In the latest development, Vingroup Joint Stock Company (VIC) has just announced its registration for insider trading. Specifically, Chairman of the Board of Directors, Pham Nhat Vuong, registered to transfer ownership of over 48 million VIC shares, equivalent to 1.24% of Vingroup’s capital, to contribute to VinSpeed.
The transaction will be executed through the transfer of ownership via the Vietnam Securities Depository and Clearing Corporation (VSDC) from June 5 to July 4.
On the stock exchange, VIC shares have been performing well recently, closing at a new peak of VND 98,400 per share on May 30. Based on this price, the shares contributed by Mr. Pham Nhat Vuong to VinSpeed are valued at VND 4,731 billion.
VinSpeed is the newest addition to the list of newly established companies directly controlled by billionaire Pham Nhat Vuong, alongside other ventures such as VinRobotics, VinEnergo, and Xanh SM…. The company’s primary focus is on railway construction.
VinSpeed boasts a substantial registered capital of VND 6,000 billion. In the list of shareholders, Mr. Pham Nhat Vuong contributes VND 3,060 billion, holding 51% of the shares. Vingroup Joint Stock Company contributes VND 600 billion, owning 10% of the shares. Vietnam Investment Group Joint Stock Company contributes VND 2,100 billion, holding 35% of the shares.
Mr. Vuong’s two sons, Pham Nhat Minh Hoang and Pham Nhat Quan Anh, each contribute VND 30 billion, equivalent to a 0.5% stake. Additionally, Ms. Pham Thuy Hang, the sister of Mrs. Pham Thu Huong (Mr. Vuong’s wife), holds a 3% stake.
VinSpeed has officially registered to invest in the North-South high-speed railway project. The project has an investment value of approximately VND 1.5 million billion (equivalent to about USD 61.35 billion), excluding compensation, support for relocation, and resettlement costs for land clearance.
VinSpeed is responsible for arranging 20% of the project’s total investment, equivalent to VND 312,000 billion (approximately USD 12.27 billion). For the remaining 80% (excluding compensation, support for relocation, and resettlement costs), VinSpeed proposes to borrow from the state without interest for 35 years from the date of disbursement.
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THACO and VinSpeed have jointly proposed a high-speed rail project for the North-South corridor with a total investment of over $61 billion. However, the two companies differ in their financial plans, timelines, and operational schedules.
High-Speed North-South Rail Project: Why is VinSpeed Willing to Take a Loss?
VinSpeed has proposed the development of a high-speed rail network connecting the North and South of the country, with a bold promise to expedite construction and accept the risk of financial losses to achieve a historic feat in Vietnam’s infrastructure landscape.
The Billionaire’s Assets Surge to Unprecedented Heights
“Vingroup’s stock surge: VHM and VIC soar to new heights. In a thrilling rally, Vingroup’s stocks witnessed a substantial surge with VHM and VIC reaching their peak. This exhilarating performance has propelled billionaire Pham Nhat Vuong’s net worth to a record-breaking $10.2 billion, according to the latest updates from Forbes.”
“A Revolutionary Proposal: Private Sector Takes the Lead on High-Speed Rail Development”
“The lawmaker emphasized that the North-South high-speed rail is a key project and a backbone infrastructure of the nation. As such, even with private funding, the project must adhere to the state’s requirements and regulations.”
“PM’s Directive After a Joint Inspection Tour with Pham Nhat Vuong on Vingroup’s Mega Project”
The Vingroup super-project showcases a resolute determination to ‘get things done and never back down’. With a strong commitment to their promises and a results-oriented approach, they ensure that once a pledge is made, it is fulfilled and transformed into tangible, concrete outcomes.
