Billionaire Pham Nhat Vuong has invested nearly $2 billion more from his own pocket into VinFast.

Billionaire Pham Nhat Vuong continuously invests his personal assets in VinFast – Photo: NAM LONG

On November 12, Vingroup Corporation and Mr. Pham Nhat Vuong announced their commitment to provide financial support to VinFast Company.

Accordingly, from now until the end of 2026, Vingroup plans to lend VinFast a maximum of 35,000 billion VND, and Mr. Pham Nhat Vuong also committed to sponsor VinFast with 50,000 billion VND.

"Regarding Mr. Pham Nhat Vuong – as the CEO and major shareholder of VinFast, the 50,000 billion VND financing was arranged from personal assets and does not affect the interests of Vingroup and VinFast shareholders," Vingroup stated.

At the same time, Vingroup said it will invest more in VinFast Vietnam, by converting all existing loans of about VND80,000 billion into dividend-entitled preferred shares.

Vingroup said the plan aims to help VinFast have enough resources and additional reserves to finance business operations, essential investments and fulfill other company obligations.

Simultaneously, the company aims to reach break-even point and achieve cash flow self-sufficiency by the end of 2026.

At the same time, VinFast continues to actively and independently deploy capital mobilization plans for its own capital needs, and only uses support from Vingroup and Mr. Pham Nhat Vuong if capital mobilization does not meet the expected plan.

Currently, VinFast has completed the basic investment phase with the operation of its automobile manufacturing plant at a maximum capacity of up to 300,000 vehicles per year in Cat Hai, Hai Phong .

Previously, according to the report for the first 10 months of the year, VinFast delivered more than 51,000 electric cars of all kinds to the Vietnamese market, officially surpassing foreign car manufacturers to capture the largest market share.

Notably, VinFast is also the first electric car company to surpass rival gasoline car companies after just over 2 years of switching to pure electric.

In the international market, VinFast is present in the US, Canada, Europe and has begun to penetrate new markets such as the Middle East, Indonesia, the Philippines, India, etc.

Mr. Pham Nhat Vuong said VinFast overcame doubts and slander.

Mr. Pham Nhat Vuong - Chairman of Vingroup and Global CEO of VinFast - said that to achieve this miracle, first of all, we must mention the joint efforts of hundreds of thousands of VinFast customers, who have bravely pioneered in supporting a young Vietnamese brand.

The richest billionaire in Vietnam also thanked all the staff of VinFast and Vingroup for "having overcome many difficulties, doubts, and even slander and sabotage from ill-intentioned people. We have been determined, creative, and dedicated to fulfilling our mission."

Source: https://tuoitre.vn/ti-phu-pham-nhat-vuong-bo-tien-tui-rot-them-cho-vinfast-gan-2-ti-usd-20241112191251239.htm