According to Vingroup JSC and Vinhomes JSC’s reviewed semi-annual financial statement for 2025, Mr. Pham Nhat Vuong, the billionaire, maintained his familiar policy of forgoing compensation from the group and its subsidiaries.
This tradition has been upheld by the billionaire for many years, while some other leaders receive billions of dong in compensation. Vinhomes paid over 10.4 billion VND to its leaders in the first half of the year, with Chairman Pham Thieu Hoa earning more than 5 billion VND and Board member Nguyen Dieu Linh receiving 1.6 billion VND.
In the first half of this year, Vingroup also recorded 6.9 billion VND in compensation for its Board members. Vice Chairpersons Pham Thuy Hang and Pham Thu Huong each received 1.49 billion VND, equivalent to over 248 million VND per month. Even Vice Chairman Nguyen Viet Quang earned nearly 2 billion VND in the first half, equivalent to over 330 million VND per month.
Compensation paid to Vingroup’s Board of Directors.
A “zero-dong boss” is not uncommon among large companies listed on the stock exchange. Notable examples include Mr. Truong Gia Binh, Chairman of FPT Corporation (HoSE: FPT), Mr. Nguyen Dang Quang, Chairman of Masan Group, Mr. Nguyen Duc Tai, Chairman of The Gioi Di Dong (HoSE: MWG), and Ms. Nguyen Thanh Phuong, Chairman of Vietcap Securities, who have all waived their compensation for several years.
In reality, forgoing compensation does not imply that the company’s leaders have no interests. In many large corporations, including Vingroup, the leaders’ interests are primarily tied to their stock holdings. Mr. Pham Nhat Vuong currently holds nearly 450,000 VIC shares and indirectly owns shares in several subsidiary companies. When the price of VIC shares or VinFast shares rises, his net worth increases accordingly, bringing significantly more financial benefits than regular compensation.
According to Forbes data, as of September 3, Mr. Pham Nhat Vuong’s net worth stood at $12.8 billion, more than triple the $4.1 billion recorded at the beginning of the year. This achievement is attributed to the remarkable surge in the share prices of “Vingroup-affiliated” companies since the start of the year, with VIC increasing more than threefold, VHM rising 2.5 times, and VRE almost doubling.
What draws attention is not only the zero figure in the compensation table but also the massive investment from Mr. Vuong’s personal funds into VinFast. In the second quarter of 2025, he injected an additional 18 trillion VND into the electric vehicle maker, bringing the total support in the first half to 23 trillion VND.
From 2023 to the second quarter of 2025, Mr. Vuong’s personal investment in VinFast reached 50,167 billion VND (nearly $1.9 billion) – exceeding the initial commitment of 50 trillion VND by the end of 2026.
In the first half of 2025, Mr. Pham Nhat Vuong invested 23 trillion VND in VinFast.
The financial report also reveals that in the first six months of 2025, Vingroup’s manufacturing and related services (including VinFast) recorded 33 trillion VND in revenue and a pre-tax loss of 24,447 billion VND.
Notably, the carmaker aims to reach gross profit parity in 2025 and EBITDA (earnings before interest, taxes, depreciation, and amortization) parity in 2026.
In terms of sales performance, VinFast delivered 72,167 electric vehicles to the global market in the first half, a threefold increase compared to the same period in 2024. In Vietnam, VinFast maintained its leading position in the automotive market with 67,569 units sold during the same period. In the electric motorcycle segment, the company set a new record with 114,484 units delivered, a 5.5-fold increase.
In July 2025, VinFast sold 11,479 electric vehicles, bringing its cumulative sales to nearly 80,000 units since the beginning of the year.
This indicates that despite the “zero-dong salary,” Mr. Vuong still benefits from the sustainable growth of the business. This is also the reason why he continuously injects personal capital into VinFast: if the electric vehicle project succeeds, the market capitalization of VinFast and Vingroup will surge, resulting in long-term gains for both the founder and shareholders.
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