VinFast Receives Additional Funding from Chairman Pham Nhat Vuong

VinGroup’s latest report reveals that billionaire Pham Nhat Vuong has invested an additional VND3,277 billion in VinFast, the company’s electric vehicle subsidiary.

VinGroup Corporation’s (stock code: VIC) audited consolidated financial report for the first half of 2024 shows that Mr. Pham Nhat Vuong, Chairman of Vingroup, has sponsored VinFast with VND 3,277 billion.

In the last six months of 2023, Mr. Pham Nhat Vuong sponsored VinFast with VND 18,980 billion. This brings the total amount sponsored by the Vingroup Chairman to VND 22,257 billion (approximately 1 billion USD) in the past year.

In April 2023, Vingroup Corporation, VinFast Joint Stock Company, and Mr. Pham Nhat Vuong signed a commitment agreement. As part of this agreement, Mr. Pham Nhat Vuong will donate 1 billion USD to VinFast from his personal assets within one year. Vingroup Corporation will also provide a non-refundable grant of 500 million USD and lend VinFast 1 billion USD with a maximum term of 5 years.

At Vingroup’s General Meeting of Shareholders in April 2024, Mr. Vuong announced plans to arrange his assets to fund VinFast with at least another 1 billion USD after the initial funding.

Mr. Vuong has also established companies related to the electric vehicle sector, including V-Green Global Charging Station Development Company, which he owns 90% of. This company operates independently to develop a network of charging stations for VinFast on a global scale.

In July, Mr. Vuong established FGF Trading and Service Joint Stock Company – For Green Future, which operates in the field of buying, selling, and renting electric cars.

Additionally, Mr. Vuong owns 95% of GSM Green and Smart Mobility Company (Xanh SM), a taxi and electric motorbike company that has experienced rapid growth in the market over the past two years.