Vietnamese Billionaire Plans $1 Billion Investment in VinFast

Vietnamese billionaire Pham Nhat Vuong revealed on Thursday his intentions to inject an additional $1 billion from his personal wealth into VinFast, the electric vehicle manufacturer listed on Nasdaq. Speaking at a shareholder meeting of Vingroup, the conglomerate he chairs, Vuong expressed his commitment to further investing in VinFast, despite its previous losses. He stated that he and Vingroup had already invested $11.4 billion in the company by the end of last year.

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"I plan to contribute $1 billion from my own funds to VinFast," Vuong declared, without specifying a timeframe for this investment. In addition to his plans for VinFast, Vuong disclosed that Vingroup is considering listing its hospitality unit, Vinpearl, this year. Furthermore, he mentioned intentions to list GSM, the taxi unit he owns, on the international market if conditions permit. Notably, GSM was VinFast's primary client last year.

Vuong's announcement underscores his continued support for VinFast's growth and development in the electric vehicle industry. This significant investment reflects his confidence in the company's potential and his commitment to advancing its mission.

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