Forbes recorded that billionaire Pham Nhat Vuong's assets skyrocketed by $1.5 billion in the past month and a half as Vingroup shares hit a 14-month high. Vietnam's richest tycoon could soon be among the world's 100 richest people.
Top 500 richest people
Billionaire Pham Nhat Vuong's assets have increased rapidly in the past 2 weeks and quickly surpassed a 14-month peak with explosive transactions.
At the end of the trading session on August 11, Vingroup Corporation (VIC), chaired by Pham Nhat Vuong, hit the ceiling price of VND72,600/share after many previous breakout sessions. In the past 2 weeks, VIC shares have increased by nearly 41%, from VND51,500/share on July 28 to the current level. This is also the highest price of Vingroup shares in the past 14 months.
During the session on August 11, nearly 23.1 million VIC shares were transferred. At the end of the session, there were still nearly 720,000 shares left to buy at the ceiling price. The trading volume of Vingroup shares is a new historical record since the company listed its shares in 2007, breaking the record of 21.2 million shares transferred on August 4.
With Vingroup shares increasing sharply, Mr. Pham Nhat Vuong's assets also increased rapidly.
According to Forbes, as of August 11, Mr. Pham Nhat Vuong had assets of 5.7 billion USD, a sharp increase compared to the 4.2 billion USD recorded at the end of July. With this asset, Mr. Vuong ranked 489th in the list of the richest people on the planet according to Forbes' rankings.
Vingroup shares rose sharply in the context of Vingroup announcing on August 10 that shareholders of Black Spade Acquisition Co (NYSE: BSAQ) approved the business merger plan with VinFast at the Special General Meeting of Shareholders (EGM).
On August 11, billionaire Pham Nhat Vuong entered the top 500 richest people on the planet. (Source: FB)
Accordingly, the merger transaction is expected to be completed on August 14. After the transaction, VinFast - the unit that manages Vingroup's automobile manufacturing division - will operate as a consolidated company. The common shares and warrants of the electric car company in Vietnam are expected to begin trading on the Nasdaq Stock Market LLC on August 15, under the new listing codes "VFS" and "VFSWW", respectively.
Vingroup is also considered the first large Vietnamese enterprise listed on the international market.
Vingroup shares have increased recently partly due to good business results in the first 6 months of 2023 with profits more than doubling over the same period, to nearly VND 7,940 billion.
VinFast is highly valued, billionaire Vuong aims for the world's top 100
According to Forbes' update, as of August 11, Mr. Pham Nhat Vuong has assets of 5.7 billion USD, ranking 489th on the list of the richest people on the planet.
Mr. Vuong's assets may increase and his position in the world will soon improve.
Previously, according to Bloomberg's assessment, billionaire Pham Nhat Vuong's net worth could increase by 11 billion USD thanks to VinFast, from 5 billion USD to 16 billion USD.
VinFast electric car company, part of the Vingroup ecosystem of billionaire Pham Nhat Vuong, merged with Black Spade in a deal and was valued at $27 billion. The equity value is $23 billion after the merger.
With this value, billionaire Pham Nhat Vuong's net worth will skyrocket after listing.
Although VinFast has not yet had an initial public offering (IPO) and it is not yet known how much the US stock market will value VinFast, information about its business results and billionaire Vuong's ambitions can support this stock.
According to published figures, VinFast forecasts sales of 45,000 to 50,000 units in 2023 and said it could produce electric pickup trucks, mini electric cars and other models if the market demands it. VinFast has also just started construction on the first phase of its electric vehicle factory project in Chatham County, North Carolina (with an investment of 2 billion USD), marking an important step in its market expansion strategy.
Recently, Mr. Vuong committed to VinFast to inject an additional financial source of about 1 billion USD.
In the first half of 2023, VinFast delivered 11,143 electric cars to customers in Vietnam.
Legal documents show that Mr. Vuong will control 99% of the shares after the merger, partly through shares held by his wife, Pham Thu Huong, and Vingroup. Casino tycoon Ho and his investment arm, along with a group of others linked to the SPAC, will hold the remaining shares.
Mr. Vuong may soon enter the top 100.
With the rapid growth of assets as recently and if as predicted by Bloomberg, Mr. Vuong will soon be in the top 110 richest people on the planet.
As of August 11, the 110th richest person on the planet according to Forbes is Diane Hendricks. The American businesswoman who owns the largest construction empire in the US and a film producer from Wisconsin has a fortune of 15.7 billion USD.
And if his assets reach 17.5 billion USD, Mr. Vuong will be in the top 100 richest people, on par with the family of billionaire Rupert Murdoch (92 years old), the global media tycoon who owns a media empire including Fox News, The Sun, The Times, The Wall Street Journal and The New York Post.
Besides VinFast, Vingroup is still the number 1 enterprise in the real estate sector in Vietnam, with the Vinhomes brand. Vinhomes (VHM) is currently the enterprise with the largest capitalization scale on the Vietnamese stock market.
With his current position, Mr. Vuong has left behind Vietnamese USD billionaires recognized by the world (Nguyen Thi Phuong Thao, Tran Dinh Long, Tran Ba Duong; Mr. Ho Hung Anh and Nguyen Dang Quang.
As of August 11, billionaire Nguyen Thi Phuong Thao currently owns assets of 2.2 billion USD. Thaco Chairman Tran Ba Duong and his family own assets of 1.5 billion USD. Mr. Tran Dinh Long has assets of 2.3 billion USD. Mr. Ho Hung Anh has 1.6 billion USD and Mr. Nguyen Dang Quang has 1.3 billion USD.
Vietnamnet.vn
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