VinFast chief says he will inject $1B into EV maker

HANOI: VinFast CEO Pham Nhat Vuong said Thursday that he will invest $1 billion in the electric car maker as its U.S. stock price continues to slide.

The communist state’s first domestic automaker has been trying to enter the global market, aiming to compete with global EV giants such as Tesla.

VinFast listed on the Nasdaq in August at $10, making headlines around the world when its stock rose and then fell, but it was sitting at $2.50 as of Wednesday.

The company reported a net loss of more than $2 billion last year and nearly $620 million in the first quarter of 2024.

“I plan to continue organizing my assets and I will give it (VinFast) $1 billion,” Vuong said at a shareholder meeting in Hanoi, according to audio transcripts obtained by AFP.

“We will never give up on VinFast,” he said, without explaining when and how the money would be injected.

Vuong, Vietnam’s richest man, was appointed CEO of VinFast earlier this year. He is also the chairman of Vingroup’s parent company.

VinFast said last year it received $2.5 billion from Vingroup and Vuong, as well as a $1 billion non-refundable grant from the billionaire.

Since early 2024, the Vietnamese EV manufacturer has continued to expand its global presence by signing deals in Indonesia, Thailand and Oman, as well as starting the construction of an EV factory in India.

The company has set its goal to deliver 100,000 EVs in 2024.