Pham Nhat Vuong 16th richest man globally after VinFast shares exceed US$90 mark

Shares of Vietnam’s leading electric vehicle maker VinFast, owned by Billionaire Pham Nhat Vuong amounted to US$93/share at a time, raising the market value to more than US$191 billion on the Nasdaq trading session on August 28.

Shares of Vietnam’s leading electric vehicle maker VinFast (VFS), owned by Billionaire Pham Nhat Vuong amounted to US$93/share at a time, raising the market value to more than US$191 billion on the Nasdaq trading session on August 28.

VFS shares close at US$82.35/share, up US$13.58/share or 19.75% compared to the previous session at the end of the NASDAQ session on August 28.

As of 9:30 pm (Vietnam time), the price of VinFast shares (VFS) stood at US$87.57 per share, with a trading volume of more than 7 million shares, thereby bringing Notably, there was a time when the stock ticker of the Vietnamese electric vehicle company hit more than US$93 per share on NASDAQ.

At the end of the session on August 28 on Nasdaq, VFS shares closed at US$82.35/share, up US$13.58/share or 19.75% compared to the previous session.

VinFast ranks second in terms of market capitalization among electric vehicle companies in the world, behind Tesla.

VinFast shares continue to be pushed up in the context that the number of free float shares of VinFast is very low (4.5 million units compared to more than 2.3 billion listed VFS shares).

However, the supply of more VinFast shares to the market is said to be limited in the near future. It is expected that about 3 million more shares will be offered in the first time and about 30 million afterward.

Investors in the US financial market are still betting that the price of VFS will continue to follow an upward trend in the time to come.

According to Forbes' update on the morning of August 29 (Vietnam time), Pham Nhat Vuong's assets have increased by US$10.2 billion, equivalent to 18.29%, to US$66 billion. Thereby, Pham Nhat Vuong ranked 16th in the list of the richest people on the planet.

Vingroup's chairman ranks as the second richest person in Asia after billionaire Mukesh Ambani with US$94.7 billion.