Vietnam's Wealthiest Individual's Net Worth Plunges in Tandem with VinFast Share
The net worth of Pham Nhat Vuong, Vietnam’s wealthiest individual, has experienced a significant decline in parallel with the decreasing value of VinFast shares. Within just two days since its listing, Vuong’s net worth has plummeted by 60%. As the owner of 99% of VinFast’s 2.3 billion ordinary shares, his net worth now stands at $26.4 billion, making him the 57th richest person globally and the richest in Vietnam, as reported by Forbes magazine.
The VinFast share price has witnessed a decline of 46%, currently trading at $20, which is lower than its listing price of $22. On the day of listing, Vuong briefly held the 16th position in the global rich list.
During this period, VinFast’s market capitalization has dropped from $85 billion to $45 billion. However, on the first day of trading, only a small fraction of the total shares, approximately 4.5 million shares or 0.19%, were available for trade.
As VinFast aims to achieve its target of selling 50,000 electric vehicles, double the number sold thus far this year, the company is expected to experience further fluctuations in its valuation in the upcoming months. Consequently, the company’s market value is likely to undergo more changes as it progresses towards its sales goals.