Billionaire Pham Nhat Vuong. (Photo: genk.vn)
Billionaire Pham Nhat Vuong has promised to keep investing in VinFast, even if it means spending all his money. In this first half of 2024, he provided nearly 3,300 billion VND to support a subsidiary of Vingroup, which is likely VinFast.
In addition to this support, he also transferred shares of subsidiary worth over 1,800 billion VND. Moreover, he continues not to take a salary from Vingroup, similar to previous years.
At the annual shareholder meeting in May 2024, Pham Nhat Vuong, Chairman of Vingroup, emphasized that Vingroup will never abandon VinFast. I hope everyone will join in contributing, Pham Nhat Vuong stated.
According to a report by Vietcap Securities at the end of July, Pham Nhat Vuong has completed the disbursements as per an agreement announced in April 2023. This agreement includes his 1 billion USD support and Vingroup's 500 million USD, to be disbursed to VinFast over 12 months.
By June 2024, in an interview, Vietnam's richest man reaffirmed that he will invest in VinFast until he runs out of money. The Chairman of VinFast is confident in leading the company through challenges.
In July, VinFast announced it would delay opening a factory in North Carolina by three years to 2028 to manage short-term spending more effectively and focus resources on short-term growth goals. The company also lowered its annual sales target to 80,000 cars from the previous 100,000.
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