Vietnam’s richest Pham Nhat Vuong takes over as VinFast’s CEO

Pham Nhat Vuong, the chairman of Vingroup and the richest person in Vietnam, has replaced Le Thi Thu Thuy as the chief executive of VinFast, the electric vehicle (EV) maker owned by Vingroup. In a statement released on Saturday, the company announced that Nguyen Thi Lan Anh will take over as the new financial director, replacing David Mansfield. Meanwhile, Le Thi Thu Thuy will now serve as the chairwoman of VinFast.

Pham Nhat Vuong is currently the wealthiest person in Vietnam, with a net worth of more than $4.6 billion. Le Thi Thu Thuy has been appointed as the CEO of VinFast since March 2022. She joined Vingroup as a financial director in 2008 and subsequently became CEO of both Vingroup and VinSmart, the smartphone manufacturer. Currently, she holds the position of deputy chairwoman at Vingroup.

VinFast, which is yet to make a profit, has entered the electric vehicle market at a time when car prices are under pressure, led by cuts at market leader Tesla (TSLA.O) and a range of Chinese companies, including BYD. The company closed the third quarter, which ended Sept. 30, with a net loss of $623 million.

Richest people in Vietnam

1. Pham Nhat Vuong: $4.6 billion
2. Thi Phuong Thao Nguyen: $2.4 billion
3. Tran Dinh Long: $2.3 billion
4. Tran Ba Duong & family: $1.5 billion
5. Ho Hung Anh: $1.4 billion
6. Nguyen Dang Quang: $1.0 billion

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