nhat Vuong. Photo: Bloomberg

VinFast delivered 9,689 cars in the first quarter of this year, only about 10% of the total planned 100,000 cars for the whole year 2024.

Bloomberg Intelligence analyst Ken Foong said VinFast needs to build its brand and compete with larger rivals. “It won’t be easy to succeed in the U.S. It will take a lot of time and investment,” he said.

According to information shared on Bloomberg, from 2017 to the end of the first quarter of 2024, Vingroup, its member companies and financial institutions have provided VinFast with about 12.9 billion USD. VinFast is building a factory in North Carolina, has started construction in India and plans to build a factory in Indonesia.

According to Mr. Pham Nhat Vuong, VinFast is the mission, honor and future of Vingroup, so we will never "let go" of VinFast.

How rich is billionaire Pham Nhat Vuong now?

Mr. Vuong is the most influential business leader in Vietnam. Vingroup operates in many fields in Vietnam.

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According to Forbes, as of June 16, Mr. Pham Nhat Vuong had assets worth 4.2 billion USD.

According to Bloomberg, at the time of the interview, Mr. Pham Nhat Vuong owned assets of about 5.3 billion USD.

This figure is not enough for Mr. Pham Nhat Vuong to enter Bloomberg's top 500 billionaires. As of June 16, the 500th person on Bloomberg's list is billionaire Tsai Eng-Meng from Taiwan (China), with assets worth 5.84 billion USD.

In early 2024, according to Bloomberg's rankings, Mr. Pham Nhat Vuong had assets of more than 9 billion USD and ranked 257th globally. Mr. Pham Nhat Vuong's assets were calculated based on the number of Vingroup and VinFast shares that this businessman owns.

According to Forbes, as of June 16, Mr. Vuong had assets of 4.2 billion USD.

Besides VinFast and Vingroup, Mr. Vuong also owns VMI JSC (real estate sector) and Green and Smart Mobility JSC (GSM - electric taxi sector)...

Mr. Pham Nhat Vuong sponsors another 1 billion USD, never giving up VinFast. Vingroup Chairman Pham Nhat Vuong said he will sponsor another 1 billion USD for VinFast in the near future and focus all his efforts on building this brand.