Billionaire Pham Nhat Vuong's assets continue to fluctuate strongly after entering the top 50 richest people on the planet, right after VinFast listed its shares on the US Nasdaq stock exchange on August 15.
The instability of VinFast shares as well as the fluctuations of the three stocks Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) on the Vietnamese stock exchange have caused Mr. Pham Nhat Vuong's assets to fluctuate by tens of billions of USD every day.
As of 3:40 p.m. on August 18, according to Forbes, billionaire Pham Nhat Vuong's assets decreased by 11.4 billion USD (equivalent to a decrease of 30.4%) compared to the previous session, down to 26.1 billion USD.
Mr. Vuong also changed his position from 36 to 58 in the list of the richest people on the planet.
In the session of August 17, Mr. Pham Nhat Vuong's assets also decreased by more than 15.8% compared to the previous assessment (more than 44 billion USD) to 37.5 billion USD. With this level, Mr. Vuong ranked 33rd in the list of the richest people on the planet, above billionaire Jeff Bezos' ex-wife, Ms. MacKenzie Scott (ranked 36th).
In the session on August 16, Forbes at one point estimated billionaire Vuong to have 84 billion USD and ranked him 16th in the world . However, a few hours later, the magazine adjusted it down to a level quite similar to Bloomberg's assessment, at more than 44 billion USD.
In the trading session on August 18, Mr. Pham Nhat Vuong's assets also decreased following the decline of the three real estate stocks Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) on the Vietnamese stock market, after bad news from the Chinese real estate market.
News that China's "debt bomb" Evergrande - China's second largest real estate developer - filed for bankruptcy protection in the US has caused negative sentiment to pervade the market.
In fact, recently, many Vietnamese real estate businesses have shown quite strong signs of recovery after the liquidity shock in 2022 and early 2023.
Vinhomes, owned by billionaire Pham Nhat Vuong, is the largest real estate developer in Vietnam, while Vincom Retail is a giant in the retail space sector (also owned by billionaire Vuong). Vingroup is the parent company of both Vinhomes and Vincom Retail in Vietnam and VinFast (listed on the US market).
VinFast shares in the debut session on August 15 on Nasdaq jumped to more than 37 USD/share (equivalent to VinFast's capitalization of 85 billion USD) then continuously decreased and by the end of the session on August 17, they were down to 20 USD (equivalent to capitalization of 46 billion USD).
Before the trading session on August 18 on the US stock exchange (August 18 evening Vietnam time), VFS shares fell to $19, equivalent to a capitalization of $43.7 billion. The reason why VFS increased sharply and then decreased sharply, at times surpassing Mercedes-Benz, Ford, General Motors and many famous car manufacturers, is because the number of VFS shares in free float is very low, at 4.5 million units, compared to more than 2.3 billion listed VFS shares.
The free float ratio of less than 1% is too small. If 100% of shares were freely traded, the situation could be very different. In the coming time, a new amount of shares may be released, including several million shares transferred from the partner's warrants, then the supply of VFS in the market will be larger. Price fluctuations will be more accurate.
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