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Tuesday, November 12, 2024
CEOWORLD magazine - Latest - Money and Wealth - Vietnam’s Pham Nhat Vuong becomes the world’s 59th richest person ($26.2 billion)

Money and Wealth

Vietnam’s Pham Nhat Vuong becomes the world’s 59th richest person ($26.2 billion)

Pham Nhat Vuong

Pham Nhat Vuong’s total assets of $26.2 billion, making him the 59th wealthiest man in the world, according to CEOWORLD magazine. The net worth of Vuong, Vietnam’s richest person and Vingroup chairman, is up 4 times that of last year ($6.2 billion). The billionaire was worth $5.3 billion before the bonanza.

The Vietnamese automaker VinFast Auto Ltd. (NASDAQ: VFS), a car-making unit of Vingroup, of which Vuong owns 99% beneficiary shares, listed on the Nasdaq stock exchange Wednesday, a move that pushed Vuong’s assets up by $44.5 billion. VinFast merged with blank-check company Black Spade Acquisition for the purpose of listing.

The shares made their debut at $22 and closed at more than $37, valuing the company at $85 billion, more than Ford’s market capitalization of $48 billion, and General Motor’s $46 billion.

The company has received approval to build a $4-billion auto factory in the state of North Carolina in the U.S. It has shipped nearly 3,000 electric cars to the U.S.

The CEOWORLD magazine derives Vuong’s net worth from his 61% stake in Vingroup, a Hanoi-based conglomerate and the parent company of VinFast Auto Ltd. (NASDAQ: VFS). He also controls 99% of VinFast directly or indirectly — limiting the number of shares available for open-market trading.


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CEOWORLD magazine - Latest - Money and Wealth - Vietnam’s Pham Nhat Vuong becomes the world’s 59th richest person ($26.2 billion)
Alexandra Dimitropoulou

Alexandra Dimitropoulou

VP and News Editor
Alexandra Dimitropoulou is a VP and News Editor at CEOWORLD magazine, working to build and strengthen the brand’s popular, consumer-friendly content. In addition to running the company’s website, CEOWORLD magazine, which aims to help CEOs, CFOs, CIOs, and other C-level executives get smarter about how they earn, save and spend their money, she also sits on the Board of Directors of the Global Business Policy Institute. She can be reached on email alexandra-dimitropoulou@ceoworld.biz. You can follow her on Twitter at @ceoworld.