Vietnam’s richest man sees net worth plunge along with VinFast share

By Minh Son   August 17, 2023 | 08:56 pm PT
Vietnam’s richest man sees net worth plunge along with VinFast share
VinFast electric car VF8. Photo by VnExpress
The net worth of Pham Nhat Vuong continued to plummet along with the VinFast share price, and he has become 60% poorer in the two days since it listed.

Vuong, who owns 99% of VinFast's 2.3 billion ordinary shares, has seen his net worth fall to $26.4 billion, making him the 57th richest person in the world and by far the richest in Vietnam, according to U.S. magazine Forbes.

VinFast share has lost 46% and now trades at US$20, lower than its listing price of $22.

Vuong's highest place in the ranking was 16th, which he achieved on listing day, Wednesday.

In the period VinFast’s market cap has fallen from $85 billion to $45 billion.

But only around 4.5 million shares, or 0.19% of the total number, were available to trade on the first day.

"The initial strong debut seems trading driven – lots of buyers chasing a limited float – and it will be difficult for the stock to maintain this valuation, particularly once more shares become available," Rick Meckler, partner at Cherry Lane Investments in New Jersey, told Reuters.

The company is likely to see more fluctuations in its valuation in the coming months as it strives to reach the target of selling 50,000 electric vehicles, twice the number it has sold so far this year.

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