Vietnam's richest man sees assets rise by $39B as VinFast shares zoom on listing

Vuong’s fortune is now worth $44.3 billion, according to the Bloomberg Billionaires Index. Vuong has been the richest man in Vietnam for several years now.

VinFast made its debut on the Nasdaq stock exchange in the U.S. Tuesday at $22 and closed at more than $37, valuing the company at $85 billion, more than Ford’s market cap of $48 billion and General Motor’s $46 billion, Reuters reported.

Vuong is the beneficial owner of 99% of VinFast's 2.3 billion ordinary shares after VinFast was merged with blank-check company Black Spade Acquisition for the purpose of listing.

VinFast, a subsidiary of Vietnam’s largest conglomerate, Vingroup, has received approval to build a $4-billion auto factory in North Carolina State in the U.S. It has shipped nearly 3,000 electric cars to the U.S., expected to be one of its key markets.