In 2024, billionaire Pham Nhat Vuong injected over VND 27,000 billion of personal capital into VinFast.
The audited financial report of Vingroup Joint Stock Company (VIC) for 2024 revealed that Mr. Pham Nhat Vuong, Chairman of Vingroup’s Board of Directors, provided VND 8,277 billion in 2023 and VND 18,890 billion in 2024 to a member unit within the group. These financial contributions were made to support VinFast, a subsidiary of Vingroup.
Previously, Mr. Pham Nhat Vuong had committed to funding VinFast with billions of USD. Specifically, in 2023, Mr. Vuong announced a gift of USD 1 billion to the electric vehicle manufacturer. This amount was fully disbursed by mid-2024.
In November 2024, Vietnam’s richest man further committed to supporting VinFast with an additional VND 50,000 billion until the end of 2026. The Vingroup Chairman also stated that the support was arranged from his personal assets, without affecting the interests of Vingroup and VinFast shareholders. He also vowed to continue funding the carmaker until his resources are exhausted.
Furthermore, in 2024, Mr. Pham Nhat Vuong transferred shares to VinFast at zero cost. Specifically, he purchased VinES – a large-scale battery manufacturing company with a capital of VND 6,500 billion – for the electric vehicle company at a cost of VND 1,820 billion, only to later transfer it to VinFast free of charge.
The financial report also revealed that Mr. Vuong did not receive any remuneration from Vingroup in 2024.
Mr. Pham Nhat Vuong has served as Chairman of VinFast’s Board of Directors since March 2022. From early 2024, he took on the role of General Director of the electric vehicle company, directly managing its operations. According to Forbes, his wealth stands at USD 7.5 billion, ranking him 412th in the world and the richest in Vietnam. His net worth has increased by USD 3.1 billion since the beginning of the year.
In 2024, Vingroup Joint Stock Company recorded a revenue of VND 14,647 billion from GSM, a ride-hailing technology company founded by billionaire Pham Nhat Vuong. This figure represents a 23% decrease compared to the same period in 2023. Among this, domestic GSM contributed more than 88% (VND 12,949 billion), with the remaining coming from the Indonesian market.
As of the end of 2024, the conglomerate of billionaire Pham Nhat Vuong achieved a record revenue of VND 189,000 billion (approximately USD 7.5 billion), a 17% increase compared to the previous year. After deducting expenses, the company’s profit after tax was VND 5,276 billion, an increase of 156%. Thus, GSM contributed about 7% to Vingroup’s revenue.
TT (Tuoitrethudo)
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