According to Vingroup’s reviewed consolidated interim financial statements for the first half of 2024 (stock code: VIC), billionaire Pham Nhat Vuong has spent VND 3,277 billion to finance a subsidiary within the group. The report does not elaborate on which company the entrepreneur funded, but it is most likely VinFast.
In addition to the support, the Chairman of Vingroup also transferred shares of the subsidiary on a scale of more than VND 1,800 billion. At the same time, he continues to waive compensation at the corporation, similar to recent years.
At the annual general meeting of shareholders held in May 2024, Vingroup Chairman Pham Nhat Vuong affirmed that Vingroup would never give up on VinFast as it is not just a business story. Now VinFast is a story of responsibility for Vingroup.
“Last year, I funded VinFast with $1 billion. Going forward, I will arrange my assets and contribute another $1 billion to the electric car maker. I also hope that everyone will join hands to contribute,” emphasized billionaire Pham Nhat Vuong.
In a report by Vietcap Securities at the end of July, the company said that billionaire Pham Nhat Vuong had completed the disbursements within the framework of the agreement announced in April 2023. Specifically, the agreement included a $1 billion sponsorship from Mr. Pham Nhat Vuong and a $500 million sponsorship from Vingroup to be disbursed to VinFast within 12 months.
By June 2024, in an interview with the media, Vietnam’s richest man continued to affirm “I will invest in VinFast until I run out of money.” . At the same time, the Chairman of VinFast is also confident in his ability to steer VinFast through difficulties. 
In July, VinFast announced that it would delay the opening of a factory in North Carolina for another three years until 2028 to manage short-term spending more “efficiently” and focus resources on short-term growth targets. The company also lowered its full-year sales target to 80,000 vehicles from the previous target of 100,000.
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