Southeast Asia’s richest man pours $436M into EV maker VinFast

Southeast Asia's wealthiest individual, Vuong, recently invested $436 million into EV manufacturer VinFast. The donation, made through the acquisition of dividend preference shares, is documented in a filing to the U.S. Securities and Exchange Commission. Vuong's support of VinFast, a subsidiary of the company, currently stands at VND51.5 trillion, following the latest contribution.

This figure represents Vuong's total investment in the company and its subsidiaries as of June 30. Vuong has expressed his intention to continue investing in VinFast until he exhausts his financial resources. The investor's commitment to VinFast has contributed to the company's acquisition of Ngoc Hoi Real Estate Investment, a developer of the Hanoi International Sports Urban Area Project.

This project spans a vast area of nearly 9,200 hectares and is estimated to require VND925 trillion in investment. Vuong, the founder of VinFast, is recognized as the richest person in Southeast Asia, with an estimated fortune of $37.7 billion, according to real-time data from Forbes. In June, VinFast Vietnam underwent a major restructuring, separating its debts and manufacturing into a separate company named VinFast Trading and Production.

The newly established VinFast Vietnam primarily focuses on research and development, as well as the sale of vehicles and after-sales services.