VinFast's power soars to 160 billion USD, Mr. Pham Nhat Vuong is the 23rd richest person in the world

Billionaire Pham Nhat Vuong jumped to the 23rd richest position in the world and ranked 3rd in Asia with assets of 55.8 billion USD as VinFast shares continued to skyrocket to a new peak in the trading session on August 25 on the Nasdaq stock exchange.

VinFast "power" reaches 160 billion USD

In the trading session on August 25 in the US market (early morning of August 26, Vietnam time), VinFast shares (VFS) of billionaire Pham Nhat Vuong continued to shock by closing at a new record high price: 68.77 USD/share, with more than 12.9 million units traded. During the session, VFS reached 72.5 USD/share at one point, equivalent to a company value of 170 billion USD.

VinFast shares debuted on the US Nasdaq stock exchange on August 15 at over $37/share. This was a price that VinFast CEO Le Thi Thu Thuy admitted was "surprised" and unprepared for the scenario of VFS shares reaching this price. Previously, according to Ms. Thuy, when asking investment banks, most said that the shares would go red, meaning VFS would fall below $10/share in the first session.

Thus, after nearly 2 weeks of trading, VFS has skyrocketed to nearly double its initial price. Electric car company VinFast has set a new capitalization record with a value of nearly 160 billion USD as of August 25.

At this price, VinFast's capitalization is nearly double that of the famous Chinese electric car giant BYD and far surpasses the famous German supercar company Porsche.

VinFast shares have increased sharply in recent sessions.

VinFast continues to hold the 2nd position in the global electric vehicle industry and becomes the 3rd largest car manufacturer in the world , after Tesla (with a capitalization of 757 billion USD) and Toyota (with 222 billion USD).

Compared to domestic market, VinFast's capitalization is nearly twice the total capitalization of the 10 largest enterprises listed on the Vietnamese stock market and nearly 10 times larger than the enterprise with the largest capitalization, Vietcombank . As of August 25, Vietcombank's capitalization reached 408 trillion VND (equivalent to 16.9 billion USD).

VinFast shares continued to rise in the context of the company's total free float on the Nasdaq being very low, only 4.5 million units, compared to a total of more than 2.3 billion listed VinFast shares.

VinFast is considered a phenomenon in the US stock market in the gloomy year of 2023.

VinFast has a capitalization of nearly 160 billion USD.

Information about the ambition of Vietnam's richest billionaire Pham Nhat Vuong, shared by VinFast CEO Le Thi Thu Thuy with international media, is making a strong impression on the world.

Recently, international media has had quite positive reviews about VinFast.

In a live interview on CNN's "First Move with Julia Chatterley" program on August 22, VinFast CEO Le Thi Thu Thuy talked about VinFast's advantages in Vietnam and the US, with advantages in factories, infrastructure, and charging station systems.

Besides, VinFast CEO also shared about the ambition to penetrate the European, Middle East, and ASEAN markets.

Both American and Chinese media have dissected Vietnamese car company VinFast, with its breakthrough over traditional car giants such as Mercedes-Benz, Ford or Honda... in just one night.

New power in the auto industry, billionaire Vuong is the 3rd richest in Asia

With the sudden breakthrough of VinFast shares, overnight, the young Vietnamese car company successively surpassed the giants in the industry with a long history of development such as: General Motors, Ford, Honda, Ferrari, Volkswagen, BMW, Mercedes-Benz and then the German supercar company Porsche.

Also just after each night, billionaire Pham Nhat Vuong's assets increased by several tens of billions of USD.

As of the end of the August 25 session on the US stock exchange (early morning of August 26 Vietnam time), according to Forbes, Mr. Pham Nhat Vuong had total assets of 55.8 billion USD, ranked 23rd in the world, 3rd in Asia and 1st in Southeast Asia.

In recent sessions, billionaire Pham Nhat Vuong has been ranked number 1 on Forbes' list of people who earn the most money (Today's winners and losers).

In the session on August 25, Mr. Vuong surpassed billionaire Elon Musk when he "earned" an additional 14.7 billion USD, compared to the increase of 6.1 billion USD of the Tesla car company owner.

Of course, billionaire Pham Nhat Vuong also has a faster growth rate in assets than Amazon boss Jeff Bezos (with an additional 1.4 billion USD) and Indian billionaire Gautam Adani (whose assets decreased by 878 million USD on August 25 to 55.2 billion USD).

Mr. Pham Nhat Vuong has 55.8 billion USD, ranked 23rd in the world, 3rd in Asia.

In the session of August 25, billionaire Pham Nhat Vuong surpassed billionaire Gautam Adani to become the 3rd richest person in Asia, only after Indian oil and gas and retail tycoon Mukesh Ambani (who has 95.9 billion USD, as of August 25) and billionaire Zhong Shanshan, owner of China's largest beverage company Nongfu Spring (who has 60.3 billion USD).

Gautam Adani was once the richest man in India and the fourth richest man in the world, with a fortune of hundreds of billions of dollars, in early 2023. However, this billionaire has lost nearly half of his fortune in the blink of an eye, following shocking allegations of wrongdoing by his eponymous conglomerate, which builds highways, airports and infrastructure in India.

In Vietnam, Mr. Vuong continues to leave other billionaires far behind. As of August 25, billionaire Nguyen Thi Phuong Thao currently owns assets of 2.1 billion USD. Thaco Chairman Tran Ba Duong and his family own assets of 1.5 billion USD. Mr. Tran Dinh Long has assets of 2.2 billion USD. Mr. Ho Hung Anh has 1.6 billion USD and Mr. Nguyen Dang Quang has 1.2 billion USD.

Thus, according to Forbes, the total assets of the remaining 5 USD billionaires in Vietnam reached 8.6 billion USD, equal to about 15% of Mr. Pham Nhat Vuong's assets.

Before listing VinFast on the US stock exchange, Mr. Vuong's assets were $5.9 billion. Thus, most of Mr. Vuong's assets increased thanks to VinFast and the surge of this stock.

Many people are skeptical about the increase in VinFast shares, but there are also people who believe in the risk appetite of the US stock market, just like they once bet on billionaire Elon Musk's Tesla shares.

Over the past decade, Tesla has been on a roller coaster ride and has been on the brink of bankruptcy several times before becoming the world's number one car company.

The “Tesla Vietnam” phenomenon has only been around for a few sessions. It could be a flash in the pan, but it could also be the beginning of a new legend. The money-burning game and the ability to raise capital for a completely new field are both opportunities and challenges. Vietnam could have a globally recognized brand.

According to VietNamNet

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