VinFast has announced to its global community members the option to realize their gift in cash or continue holding it. After a year of receiving 30 VFS shares gifted by Vingroup, members can now choose to convert their gift.
Those holding VFS shares who wish to convert them can submit their applications from August 16 to August 25, 2024, on vinfast.vn. Based on the closing price of VFS shares on August 15 ($3.78/share), the gift is estimated to be worth approximately $110 (VND 2.8 million).
Previously, VinFast had announced that it would gift 30 VFS shares to each community member who owns a car (with a registered VIN number) from the opening of the registration portal (September 16, 2022) to August 15, 2023.
August 15 also marked the first anniversary of VinFast’s listing on Nasdaq. The current market capitalization of the Vietnamese electric vehicle manufacturer is approximately $9 billion, ranking fifth among the world’s most valuable electric vehicle companies, after Tesla, XiaoMi, LiAuto, and Rivian (according to companiesmarketcap.com).
At the 2024 Annual General Meeting of Vingroup, VinFast’s founder, Mr. Pham Nhat Vuong, stated that he would rearrange his personal assets and contribute an additional $1 billion to the electric vehicle manufacturer. The billionaire also affirmed that Vingroup would never give up on VinFast as it is not just a business venture but a matter of responsibility.
Addressing shareholders’ concerns about VinFast’s cash flow, given that the company is still making losses, Mr. Vuong asserted that there is no basis for doubting VinFast’s or Vingroup’s capabilities or cash flow. He stated, “We have not delayed any interest payments to banks, let alone the principal.”
As of June 2024, in an interview with the press, Vietnam’s richest man reiterated that “I will continue to invest in VinFast until I run out of money.” At the same time, the chairman of VinFast expressed his confidence in steering the company through its challenges.
In the same interview in June, Mr. Pham Nhat Vuong also shared that Vingroup, its subsidiaries, and financial institutions had provided approximately $12.9 billion to VinFast from 2017 to March 2024. Regarding VinFast’s business potential, Mr. Vuong declared, “VinFast is expected to break even at the EBITDA level by 2026 and gradually become profitable”.
Largest taxi company in Nghệ An cancels car purchase contract with Toyota to switch to VinFast
Mr. Ho Chuong, CEO of Son Nam International Transport Co., has recently disclosed that he had previously signed contracts to purchase gasoline-powered vehicles from a Japanese car manufacturer. However, he has since diversified his investment portfolio by also venturing into VinFast electric vehicles, in order to embrace long-term and sustainable development.
VinFast’s journey to realizing the dream of Vietnamese businesses conquering the international market
After a stunning victory in the “Event of the Year” category at the WeChoice Awards 2023, VinFast’s pioneering event listed on the US stock exchange has inspired many Vietnamese businesses and young people.
VinFast’s Success Leads the Way for Vietnamese Businesses to Conquer the Global Market
VinFast’s listing on the US stock exchange not only provides an opportunity for the company, but also inspires a strong sense of empowerment among young Vietnamese entrepreneurs. It affirms that dreams and ambitious visions are not bound by geographical limitations.
