Billionaire Pham Nhat Vuong invests more than 27,000 billion VND in VinFast

Video: Interview with the owner of the Vinfast VF3 electric mini car through a real perspective.

The audited financial report for 2024 of Vingroup Corporation (stock code: VIC) shows that billionaire 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. Pham Nhat Vuong had pledged to fund billions of dollars for VinFast. Specifically, in 2023, Mr. Vuong announced to donate 1 billion USD to this electric car company. This amount was fully disbursed by mid-2024.

Billionaire Pham Nhat Vuong invested more than 27,000 billion VND in VinFast.

By November 2024, the richest man in Vietnam continued to pledge to support VinFast with an additional VND50,000 billion until the end of 2026. The Vingroup Chairman 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 the money ran out.

Not stopping there, also in 2024, Mr. Pham Nhat Vuong transferred shares to VinFast Company at a price of 0 VND. Specifically, he bought VinES Company - a battery manufacturing company with a capital of 6,500 billion VND - for the electric car company - at a price of 1,820 billion VND and then transferred it to VinFast at a price of 0 VND.

The financial report also said that last year, Mr. Vuong did not receive any remuneration at Vingroup.

In 2024, billionaire Pham Nhat Vuong poured more than 27,000 billion VND of personal capital into electric car company VinFast.

Mr. Pham Nhat 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 being the richest person in Vietnam. Mr. Vuong's assets have increased by 3.1 billion USD since the beginning of the year.

In 2024, Vingroup Corporation achieved revenue of VND 14,647 billion from GSM - a technology-based ride-hailing company founded by billionaire Pham Nhat Vuong. This figure decreased by 23% compared to the same period in 2023. Of which, domestic GSM contributed more than 88% (VND 12,949 billion), the rest from the Indonesian market.

By the end of 2024, billionaire Pham Nhat Vuong's group achieved a record revenue of VND189,000 billion (about USD7.5 billion), up 17% over the same period last year. After deducting expenses, the company's profit and after-tax profit were VND5,276 billion, up 156%. Thus, GSM contributed about 7% of Vingroup's revenue.

Source: https://khoahocdoisong.vn/ty-phu-pham-nhat-vuong-dau-tu-hon-27000-ty-dong-cho-vinfast-post266995.html