Vietnamese Billionaire Pledges Additional $1 Billion to VinFast

Pham Nhat Vuong, CEO of VinFast, commits further personal investment amid ongoing sales and financial challenges for the EV company.

Pham Nhat Vuong, a Vietnamese billionaire and CEO of VinFast, announced an additional $1 billion investment from his personal wealth into the struggling EV maker.
VinFast, listed on Nasdaq, has faced significant financial difficulties, with its stock price dropping from $10 to $2.5 since its initial listing.
Despite challenges, Vuong remains optimistic about the EV market's growth and is considering listings for other companies he controls, including GSM and Vinpearl.
VinFast's sales primarily consist of vehicles sold to GSM, an electric taxi company owned by Vuong, highlighting its reliance on internal sales.
Vuong's decision to invest further in VinFast reflects his confidence in the company's long-term prospects despite current market conditions.