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Pham Nhat Vuong

All articles tagged with #pham nhat vuong

business2 years ago•1 min saved

VinFast's Market Debut Turns Sour, Losing Billions in Days

Pham Nhat Vuong, founder of VinFast Auto, saw his net worth plummet by $18 billion as the company's shares experienced a volatile week on the Nasdaq. After surging 255% on its first day of trading, the share price dropped over the next three days, resulting in a 52% decrease in Vuong's net worth. Despite the decline, Vuong remains significantly wealthier than before the company's listing. VinFast's market capitalization peaked at $85 billion but ended the week at around $36 billion, still ahead of competitors like Rivian, Nio, and Lucid Group.

via Benzinga|

#business #electric-vehicle-manufacturer #net-worth

business2 years ago•1 min saved

VinFast's Market Debut Turns Sour as Shares Plummet, Costing Vietnam Tycoon Billions

VinFast, the Vietnamese electric carmaker, experienced a spectacular market debut in New York, reaching a value of $85 billion. However, the company has since seen a significant decline in its share value, losing almost half of its initial worth. This has also resulted in a substantial decrease in the net worth of VinFast's owner, Pham Nhat Vuong. Despite the setback, Vuong remains Vietnam's richest person. VinFast is yet to turn a profit and has faced criticism for its initial vehicle shipments to the US.

via Markets Insider|

#business #ev-carmaker #market-debut

business2 years ago•1 min saved

Vietnam's VinFast to go public in $23B SPAC merger with US firm.

VinFast, controlled by Vietnam's richest person Pham Nhat Vuong's VinGroup, has agreed to merge with Lawrence Ho's Black Spade Acquisition Co. in a deal valuing the electric vehicle maker at over $23 billion. The deal with Black Spade, a special purpose acquisition company or SPAC, is expected to be completed in the second half of this year, paving the way for the U.S. listing of VinFast. VinFast plans to build a factory in North Carolina and has started shipping its vehicles to the U.S. to directly challenge EV giant Tesla in its home market.

via Forbes|

#business #ev #lawrence-ho