VinFast's value rapidly decreased from 210 billion USD, how will Mr. Pham Nhat Vuong change his position?

Before the opening of the trading session on August 29 on the Nasdaq stock exchange, VinFast shares (VFS) of billionaire Pham Nhat Vuong turned around and fell quite sharply, at one point falling nearly 15%, from yesterday's closing price of 82.35 USD/share to nearly 70 USD.

At 11:45 a.m. on August 29 (US time), equivalent to 11:45 p.m. on August 29 Vietnam time, VinFast shares fell to $54.5/share, down nearly 33% compared to the reference price. According to Forbes, billionaire Pham Nhat Vuong's assets decreased to $47.7 billion, ranking 26th in the world .

VinFast's capitalization dropped to 127 billion USD, still higher than supercar maker Porsche (at 101 billion USD).

This is a contrast to the previous trading session on August 28. Yesterday, VFS skyrocketed by several dozen percent, at one point reaching a new record high of 90 USD/share, equivalent to a company value of nearly 210 billion USD.

About an hour before the official trading session on August 29, VinFast shares fell 10-13%, to $71-72/share.

With this decrease, VinFast's capitalization is still around 170 billion USD, a corresponding decrease of about 20 billion USD.

*VFS shares fell to $70 at one point before trading hours on August 29.*

VinFast's capitalization has left Toyota, the world's second-largest automaker, far behind. The Japanese automaker's capitalization as of August 28 was $226 billion. Meanwhile, the American company Tesla has a capitalization of $758 billion.

However, VinFast's capitalization of 170 billion USD still far exceeds that of German supercar maker Porsche (nearly 100 billion USD). VinFast's capitalization is also much higher than the 94 billion USD capitalization of China's largest electric car maker BYD.

In addition, VinFast still has a capitalization far exceeding the industry giants with a very long history of development such as General Motors, Ford, Honda, Ferrari, Volkswagen, BMW, Mercedes-Benz...

Similarly, the assets of billionaire Pham Nhat Vuong, owner of VinFast, will decrease to about 60 billion USD, possibly falling below billionaire Zhong Shanshan, owner of China's largest beverage company Nongfu Spring. Mr. Shanshan had 60.5 billion USD as of August 28.

Billionaire Pham Nhat Vuong will also rank behind Indian oil and retail tycoon Mukesh Ambani ($94.7 billion, as of August 28).

Mr. Pham Nhat Vuong could be in the 23rd-25th richest person in the world.

However, Mr. Vuong is still the richest man in Southeast Asia, above the three richest billionaires in Indonesia, including the two Indonesian brothers Budi Hartono and Michael Hartono, who own 25-26 billion USD.

Despite the price drop, VinFast shares can still easily increase again in the official trading session thanks to the very low number of free-floating shares.

Domestically, as of August 29, Vietnam still had 6 USD billionaires according to the Forbes list. Bloomberg has yet to put Mr. Pham Nhat Vuong back on the list of the world's top 500 USD billionaires of this magazine.

Following Mr. Vuong is Mr. Tran Dinh Long (Chairman of Hoa Phat Group) with assets of 2.3 billion USD (an increase of 100 million USD compared to August 28).

VietJet Chairman Nguyen Thi Phuong Thao currently owns assets of 2.1 billion USD. Techcombank Chairman Ho Hung Anh has 1.6 billion USD. Mr. Tran Ba Duong Thaco and his family own assets of 1.5 billion USD. Masan CEO Nguyen Dang Quang has 1.2 billion USD.

Source