Mr. Pham Nhat Vuong donated 7,000 billion VND to VinFast in September.

By the end of September, Vingroup had disbursed a loan of VND23,000 billion and in September, Chairman Pham Nhat Vuong also donated VND7,000 billion to VinFast.

This information has just been announced by VinFast, along with figures on business performance in the third quarter.

The disbursement by Vingroup and Vietnam's richest billionaire is made under the funding agreement between Vingroup and Mr. Pham Nhat Vuong for VinFast, announced in April. In which, Vingroup's Chairman donated 1 billion USD, Vingroup provided a non-refundable grant of 500 million USD, and lent VinFast 1 billion USD for a maximum period of 5 years.

According to VinFast, in the next 6 months, the company is expected to receive an additional VND12,000 billion in non-refundable funding from Vingroup. In addition, two shareholders controlled by Chairman Pham Nhat Vuong, Asian Star Trading & Investment and Vietnam Investment Group (VIG), will donate to VinFast the entire net proceeds from the sale of 46 million VFS shares, according to information registered in the F-1 Prospectus recently filed with the US Securities and Exchange Commission (SEC).

The total amount of money VinFast expects to receive in the next quarters could reach VND29,000 billion.

VinFast's electric vehicle deliveries have skyrocketed since the second quarter of this year. In the last three months, the company delivered more than 10,000 electric cars, up 5% from the second quarter. Previously, the report sent to the SEC for the second quarter revealed that VinFast's largest buyer was GSM Green and Smart Mobility Company - a car and electric motorbike rental company and electric taxi service provider founded by Mr. Pham Nhat Vuong in March this year. GSM had received about 7,100 electric cars from VinFast by the end of the second quarter. GSM also signed an agreement to buy 200,000 electric motorbikes and 30,000 electric cars from VinFast.

Thanks to continued growth in deliveries, VinFast's total revenue in the third quarter reached VND8,254 billion (equivalent to USD342.7 million), up 4% compared to the second quarter and up 159% compared to the same period last year, mainly from electric vehicle sales (VND7,698 billion).

Gross loss at VND2,468 billion (USD102.4 million) and gross profit margin at -30%, narrowing from the previous quarter.

At the end of the trading session on October 4, VFS shares stopped at 8.05 USD, corresponding to the capitalization value of this electric car company of nearly 18.8 billion USD.

Minh Son

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