Vietnamese billionaire Pham Nhat Vuong said on Thursday he had plans to support Nasdaq-listed electric vehicle maker VinFast with an additional $1 billion from his own fortune, and was also considering listings for other companies he owns.
Speaking at a shareholder meeting of Vingroup, the conglomerate he chairs, Vuong said he could further expand investments in loss-making VinFast after he and Vingroup had poured into the company $11.4 billion as of the end of last year.
“I plan to give VinFast $1 billion from my own pocket,” he said without specifying a time frame. Vuong is also the chief executive officer of VinFast.
He also said Vingroup was considering listing its hospitality unit Vinpearl this year. He added he was also planning to list the taxi unit he owns, GSM, on the international market if conditions allow. GSM was last year VinFast’s top client.
Reuters
