Billionaire Pham Nhat Vuong, chairman of private conglomerate Vingroup and Vietnam’s richest man, has gifted automaker VinFast VND20.5 trillion (US$790 million) between November and May.
It was part of the VND50 trillion Vuong had promised last year, the company said in a disclosure Monday.
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Vingroup chairman Pham Nhat Vuong seen at a groundbreaking event in Can Gio, Ho Chi Minh City, on April 19, 2025. Photo by VnExpress/Thanh Tung |
VinFast also received a loan of VND30.57 trillion from parent company Vingroup in the last six months.
Vingroup has committed to lending Vinfast a maximum of VND35 trillion to sustain growth.
Vuong, the CEO and founder of VinFast, has seen his wealth surge by $3 billion in the last two months to exceed $10 billion as of Monday following a 50% hike in the price of Vingroup shares, according to U.S. magazine Forbes.
VinFast reported strong growth for the first quarter, with revenues jumping by 150% year-on-year to VND16.31 trillion.
It delivered 36,330 electric cars and 44,904 motorcycles and bicycles in the period, marking increases of 296% and 473%.
But it posted a loss of VND17.69 trillion, up 20%.
The company plans to adjust its sales target for this year up from 200,000 to 280,000 units, according to deputy CEO Thai Thi Thanh Hai.
