At the annual shareholder meeting of Vingroup, Vietnam’s leading private conglomerate, Chairman Pham Nhat Vuong announced a substantial injection of $1 billion from his personal fortune into the group’s electric vehicle (EV) subsidiary, VinFast. Addressing concerns about VinFast’s financial health, Vuong expressed confidence in the company’s capabilities and resources.
“While acknowledging the challenges of producing electric vehicles, the billionaire remained hopeful, noting that the most arduous phase had passed, with the electric vehicle market showing signs of gradual recovery,” the chairman stated.
VinFast, which recently became Vietnam’s best-selling automotive brand in the first quarter of the year, has seen improved sales. Vuong expressed his expectation for VinFast to become one of the world’s leading brands in the future, emphasizing his commitment to the company’s success.
“VinFast is Vingroupās mission, honor, and future, so we will never give up the firm,” Vuong affirmed.
Vuong also outlined plans to invest VND10 trillion ($394 million) from his personal funds in building charging stations over the next three years. This move aligns with his vision of VinFast challenging petrol-powered vehicles in Vietnam, highlighting the environmental and technological advantages of electric vehicles.
Last year, Vuong committed $1 billion from his personal assets to VinFast, while Vingroup pledged $500 million in non-refundable aid and a $1 billion loan for a maximum of five years. He also announced plans to transfer his 99.8% stake in battery maker VinES to VinFast to support the development of batteries for VinFast-branded EVs.
