Mr. Pham Nhat Vuong is in the top 30 richest people in the world.

Vingroup Chairman's assets increased by 39 billion USD after VFS's IPO, putting him on the list of the 30 richest people in the world.

VinFast was founded in 2017 but rating organizations did not measure it because the company was newly established and there was no basis to determine its value. However, when VFS shares were traded on Nasdaq, Mr. Vuong's assets were immediately recalculated with the increase from VinFast's new valuation. After the session on August 15, Vietnam's largest electric vehicle company had a capitalization of more than 85 billion USD.

Shares of Vietnam’s largest electric carmaker surged 255% in their first trading day on the Nasdaq, closing at more than $37. The move also added $39 billion to the net worth of Chairman Pham Nhat Vuong, taking the fortune of Vietnam’s richest person to $44.3 billion, according to the Bloomberg Billionaires Index .

Mr. Vuong also joined the group of Asia's richest people according to the latest information from Forbes. Forbes estimated that Mr. Pham Nhat Vuong's net worth increased to 44.5 billion USD after yesterday's trading session, becoming the fifth richest person in Asia. However, this figure has not yet been updated on Forbes' The Real-time Billionaires list.

His assets of over $44 billion also put Mr. Vuong on the list of the 30 richest billionaires in the world . This figure previously did not include Mr. Vuong's shares in VinFast - the car manufacturer he founded. According to VinFast's latest prospectus, shareholders related to Vingroup Chairman Pham Nhat Vuong control nearly 2.3 billion VFS shares after the merger, equivalent to more than 99%. Of which, Vingroup is the largest shareholder holding 51% of VinFast's capital.

However, according to Bloomberg , other recent SPAC deals have seen initial booms followed by sharp declines as traders look for quick profits.

VinFast, founded in 2017, is forecasting sales of around 45,000 to 50,000 vehicles this year. The company began construction of a factory in North Carolina last month. The factory will have a capacity of 150,000 vehicles per year in phase 1 and will be operational by 2025.

At the end of April this year, Vingroup and Mr. Vuong said they would sponsor and lend VinFast 2.5 billion USD to supplement business capital. This amount will be disbursed over the next year, in which the Chairman of Vingroup donates 1 billion USD, Vingroup sponsors 500 million USD in a non-refundable manner, and lends VinFast 1 billion USD for a maximum term of 5 years.

Mr. Pham Nhat Vuong first appeared on Forbes' billionaire list in 2013, with a fortune of 1.5 billion USD, ranking 974th. For the next 11 consecutive years, he has always held the position of the richest billionaire in Vietnam. In the period of 2021-2022, his highest recorded fortune was nearly 8 billion USD.

Minh Son

Vnexpress.net