Billionaire Pham Nhat Vuong sponsors more than 27,000 billion VND for VinFast

Vingroup Corporation (stock code: VIC) has just announced its audited financial report for 2024. Accordingly, Mr. Pham Nhat Vuong - Chairman of the Board of Directors (BOD) of Vingroup has sponsored VND 8,277 billion in 2023 and VND 18,890 billion in 2024 for a member unit of the corporation. These two financial amounts are to support VinFast, a subsidiary of Vingroup.

Previously, Mr. Vuong had pledged to fund billions of dollars for VinFast . Specifically, in 2023, the richest man in Vietnam announced to donate 1 billion USD to this electric car company. This amount was fully disbursed by mid-2024.

At the end of 2024, Vingroup's Chairman continued to commit to supporting VinFast with an additional VND50,000 billion until the end of 2026. This billionaire also said that the support was arranged from personal assets, not affecting the interests of Vingroup and VinFast shareholders. He also announced that he would sponsor this car company until he ran out of money.

Mr. Pham Nhat Vuong - Chairman of Vingroup. Photo: Ngoc Thanh

In addition to sponsoring more than VND 27,000 billion in cash to VinFast, in 2024, Mr. Vuong will continue to donate VinES - a battery manufacturing company with a capital scale of VND 6,500 billion - to the electric car company. Specifically, he bought VinES from Vingroup for VND 1,820 billion, then transferred it to VinFast.

VinES operates in the field of research, development and production of high-quality lithium-ion batteries for electric vehicles, energy storage systems and other applications. In May 2024, VinES was split into two companies, VinEG Green Energy Solutions Joint Stock Company and VinES Company. After the deal, Mr. Vuong owns VinES, while VinFast owns VinEG.

Mr. Vuong has held the position of Chairman of the Board of Directors of VinFast since March 2022. From the beginning of 2024, he will take on the position of General Director of this electric vehicle manufacturing company, directly managing the company.

According to Forbes , this billionaire's assets reached 7.5 billion USD, ranking 412th in the world and making him the richest person in Vietnam. Mr. Vuong's assets have increased by 3.1 billion USD since the beginning of the year. Last year, this businessman did not receive remuneration at Vingroup.

Source: https://baohatinh.vn/ty-phu-pham-nhat-vuong-tai-tro-hon-27000-ty-dong-cho-vinfast-post285130.html