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

By Dat Nguyen August 15, 2023 | 06:46 pm PT

Vingroup chairman Pham Nhat Vuong is seen at the company's general meeting on May 17, 2023. Photo courtesy of Vingroup

The surge in VinFast share prices on listing on Tuesday added US$39 billion to the net worth of Vietnam’s richest man and the company’s chairman, Pham Nhat Vuong.

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.