Vietnam’s richest person, Pham Nhat Vuong, experienced a staggering increase in his net worth on Tuesday as shares of his electric vehicle company, VinFast, soared on its Nasdaq debut. In just one day, Vuong’s fortune skyrocketed by $39 billion, bringing his total net worth to an impressive $44.3 billion, according to the Bloomberg Billionaires Index. This significant surge in wealth can be attributed to VinFast’s shares opening at $22 per share on the Nasdaq, which marked a remarkable 200% increase from the agreed-upon price of $10 per share with Black Spade Acquisition, the EV maker’s SPAC partner.

Vuong’s tremendous rise to billionaire status is a testament to his entrepreneurial spirit and resilience. Born and raised in Hanoi, he faced several setbacks early in his career, including bankruptcy and substantial debt. However, he persevered and eventually founded Vingroup, a real estate conglomerate that generated revenue of $5.4 billion last year. Vuong’s ultimate goal is to put Vietnam on the global corporate map, believing that his success with VinFast can rival that of major international companies like Hyundai and Toyota.

Vietnam EV Maker VinFast’s Shares Soar on Nasdaq Debut

Vietnam’s electric vehicle (EV) maker, VinFast, saw its shares surge over 200% on its debut on the Nasdaq stock exchange, boosting the fortune of its major shareholder, Pham Nhat Vuong. With the significant increase in share price, Vuong’s net worth jumped from $5.3 billion to $44.3 billion. This makes him Vietnam’s richest person and puts him in the spotlight as one of the country’s most successful entrepreneurs.

VinFast’s Successful Nasdaq Debut

VinFast’s stock opened at $22 per share on the Nasdaq, which was more than double the $10 per share price agreed with Black Spade Acquisition, the EV maker’s SPAC partner. The stock ended the session at $37.06 per share, although it experienced a 14% decline during after-hours trade.

Vuong’s Rise to Billionaire Status

Pham Nhat Vuong’s journey to billionaire status has not been a smooth one. He started his business career during his third year in college and experienced both losses and bankruptcy due to poor responses to market trends. However, he persevered and founded Vingroup, a conglomerate focused on real estate. The company achieved $5.4 billion in revenue last year, a 1% increase from the previous year.

Vuong’s Vision for Vietnam

Vuong has a vision to put Vietnam on the world’s corporate map and believes that the country has the potential to produce globally recognized companies like Hyundai and Toyota. He aims to create a Vietnamese equivalent to Microsoft or Apple and contribute to the growth and development of the country’s economy.

Takeaways

VinFast’s successful debut on the Nasdaq stock exchange has catapulted Pham Nhat Vuong’s net worth, making him Vietnam’s richest person. However, the thinly traded stock and the potential for fluctuations mean that the surge in his fortune may not be sustainable in the long term. Despite facing setbacks and bankruptcy earlier in his career, Vuong’s determination and entrepreneurial spirit have led him to build a successful conglomerate and contribute to Vietnam’s economic growth.

Overall, VinFast’s Nasdaq debut and Pham Nhat Vuong’s rise to billionaire status highlight the potential of Vietnam’s growing EV industry and the entrepreneurial spirit of its business leaders.