VinFast Auto, the brainchild of Vietnamese billionaire Pham Nhat Vuong, has made substantial strides since its establishment in 2017. This year, the company anticipates achieving sales figures within the range of 45,000 to 50,000 units, demonstrating its robust performance in the automotive sector.
Pham Nhat Vuong, celebrated as Vietnam’s wealthiest individual, experienced a remarkable upturn in his fortunes on Tuesday (August 15) following the successful public debut of his enterprise, Electric automaker VinFast Auto. The noteworthy feat led to a single-day surge of USD 39 billion (approximately Rs 3 lakh crore), propelling his net worth significantly. The company’s entrance into the public domain marked a milestone as its market capitalization surged past established industry behemoths like General Motors Co. and Mercedes-Benz Group AG.
VinFast Auto’s shares experienced an extraordinary ascent of 255 percent on Tuesday, culminating in an impressive increase in Pham Nhat Vuong’s personal wealth to USD 44.3 billion. The Bloomberg Billionaires Index accurately documented this financial development.
A noteworthy aspect is that Pham Nhat Vuong wields control over an overwhelming 99 percent of the company’s outstanding shares. His substantial stake primarily stems from his affiliation with the conglomerate, Vingroup JSC. Since its inception in 2017, VinFast Auto has consistently demonstrated its potential for growth, underscored by its projected sales of 45,000 to 50,000 units for the current year.
In a strategic move highlighting his commitment to the company, Vuong recently initiated the establishment of a factory in North Carolina in July 2023. According to reliable sources, Vuong, along with his family, has collectively injected investments worth approximately USD 300 million into the enterprise.
Pham Nhat Vuong’s journey to immense prosperity began in Hanoi on August 5, 1968. He is celebrated as Vietnam’s inaugural billionaire, a significant feat that holds substantial historical significance. Born to a father who served in the Vietnamese Army’s air defense division and a mother who managed a quaint tea shop, Vuong’s humble beginnings paved the way for his meteoric rise. He completed his education at Kim Lien High School in 1985, marking a crucial step toward his future accomplishments.
VinFast Auto’s ascension, coupled with Pham Nhat Vuong’s strategic vision and indomitable drive, positions the company favorably in the competitive automotive landscape.