Vietnamese billionaire Pham Nhat Vuong announced a $1 billion investment from his personal fortune into VinFast during a Vingroup shareholder meeting. VinFast has been experiencing losses, with $11.4 billion invested by Vingroup by Q4 2023. Vuong, owning 18% of VinFast shares, aims to bolster the company's finances amidst plummeting share value.
VinFast sold 35,000 cars in 2023, primarily to taxi company GSM and Vingroup units, failing to meet sales targets. The company's Nasdaq-traded shares dropped from $10 to $2.50, impacting its financial health. With Vuong's substantial investment, there may be potential for growth in VinFast's e-bike line, which currently lacks diversity and presence.
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